Refuting a Bad “Rumor” About Life Insurance and COVID-19 Vaccines
There have been various rumors alleging if you take the COVID-19 vaccine it will affect (void) your life insurance if you die. Specifically, I am addressing individual life insurance policies, not group life or any other benefit plan with a death benefit. Individual life policies are owned by millions of Americans including almost all of those receiving this notice.
The claim COVID-19 affects any aspect of a life policy is false. Once an individual policy is issued the only exclusion is suicide during the first two years following the issue date (one year in the state of Missouri). The insurance company cannot change the policy, which is a legal contract, once the policy is issued. Even a policy issued under false pretenses has no exclusions after two years.
The truth is there are varying opinions among Americans as to the merits of the COVID-19 vaccines. We respect individual opinions but not this false rumor. The facts are overwhelming from multiple, credible sources that any claim COVID-19 affects your individual life policy, and its’ death benefits is simply false.
It is important to note, the life insurance business is regulated by each of the 50 states. New York has a reputation for being the toughest state in the country where an insurance company can do business. There is a public announcement from the New York Insurance Department refuting all such rumors and citing other regulatory bodies which are in total agreement the rumors are false. Furthermore, Paul Graham, Senior Vice President, Policy Development of the American Council of Life Insurers has made a statement in a news release on March 12, 2021 to respond to social media misinformation about the COVID-19 vaccine.
We have enough real challenges, let's not be fooled by imaginary ones.
Respectfully, Bob
Bob Nelson, CLU, FSS
Bob is a Past-President of the National Association of Insurance and Financial Advisors (NAIFA) and a 38-year member of the prestigious Million Dollar Round Table (MDRT).
1“Life Insurance and the COVID-19 Vaccine.” New York State Department of Financial Services. 2021. Life Insurance and the COVID-19 Vaccine | Department of Financial Services (ny.gov)
2“AMERICAN COUNCIL OF LIFE INSURERS (ACLI) RESPONDS TO SOCIAL MEDIA MISINFORMATION ABOUT COVID-19 VACCINE.” American Council of Life Insurers. March 12, 2021. https://www.acli.com/Posting/NR21-012