COVID-19 or coronavirus disease is a highly contagious disease caused by the SARS-CoV-2 virus. Today, we all have experienced and understand the chaos it brings. Besides bringing the world to a halt, COVID-19 has also ruined many families wherein multiple bread earners have lost their lives.
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Though we cannot control any of this, we can make sure our families stay financially secure during such events of life. Term insurance helps you easily achieve this goal. You can buy a term insurance plan for COVID-19 to safeguard your loved ones in case you lose your life to coronavirus.
The benefits of having term insurance that covers COVID-19 are:
The main purpose of any term insurance plan is to offer financial safety for your family, and in this rough time, you never know what can happen. COVID-19 is highly contagious and spreads at an unprecedented speed. No matter how many precautions you take, it is still uncertain if this virus can infect you. To provide your family with a financial shield in case you die because of this deadly virus, you must have term insurance that covers COVID-19.
However, you must know that the insurance company may check your past health records and ask you to go through some medical exams, including COVID-19. In case you test positive for coronavirus at the time of purchasing the policy, the insurance company can refuse to sell you the policy.
If you were infected with coronavirus and have recovered, it might be a little tough for you to get a term insurance policy with COVID-19 coverage. It is because the insurance companies want 1-3 months of cooling period after the patient has recovered. After the cooling period, you may have to go through further medical exams before making the final purchase of term plan with COVID-19 coverage.
The coronavirus pandemic has caused multiple deaths or badly affected the health of those who were infected. Most insurance companies have now included death by the coronavirus in their policy conditions for which your family or beneficiary can make the claim.
Besides, insurance companies now treat death by the COVID-19 as general death and accept claims raised by the deceased's family. Your family must submit valid and relevant medical records provided by the hospitals or doctors.
The factors affecting your premium cost for any term insurance with COVID-19 coverage are:
Follow the safety guidelines issued by our government, wear masks, wear gloves, maintain social distancing to avoid contracting COVID-19. Your existing term insurance plan can provide your family financial coverage in case you die after getting infected by the coronavirus. If you don't have any term insurance plan, you can simply buy a policy with suitable coverage at an affordable premium cost to be on the safe side. It will give you mental peace and your family financial support.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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