The coronavirus pandemic (COVID-19) has sent the world into disarray and brought uncertainty into many people's lives.
Understandably, you have questions about your existing policy, or you may be looking into getting a new one. In this guide, we aim to answer some basic questions to help put your mind at rest.
Coronavirus and existing policies
With COVID being an emerging health risk, you may be wondering if it’s covered on your existing policy. As with all the information on this page, the exact details will depend on the individual insurance provider, but there are some general consistencies you’ll find between most providers.
One of these consistencies is that you are going to be covered by any death related to COVID. There should be no reason why your existing policy isn’t going to cover a virus, even if it has only emerged recently.
That being said, the usual stipulations apply in regards to being truthful on your application. If you have lied about your risk of contracting COVID or any pre-existing conditions, then this could invalidate your policy. This is not isolated to COVID, however, and applies to any health issue.
If you have any doubts, then it’s best to contact your insurer directly.
Coronavirus and new policies
New policies may be a little different but almost all insurers are going to cover it. While it has unfortunately killed many people across the globe, the risk of an individual dying from it is still very low. Due to that, COVID should have a minimal impact on whether or not you can get a policy and whether or not COVID will be included.
That being said, it is likely that you'll be asked questions specifically related to COVID on your application. The range of these questions will differ from one provider to the next but they will be related to your history with the virus.
You’ll most likely be asked if you are currently suffering from any symptoms, whether or not you have had the virus, if you've been in contact with someone who has had the virus, if you have been asked to self-isolate, and also if you are regarded as high-risk.
If you answer yes to any of these questions, it doesn’t mean that you’re going to be denied life insurance. Instead, it may simply mean that you have slightly higher premiums or your application is postponed until symptoms clear. Again, it always pays to tell the truth as you never want to run the risk of your claim being invalidated.
Life insurance coronavirus FAQs
Should I get coronavirus insurance?
It’s a scary time for many people at the moment and it makes sense that you’d be thinking about what you’d leave behind should you pass away. The reality is that you never know what life could throw at you, and instead of thinking about getting specific COVID insurance, it’s best to just think of the benefits of regular life insurance. While it’s always worth double-checking, all reputable companies should include COVID insurance within their standard policy.
What if I’m struggling to pay an existing policy due to coronavirus?
Not only has COVID caused health issues, but it has caused major financial concerns. Whether it is redundancy, furlough, or loss of work, it has been a challenge. With existing policies, many are offering a payment holiday or a deferral of payment.
Is coronavirus regarded as a critical illness?
Coronavirus is very unlikely to be regarded as a critical illness and shouldn’t be on the list of critical illnesses covered by your insurer. That being said, if you become disabled or another illness is triggered by COVID, then you would be covered for that as long as it’s written into your policy.
Am I covered for coronavirus?
Again, if you’re worried, it’s always best to contact your insurer directly. Your policy will have specific terms and conditions that you can get clarity from.
How has coronavirus changed applications?
As mentioned earlier, you'll likely be asked more questions that are specifically tailored to life insurance for COVID. Aside from that, your insurer will work with you if they need more details or have a hard time obtaining medicals during this time. It can be a little more difficult at the moment but it’s worth it to get the cover you need.
At Bequest, we want to help give you the extra protection you need to support you and your family. To give you peace of mind that your family is protected no matter what. Feel safe and secure today.