Life Insurance After Surviving COVID-19
Published in late April 2020
One of our Legato clients survived COVID-19 this winter, including ventilation in a Vancouver hospital, and has returned home to begin his path to recovery. To all of his doctors, nurses, and essential care workers, thank you so much for your dedication and devotion. You are truly appreciated.
When he called this week to tell us his story, this married father of three young children also asked about increasing his life insurance coverage. Before creating a new application, we decided to check with our representatives at Canada’s major insurance carriers to see if they would accept a new application if the applicant had recently survived COVID-19?"
The answers that came back made sense and made us realize that life has changed with COVID-19.
Each of the carriers responded that an application for new life insurance coverage would only be accepted after the person being insured had "fully recovered" and then waited at least three additional months, if that person had been hospitalized as part of their treatment for COVID-19.
Of further concern, the carriers added that "If and when that person does apply in the future, there is no guarantee that they'd receive an offer” for a new life insurance policy.
In light of this, if you are healthy now, you may want to consider getting or increasing your life insurance coverage while you can. Call your licensed insurance Advisor or contact us here at Legato. We would be pleased to help.
Don Anderson
@ Legato
Protect your wealth and pay fewer taxes.
When he called this week to tell us his story, this married father of three young children also asked about increasing his life insurance coverage. Before creating a new application, we decided to check with our representatives at Canada’s major insurance carriers to see if they would accept a new application if the applicant had recently survived COVID-19?"
The answers that came back made sense and made us realize that life has changed with COVID-19.
Each of the carriers responded that an application for new life insurance coverage would only be accepted after the person being insured had "fully recovered" and then waited at least three additional months, if that person had been hospitalized as part of their treatment for COVID-19.
Of further concern, the carriers added that "If and when that person does apply in the future, there is no guarantee that they'd receive an offer” for a new life insurance policy.
In light of this, if you are healthy now, you may want to consider getting or increasing your life insurance coverage while you can. Call your licensed insurance Advisor or contact us here at Legato. We would be pleased to help.
Don Anderson
@ Legato
Protect your wealth and pay fewer taxes.
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