No Obligation to Disclose Vaccination Status
Varies Depending on Insurance Enrollment and Signed Agreements
[Asia Economy Reporter Oh Hyung-gil] ‘Can you receive insurance money if you die after receiving the COVID-19 vaccine?’
With COVID-19 vaccinations set to begin on the 26th, interest is growing in whether compensation will be provided for physical effects and sequelae caused by adverse reactions (side effects). This is due to increasing anxiety about the vaccine’s safety as cases of death following vaccination have been reported overseas where vaccinations have already been administered.
The government has established a policy to compensate for adverse reactions to the vaccine, but currently, individuals must bear the cost of treatment and medication themselves. Insurance companies explain that while treatment costs can be covered by indemnity health insurance, whether insurance money is paid in the event of death may vary depending on the case.
According to the insurance industry on the 18th, most insurance companies have decided not to require policyholders to disclose whether they have received the COVID-19 vaccine.
An official from a life insurance company explained, "In the case of the flu vaccine, there are no separate guidelines requiring policyholders (consumers) to inform the insurer about vaccination status," adding, "The same applies to the COVID-19 vaccine; you do not need to separately notify whether you have been vaccinated."
Generally, policyholders must inform the insurer of important matters such as their medical history and occupation before signing an insurance contract or during the coverage period. The fact that insurers do not impose a disclosure obligation means that vaccination status will not be a major consideration during the insurance subscription or claims review process.
An official from a non-life insurance company also said, "It means that insurance subscription or payment of insurance money cannot be refused simply because someone has been vaccinated," adding, "Since the government is planning vaccination for the public on a national level, there is no need to separately notify vaccination status."
However, insurance companies maintain that it is not yet possible to uniformly decide on insurance payouts in the event of death following vaccination. Currently, deaths from COVID-19 are classified as ‘accidents’ in life insurance and as ‘diseases’ in non-life insurance.
The government has announced that it will compensate for adverse reactions to the vaccine if causality is proven. However, there are concerns that proving causality is difficult and that side effects may appear over a long period, potentially resulting in inadequate compensation.
An insurance industry official said, "If treatment or medical care is required due to sequelae, you can claim insurance money for those costs under indemnity insurance," but added, "In the case of death after vaccination, it is necessary to examine the specific insurance subscribed to and the exact cause of death."
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