As the world battles the Covid-19 pandemic, and we’re going through a period of uncertainty. As the death toll slowly mounts around the world, many have found themselves thinking about their life insurance policies.
Here are three frequently asked question on the life insurance policy
How Will Buying A Life Insurance Policy Help?
A life insurance policy would work as an income replacement tool for your family in case of your death during the policy tenure. It will provide the policyholder’s nominees an assured amount on their demise.
If I Buy A Life Insurance Policy Now, Will It Cover Covid-19?
Most life insurance policies do not explicitly exclude deaths caused by any disease, subject to the other terms and conditions of those policies. So, yes, death by covid-19 will likely be covered, subject to those other terms and conditions, exclusions, waiting periods, health declarations etc.
Will It Give Death Benefit If It Is because Of Coronavirus?
Usually, a life insurance policy provides benefit in case of death due to any illness. However, it would be wise to understand the policy terms and condition beforehand when you buy one for yourself. Do note in case you have opted for add-ons, the benefits will be paid only after the specified conditions of the add-on are met. So make sure to adhere to policy advisories on health in case of critical illness to get claim benefits. So if Covid-19 is considered a critical illness in the policy, you will only be paid the claim benefit in line with the add-ons terms and conditions. But this will not get in the way of the basic sum assured being paid out.
Whenever you buy a life insurance policy, make sure to understand the inclusions and exclusions to secure claim benefits for your family.
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