Many people wonder if getting the COVID-19 vaccine may affect life insurance coverage. The Pfizer and Moderna vaccine rollouts coincided with declines in coronavirus cases as health officials believe it reduces the chances of getting the virus or its variants. However, certain social, biological, and political factors are affecting people’s choice to get the vaccine.
Amidst all the debates regarding whether or not to get the COVID-19 vaccine, questions have been raised on whether getting vaccinated could affect one’s life insurance coverage.
Here’s a look at how the vaccine may affect your life insurance.
Debunking Myths about COVID-19 and Life Insurance
It’s still possible for fake news to go viral, which was the case with a May 2021 Instagram post about COVID-19. The post claimed a deceased policyholder’s family was denied life insurance benefits because the late client took a chance on the experimental COVID-19 vaccine. The claim was flagged as false since it did not provide supporting evidence.
However, according to Senior VP of the American Council of Life Insurers (ACLI), Paul Graham, life insurers do not consider the policyholder’s vaccination status while evaluating claims. In other words, getting the vaccine does not alter life insurance benefits in any way.
However, an insurer might not approve a death benefits claim if the following happens to the policyholder:
- Died within two years of enrolling in a policy
- Signed up for an Accidental Death & Dismemberment (AD&D) policy, which doesn’t cover medical-related deaths
- Failed to pay premiums
Why Lowering Risk Matters
Lowering any type of risk factors that may directly affect your health can help reduce your life insurance costs. Always remember that the higher the risks you impose on yourself, the higher the possibility of getting your claim denied. This is because the insurers seek individuals who work in safe environments and don’t pose risks to others.
Virus and Vaccine Risks Unclear
While the two main COVID-19 vaccines in the United States are Pfizer and Moderna, a few other vaccine makers have experienced difficulties. By July 2021, about half of American adults had received both shots of either of the two leading vaccines.
For the first several months of rollouts, both the vaccines appeared to be successful at reducing the spread of the virus. However, the rise of COVID-19 variants in the summer made it unclear if vaccinated individuals face further risks.
Fitting into the Right Life Insurance Plan
Luckily there are many different types of life insurance plans to choose from, although they mainly fall under the broad categories of term and permanent life insurance. Group insurance is a low-cost option that often works best for patients with long-term health problems. In its worst cases, COVID-19 is an illness closely associated with preexisting conditions. In fact, the CDC has reported that 94% of deaths from the pandemic were due to a combination of the virus and preexisting conditions.
Getting a life insurance policy can be a brave move to support your family’s future. Choosing to get the COVID-19 vaccine has zero effect on a life insurance plan. Reducing health risks and striving for a healthy lifestyle are important ways to cut costs on term or permanent life insurance policies. For all your life and health insurance needs, contact our experts at East End Insurance Agency today!