A large proportion of us at some point in our lives take out life assurance or critical illness cover to offer some form of protection for themselves and our loved ones.
Since the outbreak of the Coronavirus there has never been a time with such a level of uncertainty. The recent pandemic is having a massive effect on all our mindsets, with things been so worrying for everyone.
Unfortunately, it goes without saying during this time those with policies in place will naturally be thinking will it cover this deadly virus? This opinion is backed up with the amount of people typing phrases into search engines such as ‘will my life assurance policy cover Coronavirus?’
Fingers crossed you are able to find the information you require but if not please give us a call on 03333 232 199, we will be delighted to listen to any questions you have and will point you in the right direction.
In this article we will try and answer some of the generic questions to try and appease any anxieties as quickly as possible.
PLEASE NOTE THE INFORMATION PROVIDED WAS BASED ON KNOWLEDGE FROM 30TH MARCH. HOWEVER, DUE TO RAPID SPREAD OF THE CORONAVIRUS INSURANCE COMPANIES ARE CHANGING THINGS ON AN HOURLY BASIS. THEREFORE, WE STRONGLY RECOMMEND TO CHECK WITH YOUR INIDIVIDUAL INSURANCERS TO CONFIRM ANY DETAILS
Will I Be Covered?
Providing you have paid your monthly payments and are not in arrears generally insurers will include the coronavirus in your policy. This is obviously assuming that all the information you provided the insurer at inception or renewal of your policy is correct.
However, every insurer is different and there is no guarantee yours will cover the virus. If you are in arrears with your insurer you need to act as quickly as possible. Please give us a call and we will be delighted to look into this for you?
How can this policy help if I cannot work?
This will really depend on what the consequences of Coronavirus is to you. If the virus leads you to disability in some form, there is a strong possibility the policy will pay out. However, each insurer will be different, so it is worth checking with your respective company.
Is there an option for a payment holiday?
Many of you may have seen the majority of mortgage lenders are currently offering their customers a three-month payment holiday. However, at the moment there isn’t signs of insurers doing the same, but we would advise to keep your eye on the website of your insurers as things are changing by the day.
HOWEVER WE CANNOT EMPHASISE THE IMPORTANCE OF KEEPING YOUR EXISTING POLICY ACTIVE BEFORE DOING ANYTHING.
What about if I recently cancelled my policy?
If you have recently cancelled your policy there maybe the option to get this up and running. Granted there is no guarantee but there is a chance, every insurer will have different rules. However, like anything everything is worth a try. Yet again if you would like help to see if this is an option for you please call us on 03333 232 199 and we will be delighted to help.
If you are concerned you are unable to make your payments please get in touch and we will point you in the right direction to offer you the best solution by exploring all the options available.
Can I take out extra cover on my policy mid-term?
If you would like to increase the level of cover on your existing policy please get in touch. Many insurers as you can imagine are tightening their underwriting by the day and it is going to get tighter before it relaxes. Therefore, it maybe a good idea to at least speak to someone so why not give us a call. If you haven’t got any form of policy in place it is still possible to put one in place. We can put you in touch with insurers who can definitely help and are still offering new policies even in these hard times.
Interested in speaking to someone
If you would like to speak to someone please call us on 03333 232 199. There are policies currently available from £5 a month and we are offering up to £100 Morrisson’s vouchers for any policy taken out.