Term Life Insurance Articles
Has The Occurrence Of H1N1 Increased The Purchase Of Life Insurance?
2009-11-06
Now that the World Health Organization (WHO) has officially declared the H1N1 virus, or swine flu, a pandemic, there is great concern over exposure, vaccination and prevention methods. Most people are not thinking about their whole or term life insurance coverage. However, with nearly half a million reported cases worldwide, including over 6,000 deaths (WHO 2009), proper life insurance coverage should be a priority. However, those with a history of swine flu infection might find themselves at a disadvantage. According to a recent article in MoneySense Magazine, insurance companies may not cover potential customers who are currently suffering from or recently recovered from the swine flu.
In speaking with Lorne Marr, president of an insurance company in Ontario, Canada, Rob Gerlsbeck found that underwriters at some life insurance companies are dividing potential policy purchasers into three categories, and determining coverage eligibility by virtue of said categories. Those currently infected with H1N1 will not be considered for coverage until they are declared well by a medical doctor; those who have had a mild case and have since recovered are waiting a minimum of two to three months before coverage is granted; and those who have been hospitalized due to swine flu are waiting to qualify for insurance policies for up to a year. Gerlsbeck's personal investigation involved cold calling insurance companies to find out if Marr's assessment held water - in fact, he found that even companies who claimed that they were not following such guidelines were not necessarily underwriting policies for swine flu recoverees. This can leave uninsured parties, and their families, in a very precarious position. People desperate for insurance policies may find themselves paying a hefty premium for the privilege of not disclosing their medical histories. In these economic times, that can be a heavy burden to single people and families alike.
If you or your family members have not yet been diagnosed with swine flu and are currently in the market for either whole life or term insurance, you may consider buying a policy while in peak health. This should ensure your whole or term life coverage even if you are unlucky enough to be diagnosed with swine flu at a later date. Even a previous H1N1 patient is not necessarily automatically disqualified from purchasing a new policy. Numerous life insurance companies maintain that those who have or had swine flu are not penalized for their illness. In this case, calling around and comparing policy availability and rates would be to a purchaser's benefit. People with existing term life insurance policies may consider contacting their insurer to see what their policy is for pandemic fatalities among current policyholders.
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Now that the World Health Organization (WHO) has officially declared the H1N1 virus, or swine flu, a pandemic, there is great concern over exposure, vaccination and prevention methods. Most people are not thinking about their whole or term life insurance coverage. However, with nearly half a million reported cases worldwide, including over 6,000 deaths (WHO 2009), proper life insurance coverage should be a priority. However, those with a history of swine flu infection might find themselves at a disadvantage. According to a recent article in MoneySense Magazine, insurance companies may not cover potential customers who are currently suffering from or recently recovered from the swine flu.
In speaking with Lorne Marr, president of an insurance company in Ontario, Canada, Rob Gerlsbeck found that underwriters at some life insurance companies are dividing potential policy purchasers into three categories, and determining coverage eligibility by virtue of said categories. Those currently infected with H1N1 will not be considered for coverage until they are declared well by a medical doctor; those who have had a mild case and have since recovered are waiting a minimum of two to three months before coverage is granted; and those who have been hospitalized due to swine flu are waiting to qualify for insurance policies for up to a year. Gerlsbeck's personal investigation involved cold calling insurance companies to find out if Marr's assessment held water - in fact, he found that even companies who claimed that they were not following such guidelines were not necessarily underwriting policies for swine flu recoverees. This can leave uninsured parties, and their families, in a very precarious position. People desperate for insurance policies may find themselves paying a hefty premium for the privilege of not disclosing their medical histories. In these economic times, that can be a heavy burden to single people and families alike.
If you or your family members have not yet been diagnosed with swine flu and are currently in the market for either whole life or term insurance, you may consider buying a policy while in peak health. This should ensure your whole or term life coverage even if you are unlucky enough to be diagnosed with swine flu at a later date. Even a previous H1N1 patient is not necessarily automatically disqualified from purchasing a new policy. Numerous life insurance companies maintain that those who have or had swine flu are not penalized for their illness. In this case, calling around and comparing policy availability and rates would be to a purchaser's benefit. People with existing term life insurance policies may consider contacting their insurer to see what their policy is for pandemic fatalities among current policyholders.
