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Does the COVID-19 Vaccine Void Life Insurance?

Will receiving the COVID-19 vaccine void my life insurance policy? A concerned client recently asked us this question. And we quickly found out she’s not the only person who’s concerned. While we are unqualified to answer 99.9% of questions about the COVID vaccine, we are qualified to explain how it relates to your life insurance policy.

Plain and simple, the two aren’t related. Getting the COVID-19 vaccine will not affect your ability to obtain life insurance benefits. If you die from the COVID-19 vaccination, your life insurance policy will still pay out. Life insurance policies have not changed because of COVID.

In addition, getting the COVID-19 vaccine will not impact your ability to purchase life insurance.  (And by the way, if you don’t have life insurance, no time like the present!  We’re happy to help. More on that below.)

Straight From the Horse’s Mouth

The American Council of Life Insurers (ACLI) recently issued a news release to reassure policy holders, stating:

Life insurance policy contracts are very clear on how policies work, and what cause, if any, might lead to the denial of a benefit. A vaccine for COVID-19 is not one of them. Policyholders should rest assured that nothing has changed in the claims-paying process as a result of COVID-19 vaccinations.

Is the COVID-19 Vaccine Considered Experimental?

One misconception causing concern is that the idea that the COVID-19 vaccine is classified as “experimental”. Individuals believe that it is therefore considered high-risk from an insurance perspective. It is not. The FDA has approved the three COVID-19 vaccinations available in the U.S. for emergency use.

Can Anything Void a Life Insurance Policy?

The other issue contributing to confusion is a general misunderstanding of life insurance contracts. Each policy is slightly different, but there are very few things that can invalidate a life insurance policy.  Here are the three most common reasons a life insurance policy will not pay out:

  1. The insured lied on their application. Lying about your lifestyle (smoking, high-risk hobbies/work, etc.) or medical conditions when applying for life insurance is called “material representation”. If the carrier finds out, they may cancel your policy or refuse a death benefit.
  2. The insured failed to pay their premium. When your life insurance bill is due, pay it. If you don’t, the carrier will cancel the policy. No policy means no pay out.
  3. The insured committed suicide. Most life insurance policies have a suicide clause. If the insured commits suicide within the first two years of the life insurance policy, the carrier will not pay out a benefit.

Each life insurance policy is slightly different. Some might have exclusions for dying while committing a crime, dying while living outside the U.S., or dying as a result of war. But we’ll state again for the record, that no legitimate life insurance policy will be voided because you get the COVID-19 vaccine.

Best Move: Talk To An Expert

Making sure you have life insurance coverage in place is important and asking lots of questions is good.  Misinformation is more common than ever, so having someone you trust to guide you is key. Call us anytime to speak to one of our advisors or fill out our contact form and we’ll be happy to help.