Coronavirus (COVID-19) and Insurance: What's There To Know

We talk about sufficient insurance coverage during the COVID-19 pandemic.

July 6, 2021

We’ve had many people reach out around whether their insurance coverage is sufficient considering the COVID-19 virus. They’re not alone as we’re seeing a rise in life and living benefits insurance quoting and purchasing in the last three months. Common questions we receive here are the following:

What is the COVID-19 Virus?

COVID-19 is a contagious disease caused by severe acute respiratory syndrome coronavirus 2 (SARS CoV2). The disease originated in Wuhan, China, and has since spread to most parts of the world. Symptoms include fever, cough, and shortness of breath while blueish lips, newish confusion, and persistent chest pain can be indicative of an emergency requiring medical attention. The Center for Disease Control (CDC) has advised people to take the following preventative measures:

  • Thoroughly wash your hands
  • Cough or sneeze into a tissue
  • Avoid sick individuals
  • Avoid touching your face, and
  • Keep surfaces sanitized

As of the time of this writing, the World Health Organization has declared COVID-19 a pandemic. It advises individuals to avoid all non-essential travel in affected areas.

A man with a face mask calling on his cellphone.

How will COVID-19 impact my life or living benefits insurance?

In short, COVID-19 won’t impact your insurance. If a policy is in force (or already in place), there should be no impact on either price or payout based on the terms of the agreement.

We always advise our clients to read the fine print of a policy or have your insurance advisor do it for you. If you have any questions about specific aspects of your policy such as COVID-19, regardless of where it came from, do not hesitate to reach out to a Dundas Life advisor here.

Remember, an insurance contract is an agreement between yourself and the insurance company facilitated by an advisor. Terms cannot be altered on the fly.  

What if I need insurance?

The coronavirus is spreading quickly around the globe. It’s impacting families everywhere and we’ve had many inquiries around whether we can facilitate planning discussion. Through our digital-first process at Dundas Life, we can service most insurance needs digitally. We work with you to complete a needs assessment over teleconferencing software and once we determine the right fit, we only work with digital forward insurance carriers that don’t saddle you with stacks of excessive paperwork. We’re here to make this process as simple and digital as possible.  

COVID-19 and paramedical exams for a new policy?

a women putting on her face mask.

Paramedical exams are still taking place today. Any changes to the service level would be left up to the discretion of our paramedical partners. Be honest and transparent during the needs assessment process with your advisor and during the intake process with your paramedical provider. False or misleading information can lead to your policy being voided.  

If you’re averse to receiving a medical exam or prefer the expediency of a non-medical insurance product, our partners including Specialty Life Insurance, Manulife and Canada Protection Plan have no medical options available for you. Regardless of your situation, we will work with you to find you the right kind of insurance protection that includes COVID-19 coverage.

Next steps?

Book us in for a time to discuss your existing coverage and potential needs. Insurance is a challenging field to navigate with a plethora of options to consider. Look to Dundas Life to provide guidance and support in this process. Book a time here.

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