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COVID-19 and life insurance
2020 is a year that will certainly go down in history! The COVID-19 pandemic has turned our lives upside-down, changed the way we work, and has made many of us think more seriously about our health and wellbeing, and that of our families. If anything, the pandemic has shown that illness can sadly impact us all, so you may be thinking about buying life insurance or wondering whether your critical illness insurance policy would pay out for coronavirus? Here we answer these questions and more.
Will my life insurance policy pay out for coronavirus?
Does my critical illness insurance policy cover coronavirus?
I’m worried about coronavirus, can my insurer help?
Can I buy life insurance now?
Can I buy critical illness cover now?
I want to know more…
In short, yes! If you have an existing life insurance policy and you die as a result of COVID-19, your loved ones will receive a payout. Of course, we hope that this doesn’t happen, and is very unlikely – most people go on to make a full recovery after catching the virus, but at least you have that peace of mind that, should the absolute worst happen, you’re covered!
Because COVID-19 is a new disease, it isn’t named as a specific covered illness on any existing critical illness plans, which means that if you develop coronavirus, your policy won’t automatically pay out. However, if as a result of the virus, you go on to develop more severe illnesses like respiratory failure, or need to spend some time in intensive care, your critical illness cover may provide a payout.
If you have an existing critical illness policy and are unsure exactly what conditions are covered, why not request a call back from one of our friendly advisers, they’ll be happy to help!
Alternatively, you can go straight to your insurer, but just so you know, call waiting times may be a little longer than usual during this challenging time.
We understand that this is a worrying time for many. With so much uncertainty around jobs, the sudden change to our lifestyles and fears for the safety of our loved ones, it’s completely understandable to be concerned.
Like many industries, the life insurance industry has really stepped up to make sure that all of their customers receive the support they need. Beyond the financial protection provided by your life insurance and critical illness insurance policy, did you know that you may also have access to a range of additional free health and wellbeing services? Many insurers now provide access to 24/7 virtual GPs, prescription deliveries, counselling and other mental health support and bereavement services. We’ve produced a useful summary of the support offered by each insurer, which you can find here.
But if you just need to chat to someone, LifeSearch is always here for you, so please don’t hesitate to give one of the team a call on 0800 316 7253. We're here Monday – Friday 8am – 8pm, Saturdays from 9am – 2pm and Sundays 10am - 3:30pm, and would love to help.
It’s also worth being aware that many insurers are allowing any customers facing financial difficulties during this time, to pause or reduce their insurance premiums. This is to help reduce any financial stress at an already stressful time and ensure that customers stay protected.
There has been increased demand for life insurance since the onset of the pandemic and you may be one of those people looking to get covered. So how has coronavirus impacted life insurance and is it harder to get insured now?
Many life insurers have changed their application process and will now ask additional medical questions specifically around COVID-19. They will want to know if you have the virus or are experiencing symptoms of it. They may also want to know if you’ve recently been in contact with someone who has the virus or have been advised to self-isolate.
If you have coronavirus at the time when you apply for your life insurance policy, or are suspected to, it’s likely that the insurer will want to wait until you’ve made a full recovery before they cover you.
So, to answer the first question, for the vast majority of people, there is no big change to the process of buying life insurance. For the minority of those who either have the virus or have symptoms of the virus, it may take just a little longer to get covered as the insurer will want to see you back to full health.
As always, it’s so important to be completely honest when you apply for a life insurance policy and answer all of the health questions truthfully. Insurers can actually refuse to pay claims if they find out that applicants weren’t honest, potentially leaving your family unprotected at a time of need.
If you want to know more about life insurance – who needs it, how it works and how much it costs, you can take a read of our handy two-minute guide.
The answer to this question is the same as above. You will need to answer a few more health questions when you apply for a policy and your answers may mean that you have to wait, usually a month or so, before you can get insurance cover.
The great news is that if you’re in good health, you should have no problems buying a critical illness insurance policy as normal.
Want to know more about critical illness insurance? Check out our handy two-minute guide.
If you’d like to explore your options in more detail and discuss the products offered by the UK’s leading insurers, please call us on 0800 316 7253 to speak with one of our amazing (if we do say so ourselves) advisers!
We’re here to help. Call us on 0800 316 7253 or request a callback from one of our expert advisers who will happily answer any questions you have. We look forward to chatting with you soon.
A ‘Searcher since 2020, Zuky is a self-confessed ‘book bum’ and has big following for her book blogs and social media accounts. She brings her passion for writing and storytelling to helping customers get all of the information they need to Protect themselves and their loved onesSee all articles by Zuky Edgar
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