COVID-19 Vaccine and Your Life Insurance Policy
Last updated on March 3rd, 2022
It’s an interesting take for sure. After all, if we remove the context of Covid-19, getting a vaccine for any disease is certainly a good thing for your insurance provider. Vaccines lessen the risk of contracting diseases. It also makes your immune system stronger against certain illnesses. Technically, this should be the case with the Covid-19 vaccine, too, right?
However, a handful of individuals on social media are now claiming that getting Covid-19 vaccination will preclude you from getting life insurance coverage from your provider. This sentiment is echoed on sites like Twitter, where a single retweet can have a domino effect and lead to a viral post with millions of impressions.
The question is this: is this claim verifiable? Will getting a Covid-19 vaccine really disqualify you from life insurance? The answer is a bit tricky— technically, it can both be a “yes” and a “no”.
What can preclude an individual from having life insurance?
Realistically speaking, anything that you willingly do that puts your life at risk can affect your life insurance. Life insurance is supposed to provide financial support to your beneficiaries in the event of your death. But if you willingly put yourself at risk leading to your demise, certain clauses in your policy might prevent your dependents from successfully claiming the payout.
According to some individuals on social media accounts like Twitter, taking a Covid-19 vaccine is a risk that insurance companies would not be willing to take. But there’s more to this claim than just taking the vaccine and getting a slap on the wrist from your insurance provider.
Why are Covid-19 vaccines risky?
Vaccines go through years of development before they are fully able to say that they’re effective and safe. From academic research, pre-clinicals and phase 1-3 trials, to manufacturing and actual distribution, there are numerous steps that vaccine developers usually undergo before they are allowed to release any type of vaccine.
However, the Covid-19 pandemic brought out the need for fast and effective development and rollout of vaccines. Since all stages of vaccine development are rushed, there’s no denying the possibility that the vaccine quality may not be as good as it can be.
This is where the idea of “risk” comes in. Since the Covid-19 vaccines can be labelled as “experimental”, some people claim that those who take this vaccine cannot get life insurance from their providers.
Will taking the Covid-19 vaccine automatically disqualify you from life insurance?
No, taking the Covid-19 vaccine will not automatically prevent you from getting life insurance. Several official accounts like the Canadian Life and Health Insurance Association already announced it as well. They stressed the importance of getting a vaccine and how you should take it to protect yourself and others from the damages brought about by Covid-19.
As long as you take vaccines that have the United States’ Food and Drug Authority’s (FDA) stamp of approval, then there’s no need to worry about being disqualified from your life insurance. Some of the vaccines already approved by the FDA are Pfizer/BioNTech, Moderna, and Johnson & Johnson.
However, taking vaccines that aren’t on the FDA’s list could put your life insurance at risk. These vaccines are still under their “Investigational” or “experimental” stage. It is recommended that if you are ever offered such vaccines, it’s best to beg off for now. Choosing the already FDA-approved brands is the best way to go.
Know More About Life Insurance in the Time of Covid-19
Life insurance is certainly tricky these days, especially given the Covid-19 pandemic. If you read anything on social media regarding Covid-19 and life insurance, always look for credible sources before believing anything you read online.
Alternatively, it would be better to verify the facts with your actual insurance provider. That way, you’ll be provided with options and actual data before you make a decision regarding vaccination.
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