Since the first case of COVID-19 was reported in Canada in the spring of this year, we have definitely learned a few things about this virus. We know now that the coronavirus, known as COVID-19, is highly infectious and that although most of its’ victims are elderly and/or medically vulnerable, too many fatalities have occurred across the age spectrum and among those with no obvious pre-existing risk factors to define who or where the virus will strike next. Something that makes all of us more than a little uneasy.
On the positive side, we now understand how to better curb infection by hand washing, social distancing and wearing a mask, and as Canadians, we can be proud of our collective efforts to flatten the curve of rising new cases and deaths, at least thus far. Having said that, now is the time to focus on the mortality and morbidity impact for the more than 110,000 COVID-19 survivors in Canada; today the question is how will these cases be treated when applying for life insurance, critical illness or disability coverage?
Know The Risk, PPI’s online underwriting resource, has a new COVID-19 rating guide (login required) that answers your need to know questions about your client and whether they will be considered when applying for insurance. The guide is a quick and easy read, providing an overview of the illness, the challenges of treatment, residual effects of the virus and how certain pre-existing conditions can raise the underwriting red flag of concern. Included is a colour-coded rating guide for life, critical illness and disability insurance letting you know what to expect when it comes to a client with a history of COVID-19. Get ahead of the curve and check out this new guide, as you stay safe and informed.
This article is provided by Know the Risk, an educational website that contains underwriting information for insurance professionals, available exclusively to Advisors affiliated with PPI (login required).