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How COVID-19 like deadly outbreak can impact your life insurance cover?

During an emergency situation like COVID-19 or Coronavirus, which has been declared as a pandemic by the World Health Organisation (WHO), you might start thinking about how you can secure your family in your absence. Not only in this particular situation but at other similar challenging times, you start thinking of how these situations might shape your life insurance policy.

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To avoid such thoughts and to safeguard your loved ones in difficult times, you invest in a life insurance policy. But at present, things are a little different. You must be confused about whether your insurance covers Coronavirus or not or if your new policy will be covering the deadly disease, as it’s a new virus. So here are some explanations which might clear out your confusion.

Life Insurance is something which usually people buy to provide financial assurance to their family when a crisis like COVID-19 strikes. Always remember, as long as you have active insurance, you don’t need to worry. If something happens to you, your family is protected and will get the benefits of life insurance. As according to most insurance providers, life insurance covers pandemics like Coronavirus. However, if you have any plan to visit a place which is infected with the pandemic, then it is better to change your travel plans. Because in such a situation, the insurer might revise the health classification as travelling against the advisory of the Government, which can further lead to rejection of the claim.

Some life insurance plans have prohibitions for particular reasons for death, such as death due to a high-risk activity or death in a war. However, there is no exclusion for death due to pandemic in life insurance. 

If you are planning to buy a life insurance policy now, then it will be quite sensible to expect that a worldwide emergency like Coronavirus would have some effect on your insurance policy as well. Also, since your health and medical history are deciding variables for the coverage and premiums you pay for your life insurance, during this kind of global emergency your insurer might be more cautious while processing your insurance application. As, if you get infected with Coronavirus, your policy application process might get rejected or be on hold.

The uncertainties in life taught us the importance of buying life insurance. A life coverage not just shields your loved ones from the unexpected situations of life like accidents or medical mishaps; but also provides financial stability in the absence of the primary earning member. And the most economical way to protect your family from money related problems is through a term life insurance. 

A term life insurance is a pure protection plan wherein the sum assured is given to the nominee in case of policyholder’s demise within the policy term. The term insurance coverage amount is usually huge, which helps the dependents to manage their financial crunch in the absence of the sole bread earner of the family. In a way, term insurance policy is one such policy that everyone should have because it offers maximum coverage at the most affordable premiums. Moreover, now you can even buy a term insurance plan till the period of 99+ years which was not there till a few years back. 

For individuals who are thinking about whether they should purchase life insurance as extra security during a pandemic like COVID-19, the short and simple response to it is ‘yes’. No one should wait for a situation like a pandemic to buy a life insurance policy. Life insurance is a tool through which you can secure your dependents from financial suffering under challenging times. Therefore, you must invest in life insurance like a term insurance policy to safeguard your family’s future. You can visit to know more about the term insurance plan. It offers the best options for term life insurance plans at affordable rates.

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