At the time of COVID-19, Have You Checked your Individual & Family Health Insurance Plan and Benefits lately?

June 30, 2020 04:56 newlambertagency

The pandemic has brought the world to a standstill. There’s chaos everywhere and with chaos came the widespread panic. This is the new normal as we all say today. On the surface of it, it may seem like things are slowly easing into normalcy but the reality on the ground is very different.

At such indefinite times, it’s pertinent to know exactly where you’re at with your individual and family health insurance plan. You might feel that your insurance covers everything about COVID-19, but if you look closely at the health insurance benefits it might surprise you.

Despite the declaration that insurers must remove all co-payments for treatment against the virus and extend insurance coverage for its treatment, many insurance providers are yet to commit to the treatment aspect. And hence if you have a Texas health insurance plan, you need to make sure that it has enough cover against the Coronavirus.

If you’re looking for the best Texas insurance plan, you need to browse through various plans available and then make a sound decision. And at such indecisive times, Short-term health plans might be a better option for you than long-term health insurance plans. They can be anywhere from 30 days to up 3 years to lock in rates and benefits in Texas.

Concern for life insurance holders?

With all the chaos that is going around, there are a lot of questions floating as well concerning coverage against the Coronavirus. Will there be insurance coverage for someone who contracts the virus and dies from it?

When it comes to Texas health insurance, when a person passes away, the beneficiary of that policy will get the amount assured as the death benefit. Naturally, in the case of Coronavirus infection and death, the same policy must apply.

So the insurance holders need not worry about that.

Cover for an insurance policy against COVID-19

A global pandemic like the Coronavirus will most likely have an impact on your policy acceptance and premiums especially if you’re just applying for it.

If you currently have a policy or considering getting an individual health insurance plan, it’s necessary to check whether its benefits have provisions that cover Coronavirus complications. If it doesn’t, it might be necessary to get a new policy that has such provisions going-forward.

Also, it’s important to make sure that the insurers determine the premiums of a policy based on your health and medical history.

And if you’re unsure about how to go about the tedious process, you can take the help of a consultant who can guide you through everything and help you select the optimum insurance plan for you and your family.

The coronavirus hasn’t only brought to life a contagious and deadly virus but, also other repercussions such as financial instability and the global and national economic slowdown. Hence it is of crucial importance to ensure you are financially secure and one of the means of doing so is, getting health insurance for coronavirus and other illnesses too.

Does Life Insurance Cover Deaths From Coronavirus?

June 26, 2020 12:10 newlambertagency

The world is facing a crisis. And naturally, several rules have been changed. Our priorities are rearranged and our focus has been shifted to all things ‘essential’. It is reasonable to assume that a global health crisis like the coronavirus would have some impact on your life insurance coverage policy acceptance and premiums.

As the virus spread to all corners of the world, the death toll has risen significantly. So, now the question arises, will a life insurance cover coronavirus? Also, will you be able to get a life insurance policy after contracting the virus?

Read on to find out…

Existing life insurance

Let’s consider an existing life insurance policy that the policy-holder has had before the pandemic hit. If that individual passes away because of COVID-19, they are eligible for the death benefit. In such a case, the beneficiary of the policy-holder will receive the sum assured as the death benefit.

Furthermore, even though some life insurance policies exclude specific causes of death, death due to coronavirus is without a doubt applicable to the death benefit.

Death benefit includes the agreed amount of money, called the sum assured, which is paid by the insurance provider upon the death of the policyholder to the beneficiary.

New life insurance

Now let’s consider a new policy taken amidst the crisis. If you have considered buying life insurance, then you must bear in mind that your insurance premium is determined based on your health and medical history, and purchasing it amidst this global health crisis is bound to have an impact on both the acceptance of your policy application and the cost of its premium.

But there’s a catch here. If you have already contracted the virus and then decide to take up life insurance, your life insurance application will probably get rejected by the insurance provider.

However, if you disclose your medical history precisely at the time of your purchase, wherein you are not infected with coronavirus, then your application will most definitely be accepted. This allows your death benefit to be payable to your beneficiary in the future even if you pass away due to coronavirus infection.

Hence you must be vigilant and upfront when taking up a new policy.

You must bear in mind that even though COVID-19 is covered as a critical illness, benefits will be paid out as per your policy’s terms and conditions only. For example, a policy may state that the critical illness benefit will not be applicable if the illness is caused by any of the listed conditions, and death has occurred within the 30 days of its diagnosis.

It all depends on the kind of policy you take and the kind of provider that you decide to put your faith and money in.

And as for people who are wondering if they should buy life insurance during a pandemic like COVID-19, the short and easy answer to it is yes. In fact, one must not wait for a global health crisis to instate to take necessary financial protection for you and your family. A pandemic doesn’t mean end times. And if your life insurance cover COVID19, you save yourself from unnecessary panic and worry that is often accompanied by such a crisis.