Do You Have Any Insurance That Covers Coronavirus?

Lately a lot of people have me, as well as the rest of the insurance industry, if there are any policies that cover the Covid-19 or Coronavirus. The answer is of course, yes. We can quickly cover a few:

• Major medical - As with all ailments, your major medical has few exceptions, and the virus is not one of them. As usual, you'll still on the hook for co-pays and deductibles, but that is insignificant if you're in the hospital for a few days or longer.
• Hospital Indemnity - Speaking of hospital stays, a hospital indemnity (HI) plan is usually offered through work, but Surf Financial Brokers has started carrying an HI plan that can be offered on an individual basis. 
• Disability Income - A traditional DI plan will cover you and your paycheck if you are out of work due to the virus, or any other illness. There may be an elimination period (the time before your benefits actually begin) of between 0-30 days, so check your policy. 
• Life insurance - If you have life insurance and die from the Coronavirus, your beneficiaries shouldn't have to worry about the company not paying the claim. First of all, legally the carrier has to pay under the terms of the policy, which is a legal contract. Secondly, it would be a public relations nightmare if the insurance company arbitrarily decided to not pay. 

Any or all of the above policies should pay a claim if you were to get sick from the Covid-19 virus, but be aware that the life, HI and DI plans may pre-existing conditions exclusions. In other words, don't expect to get a policy issued if you just had the virus.

For a list of policies offered by Surf Financial Brokers, click here. Some even have interesting videos.

Most importantly, please stay well, healthy and practice social distancing as much as possible.



Chris Castanes is the president of Surf Financial Brokers, as well as a professional speaker helping sales people be more productive and efficient. 

What Is Final Expense Insurance?

We've all seen the commercials on TV with Alex Trebek telling senior citizens that they can cover the cost of a funeral with a life insurance policy.  But what kind of insurance is it and how much will it cost?

Usually, final expense coverage is a whole life policy, which is the most expensive type of life insurance because it builds some cash value.  But do you really care about building cash value to pay for a funeral?  Probably not.  The main concern is covering the cost of a funeral  while making sure your premium doesn't increase.

In the case of our friend, Mr. Trebek, he says that you can't be turned down.  That's a good thing if you are in poor health, but being "guaranteed issue" also means that the additional risk to the company is being passed on in the cost.  Generally speaking, "guaranteed issue" costs more.

If you are in good health, there is a better and more affordable alternative.  Guaranteed Universal Life (GUL) typically runs about a third less and the rate is also guaranteed to never go up as long as you pay your premiums.  The GUL may ask for a paramed exam to qualify buy this lowers the carrier's risk, which in turn lowers your price. 

If you're looking for a way to cover the expenses of a funeral, let us help.  Contact Surf Financial Brokers for information.