However, there is absolutely no evidence to support these claims. In fact, the posts have been flagged and removed because they are false. Unfortunately, once people see posts like this, they get mixed information. That’s why we felt it was important to cover this topic and address the question of, “Will the COVID vaccine affect my life insurance?”
The COVID-19 Vaccine Has NO Bearing on Your Life Insurance Coverage
According to the American Council of Life Insurers (ACLI), life insurance companies cannot deny a death benefit because the deceased is vaccinated against COVID. And, they don’t consider whether or not a policyholder had the vaccine when deciding to pay a claim. Life insurance contracts are very clear about how their policies work and what can cause the denial of a claim. But the COVID vaccine is not a factor.
This is important to know as some people are worried about getting the vaccine because they don’t want to lose their insurance coverage. But you can safely tell yourself and other loved ones that the COVID vaccine has no effect on life insurance policies.
Why are Some Life Insurance Claims Being Denied?
As mentioned above, there are clear reasons why a death benefit may be denied. While it might seem like something is being denied because of the COVID timeline, there’s probably something else going on. For example, you can be denied a death benefit if the following applies:
- The deceased died within two years of taking out the policy. In most states, the insurance company can deny a death benefit if the policyholder died within two years. Usually, they’ll look at medical records to see if there were any misrepresentations.
- The deceased had an Accidental Death and Dismemberment policy. This type of policy does not cover medical-related deaths or suicide deaths.
- The deceased was not paying their premiums. Insurance companies are not obligated to pay out a death benefit if the policyholder was not paying their premiums. Usually when this happens, the policy is terminated relatively quickly.
What Happens if You Die from COVID-19 Complications?
Bottom line: If you or a loved one dies from COVID-19 complications, your insurance company will pay out your death benefit. And if you or a loved one dies suddenly after getting the COVID-19 vaccine, the policy will pay out as well, providing that the policy is up to date. To ensure that you have enough coverage to protect your loved ones, schedule a consultation with Leonard Financial Solutions.