Life Insurance & The Corona Virus
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Corona virus life insurance is a subject many now want to know about. Can you still get cover and what are the new implications of taking it out. We look at the recent updates from the life insurance providers to see what changes you need to know about. Will life insurance cover corona virus, and if you can still take it out if you have had corona virus. Despite recent tactics to flatten the curve including a nationwide lockdown, the coronavirus continues to spread across the UK. Some areas such as London are being impacted more than others and more than 20% of the cases were recorded in this area. During this unprecedented global health pandemic, you might be concerned about your health and whether you can protect your dependents if you are impacted by the coronavirus. Can you still benefit from life insurance, critical illness or income protection policies? Will corona virus life insurance still be available?
Life insurance policies provide payouts in the event that you pass away. If you already have a life insurance policy in place, many businesses including Aviva are committed to paying out death claims that are due to coronavirus infection. As such, the claims policy for this business is not changing. However, if you are keen to set up a life insurance policy now, you will be asked different questions related to COVID-19. This includes whether you have tested positive for the coronavirus or if you are self-isolating due to symptoms. You will also be asked whether you have been in contact with someone who has been confirmed to have the coronavirus. Finally, you will be asked whether you are displaying symptoms. Be aware that this will not necessarily rule you out when being considered for a life insurance policy. Instead, you will be referred to a member of the insurance team for consideration based on your individual circumstances. At the present time, there are no exclusions for policies related to the coronavirus. 
Life & Critical Illness cover may be slightly different. It is important to note that the coronavirus is not an illness that is covered for critical illness policies. However, in many cases, deaths due to the coronavirus are caused by complications that lead to other conditions. This includes:
If you have an income protection plan in place, then you will be able to claim if you are unable to work due to poor health, caused by the coronavirus. This will be the case as long as you are past your deferred period. This will start from the beginning of your 14-day self-isolation period if you are unable to work due to coronavirus symptoms. Cases will always be assessed on an individual basis to determine whether the right level of support can be provided. In the case of receiving a payout for income protection due to self-isolation without symptoms, the Association of British Insurers claims policies will only pay out if an individual has been advised to isolate by a medical professional. This means to claim, you would need to provide evidence. It is also worth noting that according to Compare The Market 95% of providers are no longer providing loss-of-income cover for new accidents, unemployment or sickness policies. However, the business is not currently naming specific brands that have made this decision. Please go here to compare income protection insurance and see if you can still benefit from having it.
Will Life Insurance Pay Out For Corona Virus?
Life insurance policies provide payouts in the event that you pass away. If you already have a life insurance policy in place, many businesses including Aviva are committed to paying out death claims that are due to coronavirus infection. As such, the claims policy for this business is not changing. However, if you are keen to set up a life insurance policy now, you will be asked different questions related to COVID-19. This includes whether you have tested positive for the coronavirus or if you are self-isolating due to symptoms. You will also be asked whether you have been in contact with someone who has been confirmed to have the coronavirus. Finally, you will be asked whether you are displaying symptoms. Be aware that this will not necessarily rule you out when being considered for a life insurance policy. Instead, you will be referred to a member of the insurance team for consideration based on your individual circumstances. At the present time, there are no exclusions for policies related to the coronavirus. Does Critical Illness Cover Corona Virus?
Life & Critical Illness cover may be slightly different. It is important to note that the coronavirus is not an illness that is covered for critical illness policies. However, in many cases, deaths due to the coronavirus are caused by complications that lead to other conditions. This includes:- Kidney failure
- Liver failure
- Heart failure
Does Income Protection Cover Corona Virus?
One report has suggested that at the peak of the coronavirus 1/5 of the UK population will be unable to work. Other than those who will receive money from the furlough scheme, there is no free family income benefit from the government. Income protection may well be your best bet. It is designed to provide financial support if you are unable to work due to poor health. However, you will not be able to claim for other reasons including ordered self-isolation by a company or the government.
If you have an income protection plan in place, then you will be able to claim if you are unable to work due to poor health, caused by the coronavirus. This will be the case as long as you are past your deferred period. This will start from the beginning of your 14-day self-isolation period if you are unable to work due to coronavirus symptoms. Cases will always be assessed on an individual basis to determine whether the right level of support can be provided. In the case of receiving a payout for income protection due to self-isolation without symptoms, the Association of British Insurers claims policies will only pay out if an individual has been advised to isolate by a medical professional. This means to claim, you would need to provide evidence. It is also worth noting that according to Compare The Market 95% of providers are no longer providing loss-of-income cover for new accidents, unemployment or sickness policies. However, the business is not currently naming specific brands that have made this decision. Please go here to compare income protection insurance and see if you can still benefit from having it.
