Term insurance for Covid-19 survivors: All you need to know
Many insurers introduced a cooling-off or waiting period to buy a term plan for people who suffered from Covid-19.
Term life insurance is an easy option for many people due to its simple coverage and low premiums. It is a pure life insurance plan. It offers pay-outs only in case of the policyholder’s death during the policy term. The pandemic has triggered demand for term insurance. Many people have recovered from the second wave without hospitalisation or intension medical attention. According to health experts, the third wave may be round the corner and some have even described it as “inevitable and imminent”. There are many Covid-specific health insurance plans available in the market by different companies. But there is some confusion among common people.
Can one buy term insurance after recovering from Covid-19?
Generally insurance companies issue the policy based on the health condition of the individual for at least six months. If you are a Covid-19 patient, you cannot buy a term insurance plan.
It has become very difficult if not outright impossible to buy term insurance policies for those who have just recovered from Covid-19. Life insurance companies are adopting strict norms for those individuals who recovered from Covid-19. Many insurers introduced a cooling-off or waiting period to buy a term plan for people who suffered from Covid-19.
Some companies have a three-month waiting period while others have six months. All depends on the guidelines of the insurance company. All medical documents about diagnosis of Covid-19 and treatment must be maintained properly.