Will My Life Insurance Cover COVID-19?

Simply put, at the moment and for all insurance companies we are in contact with: yes they do cover COVID-19.  However, the full answer of how COVID-19 is affecting the life insurance industry is a bit more complex.  For starters, the application process for most insurance companies has become stricter to account for the now global impact of this corona virus.  Rest easy though, as the additional underwriting requirements are not too stringent. In a typical application you will simply be required to confirm details of any recent international travel, or if you have contracted the virus itself.

Do I still have to get medical checks at a hospital for my insurance?

Due to the increased safety protocols, and if you are applying for your insurance from a location currently experiencing spikes in virus contractions, your local medical clinic could be at or near capacity. This could make arranging an appointment for standard bloodwork (cholesterol check, blood sugar, etc.) more difficult than usual.  That being said, fingers crossed, at the moment Japan’s medical clinics still have more than sufficient capacity.

However, in the event of your inability to acquire medical testing for your insurance application’s standard underwriting process, or if you are concerned about the infection risks of visiting a hospital, it may be possible to make use of a workaround. Some insurance companies are allowing new applicants to defer required medical testing for a period of up to 6 months, provided they meet the following criteria:

-You are below the age of 55

-The death benefit is 750,000 USD or less

-You have no serious pre-existing conditions

In this case, you would simply be required to fill out an extra form requesting a deferral of your medical testing for up to 6 months, enabling you to acquire insurance coverage immediately and without a medical test.  If for example you require more than 750,000 USD worth of insurance coverage, you could acquire the 750,000 USD immediately, and then raise your coverage to your desired amount once you have undergone the standard medical testing.

Are there any exclusions for viruses in my life international life insurance cover?

Another particularly important point to reiterate is that there are no exclusions for this or any virus; for the time being. If you are able to set up your insurance policy now, your policy would pay out all benefits in the event of a death due or critical illness to COVID-19, and the insurance company would be bound to these terms of the contract for as long as you keep it.

However, there is no guarantee the industry will continue allowing standard insurance policies to cover COVID-19. Of course any existing contracts would be “grandfathered-in” to the current terms and conditions which do cover COVID-19. But in the future new insurance policies might not enjoy the same standard coverage.  For example, new applicants may have to pay a small extra “rider” fee to receive coverage COVID-19; or it might not be covered at all.  For this reason it is important to lock in a life insurance contract now, while the insurance companies are still offering COVID-19 insurance coverage in all standard plans. And always, it is important to stay on top of current trends and guidance for Covid-19, with the Japan government’s corona virus dashboard being a great resource.