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Options for Life Cover are Running Out as Insurers Make Changes

It was only a matter of time before life insurance underwriting would be affected by coronavirus and insurers have started to modify their practices. Soon, if a healthcare professional wants to take out a new life cover policy, if they’ve been in close contact with COVID-19 they’ll automatically be denied life cover for three months.


This does not constitute advice and advice should be sought in all instances before acting on it.


New changes are in addition to insurance providers already delaying making decisions on applications after they’re submitted.


Insurers are effectively removing the opportunity for medical and healthcare professionals to have valuable cover when they need it most.

However, working with the information available right now, the message for healthcare professionals is, if you are considering life insurance, don’t delay.


Legal & General is one of the first providers to add a coronavirus related question to their application.

Our financial expert, Darren Scott-Guinness, has been in touch with a number of other insurers over the past few days who confirm this line of thinking is shared. Because of the medical community’s regular exposure to the coronavirus, they’ll soon be too big of a risk to take on for many providers.

Darren says, “I estimate that by the end of this month, options for new Life Cover and Income Protection policies will be limited as a healthcare professional.”


Does this change to cover affect all healthcare professionals?

If you’re in a sector of the healthcare industry where you aren’t in direct contact with patients diagnosed with coronavirus and you’ve been following the government’s lockdown protocols and can answer no to the application’s questions, then you should be able to continue your application for cover. If you’re already in the midst of an application, then you won’t be affected either.

To those who have been exposed to COVID-19, experienced symptoms related to the virus, or tested positive for it, L&G is advising to wait to apply for new coverage.

At this time, it appears to be a temporary measure, according to L&G’s Managing Director, Distribution, Ali Crossley. They’ve made the decision that they won’t be able to offer cover for a brief period and to make the entire process smoother and more streamlined, applying at a later date is the best option.


What happens if you can’t get life cover now?

As other providers surely follow this lead, they will put in place their own acceptance criteria depending on your level of exposure or proximity to the outbreak and/or confirmed diagnosis. As a guide:

  • You’ll need to wait the full 90 days if you’ve tested positive for coronavirus.
  • If you’ve experienced or are currently experiencing symptoms, you’ll need to wait and apply 30 days after you’re no longer experiencing symptoms.
  • If you’ve been in contact with someone who tested positive or displayed symptoms, then you’ll need to wait 14 days after direct contact and 30 days of being symptom-free.

It’s not too late to find cover, yet

Now more than ever it’s important to stay safe and healthy, but there are no guarantees in life, which is why Life Cover is vital. With the clock ticking on the ability to take out life cover freely, it’s crucial that doctors, medics, nurses, and other medical professionals act now.

If you’re on the front lines of the battle against COVID-19 and you don’t already have life cover or if you’ve been meaning to upgrade for better coverage, getting in touch with a financial adviser to ensure you’re adequately covered has never been more important.



Can we help you find the right life cover for you?
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Dental & Medical Financial Services have been helping doctors and dentists to build and protect their wealth, whilst saving tax for over 25 years.
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