Trust you & your loved ones are all keeping well and safe.
Now that it’s been several months since lockdown & all our
normal Lives and World have going upside down re Covid 19 Coronavirus.
Several of you have asked us since some valid protection Insurance based questions - So we thought would help give you various tips & benefits.
Can I still get more Life Insurance Policy cover in 2020 ?
Yes, UK Insurers are still open for new business. You can request more Protection Insurance if the following may apply to your personal situation...
So please feel free to call us for a chat
- You have no previous / current health or lifestyle ongoing serious risks
- No other associated combination risk issues since or re Covid 19.
- Cover amounts you request do not require any further medical tests
- You can also afford the new Life Insurance premiums
Can I get a cheaper Policy in 2020 – if my health has improved since ?
Yes, you can if the following examples may apply to your personal situation.
Perhaps this meant at the time you took a plan either via ourselves or direct to Insurers,
they then increased your policy premiums, due to your health or lifestyle risks at that time...
- Now classed as a non-smoker for 12 months or more
- No nicotine replacement products for 12 months or more
- Heart condition improved
- MS has stabilised
- You have lost weight and so reduced your BMI
- Mental health issues now improved
- Blood pressure more controlled
- Cholesterol under control
- You are cancer free for a longer period
- Diabetic control is better
- Sleep apnoea controlled or CEPAP no longer needed
- No longer pursue a risky pastime
- Occupation is now lower risk
- Some previous Health issue risks identified were all now longer than 5 years ago since taking your plan out
- All assume no other associated combination risk issues or re Covid 19.
Can I reduce my premiums down in 2020 – if I am struggling financially ?
Dependant on which Insurers you are with, some are now allowing the following...
- Temporary Payment holidays & Premium flexibility
- Optional rescheduled plan payments
- Cover reductions without need for new underwriting when/if increased again
- Note: If you have reduced cover to save money but unfortunately claim, then it is this lower amount paid out
- All assuming no other immediate health risk issues since or re Covid 19
If my Plan is not set up into trust – Insurers Funeral Pledge in 2020
Life insurance claims can often be held up in probate, so this pledge is for insurers to advance funds directly to the funeral director.
- Most providers pro-actively on each delayed claim, may now advance a minimum of £5,000.
- The funeral Director is paid after the provider has fully assessed and accepted the claim to ensure non-disclosure.
- Recommend you have an up to date will
- Consider setting up your plan into the Insurers trust to help avoid probate delays or inheritance tax issues
Insurers Support Services in 2020
Many Insurance providers have additional free benefits within their Protection products you may have.
That may typically give you and your family (partner and children) access related to the following helpful services...
- Doctor Services offering a 2nd opinion
- Bereavement Support services
- Mental Health Support – valuable for some during Covid 19
- Medical helpline – to discuss any health issues
- Nurse helpline – guidance on any personal issues
- Career helpline – re seeking new work
- Legal helpline – if you have lost your job
Please feel free to contact us [Socially Distancing]
about any of these issues raised or as relevant the Insurers direct.
Kind regards Martyn Spencer @ UK Life Insurance Quotes