How Does Coronavirus Affect My Life Insurance Or Illness Cover?
We are currently living through what could be one of the most challenging periods of time for a generation. Coronavirus COVID-19 is the third major global pandemic we have seen since the 1900’s. The first being the 1918 Spanish Flu and the second being the 2009 swine flu pandemic.
The response from leaders around the world is unprecedented.
Businesses and entire industries have been shut down and people have been placed in isolation. Unfortunately, the number of cases and deaths are also increasing exponentially every day.
Many people are wondering whether the current COVID-19 global pandemic will affect their health or life insurance. Others may be wondering whether or not they will now be able to get covered now.
In this article we’ll cover everything you need to know about Coronavirus COVID-19 and how it effects your policies or chance of getting cover.
Will my existing policy cover me should I pass away from Coronavirus COVID-19?
Yes, your policy and any claim will be subject to the same terms agreed and your current insurer should honour the policy to cover you in the unfortunate event of your passing due to COVID-19.
There are a few articles and news stories online that talk about exclusions for pandemics or influenza-derivative illnesses. At the time of writing this article, we are not aware of any underwriter on panel of insurers we compare who are excluding influenza-derivative illnesses or pandemics.
Can I still get cover?
Yes. But there are terms and conditions, and these vary from provider to provider.
As long as you are not showing any symptoms for, have not been diagnosed with or have not been in contact with someone who has been diagnosed with Coronavirus COVID-19, you can still take out a policy.
The best option is to get a free quote and we can check if the exclusions apply to you.
If you do not have any symptoms and haven’t been in contact with someone who has been confirmed to have COVID-19, then once your policy is approved, you will be covered should you unfortunately pass away due to the current Coronavirus COVID-19 pandemic.
Does my Critical Illness Cover protect me for Coronavirus COVID-19?
Critical Illness Cover will cover you in the result of you being left with Total or Permanent Disability (TPD). In the unlikely event of the Coronavirus COVID-19 leaving you Total or Permanently Disabled, you can put in a claim. It’s best to check through your documents to see what is classified as a Total or Permanent Disability (TPD).
Any questions? Speak to an adviser
To find out more about how COVID-19 may affect your cover or would like a quote for a new policy, our expert advisers can help.
Some providers have placed restrictions on their offerings, for example if you are aged 65 or over you application could be delayed or declined. This is also the case for those requiring medical screenings/GP reports for existing conditions.
We recommend that those looking for cover get a quote as soon as possible before additional restrictions are put in place.