24/03/2020
📍👉COVID-19 & INSURANCES ❗️
As grim as this may be, many people have been asking will their life insurance, critical illness or income protection cover pay out if they died or where affected by Covid-19.
As grim as this may be, many people have been asking will their life insurance, critical illness or income protection cover pay out if they died or where affected by Covid-19.
The Short answer is YES 👍
📍👉Life insurance has no exclusions so if the worst should happen - your family will be protected financially.
📍👉Critical illness cover does not cover Coronavirus as a specific illness - HOWEVER, if you contract Covid-19 and are affected with respiratory failure, kidney, liver failure etc then your policy will typically cover this (each insurer differs so check this out)
📍👉Income Protection - this pays you a monthly income if off work due to accident or illness. However, income policies have a Deferred / Waiting Period before making a claim. So if you have a waiting period of 1 month before you can make a claim, most likely you will not be eligible to claim as we are advised to self isolate up to 14 days. If you have a 1 day or 1 week waiting period then yes, you can claim for the period you will be off work. If you are seriously affected by Covid-19 long term, then again, yes the policy will pay out.
I would also URGE everyone NOT TO CANCEL any of their current insurances at this time. I know finances may become tight BUT, insurers have now started to adapt new polices to reflect Covid-19 and whether you have it or had it so they may start applying exclusions to new policies - so keep what you have so you and your family are covered for this virus.
Any questions or concerns, please contact us.
