The global Covid-19 pandemic has led to a spike in life insurance sales in the UK, as people seek to protect the financial future of their loved ones.
But what impact has it had on the life insurance sector? We asked Hampshire-based life insurance broker Reassured to provide some clarification. Reassured were recently named in the FastTrack 100 of fasting growing UK businesses.
Can you still buy a life insurance policy during the Coronavirus pandemic?
Yes, it is still very possible to purchase affordable life insurance during this Coronavirus pandemic. However, the application process has now changed slightly for most insurers, with additional Covid-related questions being asked, such as:
Can you still get life insurance if you have had Coronavirus?
Yes, you can still get life insurance even if you have previously tested positive for Coronavirus. It is a common misconception that you will automatically be refused life insurance due to testing positive, but this is usually not the case. Instead, an insurer is likely to postpone your application until such time as you have made a complete recovery.
How long your application will be postponed for depends on the individual insurer as they all employ different underwriting processes.
Does life insurance pay out if you pass away as a result of Covid-19?
Yes, if you pass away as a result of Coronavirus your loved ones will still be entitled to claim a full pay out from your policy.
However, there are two scenarios whereby a claim could be denied:
Are exclusions included in policies now for Coronavirus?
No, at the time of writing this article, insurers are not including Covid-19 as an exclusion within new policies.
Although, if your policy was taken out very recently, and you pass away, an insurer may request more information on your passing to see if Covid was pre-existing at the time of application.
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