The insurance industry has had to quickly adapt to the new world the pandemic forced them into. Seemingly overnight, they made changes to their process and policies to keep up with social isolation rules and increased demand. Insurers still expect to continually review their processes until a vaccine is available. So, has the coronavirus made life insurance more or less accessible?
This does not constitute advice and advice should be sought in all instances before acting on it.
At-risk sectors
Before the outbreak of coronavirus, many people with certain conditions like diabetes, or had a high body mass index or were older, had little trouble passing underwriting standards for life insurance policies.
However, insurance providers have now tightened their criteria because these are all pre-existing conditions that make you more susceptible to effects of COVID-19. Coverage might now be even harder to find and more expensive for these individuals, even more so than it was before.
Do frontline and essential workers now qualify as “at-risk” because of their increased exposure to the virus?
A question we are now often asked is if doctors and dentists will have trouble finding life cover.
Currently, many insurance applications include questions related to COVID-19, but for the most part, providers have amended their questionnaires to account for frontline workers and some for essential workers, too.
So, your possible exposure in your work environment should not preclude you from securing coverage – but, of course, every provider will have different policies and procedures in place so be sure to review all options available.
Policy changes?
Those who already had life insurance before the pandemic have experienced no disruption to their policies. If someone died from COVID-19 and had coverage, insurers have been paying out, even if the disease wasn’t specifically listed.
One might think that providers would attempt to include it moving forward, but fortunately, most insurers are opting to keep their protection in place. So, while it might be more difficult to secure coverage for certain people, they can still rest easy knowing that if the worst happens, their families will be provided for.
Try our protection comparison calculator
If you’re not currently covered, check out our new Protection Comparison Tool to get some introductory quotes. Why not schedule a meeting with Darren Scott-Guinness, our wealth and protection specialist, to ensure you get the right coverage for you. Get in touch today.
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