What will happen if you decide not to get vaccinated? These are just some of the pressing questions that are facing many people. Here is how it can impact life insurance policy holders.

What will happen to your policy if you do not take the vaccine?

Taking the vaccine is not compulsory in South Africa. It also means that insurers are not allowed to discriminate against people who have decided to not take the vaccine while holding or applying for life cover. 

However, life insurers can deny a claim if someone deliberately places their life at risk. Certain causes of death that are not covered by insurers and are listed as exclusions can affect the payout of a life insurance policy. For people who do not take the vaccine and deliberately expose themselves to the virus by not following the COVID-19 guidelines can be considered as self-harming individuals. Furthermore, if this falls within 24 months of recently having taken out a policy, it could lead to an insurer not processing a claim. 

It's still possible for you to apply and even be approved for a policy or continue to maintain a policy even if you have been diagnosed with COVID-19. But you will be asked questions regarding your medical history, including recent medical events, to assess your risk.

What if you are still waiting to be vaccinated?

An insurer cannot penalise you for taking or not taking the vaccine. People who are planning on being vaccinated will find that their policy will not be affected in any way.

What this means is that any individual who dies as a result of coronavirus infection will have their claim paid – provided all the terms and conditions of their policy have been met, of course.

It’s important to remember that although you may still qualify for life cover, you should always check for amendments to terms and conditions, such as the maximum applicant age or insurable underlying health conditions. Being honest when applying for a life insurance policy can work in your favour, even if you have been diagnosed with COVID-19.