Will my existing life insurance policy be affected by the COVID-19 pandemic?

No. Your existing life insurance policy is not impacted by the pandemic. Policies already in place will continue provide full coverage, including claims related to COVID-19. Life insurance is a legally binding contract in with Party A agrees to pay a tax-free lump sum to beneficiaries of the insured in the event of their death. This applies regardless of the cause, including COVID-19. Insurance companies don’t treat COVID-19 related deaths any differently from other causes.

Will a new life insurance policy cover COVID-19?

Yes, new life insurance policies continues to provide coverage for COVID-19, once the application has been approved. As of now, Canadian insurance companies haven’t made changes to the application process specifically due to COVID-19. However, if you have been diagnosed or currently awaiting a diagnosis with COVID-19, your application may be deffered. This is similar to how insurers handle other ongoing health conditions.

How does my travel history affect my new life insurance application?

In most standard life insurance applications, insurers will ask about your travel history over the past 12 months and any plans to travel in the next 12 months. If you have travelled outside of Canada (particularly in the last 3 months), you may be asked additional questions. However, most non-medical insurance applications don’t include travel related questions.

Is my existing/new disability/loan insurance policy affected by COVID-19?

If you become ill due to COVID-19, your existing policy will provide monthly benefits according to the terms of your policy (include any applicable waiting and benefit periods). If you are currently in good health, you are eligible to apply for a disability/loan insurance policy. This policy will cover any future disabilites resulting from COVID-19, as well as other illnesses/injuries.

Can I buy life or health insurance at this time?

Yes, you can still apply for life and health insurance, and now is the best time to do so. The pandemic has shown how quick an individual’s health can change, emphasizing the importance of securing coverage ahead of time. A 30 year-old, non-smoking male can het $50,000 of life insurance costs for as little as $20/month. Ensuring that each family member has appropriate coverage is wiser than having no coverage.

Can I buy life/health insurance without an in-person meeting with an advisor?

Absolutely. While social distancing may seem like getting life or health insurance is difficult, it is still very accessible. At GT Brokers Ltd., we offer consultations via phone or online to access youe financial needs. Our partner (leading Canadian insurance companies) have temporarily relaxed their underwriting requirements, allowing clients to purchase up to $1 million in life insurance coverage without a medical exam. You can now obtain coverage for you and your family at the comfort of your own home.