If you are looking to see if life insurance will cover the new the omicron variant (B.1.1.529), the latest COVID-19 strain, then you have come to the right place.
Below, I’ll answer all your questions about life insurance and the omicron COVID-19 variant.
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Does my current life insurance policy cover the omicron variant (the latest COVID-19 strain)?
Yes, nearly every life insurance policy will cover death from COVID-19 including the new omicron variant.
Most life insurance policies only have two exclusions; a two-year contestabitlity clause (meaning the insurance company can contest the claim if you died in the first two years of the policy and you were not honest on the application, called material misrepresentation) and also there is a two-year suicide clause (meaning the policy will not pay out if death results from suicide in the first two-years of the policy).
Other than those two exclusions, any type of death is covered including COVID-19 and any variants.1
Can I purchase a new life insurance policy that will cover COVID-19, including the Omicron variant?
Yes, currently life insurance policies purchased today will cover the omicron variant as well as the other COVID-19 strains. Once you are approved and make the first payment to activate the policy (called placing the policy in force) you would be covered any type death1 including from COVID and the omicron variant.
Also, once a policy is in force, any future changes in your health will not affect the current policy.
Do life insurance companies ask about COVID-19?
Yes, while most life insurance policies will cover death resulting from COVID and any variants, most life insurance companies will now ask on the application about recent treatment and if you are currently experiencing symptoms of COVID such as a fever or shortness of breath.
Do I need to be tested for COVID-19 and the omicron variant to get life insurance?
No, most life insurance companies currently do no require COVID testing to purchase life insurance.
Do I need to be vaccinated to be covered for life insurance for the Omicron COVID-19 variant?
No, most life insurance companies currently do not require you to be vaccinated in order to qualify for life insurance. Likewise, vaccination status is not a factor in paying out a claim.
Do I need a medical exam to get life insurance in order to be covered for the omicron variant?
No, a medical exam is not required to purchase a life insurance policy for most people (dependent on your health and several other underwriting factors). The insurance company will ask if you are experiencing any current symptoms of COVID and about previous exposure (typically in the last 30 days) to COVID-19 but if you are fully recovered and in good health, then you are likely able to purchase life insurance without the paramed exam.
What is the quickest and easiest way to buy a new policy to cover me for the omicron COVID variant?
The fastest and easiest way to purchase life insurance for those in good health is with a no-medical exam policy. The application is 100% online and only requires answering several health and lifestyle questions. Same-day coverage is offered to the majority of applicants.
What are some good life insurance companies that cover the omicron variant that can be purchased quickly and easily?
Below are two excellent companies that offer a 100% online application and no-medical exam underwriting. The application process is very fast and convenient, same-day coverage is available for most applicants that are in good health and meet the underwriting criteria. You do not even have to speak to an agent (unless you want to).
Bestow
Available Coverage: $50k to $1.5 million
Type: Level term life insurance
Terms Available: 10, 15, 20, 25 and 30 year level
Underwritten by: North American Company for Life & Health Insurance
A.M. Best Rating: A+ Superior (North American Life)
Founded: North American Life (1886)
Available Ages: 18-60
COVID-19 Question on Application: “In the past 30 days, have you been diagnosed or treated by a medical professional for COVID-19?”
‘Diagnosed or treated’ means you have had (within the past 30 days) a positive test result for COVID-19 (SARS-CoV-2) or been treated by a medical practitioner for symptoms of COVID-19. A vaccine to prevent disease is not considered treatment for COVID-19.
Process: 100% online, no medical exam, no phone interview, no medical records, whole process takes about 9-12 minutes. Compare rates and then apply for an instant decision and instant coverage, if approved.
Advantages: Coverage is from an A+ Superior rated company that has been in business since 1886. Unlike most other no-exam life insurance policies, with Bestow there is no phone interview, no medical records request or need to speak to an agent to as part of the application process. This enables the whole application to take less than 15 minutes, from quote to active coverage (if approved). Rates are very affordable.
(No contact information is needed for quotes)
Ethos
Available Coverage: $5k to $2 million
Type: Level term life insurance, simplified issue term life, increasing simplified issue term life, whole life and guaranteed acceptance whole life (two-year waiting period)
Terms Available: 10, 15, 20, and 30 year level, simplified issue level term life, increasing simplified issue term life, whole life and guaranteed acceptance whole life (two-year waiting period)
Underwritten by: Banner Life Insurance Company for level term, Ameritas and TruStage-CMFG Life Insurance Company for simplified issue and whole life
A.M. Best Rating: Banner Life- A+ Superior, Ameritas and CMFG are A Excellent rated
Founded: Banner Life (Legal & General) 1836, Ameritas 1887, CMFG 1935
COVID-19 Question on Application: “In the last 30 days, have you been diagnosed with, been treated for, or sought testing or consultation, or do you intend to seek testing or consultation with a member of the medical profession for Coronavirus including COVID-19, or for fever, or cough, or shortness of breath?”
Process: 100% online, no medical exam, same-day approval for the majority of applicants.
Advantages: Level term life insurance with rates that are affordable and coverage that goes up to $2 million without a medical exam from an A+ Superior rated company that has been in business since 1836.
(No contact information is needed for quotes)
1 Most life insurance policies have two exclusions; a two-year contestability clause (material misrepresentation) and a two-year suicide clause. Check your policy for specific details, any additional exclusions as it can vary depending on the company or any amendments.
*This article is for informational purposes only. Please take a look at your specific policy and or ask your agent or insurance company for the details of your individual policy.
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