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The impact of COVID-19 on life insurance

The outbreak of the COVID-19 pandemic has claimed the lives of many people around the world. As a result, interest in service of life insurance companies has grown many times.
The impact of COVID-19 on life insurance

If you are reading this article, it is likely that such thoughts have popped into your head. Therefore, we decided to study this topic. It is very important to know what life insurance policies protect from and what risks they cover. Let us try to understand the situation with the help life insurance policies of Nomad Life.

Is COVID-19 covered by life insurance policies?

The first and main question that worries people is whether the coronavirus risk is included in the life insurance policy. “Of course it is! If the client has a policy and he dies from this disease, the beneficiaries will receive payouts. Payments will be made even if the person has visited the countries most affected by the pandemic,” explains Madi Shalgimbayev, the Deputy Board Chairman of Nomad Life.
The insurers overseas enter into contracts with travel enthusiasts on special terms: sometimes LICs require people to submit negative coronavirus tests, several months of quarantine, or exclude COVID-19 from payment guarantee documents. “There is no such kind of differentiation in Kazakhstan. First of all, there are fewer cases in our country; secondly, it is discrimination,” the speaker emphasizes.

Will the policy cost increase?

“The cost of life insurance will not change, it cannot be influenced by a pandemic or volatility of world markets, as all customer investments are hedged and risks are considered not only by the insurance company but also the reinsurer. For example: we work with the largest European reinsurance company Hannover Re,” explains Madi Shalgimbayev.

However, if you plan to buy the policy only from coronavirus, you should bear in mind that such coverage protects against only one disease and does not include all the risks that a regular life insurance policy provides.

Can travel affect insurance costs?

US insurers require their clients to report all international flights. There is no such a requirement in Kazakhstan either. “Our life insurance policies work 24 hours a day, 7 days a week, anywhere in the world. The philosophy of Nomad Life Company is comfort and confidence of our customers,” says the source.

A life insurance policy purchase during the pandemic

In order to prevent the spread of coronavirus infection during the quarantine period, Nomad Life asks its customers to temporarily refrain from personal visiting all company offices unless absolutely necessary and use remote methods of interaction if possible (via the company’s email address or call center 3260).

“We have not introduced new requirements for customers. After pre-appointment, we send a medical questionnaire to a potential client. When all formalities are completed, we conclude an agreement,” says the deputy board chairman of Nomad Life about the action algorithm.

The interviewee added that insurance policies are necessary for people with different social statuses. Therefore, there are various products within any price range.

Photos are from open sources.

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