Does Life Insurance Cover Death Due to Coronavirus

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India, like other countries, has witnessed a sharp rise in the number of Coronavirus cases. Every few minutes, there are some new statistics about Coronavirus. Such uncertainties and unforeseen events in life give utter significance to purchasing life insurance in life. Life insurance not only protects your family members from unexpected illnesses but aids your members financially after the eventual death of earning family member. The most efficient way to protect your family from financial instability is through term life insurance policies.

Term life insurance policy pays the entire sum assured to the nominees in case of the death of the policyholder caused due to an accident or any other illness. Most importantly term insurance plan gives you the maximum cover for the lowest cost. Moreover, now unlike before, you can buy a term insurance plan till the age of 99+. The importance of life insurance cannot be underlined enough in challenging times such as the COVID-19 pandemic.

Does Life Insurance Cover Death Due to Coronavirus

The nominee or dependents enrolled by the policyholder at the time of purchasing life insurance get a death benefit in the event of the death of the insured. This means that if the death of the policyholder is caused due to this COVID-19 pandemic, then the family may get the sum assured. So, if you are already having a term insurance policy, then your family can easily file a claim upon one’s death, and benefit from the sum assured given out to them. This would help the rest of the family members to carry on their life without any financial worries.

If you haven’t bought a term insurance policy until now, this is the right time to buy the insurance to protect you and your family from later financial stress. If the deadly Coronavirus does not contact you and you purchase the term insurance, then the insurance company will provide the death benefits. However, if you are already contracted by the Coronavirus disease or underlying medical conditions and then you buy the term insurance policy.

The company has the right to deny or hold your application. It is also uncertain whether the policy is accepted or not instantly. It is advisable to read your policy documents thoroughly to understand the benefits that are covered and the situations that are excluded as each company might have different terms and conditions.

The Coronavirus is undoubtedly the wake-up call for the Indians who have still not bought the term insurance plan. You can see how the family of the insured has financial stability and medical support during this pandemic as compared to the one who has not purchased a term insurance policy.

To conclude, life insurance plays a vital role in your financial planning, and it should be an integral part of it. The earlier you purchase, the lesser premium you end up paying. Life insurance is a risk management tool, so if you have outstanding debts or people who depend on your income, then you should have a life insurance policy in place to protect your loved ones from financial stress if you die unexpectedly or prematurely.

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