Coronavirus is having a huge impact on all of our lives and, it goes without saying, that this must be a very unsettling time for everyone. Not surprisingly, we’ve received a number of queries from our clients in relation to protection cover and claims which we have made every effort to provide answers to in the following Q&A section.
Am I still covered?
Providing you have paid your monthly premiums with your insurer, the cover we arranged remains in place and the terms of it are unaffected by the Coronavirus outbreak. If you have missed any recent payments, give us a call and we’ll do what we can to get you protected again.
If you have cancelled your policy in the recent weeks, it may be possible to have the policy re-instated. The exact terms for re-instatement vary by insurer, so please get in touch and we’ll explore what is possible.
Can I take a premium holiday?
At the moment, insurers are not offering this same facility as lenders are doing – allowing you to defer premium payments. However, I am a member of the Openwork advisory network and they are currently in discussions with the major insurers on this issue. So it’s possible that the position may change, but there is no guarantee that it will.
If you are in a position where you are worried about being able to afford your premiums, then please get in touch with with us as soon as you can so that we can explore what options may be available to you.
I cannot, however, stress enough that whatever you do, you should keep your existing plan(s) in place and take advice before taking any further steps!
For obvious reasons, now is NOT the right time to be without cover. Cancelling your policy, with the expectation of reinstating it in a few months’ time when your income position is more stable, not only leaves you without cover at this critical time but would also mean you need to go through medical underwriting all over again. It is possible that insurer terms and conditions will also be tightened up in future, so you could also end up with an inferior policy to the one you currently have.
Will my insurer payout if I die from Coronavirus?
The good news is that the vast majority of people who catch the virus go on to make a full recovery. If you were to die, then assuming the medical information you provided at the inception of the policy was correct, then the answer would be yes. Your insurer would, however, need to go through their normal claims process to confirm the claim is valid.
We know that for many people these are worrying and uncertain times, so I hope that the information we’ve provided here is helpful and may answer at least some, if not all of the queries and concerns you may have. However, if it raises any additional questions or you are still worried, then please don’t hesitate to get in touch with us.
Don’t risk it. Get Insured.