Yes, traditional life insurance policies that you purchased before the coronavirus pandemic can cover a death caused by COVID-19. If you die during a global pandemic, your beneficiaries can claim your death benefit, if your policy is active when you die. Your WAEPA group temporary life insurance policy does not include exclusions related to death from COVID-19 or a general pandemic. As long as your original request did not include any material misrepresentation, a death caused by a pandemic such as COVID-19 would be covered. Some life insurance companies require that your documentation match the state you're currently in, even if it's not the state in which you actually reside.
For example, if you haven't been vaccinated against HPV and later contracted cancer, that cancer diagnosis will make you ineligible for life insurance coverage. Some states have implemented regulations to prohibit life insurance companies from charging late fees or reporting late payments to a credit reporting or debt collection agency. Because of the current spread of the coronavirus, your application for life insurance may be affected if you travel abroad. If you die from the coronavirus during the life insurance application process, you do not have life insurance coverage and a death benefit will not be paid to your beneficiaries unless you have temporary coverage.
The final insurance policy premium for any policy is determined by the insurance company that underwrites it after the application. Even so, a company may refuse to pay a claim if it finds false information in the application, even after the two-year life insurance challenge period ends. However, for the most part, if you get sick, recover fully, and then apply for life insurance, you can expect the price difference in life insurance premiums to be minimal. After more than 75 years serving federal civilian employees, WAEPA is the life insurance option for more than 46,000 federals and their families.
However, if you were completely honest about a known travel plan, life insurance companies can't deny a payment to their beneficiaries. If your insurer discovers that you withheld information about your trip, contracted the illness in question and died because of it, the life insurance company may refuse to pay the death benefit to your beneficiaries. If you haven't already, now is the time to make sure your family is financially prepared for the future, and life insurance is a crucial way to plan. If you're applying for life insurance now and are planning to travel abroad, you may have to wait until you return to complete your application, says Nicholas Mancuso, former manager of Policygenius's disability and advanced planning team.
You can purchase temporary coverage during the life insurance application process so that your beneficiaries receive some of the life insurance money if you die unexpectedly. Because this varies depending on the life insurance company and the request, you'll want to talk to your life insurance agent about how to proceed with your request. For example, if you're traveling to a highly compromised area, life insurance companies can't change your health rating or the rates you pay.
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