Does Life Insurance Cover Coronavirus?

Does Life Insurance Cover Coronavirus?

28 Jul 2020

At the moment it seems like all anyone can talk about is COVID-19. We’ve gone through several phases of it in the UK - from panic buying toilet paper and collectively perfecting our bread baking to socially distanced picnics in the park. Whilst we’ve been pretty good at maintaining our stiff upper lip, there’s no denying that this has been a pretty scary time. 

Here at LifeSearch, we believe that buying life insurance products is just about as close as you can get to buying peace of mind, and don’t we all need some of that right now? In these unprecedentedly difficult times, it’s nice to have something to rely on so that even if the worst should happen, we know our families will be safe. However, understandably, many people are worried about whether the insurance products they’ve already taken out will cover them if they catch COVID-19, and people without life insurance policies are worried about whether they’ll now be prevented from buying cover. 

Does my policy cover coronavirus? 

Every policy is different, but COVID-19 isn’t a standard exclusion for life insurance policies, so many insurers will still pay out. Even if you catch COVID-19 abroad, you should still be covered. However, some insurance providers started excluding pandemics from coverage after the SARS outbreak, so it’s important that you check the fine print or call your insurance provider if you’re unsure. 

Critical Illness policies probably won't cover COVID-19, especially if they were bought before the pandemic. This is because it’s a new illness, so old policies won’t specify it as a listed critical illness. However, if you catch COVID-19 and it leads to a more serious health issue that is covered by your policy, like kidney failure or heart issues, you’d be eligible to make a claim. This is likely to be similar for Income Protection policies too. 

Exactly what is covered by your life protection product will vary from policy to policy and from provider to provider, so if you’re unsure what you’re covered for, give your provider a call. If you have yet to buy a policy, go through a broker or adviser, like us here at LifeSearch. We can help make sure you get cover that works for you. 

Can I still buy life insurance during the pandemic?

The short answer for this is: Yes! You can still buy life insurance and any/all other protection products during the pandemic. If you’re approved, your cover will still start immediately. 

The longer answer to this question is yes, but things are changing a little. Since April, many insurance providers have made some changes to both their application process/how they assess prospective new policy holders, and how they underwrite policies. 

These changes are mostly in regard to international travel and medical checks. If you’ve recently travelled internationally, it’s possible that you’ll have your application paused for up to 30 days after you return home. In conjunction with this, medical exams being needed before approval is becoming much more widespread. Applicants have 120 days to complete this medical exam. 

Due to an increase in application volume and these added steps in underwriting and assessment, it’s possible you might have to wait a little longer to find out if you’ve been approved. For many people however, the process of applying for life insurance products hasn’t changed. 

If you’re a little lost on the fine print or you’re looking for some advice about either buying a policy, give us a call here at LifeSearch on 0800 316 7253. Our team of experts can help you find the right cover for your circumstances, and offer you advice with no strings attached.

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