Thousands of individuals have lost their life to COVID-19 in the past year. In almost all cases, life insurance in Hialeah, Florida covered the deaths caused by the coronavirus disease. There are a few exceptions that life insurance companies and industry organizations are implementing.
Potential Exceptions
Traditional life insurance policies will most likely cover COVID-19 deaths, according to representatives from industry research group LIMRA, State Farm and Farmers New World Life.
There are, however, a couple of exceptions. For instance, an insurance agency might deny a claim for a coronavirus death if the policyholder:
- Submitted an inaccurate or incomplete application. Claims can be denied for reasons such as not disclosing travel plans or lying about weight or income.
- Didn’t pay insurance premiums.If your policy lapses for nonpayment and you die before the policy is reinstated, your beneficiary won’t receive a payout.
- Bought only an accidental death policy.Accidental death and dismemberment insurance, or AD&D, is designed to cover accidents, which doesn’t payout if you die of illness or disease.
If you are unsure of what your insurance policy can offer you, it might be time to ask your insurance agent about the specifics of your plan. You may also want to consider talking to them about the best ways you can customize your policy to make it more beneficial for you and your beneficiaries.
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We can assist you with services such as home owner’s insurance, boat insurance, life insurance, and auto insurance in Hialeah, Florida. For more details, you may contact us today.