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Life insurance and vaccines: Most recent developments (updated on March 18, 2021)
November 24, 2021 | Posted by: Jatinderbir Singh Bajwa
How do life insurance companies think about vaccines and life insurance?
Many of Canada’s largest insurance companies have now confirmed that government approved vaccines will not impact insurance policies.
Manulife also weighed in and is further rewarding those with group and individual coverage when they choose the COVID-19 vaccination. Those in Manulife’s Vitality program will receive 400 vitality points for getting the vaccine. Vitality launched in Canada in 2016 and rewards program participants with points for healthy eating habits, exercise, annual flu vaccines, and routine examinations such as colonoscopies and mammograms. Points are redeemed for gift cards or discounts on individual insurance premiums.
“As a life insurance company we are trying to keep Canadians healthy, so there is very little question that the number one thing all of us can do to protect our own health, and also the health of all those around us, would be to get vaccinated,” said Mike Doughty, president and chief executive officer of Manulife Canada. He further noted that he hopes the program sends a signal across Canada that Manulife “believes everyone should be going out and getting vaccinated.”
The best way to ensure you get the coverage you need during or after the pandemic is to work with a broker. Insurance brokers sell the products of many difference companies and remain informed about changes to those company’s applications, processes, and requirements. A broker will help you find coverage whether or not you have a health condition or even a life-threatening illness. Our brokers work with 25+ Canadian insurers to ensure you get the coverage you need, along with the expert advice you deserve. Contact us today for a free quote, to learn more about life insurance and COVID-19, or for any questions you have about life/living benefit products
Humania Assurance
James O’Connell, B.Comm, CIMRegional Sales Representative at Humania Assurance said his firm will not be asking a COVID vaccine related question on applications. “Humania will NOT ask or take into consideration whether or not a client has been inoculated,” he said. “It has never been our practice to ask about an individual’s vaccination history and we see no reason to revisit that position. So regardless of where we find ourselves during this pandemic, you can have confidence in knowing that we will continue to provide quality coverage in a quick and efficient way, whether you’re meeting your clients in person or are doing so digitally.”
Canada Life also issued a statement, noting, “When a COVID-19 vaccine has been given by an authorized health professional, side-effects or complications from the vaccine would not limit someone’s eligibility for life, health, or disability benefits.”
Norm Leblond, Vice President, Chief Underwriter and Claims Risk Officer at Sun Life Financial said, “COVID-19 – or any viral infection and its related vaccine – would not impact the payment of a claim under the terms of a client’s contract.