COVID-19: life and health insurance FAQs

COVID-19: life and health insurance FAQs

Due to COVID-19, can  I still get life, critical illness or disability insurance?
Yes, you can.  

Do I need to meet with an advisor to get life insurance?
Absolutely not.   We can do everything over phone/email/Zoom. Usually it’s paperless too.

Is it harder to get insurance now with COVID?
The biggest challenge that we are facing is that nurses are not doing medical exams. To get around this, many insurers have increased non-medical limits to $1 million.  

Does my existing life insurance policy cover death from COVID-19? 
Yes, it does.

If I get a new life insurance policy will it cover death from COVID-19?
As of April 18, 2020 : yes your existing policy  will cover death from COVID. Insurers may put new exclusions on new policies only but as of now they have not.  

Will critical illness pay out for COVID-19?
No, it will not.  COVID-19 is not the type of illness that critical illness insurance is meant to cover. If you get COVID, you’ll likely either die or recover within a month.  Critical illness is meant to help ease the financial burden for illnesses with long recovery periods: i.e. cancer, heart attack or stroke.

What happens if I cannot pay my premiums due to COVID related job loss?
Some insurers will allow you to defer premiums for 60 or even 90 days. But if back premiums are not paid in full by the end of the 60 or 90 day period, the policy will lapse.

Will COIVD-19 change life and health insurance pricing?
For term life we’re not sure yet.   But for whole life and universal life, premiums have already increased. This is more because interest rates have come down so much, more than anything else.

Please feel free to reach out for anymore information at info@camlife.ca 

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