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Pandemic Life Insurance: Key things to know

Have recent events prompted you to think about protecting yourself and your financial future from the potential impact of Covid-19? Whether you already have cover or are exploring your options for the first time, here are some key things to know.

Was your policy issued before or after Covid-19?

Personal insurance is designed to cover unknown and future risks; the moment a risk becomes known or more 'probable', exclusions or premium increases may apply (or cover may even be declined).

Until recently, Covid-19 wasn't on the horizon… until it was. This means that insurance policies issued pre-Covid don't have any coronavirus-related exclusions; Covid-19 should be covered just like other unforeseen medical events. But since Covid-19 became a known risk, some insurers have adjusted their policy wordings for new customers. The bottom line? Check the fine print, ask the provider, or consult an insurance adviser for extra peace of mind.

Life Insurance and Covid-19

If you meet the terms and conditions of your policy, you'll be able to make a claim. Again, if you've taken out cover after Covid-19, it's worth checking what the fine print entails. Some insurers have made changes to their policies to take into account heightened risks, while others are treating Covid-19 just like any other illness.

Income Protection and Covid-19

Most insurers would consider your income protection claim if you were unable to work for longer than your 'wait period', due to contracting Covid-19. This wouldn't include situations where, despite being in good health, you're unable to work due to being quarantined or in self-isolation.

Remember, income protection only pays out if you're unable to work due to sickness or injury. Plus, it doesn't cover unemployment, redundancy or pay cuts, no matter if the policy is existing or new.

Trauma Cover and Covid-19

Covid-19 has never been part of the list of conditions covered by trauma cover. However, a Covid-19-related complication could lead to a covered trauma event: in that case, provided terms and conditions are met, you'll be able to claim on it.

Health Insurance and Covid-19

Due to the 'emergency' nature of Covid-19, you'd be eligible for free treatment through the public healthcare system, so it's unlikely that your health insurance policy would be relevant in this situation at all.

However, depending on the terms and conditions of your policy, your health insurance may cover treatment of conditions that arise from Covid-19.

Premium relief options available

Since the pandemic hit our shores, Insurance providers have been swift to come to the aid of customers whose finances have been affected. If you're experiencing financial hardship, we recommend taking a good look at the assistance options available with your provider.

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Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current development or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.

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