Does getting the vaccine affect my life insurance?
A common misconception is that getting the vaccine will affect your life insurance policy, or your application for life insurance, but this is far from the case. The Canadian Life and Health Insurance Association (CLHIA) has also stressed this: getting the vaccination is one of the most effective means to protect yourself and others from serious illness and death from COVID-19. Receiving a COVID-19 vaccine given by an authorized health professional will not negatively impact an individual’s current claim eligibility, the coverage available to them, or ability to apply for future coverage.
Will the COVID-19 vaccine affect my workplace benefits?
For those who are only covered by workplace benefits through a group policy, receiving the COVID vaccine will not affect your workplace life, health or disability insurance benefits. It will also have no impact on your ability to apply for future coverage.
How do COVID-19 travel advisories affect my life insurance policy?
Foreign travel has an impact on life insurance applications; most life insurance companies will ask questions about your recent foreign travels in the last year, and your travel plans for the next twelve months as part of their standard application process. If you have travelled to a region that has seen a wide outbreak of COVID-19, especially in the last 1-3 months, then you can expect the insurance company to ask you additional questions.
Similarly, any imminent plans to travel to any COVID-affected regions will also cause additional questions about your travel plans. In situations where travel may indicate higher exposure risk to Coronavirus, insurance companies may choose to postpone the decision around approving a policy.
If you are already covered, travel advisories will not affect your current coverage for out-of-country emergency care if you need medical attention while travelling. This coverage applies only to expenses that are a result of emergency medical care to treat COVID-19.
Expenses unrelated to emergency medical treatment, like quarantine requirements or PCR testing/COVID-19 testing, are not covered by your insurer.
Do you have questions about COVID and life insurance?
If you still have questions about your life insurance policy or application and how COVID impacts them, get in touch with us today! Working with a life insurance advisor can help you build the right life insurance plan and package for your needs, or explain your current coverage and protection.
At Protect Your Wealth, we work with and compare policies and quotes from the best life insurance companies in Canada to ensure the best solution for you and your needs. We provide expert life insurance solutions, including no medical life insurance, critical illness insurance, term life insurance, and permanent life insurance to build the best package to give you the protection you need.
Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today! We’re proudly based out of Hamilton, and service clients anywhere in Ontario, Alberta, and British Columbia, including areas such as Oakville, Cambridge, Abbotsford, and Grande Prairie.