The COVID-19 situation is an ever changing picture and has caused much confusion with regards to what is and what is not covered with a Life Insurance, Critical Illness or Income Protection Insurance policy.
For individuals concerned about the impact of suffering illness and time off work, there are income protection insurance options still available to you currently, although this situation may change moving forwards as insurers review their position on a daily basis. It's best to act now if you want cover in place.
The majority of insurers have now provided detailed information via their websites for customers and brokers to highlight their current stance on insurance claims amidst the COVID-19 pandemic for existing policies and for any new policy applications.
ASure Financial will be contacting all of our insurance clients via telephone to clarify the current situation in relation to their existing policies. We would however encourage any clients that we have not yet spoken to, to give us a call at any time. We are here to help 24/7.
Existing policy holders are in a very good position with their current insurance and should do everything they can to maintain their cover as there are no exclusions attached for COVID-19, respiratory conditions, coughs, fever etc. In addition for new policy applicants, any quotes produced for you pre 13th March (In most cases) will not have COVID-19 exclusions applied.
As insurers review their position on the products they offer to new customers there are undoubtedly going to be revised terms and conditions that take consideration of the recent epidemic and exclude certain conditions and symptoms from their cover moving forwards.
Currently most insurers have adopted a very similar approach to COVID-19. For existing policy holders there is no change to your policy terms and conditions. As we have mentioned it is really important to maintain your current insurance.
For existing income protection insurance policy holders you ARE covered for COVID-19 if you have a confirmed diagnosis of the virus and have to take time off work on medical advice. Any claim is in line with your policy terms and conditions including your deferred period.
For situations where self-isolation has been recommended in line with NHS 111 guidelines many insurers will consider an income protection claim although this is outside of the standard terms and conditions of your policy and individual insurers stance on this situation may vary. Please contact your ASure Financial adviser to clarify your position for you.
For critical illness cover although COVID-19 is not a specified critical illness condition, if you develop a condition that is specified within your policy as a result of COVID-19 then you should be covered by the terms and conditions of your policy.
This is also the case with existing life insurance policies. If a death is the result of COVID-19 then this again should be covered by an existing life insurance policy.
For new insurance applications each insurers individual stance does vary and we would advise contacting ASure Financial via our contact page to arrange an appointment with one of our specialist advisers who can discuss your specific situation with you and recommend the best course of action.
We understand that this is an extremely unsettling and unprecedented time for all of us. Please BeASured that we are here to answer all of questions and provide support during this very difficult time.
Andrew Smith, ASure Financial Director