Q: Should I look for a policy that will cover me for Covid-19 if I have to travel overseas?
Allen: It is prudent to have that because your local insurance policy might place an exclusion on risk that occurs overseas. Finding such an insurance policy is another challenge, though.
Q: Will I have to change my policy if I get vaccinated in 2021 or 2022?
Allen: The decision is yours. First, you need to balance the cost of risk with the premium you pay or are paying. Second, from a medical standpoint, being vaccinated doesn’t mean your risk of contracting the virus is completely eradicated, it just means your risk is lowered. Third, keep in mind that you don’t want to find yourself in a situation where you get the virus and then buy the policy afterwards, because you won’t be able to. Insurance is based on the concept that the risk of loss is yet to happen. Once it happens, you will be out of the risk pooling.
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