The Covid-19 pandemic does not adversely impact the rights already held under existing policies. The cover you had before Covid-19 won’t change – the following is an overview of the main types of cover and the impact of Covid-19:
- Life Cover: if you have cover for death on your policy and death occurs as a result of Covid-19, the death benefit will still be paid.
- Specified Serious Illness: Covid-19 is not a defined illness listed under any insurers serious illness policies, so claims will not be payable specifically for Covid-19. However, a client may be eligible to claim for conditions arising from Covid-19 if the serious illness definition is met.
- Income Protection: If you have income protection under your policy, Covid-19 won’t adversely impact that benefit. Assuming that you are medically advised to take time off work your income protection benefit will be paid after any deferral period that applies to your policy.
During this difficult time a number of the life companies have implemented measures to allow customers who have been impacted financially by Covid-19 to avail of a payment break from their policy for a defined period of time.