Your vaccination status could determine your life insurance premium


DOTHAN, Ala. (WDHN) — When purchasing life insurance, there are many factors that will determine the cost of your monthly premium.

Health history has always been a major factor, but now insurance companies are looking to
see if the individual had COVID. If so, it may wind up jacking up the cost of the policy.

“It definitely has affected the premium because it just depends on what situation is happening and how difficult COVID was on that individual body,” Quality Financial Group Executive Vice President, Elgenette Williams said. “But we are able to get them insurance but it is graded at a higher rate.”

Williams says customer’s information will go through an underwriter, who evaluates the risks involved in insuring people.

She says your vaccination status could be something underwriters consider in their process.

“That’s really an underwriting decision and once they see the information, if they ask that question whether or not they had the vaccination then it depends on the underwriting,” Williams said. “But in my experience, we have not yet turn down a customer because of COVID.”

Williams also says that having life insurance can have its benefits, even when you are still living.

“A lot of times people look at life insurance as death insurance, but we have a lot of living benefits that they can factor in,” Williams said.

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