Have you been wondering can you still get life protection during the coronavirus pandemic?
Recent times have been so strange, haven’t they, and so tough. For many people who are juggling work, childcare, homeschooling, less income and possibly ill health, it has been a time of worry and confusion too.
LifeSearch have are keen to reassure people that whatever their circumstances or budget, it’s still really important to get protected and it is in no way it’s not too late!
Who are LifeSearch
LifeSearch is the UK’s biggest insurance broker and they have been offering expert, independent advice to customers around life insurance, critical illness cover, income protection, family income benefit, serious illness cover and business insurance for 21 years. LifeSearch is authorised and regulated by the Financial Conduct Authority.
LifeSearch are concerned that there are widespread misconceptions about whether you’re still able to get protection products – such as life insurance – at this time. Also, they are concerned that these are stopping people getting cover, and it’s causing lots of unnecessary worry and heartache for families.
Confusion over protection
LifeSearch advisers report confusion and fear from customers during calls coming in. This is supported by consumer polls: one in 10 unprotected people feel that they wouldn’t be able to access life insurance now, and a similar number (9%) don’t think coronavirus would be covered under new policies.
If you have been concerned that you won’t be covered or can’t get cover at this time LifeSearch are able to answer your question.
My personal situation
I had a fair few of my own questions pertaining to life insurance and my personal situation a Lifesearch advisor has been able to answer for me. I am currently shielding and I was in the hospital for 2 months earlier this year when a surgery went wrong. I wondered if I needed to talk about this with my insurer and if now was a good time to shop around for a good deal?
“I was really ill earlier this year and spent 2 months in hospital after surgery went wrong, is this something I need to tell my life insurance?
Yes, on probably two accounts. There is a question that reads in the last 3 years have you had any tests, scans, or investigations, or had any consultant visits or follow up appointments with a medical specialist. The first surgery, the one that went wrong would need to be mentioned. Also, the resulting time in the hospital to correct the error would get mentioned as well.
These things won’t necessarily stop you from being able to get insurance, but you want to paint a full picture of your health history so that if your family makes a claim, they will get their money.
I am currently shielding do my life insurance people need to be told?
If you are shielding due to age or vulnerability but haven’t had any symptoms or been around any confirmed cases then you WOULD NOT need to declare it.
Is it worth looking for competitive life insurance now – is it a good time to get a good deal?”
It is a good time to have a conversation with an advisor about life insurance. You will need a GP report based on the recent operation and hospitalization. Depending on how high risk you are assessed to be, it could be worth postponing.
There are no coronavirus exclusions on life, critical illness cover, and the majority of income protection covers. Now is a great time to reassess existing policies and see if there are ways to improve them. If the existing cover is a better fit, you will always get advice to just keep what you’ve got.
Food for thought for me for sure. It is well worth you calling up and getting your questions answered rather than worrying unnecessarily.
So, what cover is available during coronavirus?
It is still possible to take out a new life insurance policy that will pay out for coronavirus, though it’s worth noting that many insurers have introduced new questions to determine your risk. It’s really important to answer these questions truthfully, as with any question.
Is coronavirus considered a critical illness?
In terms of critical illness insurance, at the moment coronavirus isn’t seen as a critical illness in its own right. But, if it was to cause a condition that is covered on your plan, then you would receive a payout. And this is true of new policies too.
Isn’t that useful to know?
Money is tight right now but I feel I need cover, what can I do?
It can seem like a really confusing and not to mention expensive time for families and the insurance industry is moving quickly as the situation develops. The best thing to do is to contact a broker such as LifeSearch. Our advisers are experts of the whole market and will talk you through all your options depending on your specific circumstances.
Have a listen to Maries’ story
Don’t assume you are not eligible
The key take-away message here is do not assume that you aren’t eligible for insurance – call up a LifeSearch advisor/visit their website and find out for yourself. Plus do ask if you have any questions.
I feel real peace of mind now I know what I need to do and where I stand.
LifeSearch is one cool company!
LifeSearch has picked up hundreds of awards for its culture, expertise and customer service. Boasting a Trustpilot score of 4.9, the company is ranked number #3 in the Sunday Times’ 2019 list of Best Places to Work.