Insurance and Covid19 – noteworthy facts …
We have had many questions regarding the coverage aspect of life insurance with respect to Covid 19 and the available vaccines.
Here are a couple of published responses that deal directly with these questions:
Canadians value life insurance more during pandemic: survey
44% of respondents to PolicyAdvisor.com survey plan to or have purchased more coverage due to COVID-19
An article in December of 2020 stated that Research from Canada's leading online insurance brokerage PolicyAdvisor.com finds more than three-quarters of Canadians feel anxious about their financial future due to the economic effects of COVID-19, but not at the expense of their life insurance coverage. The company's State of the Nation: Life Insurance Trends 2020 - Pandemic Checkup seeks to determine consumer attitudes and buying behaviour towards life insurance considering COVID-19's impact on their lives.
While 77% of respondents say they will cut expenses like entertainment and eating out, only 13% say they are looking to reduce life insurance premiums. To add, most Canadian carriers have experienced more volume in the last 18 months, than any other 18 month period over the last 12 years. Mortality and morbidity is in our forefront daily given the news updates about this pandemic.
In fact, 64% of Canadians think life insurance is one of the most important types of coverage during the current pandemic; 63% think owning life insurance is more important to them now than before COVID-19.
"Many Canadians still feel helpless when it comes to comparing and buying life insurance, especially in the age of social distancing. Thankfully, with a digital broker you can do your life insurance application online, with easy-to-understand product descriptions, and transparent price comparisons," said Puri.
The truth about COVID-19 vaccination and insurance coverage
Recently there has been misinformation circulating on social media, raising concerns that getting vaccinated for COVID-19 could negatively affect a customer’s existing life insurance policies or valid Group Benefits coverage with Manulife, or prevent Canadians from getting new life or health insurance coverage. This is untrue.
What you need to know
Getting vaccinated for COVID-19 does not negatively affect your or your plan members’ existing life insurance or valid Group Benefits coverage with us in any way. Additionally, getting a COVID-19 vaccine doesn’t impact a customer’s ability to get new life and health insurance coverage with Manulife.
And, once your life insurance policy is in place and based on your honest and accurate answers on the application, it will pay out for all types of death – including anything related to complications from COVID-19 or any other disease.
Will the COVID-19 vaccine affect my life
insurance policy or workplace benefits?
No. The COVID-19 vaccine will not affect your current life or health insurance policies. It will also have no impact on your ability to apply for future coverage with Sun Life. |
Canadian insurers paid out $154.2-million in individual and group life insurance claims from deaths related to COVID-19 in 2020.
A report released this week by the Canadian Institute of Actuaries said individual life insurance claims increased in almost every month of 2020 compared with the corresponding month in 2019, with insurers paying out $139.05-million for 3,179 individual claims where COVID-19 was identified as the cause of death in 2020.
All in all, we are happy to be part of an industry that gives individuals, families and business some piece of mind that would be otherwise very difficult to obtain.
Comments