Does my Life Insurance policy include cover for death due to Coronavirus?
Yes, a life insurance claim in the circumstances of a death which is caused by Covid-19, will not be treated any differently than a claim for a death caused by any other circumstances.
Does my Critical Illness policy include cover for illness due to Coronavirus?
Coronavirus is not a specified critical illness, and therefore not covered by critical illness policies. However, if a long-term critical illness that is defined within your policy, develops due to coronavirus, a claim could be presented and will be considered on a case by case basis. The good news is that the majority of those contracting Coronavirus will go on to make a full recovery.
Does Income Protection cover my income if I get sick from Coronavirus and am too ill to work?
With Income Protection Insurance your income will be protected if you are unable to work long-term due to illness or disability. At the time of taking out your policy you will have chosen a set deferred period – this is the amount of time between first being unable to work and the first payment being made. Therefore, if you are unable to work for a longer time than this deferred period, Yes, you may be able to make a claim.
If you have been tested positive for Coronavirus, can you still take out a new policy?
Yes, you can. Each insurer will assess the application differently. However, if you have been tested positive for/or had symptoms of coronavirus, as long as you are now fully recovered, most insurers will accept an application. Many insurers are asking new applicants for information on Coronavirus symptoms experienced within the last 4 weeks.
What if I can no longer afford my policy?
It is always important to have adequate cover in place, now more so than ever. If you are struggling with your monthly premiums please do speak to us, as some insurers are introducing assistance plans to help individuals where needed, such as offering premium payment holidays or lowering your level of cover for a short period. We can also look at alternative solutions to help.
Should I review my cover?
We recommended you review your protection needs regularly, to ensure it is adequate for your circumstances. Our Advisers are whole of market and are specialist Protection Advisers. If you have questions about your existing policies, or future needs, now could be a good time to explore your options.