The COVID-19 pandemic has taken the lives of more than 43,000 Canadians, and that number will undoubtedly rise. So, it’s no surprise the pandemic has led to an increase in Canadians purchasing life insurance policies. Many also wonder if their policies will protect them if they become ill with the virus. Here are answers to some common questions about COVID-19 and life insurance.
Can You Get Life Insurance If You Have Had COVID-19?
A previous COVID-19 diagnosis shouldn’t prevent you from taking out a life insurance policy if you’ve fully recovered and are in good health. Every insurance provider is different, and you may have to answer some questions about your experience with COVID-19 before qualifying.
If you recently tested positive for the virus, your insurance provider may defer approval until your treatment and recovery are complete. This wait time may be between two to three months.
How Will COVID-19 Affect Your Current Life Insurance Policy?
COVID-19 vaccine. The Canadian Life Insurance Association debunked the misinformation. They issued a news release stating that no Canadian life insurance holder would be denied benefits due to having received a vaccine approved by Health Canada.
Is COVID-19 Covered Under a Critical Illness Policy?
A critical illness policy is a type of life insurance that pays out a lump sum at the diagnosis of a critical illness such as cancer or heart disease and a survival period of 30 days. Since most people who contract COVID-19 make a full recovery quickly, the virus isn’t covered under critical illness insurance. However, if having COVID-19 leads to a severe medical condition that requires you to have expensive procedures or support, your critical illness insurance provider may accept a claim. Every insurance provider has different rules and regulations, so it’s best to talk to an insurance broker who can help answer your questions.
Life Insurance in Halifax, Nova Scotia
At Eisenhauer Insurance Inc., our brokers dedicate themselves to finding the best life insurance policy to protect you and your family. Contact us today to talk with one of our experienced brokers. We’re located in Halifax and Dartmouth, Nova Scotia.