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Coronavirus and Life insurance

As the well know coronavirus sweeps across the world, it continues causing major disruptions to the way we live. Given the amount of enquiries we have had from existing clients as to whether they would be covered, I thought I would clarify a few points to give both clarity to existing clients and people who are currently searching for the right Life Insurance, Income Protection etc for their needs.

Protectinsure works with a range of life insurance companies who have clarified their position in terms of what is and what isn’t covered. One clear point they have made is that retail life insurance policies do not have an exclusion on pandemics. Any exclusion that applies to a policy is agreed to by the client before the policy starts by way of signing an exclusion letter (otherwise known as a special acceptance letter). This applies to all retail risk insurance policies including Life Insurance, Income Protection, Trauma insurance, TPD insurance and Business Expenses insurance.

For Income Protection policies one thing to remember is the most common waiting period is 30 days. Whilst existing retail policies are covered for coronavirus, any new policies may be subject to exclusions and new applicants may be required to disclose travel plans to affected countries as this may impact on their risk assessment.

This information was provided to Protectinsure by a variety of insurers. This is general in nature.

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