Does life insurance cover Covid 19?

by Alex Musk

We know how much the Covid-19 pandemic has affected and impacted the lives of the population. Our country still has a long way to go to fully overcome this obstacle. And unfortunately, the virus is increasingly present in everyday life. As a result, people’s interest in ways to protect themselves and their families has increased. When it comes to insurance, this is no different, so the question of coverage for Covid-19 often arises among customers. This concern is entirely legitimate and justified, given that the general conditions of most life insurance policies include an exclusion for risks arising from pandemics. With that in mind, Geneva Seguros will better explain this issue, with the aim of helping and offering more information to everyone.

In March 2020, the World Health Organization (WHO) classified the COVID-19 epidemic as a pandemic. As a result of this classification, insurers are no longer required to indemnify deaths resulting from coronavirus. However, contrary to what was expected, several insurers positioned themselves in order to grant coverage for death resulting from COVID-19. Despite the granting of coverage by several insurers, this is not a rule currently. Each insurer individually defines whether or not to cover claims arising from COVID-19. As a result, the Bill (PL) 2.113/2020, by Senator Maria Gabrielli (PSDB-SP), was proposed, which guarantees coverage of death by Covid-19 in life insurance. This bill was submitted to the Chamber of Deputies and will possibly become law. It is important to point out,

The purpose of life & eye insurance is to ensure financial protection and security for the insured’s family. In relation to Covid coverage, coverage is usually offered in the event of death; the insurer makes compensation for the family or beneficiaries described in the policy. In addition, they offer additional coverage, such as funeral assistance, per diems for temporary incapacity, and medical expenses in the event of an accident, which can be included according to customer demand. Regarding shortages, numerous companies in the sector are exempting customers who were hired before the start of the quarantine. For new contracts, there is a grace period, which is generally 90 days. Due to the lack of standardization, it is very important that, before taking out life insurance, you consult your broker and the general conditions of the policy, 

If you have questions, whether or not your insurance covers COVID, contact Geneva; our experts are on hand to answer all your questions.

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