No thought that prior to the outbreak of coronavirus pandemic, many do not have interest in insurance policy. Every discussion globhally today is all about coronavirus, how the pandemic is evolving in the country and around the world. The number of confirmed cases and death cases is daily on high increase.
This has however caused so many people considering having insurance cover for themselves and their entire family. The pandemic will certainly make one to start thinking about one’s plan, as there is no cure of the virus at moment. It draws some folks without a plan to think of life insurance cover.
Insurance actually means indemnity against unforseen circumstances. A risk transfer that enables the owner of risk to transfer it to risk undertaker who is more capable of bearing the risk.
Life insurance is therefore a contract between a policy holder (life insured) and insurer (insurance company) where the insurer guarantees payment of death benefit to designated beneficiary in exchange of certain amount (premium) upon the death of the policy holder.
If you think that death as result of coronavirus is outside the life insurance cover. I want to tell you that there is no insurance policy that state that coronavirus caused death is not inclusive in it’s cover. The good news is that life insurance covers death caused by the new virus just as it covers that of pneumonia, cancer or any other illness. Coronavirus is not different from other health scare or accident.
Coronavirus pandemic has disrupted the global economy and while many sectors are being confronted with temporal lockdown or minimal operation, the insurance industry is racing forward confronting unprecedented amount of risk and uncertainty.
Insurance policy application is better completed when the applicant is healthy. If the applicant has already contracted the virus, the insurance company will review the applicant’s medical record. The company may decline to accept the application or increase the premium if the applicant have already contracted the virus.
So as the coronavirus pandemic continues evolving, it is advised that one pick up life insurance policy and get oneself and one’s family cover against coronavirus and other unforseen circumstances.