Covid’s effect on Protection Policies

Speaking to the leading Life Insurance providers they ARE paying out for Covid related deaths, with Legal & General alone reporting over £46 million in paid claims since the start of the pandemic.

With help from our in-house protection expert Marty Doyle, we have compiled an overview of the requirements to obtain a Life, Critical Illness or Income Protection Policy during this pandemic, and details of the initial Underwriting providers are placing on policies prior to application.

Thankfully, Life companies are still approving policies for applicants having tested positive for Covid. Depending on the type of cover applied for, providers are requesting a postponement period prior to accepting the policy ‘on-risk’, meaning the date at which the cover starts.

Time periods differ slightly from provider to provider although the most common are below.

Life, Critical Illness and Income protection policies will require the applicant with a positive result to be clear of symptoms for one month prior to application. Should you have been admitted to hospital with Covid, you would need a three-month period without symptoms prior to application.

If the infection resulted in any form of Intensive Care admission or ventilator treatment, a period of six months would need to have passed prior to making an application.

Please contact Marty should you wish to review your existing policies or if you are not currently covered and would like to discuss your options. Book a call with Marty