Thursday, November 12, 2009

Some insurance companies reluctant to tackle H1N1

life insurance

If you've come down with the swine flu in recent weeks and you're thinking about getting some life insurance, you might have to wait a while.

Some insurance companies are reluctant to provide policies to anyone who's wheezing or coughing from what could be the H1N1 flu virus, at least not at standard rates and not while you're still sick.

One local broker says while there hasn't been any specific directive within his company regarding the pandemic, a person seeking a life insurance policy would have to answer a lot of medical questions.

Disclosing the fact you have been treated for the H1N1 virus could send up some red flags.

"If you came into my office and said you were under a doctor's care for the virus and had not yet completed your course of treatment, the suggestion would certainly be to wait until you're healthy before moving forward on the policy," said Todd Roberts, director of operations for CAPCORP, a financial planning company that assists clients in securing life insurance policies.

"Right now, there are unanswered questions about the H1N1 virus, so I think that would result in a lot of brokers telling people to hold off on things for a while, particularly if they're still sick."

Roberts said anyone seeking life insurance would be scrutinized about their health.

"It's normal practice to seek medical information, including a consultation with a person's personal physician," he said. "Many factors are taken into consideration, and I think H1N1 would be taken quite seriously given the unknowns about the virus."