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How the COVID vaccine affects life insurance



If you are considering receiving one of the newly approved coronavirus vaccines – or if you have already received your first or second vaccination dose – you may be wondering if receiving the COVID vaccine will affect your ability to obtain life insurance.

Can people be rejected for life insurance if they do not have the COVID vaccine? Will you be more likely to be approved for life insurance coverage if you have received a COVID vaccine? If you already have life insurance, do you need to notify your insurance company if you are vaccinated for COVID? Will your COVID vaccine affect your life insurance premiums?

In most cases, you do not need to provide your insurance company with any information about your vaccination history. But the COVID vaccine, like everything else related to the coronavirus pandemic, has done just fine. Because this vaccine can affect your life expectancy, you may want to tell a potential insurer that you have already received the COVID vaccine ̵

1; or ask if getting the COVID vaccine would affect your eligibility for life insurance.

We asked Laura McKiernan Boylan, Head of Underwriting Solutions at Haven Life, to explain how the COVID vaccine can affect your life insurance policy – and why some people may want to consider getting the vaccine before applying for a life insurance policy.

In this article:

How do life insurance companies usually consider vaccines?

"In general, life insurance policies are not considered vaccines," says Boylan. This means that your life insurance company does not evaluate your vaccination history before deciding whether or not to issue insurance. You do not need to list your vaccines when applying for life insurance online. If you decide that you want a medically insured life insurance policy for its affordable premiums and long-term flexibility, you do not need to provide vaccine records during your life insurance medical examination.

"It does not come up during the process today," says Boylan.

With that said, the COVID-19 vaccine can change at least one aspect of the process – and this change could help more people access affordable life insurance plans.

How can the COVID vaccine affect your life insurance eligibility?

Having a pre-existing condition related to coronavirus and its effects can also affect your ability to take out life insurance while the pandemic is still active. "Some insurance companies have decided to limit access to insurance under COVID because of the risk of comorbidity," Boylan said.

This means that if you are a person at higher risk of dying from the coronavirus, such as a person with diabetes or heart disease, you may have more problems getting life insurance coverage. However, if you can prove that you have been vaccinated against COVID-19, insurers may be more likely to offer you life insurance. As Boylan puts it: "The COVID vaccine may reopen coverage."

Because it's one of the best things you can do to protect your loved ones – especially during a global pandemic – take out a COVID to take out life insurance. vaccination when you can, to increase your eligibility for affordable life insurance, can be a smart move.

That said, there is no evidence that insurance companies have started using COVID vaccination status to make life insurance policies or premium decisions. All of this is theoretical – and as with many aspects of the pandemic, we may change as we learn more about coronavirus and how it interacts with available vaccines.

Does it matter which COVID vaccine you receive?

Now that there are several COVID vaccines available, not to mention the potential for new vaccines to be approved in the future, does the vaccine you receive have any effect on your life insurance eligibility status? If you receive one of the very first mRNA vaccines, such as the two-dose vaccines offered by Pfizer-BioNTech and Moderna, life insurance companies will treat you differently than if you received a more conventional vaccine, such as the one submitted for Johnson's FDA approval. & Johnson?

Boylan told us that at this time there is no indication that the type of coronavirus vaccine you are receiving will affect your life insurance eligibility. Many public health experts recommend that you get any vaccine available in your area – and it can be a good method to follow, especially if you have no preference for which vaccine you want.

After all, vaccinating against COVID-19 is the important part.

If you already have life insurance, you should tell your insurance company when you get the COVID vaccine ?

If you already have lifelong insurance, you do not need to inform your life insurance company that you have been vaccinated against coronavirus. "In general, life insurance policies are set at the time of issue," Boylan said.

What does it mean for a life insurance to be determined at the time of issue? Life insurance and premium decisions are based on your age, health and risk status at the time of your life insurance application. If one of these factors changes in the future – for better or worse – it should have no effect on your insurance or your monthly life insurance premium.

Is there a case where you should inform your insurance company about a change to your COVID status?

There is a situation where you should immediately inform your life insurance company about a change in your coronavirus status – and that is if something happens between the day you fill out your life insurance application and the day your life insurance contract is completed. If you are vaccinated against COVID during that time period, notify your insurance company. If you are diagnosed with COVID during that time period, notify your insurance company. If you are recovering from COVID – and of course we hope you do – let your insurance company know.

"If you develop COVID between your application and when your insurance is issued, you must tell your insurance company," says Boylan.

Why? It has to do with the "time of issue" factor Boylan mentioned earlier. Life insurances are fixed at the time of issue – but any significant health changes that take place between the application and the time of issue are fair play for consideration in insurance and insurance decisions.

This is not just about COVID, by the way. For example, if you are diagnosed with diabetes before taking out your life insurance policy, you must notify your insurance company. "They do not need to know about colds, but they do need to know about serious problems," says Boylan.

Life insurance may seem complicated, but basically it is quite simple. Life insurance companies offer insurance and determine fair and affordable life insurance premiums based on quantifiable risk factors – which means that insurers must be aware of all potential factors before making insurance and premium decisions.

This is why it may be a good idea to let a potential life insurance company know that you have been vaccinated against COVID-19. By reducing your risk of coronavirus, you make things a little safer for everyone – and by getting insurance, you make things a little safer for yourself and your loved ones.

Our editorial policy

Haven Life is a customer-centric life insurance agency supported and wholly owned by the Massachusetts Mutual Life Insurance Company (MassMutual). We believe that navigating life insurance decisions, your personal finances and general well-being can be refreshingly easy.

Our Editorial Policy

Haven Life is a customer-centric life insurance agency that is supported and wholly owned by the Massachusetts Mutual Life Insurance Company (MassMutual). We believe that navigating life insurance decisions, your personal finances and your general health can be refreshingly easy.

Our content is created for educational purposes only. Haven Life does not support the companies, products, services or strategies discussed here, but we hope they can make your life a little less difficult if they suit your situation.

Haven Life does not have the right to provide tax, legal or investment advice. This material is not intended to provide and should not be relied upon for tax advice, legal advice or investment advice. Individuals are encouraged to seek advice from their own tax or legal counsel.

Our information

Haven Term is a term Life Insurance Policy (DTC and ICC17DTC in certain states, including NC) issued by Massachusetts Mutual. Life Insurance Company (MassMutual), Springfield, MA 01111-0001 and offered exclusively through Haven Life Insurance Agency, LLC. In NY, Haven Term is DTC-NY 1017. In CA, Haven Term is DTC-CA 042017. Haven Term Simplified is a simplified Life Insurance Policy Issue (ICC19PCM-SI 0819 in certain states, including NC) issued by C.M. Life Insurance Companies, Enfield, CT 06082. Numbers and functions for insurance forms and riders may vary by state and may not be available in all states. Our California license number is OK71922 and in Arkansas 100139527.

MassMutual is ranked by A.M. Best company as A ++ (Superior; top category 15). The rating is from Aril 1, 2020 and may change. MassMutual has received different ratings from other rating companies.

Haven Life Plus (Plus) is the marketing name of the Plus Rider, which is part of the Haven Term policy and offers access to additional services and benefits free of charge or at a discount. The driver is not available in all states and is subject to change at any time. Neither Haven Life nor MassMutual is responsible for the provision of the benefits and services made available under Plus Rider, provided by third party providers (partners). For more information about Haven Life Plus, visit: https://havenlife.com/plus.html

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