If you’ve received a coronavirus vaccine or you’re planning to soon, you might have questions about how the vaccine affects your life insurance. Here’s what insurers want you to know: The vaccine doesn’t affect whether you qualify for life insurance or the rates you’ll pay.
As of June 2021, about 51% of all Americans have received at least one dose of the COVID-19 vaccine, and about 42% of Americans have been fully vaccinated. Yet the number of daily vaccinations is slowing down from its highs in the spring, partly because of concerns or misconceptions about the vaccines.
One of those misconceptions is around the vaccine and life insurance – namely that getting the vaccine can lead to a life insurance denial.
Despite some reports, life insurers don’t currently consider the COVID-19 vaccine during the application process and won’t deny your claim because you’ve received or not received the vaccine. In fact, vaccines typically don’t factor into the life insurance process at all. Whether you’re already vaccinated or preparing to get your first or second dose, here’s what to know about life insurance and coronavirus vaccines.
Do life insurance companies ask about your vaccine history?
No, you don’t typically have to share vaccination records when applying for life insurance. While life insurers do generally ask about your health history to get a better picture of your lifespan, the areas they focus on include height and weight, medications, previous illnesses or surgeries, chronic conditions, and family history. If you apply for medically underwritten insurance, this also includes a medical exam and examination of third-party sources, like prescription records.
COVID-19 or any other type of vaccinations aren’t typically part of that process. You don’t need to list vaccines when you apply online or give them to the agent if you apply by phone. And the insurance company’s review of third-party sources does not usually include a review of any vaccine records.
Can you be denied life insurance for getting the COVID-19 vaccine
If you’re thinking about getting covered or shopping for life insurance coverage, there’s no need to wait because of the vaccine. The COVID-19 vaccine, just like any other vaccine, won’t affect your life insurance application.
For many, the pandemic has been a wake-up call to get covered with life insurance if they weren’t already. According to a 2021 survey by industry group LIMRA, about 36% of consumers say they plan to buy life insurance within the next 12 months – the highest percentage in the history of the survey.
Among younger generations, the pandemic has prompted even more people to pay special attention to their family’s financial future. Nearly half (45%) of millennials say that the COVID pandemic has made them more likely to purchase life insurance. Life insurance can help you provide a financial safety net to your family if they need it. Right now, inancial security is especially important to people in the face of job losses and loss of income.
When you apply, you don’t need to worry about whether you’re vaccinated or the type of vaccine you received, including the first-ever mRNA vaccines from Pfizer-BioNTech and Moderna or the conventional Johnson & Johnson vaccine. It currently doesn’t have any effect on your life insurance application, and medical experts recommend getting whichever vaccine is available to you.
There have also been social media rumors that life insurance companies will not pay out benefits on life insurance claims if someone dies after receiving the COVID vaccine, since the vaccine is only FDA-approved for emergency use. As the American Council of Life Insurers has confirmed, this social media rumor is false.
“The fact is that life insurers do not consider whether or not a policyholder has received a COVID vaccine when deciding whether to pay a claim,” American Council of Life Insurers (ACLI) Senior Vice President, Policy Development Paul Graham said in a statement.
Still have questions about COVID and life insurance?
We’re here to help you get life insurance after the COVID vaccine. Fidelity Life offers a wide variety of term life insurance and permanent life insurance products to support people at every stage of life. Get your quote online today or call one of our agents at (855) 291-6365.
EDITORIAL DISCLOSURE
At Fidelity Life, our goal is to make life insurance simple, affordable, and understandable for everyday families. This content is intended for educational purposes only. Each post is carefully fact-checked, reviewed, and updated regularly to ensure the information is as relevant as possible.
