How has Covid-19 affected Insurance Purchasing?

The following effects have been felt:

Many carriers (insurance companies) are not accepting paper applications. These companies are accepting electronic applications.

Managing General Agencies have closed their office space to non employees. Curbside drop-offs is still possible (so we can still submit paper documentation if absolutely required).

Paramedical companies have limited or suspended their in person appointments. This means that any applications that require a nurse visit (vitals, fluids) are on hold. However, they are still doing the tele-interviews for policies not requiring the in person.

Agents have to adapt their practices. While we can still do in person applications, the social distancing rules strongly recommend doing the applications non face to face.

The good news is you can still purchase insurance. You may have reduced policy amounts available for immediate placement due to the paramedical change in the short term, but you can always top up your policies once things return to normal. As well, permanent policies still have the Temporary insurance available.

Travel Exclusions – Coronavirus

Coronavirus (COVID-19) is a concern for Canadians, particularly for those planning upcoming trips. The World Health Organization has assessed the global risk for coronavirus as “very high”.

Allianz Global Assistance

EFFECTIVE MARCH 11, 2020, WE HAVE DETERMINED CORONAVIRUS TO BE A KNOWN EVENT FOR TRIP CANCELLATION AND TRIP INTERRUPTION.

For clarification, the March 9th cruise warning, issued by Public Health Canada, is being treated as a Level 4 travel advisory by Allianz Global Assistance.


Trip Cancellation and Trip Interruption benefits:

  • policies with Trip Cancellation and Trip Interruption benefits that are purchased on or after March 11, 2020, any Trip Cancellation or Trip Interruption claims related to coronavirus will not be payable.
  • policies with Trip Cancellation and Trip Interruption benefits that were purchased before March 11, 2020, policyholders will still be eligible to claim for Trip Cancellation if the Government of Canada issued a travel advisory related to coronavirus prior to their departure date, that advised against non-essential travel (Level 3) or all travel (Level 4) for their destination.

Emergency Medical benefits:

  • Plans with benefits for Emergency Medical coverage remain unchanged.
     
  • Policyholders with Emergency Medical benefits who contract coronavirus at their destination will continue to be eligible for emergency medical treatment, unless the Government of Canada issued a travel advisory related to coronavirus prior to their departure date, that advised against non-essential travel (Level 3) or all travel (Level 4) for their destination.