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As COVID-19 continues to surge through communities across the globe, it’s natural for people to raise questions about their life insurance policy and the effects that the coronavirus may have on their coverage. We’re covering five common questions about life insurance and coronavirus in 2022.
The COVID-19 vaccine has had an impact on my policy
One common question about life insurance and coronavirus is how the vaccine can affect your policy. According to the American Council of Life Insurers (ACLI), the COVID-19 vaccine does not have any impact on an insurer’s decision to pay out claims. “The fact is that life insurers do not consider whether or not a policyholder has received a COVID vaccine when deciding whether to pay a claim,” says ACLI Senior Vice President, Policy Development Paul Graham. The vaccine is also not a factor when insurers determine your eligibility for a policy.
About what to expect on a life insurance application
It is still too early to tell if the coronavirus will have lasting effects on policy premiums, as medical professionals will need to assess the real long-term impact of the virus. If there are long-term health effects connected to COVID-19, this could affect life insurance underwriting policies in the future, but for now, nothing has changed.
This is one of the most common myths about life insurance, but, in reality, life insurance can be very affordable! According to a study from LIMRA and Life Happens, “Forty-four percent of Millennials estimate that the annual cost of 20-year term life insurance for a healthy 30-year-old at over $1,000 when it’s closer to $165 per year.”
Quility Level Term, a term life insurance policy offered exclusively through Quility, provides some of the lowest rates available, with coverage starting as low as $18 a month. Term life insurance is recommended for most individuals who are looking for customized, affordable coverage that covers the period in their lives when they have financial dependents.
Check out these monthly expenses that cost more than life insurance.
With Quility, you can apply for coverage for our Quility Level Term life insurance policy entirely online and get your policy delivered to your inbox in 10 minutes or less. No doctor’s visits or consultations are needed. Get started on our online application to get affordable life insurance that fits your life and budget. It’s that simple!
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