The coronavirus (COVID-19) pandemic has led to concerns and questions about how best to protect our loved ones in times like this.
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If you or a loved one has to make a claim on a life insurance policy as a result of the coronavirus pandemic, it would be handled like any other life insurance claim and be paid subject to the usual policy terms and conditions.<\/p>\n
Can I still buy life insurance?<\/strong> What questions should I expect to be asked on coronavirus when applying for life insurance?<\/strong> Coronavirus questions may include:<\/strong> If you answer \u2018yes\u2019 to some of these questions, your decision may be delayed until you have recovered. The decisions may vary between insurers. What happens if I miss a payment? Does my life policy become null and void?<\/strong> The reason for a missed payment could also have an impact on how it is treated by an insurer, for example, if you are seriously ill or experiencing financial difficulty.<\/p>\n If you can\u2019t make a payment and plan to cancel your direct debit, speak to your professional financial adviser to discuss your options.<\/p>\n Will some companies accept a payment holiday and if so, under what conditions?<\/strong> Circumstances in which a payment holiday is accepted, according to the terms and conditions of a policy, will be down to individual insurers.<\/p>\n","protected":false},"excerpt":{"rendered":" COVID-19: What you need to know The coronavirus (COVID-19) pandemic has led to concerns and questions about how best to protect our loved ones in times like this.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-3710","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/posts\/3710","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/comments?post=3710"}],"version-history":[{"count":0,"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/posts\/3710\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/media?parent=3710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/categories?post=3710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/tags?post=3710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nMany insurers are still accepting life insurance applications and some have now included a coronavirus-related question. There are insurers delaying applications if you are currently testing positive for coronavirus and need to provide medical evidence, but this does not mean you cannot apply again in the future.<\/p>\n
\nLife insurance companies have developed specific questions to assess the risk around coronavirus for new applications. This is simply to make sure that they have the full picture when they assess your health and medical circumstances.<\/p>\n
\n– Have you tested positive for coronavirus?
\n– Are you currently in self-isolation?
\n– Have you had any symptoms of coronavirus?
\n– Have you been in direct contact with anyone who has been diagnosed or suspected of having a coronavirus?<\/p>\n
\nIf you\u2019re classed as being high-risk because of your medical condition, for example, if you have severe diabetes, asthma, a heart condition, an auto-immune disease or a number of other conditions, then you won\u2019t be classed as \u2018self-isolating\u2019 unless you\u2019ve got symptoms.<\/p>\n
\nLife insurance policies typically have a period of grace after a non-payment of premiums before they lapse. However, each insurer will have a different rule and you should contact your insurer as soon as possible if you miss a payment.<\/p>\n
\nIf you are experiencing financial difficulty, you should contact your insurer or professional financial adviser as soon as possible to discuss the options, such as payment deferrals or holidays.<\/p>\n