Effects of Coronavirus on Insurance plans

Effects of Corona Virus on the Insurance ;

Everyone is talking about the effects of Coronavirus. Let’s see how it would affect your travel insurance, Visitor Insurance, Supervisa insurance and Life insurance.

1. Visitor to Canada Insurance – If your parents, friends or family is visiting you then you need to make sure that via which route they are coming. If they are coming through the countries where there is level-3 advisory that has been issued, then their medical emergency insurance might not cover them. An example could be a country like China or Italy. However, some companies have an exception to that; which means even if your family or friends are coming via these affected countries then they still would be eligible for medical emergency coverage either due to coronavirus or any other sudden or urgent happening as long as their final destination is Canada. And they won’t spend more than 48 hours / 2 days time in countries where there is level-3 advisory in place.

2. Supervisa Insurance – It’s almost same as visitor to Canada insurance. However, your parents or grandparents might plan a side trip to countries along with their visit to Canada. If they are making side trips to the places where there is a travel advisory in issue, then it would affect their coverage and it will again be taken case by case.

3. Travel Insurance- By all means, it would be the best idea not to travel until unless its essential. But If you have planned your trip to go outside of Canada are not going to the countries affected by advisory from the govt. of Canada. In those cases, most often medical emergency would be covered by the insurance. However, if you have booked your travel to the places where the warning has been issued then the insurance company might not cover your trip cancellation. Some companies might refund the premiums you paid.

4. Life Insurance – Those who have a life insurance policy in effect should not be worried about the coverage. But if you are buying the Insurance now then some companies may ask you additional questions regarding your future travel plans.

This is for information purpose only and the outcome may change on case to case basis. Most importantly, read the policy wording from the insurer for the travel advisory clause and talk to your advisor before buying a policy. If you have any questions feel free to call us @ 587-718-8001.

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