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Protection Insurance Does Cover COVID-19

Income Protection (IP) — a long-term insurance policy that provides peace of mind to an individual if they find themselves unable to work due to illness or injury — has experienced a surge in interest since the pandemic began. Good news is that now policies will cover COVID-19. 


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


It makes sense that IP protection policies, along with Critical Illness (CI) and Life Insurance (LI) as other forms of wealth protection, would be popular now. They offer coverage during a stressful time and allow you to continue to receive a source of income if you ever cannot work.

While there was a significant jump in enquiries for protection at the start, demand has since leveled out. But as more people made protection a priority during the height of pandemic, it gave them a chance to learn about the benefits of coverage and therefore, can prioritise it after the immediate danger from the coronavirus passes.


Protection cover if you have COVID-19

Luckily, the insurance industry was able to step up after a few wobbles, and are trying to keep up with the demand for new policies and additional coverage. Insurers have been consistently updating and improving their processes throughout the pandemic to ensure client satisfaction.

Although there were additional loopholes to jump through and extra steps added due to COVID-19, you’ll still be covered by life insurance if you die from the virus. Alternatively, if it progresses to a critical illness, you should still get your normal payout under your CI cover, and if you need to be off work for a significant amount of time, you can still make a claim against your income protection plan.


Peace of mind with added benefits

Short-term circumstances have shown us just how important the reassurance of having protection insurance in the event of a claim can be.

Besides providing peace of mind, many policies come with added benefits like counselling, tips on nutrition, discounts at certain fitness centres, cinemas, and coffee shops, access to a virtual GP, mental health support lines, and second opinion services.



Protection for all

Everyone can benefit from having a protection policy. It’s not just something to put off purchasing until you’re older and more vulnerable to getting sick.

It’s never the top priority in a financial plan during your early years of working and saving, but as soon as you can dedicate enough for monthly premiums, investing in protection insurance should move to the top of your list.

The coronavirus has shown us that illness doesn’t discriminate and it really could happen to us. In these uncertain times, protection will provide reassurance that your financial future won’t be in jeopardy because of a bout of illness or injury.


 The Exeter reported that the average age for income protection claims last year was just 34 years old. And it’s not just illnesses that are covered – accidents and injuries actually make up 46% of claim. Mental health conditions, musculoskeletal conditions, and more are all covered by protection plans.


Work through your protection needs

If you need help selecting and prioritising protection plans, don’t hesitate to schedule a consultation with us. We’ll help you find the best coverage and incorporate your protection policies into your overall financial plan. Get in touch today.


Want to protect your future from uncertainty?
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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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