COVID-19 and Life Insurance

COVID-19 has made an impact across virtually every industry and service in some way, shape, or form. Whether that is through hard supply shortages across key manufacturing areas or the psychological impact that a global pandemic has on the way people view today’s topic—life insurance.

The impact of the pandemic was not just felt in economic terms, there was also a psychological impact. The pandemic has made people rethink their perspectives on life insurance, with various insurance companies keeping a close eye on the market and some opting to modify premiums. On the consumer side, people are giving more serious thought to what could happen to them if they were to be infected and the worst case scenario occurs.

Your Life Insurance Policy and the Long Term Effects of COVID

 On this blog, we often discuss the importance of financial planning and setting up your estate so that you and your family or loved ones can financially succeed in this world. We can agree that life is not just a game of aggregating resources, and yet this tends to be the failing point for many individuals who with just a bit of preparation, could have set themselves and family up for financial success.

 Part of our concept of financial therapy must surely include health and wellness. Anyone living in the United States knows the cost of healthcare. The looming threat of medical emergencies that people experience is only outsized by the fear of what treating that threat will cost! Even worse, without a suitable life insurance policy, families are left open to not only be emotionally devastated but also financially as well.

The pandemic and the discourse around vaccination has made this even more apparent. Many people are falling prey to misinformation or downplaying the health implications of the virus. Nobody benefits from this, not the people involved nor do the communities they belong to.

 The AMA (American Medical Association) put out a fairly comprehensive PDF to demystify and help impart awareness of what is known as COVID-19 “long-hauler” syndrome. The summary of this published work is to outline the effects of COVID-19 post infection. This information is important to know for anyone—especially those who are on the fence about vaccination.

 

Some long term COVID symptoms are as follows:

 

  • Fatigue & dyspnea

  • Brain fog

  • Insomnia

  • Vertigo

  • Stroke

  • Neuropathy

  • Tachycardia/chest pain, palpitations, etc

 

And a whole host of other effects ranging from mild to life-threatening. Just because COVID infection does not result in mortality, does not mean that the long haul effects cannot make existing complications worse and increase chances of mortality.

The choice to get vaccinated should be made with this information in hand. 


Does Life Insurance Cover COVID-Related Deaths?

What you first need to know is yes, life insurance policies will cover you for COVID-19 and mostly premiums have not changed, though it is unforeseen whether down the line if disclosing vaccination status is required.

 As a consumer, applying and receiving life insurance before contracting COVID is the best-case scenario, though not always possible. The American Council of Life Insurers put out a press release attempting to fight some of the emerging myths about life insurance and seeking coverage.

 Regardless of whether you choose to get vaccinated or not, a quality life insurance policy is a must have, especially nowadays. Far too many people in the past two years have unexpectedly passed from this terrible virus. In our post about costly delays, we zeroed in on the idea that a little planning and foresight can translate into immense generational benefits and lessen the impact of family tragedy.

Financial Planning with Armah Financial Services

Instead of trusting a large company with hundreds of accounts to listen and work with the intimate details of your needs, get in touch with us to speak with someone who can truly listen to your circumstances and holistically assess which policies are best for your financial needs.

Contact us to set up a call today.

Previous
Previous

One of The Biggest Mistakes Small Businesses Make

Next
Next

Should I Get Group Disability Insurance?