Covid 19 Coronavirus - Your Insurance Policy 2020

Coronavirus

Hi there Folks

This is an uncertain and unknown time for all as I write this article about the Coronavirus outbreak.

Firstly, I hope this finds you all well and thanks for being loyal customers.

As the situation develops across UK, a lot of you have asked me various valid questions. So I have tried to generally summarise some of them in this article.

 If I am diagnosed with Covid 19 – Do I have to tell my existing Insurers?

·        Life Insurance Policy owners 

No – you advised Insurers at the time of your application about your health situation. As long it was accurate, then no further action is needed.

Reports currently show that the vast majority of fit and healthy people recover. If sadly you passed away from #Covid 19 - the Insurers will payout as per any other valid claim.

Check if your plan was written into trust. If so, your trustees need to be notified. Also, please check any wills made are up to date.

·        Critical Illness Policy owners 

No – you advised Insurers at the time of your application about your health situation. As long it was accurate, then no further action is needed

Covid 19, specifically, is not classed currently as a critical illness, so you cannot claim. Reports currently show that the vast majority of fit and healthy people recover.

However, if for whatever reason associated health issues occur that your Critical Illness policy could then cover, then you could make a potential claim.

If sadly you passed away from Covid 19, the Insurers will payout as per any other valid claim if your plan is also combined with life insurance.

 ·        Income Protection & Accident Sickness Policy owners 

Covid 19 is classed currently as a valid income sickness claim.

Check if your policy offered cover starting at Day 1 or after 1 week waiting claim period ( often the most expensive option )

Alternatively, if it was after 4 or 8 or 13 weeks etc; you may still be able to claim if your health situation is ongoing.

Sadly if you then pass away from Covid 19, some Insurers will payout as per any other valid claim if your plan also included any life insurance element.

 If I have to self isolate – Do I have tell my existing Insurers?

 ·        Income Protection & Accident Sickness Policy owners 

Yes - Coronavirus self isolation is classed currently as a valid income sickness claim for some Insurers.

If your policy offered cover starting at Day 1 or after 1 week waiting claim period, you may be able to make a valid claim.

Alternatively, if it was after 4 or 8 or 13 weeks etc; you may still be able to claim only if your situation is ongoing.

Note: many Insurers are now excluding self isolation, removing short term deferral periods & asking more stringent Covid 19 related questions on their new Insurance plans.

 Negative Mental Health impact of Covid 19 – Stress & Anxiety

Psychotherapists and charities such as Mind have said that the coronavirus outbreak maybe already having a negative impact on

our everyday mental health and wellbeing ( especially for those who have currently or previously had mental health conditions ). 

The World Health Organisation (WHO) also acknowledged that this Pandemic is causing stress. They advise people to avoid news that causes feelings of stress and anxiety,

which is naturally hard top do when its on the TV, Radio, Internet & Newspapers continously.

Many protection policies may offer mental health helplines or provide health information services as part of the premium.

What if I temporarily lose my income & livelihood – I may not be able to pay for my Protection Policy & have to cancel it?

Millions of people across the world it seems are going to be in the same situation, as this is unprecedented for most in our lifetime.

Contact your #Bank, #Mortgage Lender, Loan Company, #Credit card, Providers etc; immediately - about how Coronavirus is impacting your family finances

 All lenders & some Insurers currently have already implemented some backup support systems to help ordinary people out financially in the short term

 https://www.lloydsbank.com/help-guidance/coronavirus.html#manage

https://home.barclays/news/2020/03/supporting-customers-affected-by-coronavirus/

https://www.halifax.co.uk/helpcentre/coronavirus/Default.asp

https://supportcentre.natwest.com/Searchable/1459340472/I-m-worried-about-Coronavirus.htm

https://www.tsb.co.uk/coronavirus/

https://www.business.rbs.co.uk/business/support-centre/service-status/coronavirus.html

https://www.santander.co.uk/about-santander/media-centre/press-releases/santander-uk-outlines-support-for-customers-during-coronavirus-outbreak

https://www.bbc.co.uk/news/business-51817947

https://www.british-business-bank.co.uk/ourpartners/supporting-business-loans-enterprise-finance-guarantee/

https://protectionguru.co.uk/coronavirus-updates/

What if I reduce the cover on my Insurance Protection policy temporarily... and then intend to increase it again when things improve financially ?

·        If you sadly become ill or pass away from Covid 19, your protection insurance policy would then payout that cover amount at the time of claim.(i.e; Catch 22 as you reduced it).

·        Should you then be diagnosed with Covid 19 or in ‘self isolation’, your Insurers may postpone allowing you to increase any new insurance policy until you fully recover.

·        Any associated symptoms resulting from Covid 19 could mean any new protection policy is more expensive, or in the worse case, insurers decline to offer another top up protection policy.

·        Unrelated to Covid 19, if your health, lifestyle or age changes between taking out the previous policy and any new one, then this will affect the cost of taking out another top up policy.

·        Some Insurers may decline to offer another protection policy based on this information or on any market conditions at that time.

 What if I cancel my Insurance Protection policy temporarily... and then intend to take it out again when things improve financially?

·        If you sadly become ill or pass away from Covid 19, your protection insurance policy would not payout, as you have no cover at the time of claim (i.e; Catch 22 as you cancelled it).

·        Should you then be diagnosed with Covid 19 or in ‘self isolation’, your Insurers may postpone allowing you to buy any new insurance policy until you fully recover.

·        Any associated symptoms resulting from Covid 19 could mean any new protection policy is more expensive, or in the worse case, insurers decline to offer another protection policy.

·        Unrelated to Covid 19, if your health, lifestyle or age changes between taking out the previous policy and any new one, then this will affect the cost of taking out another policy.

·        Some Insurers may decline to offer another protection policy based on this information or on any market conditions at that time.

·        Please note: Your current policy may have no surrender cash in value.

·        Check the small print T&C’s of your policy.

I hope this answers some of your many Protection related concerns. Please contact your Providers if unsure about your own personal situation

The situation is evolving daily, so any Insurers help or Government news maybe likewise.

 

I wish you all the best during this difficult period now and to come. Take care and look after your Family and loved ones.

 kind regards

Martyn Spencer @ Uk Life Insurance Quotes

https://www.linkedin.com/pulse/covid-19-coronavirus-your-insurance-policy-article-martyn/

 

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