Does your Term Insurance plan cover the Death Due to Covid-19?

Term Insurance Plan

These days Covid-19 is a serious health threat to our society. As we all are aware of the fact that every minute, we saw some new statistics related to the coronavirus. A lot of people are dying every day due to this deadly virus. Previously, the government has announced a free test for suspected patients. But now you have to pay for the COVID-19 test. So, it becomes a necessity to purchase a Term Insurance Plan to reduce unexpected financial burdens. Further think about, if you found positive? Do you have this much savings to pay your medical expenses? At this critical time, a Term Insurance Plan that covers the medical expenses of your corona treatment is just a blessing.

What is the Term Plan?

If you are already a policyholder and thinking whether your current policy is adequate to provide coverage. Life insurance policy is to provide financial support in case of sudden demise. You will get the promised sum insured in case you died due to Covid-19 or any other disease. 

However, if you are the one who has still not opted for any term insurance plan then this is the high time to purchase one for you as well as for your family. Of course, you have to go through certain medical tests to purchase a plan at this critical time. There is no doubt that your family will receive the entire death benefit in the policy if you are found not infected in the tests. 

Whereas if you are already infectious or underlying medical conditions. Then the company will decide whether they will issue you a policy or not. It is also possible that they keep your policy on hold or deny you.

Currently, we have no cure for this disease so this policy might be a little expensive for you. But overall if we think about security then there is no loss in taking an advance step for the protection of our loved ones.

Things to remember while purchasing a term Insurance plan for Covid-19:

  • Term Insurance plans provide a high sum insured for lower premiums.
  • Term insurance plans provided by different insurance companies have diverse benefits. So, make sure to check the policy documents diligently to avoid any misconceptions.
  • If you have already purchased a life insurance policy or term insurance plan then you have an additional benefit. You don’t have to wait for the policy approval in case you find Covid-19 positive in the future.
  • You can also purchase a Term insurance policy to protect your family against unexpected financial risks after you.
  • If you won’t take any term insurance plan then your family has to rely on the other means to surge through these uncertain times.