The Truth about Life Insurance and the COVID-19 Vaccine

By | March 21, 2023

With the arrival and implementation of the COVID-19 vaccines, there has been an increase in optimism and confidence about the future of the pandemic. However, even with this relief and ease or worry, myths and misconceptions have pervaded social media and found themselves at home in the minds of those who are uncertain. As a result, it is not uncommon to hear claims that receiving the vaccine will somehow disqualify policyholders from life insurance if they were to become seriously ill or die from it. Here is the fact of the matter and why you should not be concerned.

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Safety of COVID-19 Vaccines

Despite the evidence of scientists and pharmaceutical companies, there is still a prevalence of skepticism when it comes to trusting the vaccine. The CDC has declared the current COVID-19 vaccines offered in the U.S. to be safe to receive. Although some encounter side effects ranging from pain in the arm to muscle fatigue, to flu-like symptoms, others do not experience any adverse effects. Furthermore, these symptoms do not persist for long term, and more severe, adverse reactions are extremely rare. While there are several options available, each will provide immunity and a decreased ability for the virus to spread. Medical experts have not named a preferred vaccine and recommend that each person receive the vaccine that they can obtain as quickly and easily as possible.

Update on Johnson-Johnson Vaccine

Recently, the FDA has halted the distribution of the Johnson & Johnson vaccine due to several women developing blood clots after receiving their dose. These cases are still being investigated by officials to determine the exact relation to the vaccine. Though the risk of developing this condition is very rare, as millions have already received this vaccine, exercising caution in this situation is advised. Because of this, the vaccine will be unavailable for many at this time, and the CDC and FDA are recommending people to seek out other vaccine options if necessary.

Will My Life Insurance Be Affected?

While many have already been fully vaccinated, there has been a commonly circulated claim over social media platforms that alleges that if you get the vaccine, your life insurance will deny coverage in case of death because it is a new and experimental treatment.

The reality is that getting a COVID vaccine does not have any impact on your life insurance policy, so there is no need to worry about not being able to receive coverage should the worst happen. Though indeed a new product, all of the current vaccines in the U.S. have been approved by the CDC. Furthermore, because your coverage is based on your risk of death or injury, taking the COVID-19 vaccine is drastically decreasing your likelihood of contracting the virus by boosting your immune system. This could even be a benefit to your coverage instead of a disadvantage. In addition, vaccines are not usually considered in the underwriting process and because of this, there is no requirement to inform your insurer that you have been recently vaccinated for COVID-19.

These rumors have spread from a number of different sources that do not provide factual evidence to back up their claims. Nevertheless, they are effective at sowing seeds of doubt and concern over getting the vaccine. Insurance companies have since stepped out and denounced these rumors, assuring that the COVID-19 vaccines will not bring about any change to existing life insurance policies. If that still does not convince you, consider reaching out to your insurance company directly to ask them about any consequences of getting a vaccine.

What Next?

Now that we have the facts to clear up any misconceptions, what should we do next? First of all, if you have been worried about the outcome of your life insurance policy, this knowledge can help you get your vaccine worry free as you do your part to protect yourself and others. Additionally, if you have been considering purchasing life insurance but have not fully committed due to conflicting information, making the decision now to get life insurance will be much more beneficial than continuing to wait. Life changes quickly, as we have seen during the past year of a pandemic, so don’t wait to take the opportunity for the sake of you and your loved ones.

The Life Insurance Process

For those who are interested in or who are just getting started with life insurance, here is some helpful information to know as you go through the process.

Age and Health

First, it is important to understand that the younger and healthier you are, the lower your premium costs are going to be. There is no time like the present, which means that putting off a life insurance policy when you need it could end up costing you much more.

Aside from age, your coverage eligibility will be determined by your health condition. Most life insurance policies have a comprehensive underwriting process which includes answering questions about your medical history, as well as a medical exam. This will provide insurance companies with a clear picture of your health that will help them provide the best policy for you. However, especially in the time of a pandemic, there may be situations in which you are concerned about taking an in-person medical exam, or are unable to do so. This could be due to social distancing concerns, fear of needles or medical tests, or other reasons. Fortunately, there are life insurance policies that do not include a medical exam, in which you will be subject to more extensive medical questioning. Though this kind of life insurance can be more expensive, these policies have an easy application, are typically processed quickly, and have a higher approval rate than other policies. This may be a good option for you if you are looking for quick coverage, are generally healthy, or do not qualify for a normal life insurance policy. In these cases, the ease and convenience of a no-exam policy might provide exactly what you need.

Type and Amount of Insurance

As you look into getting life insurance, you must also consider what type of policy to get. While there are several options, term life insurance is the most popular option, in which you pay monthly premiums for a set term that the policy is valid. This could be anywhere from 5 to around 30 years long. You will also need to choose how much life insurance you will need in a policy. This will depend on your circumstances and how much financial support your loved ones would need to continue their way of life in the case of your death. This is a somber matter to think about when purchasing life insurance, and if you need assistance, use our free insurance needs calculator to give you a good idea of how much life insurance you might need.

Protect Yourself with Vaccines, Protect Your Family with Life Insurance

The COVID-19 vaccine can help protect you and your family’s health, but it can’t protect you financially. With much uncertainty about the future today, life insurance can provide financial security or you and your loved ones should something happen to you. Our agents at LifeQuote will help you obtain the best policy for your needs, from term, to permanent, to even more insurance options. If you are unsure of where to begin, try our free quote generator and to start your journey to a safer financial future.

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