We are living in unprecedented times and of course this involves a lot of uncertainty. Ever since the UK entered the coronavirus block in March, we have to consider the things we have never seen before, including the unthinkable. Life insurance is always important but took on increasing significance during the Covid-19 pandemic. The increase in the number of daily victims can lead us to think about our own mortality, especially those with a young family or dependents. However, with family finances also under scrutiny, it is more important than ever to understand the basics of life insurance and what the options are. That's why we asked all of your ardent questions to My Protection Guru CEO Christian Hartley. The insurance expert works with LifeSearch Limited, a major insurance broker in the United Kingdom. This is what he recommended …
What is life insurance and why do I need it? Life insurance, or life cover, is a safety net for your loved ones. Pay a lump sum to support your family in the event of your death, it's as simple as that. Most people cover any outstanding mortgages, loans, debts and liabilities. A policy is usually purchased to cover the period (or term) that your family needs most help with. LifeSearch can help you think about how much it will cost to raise children, support your partner and / or dependents and how long you need that coverage. They will also discuss coverage of the cost of your funeral so that no one else has to pay for it. Basically they cut the numbers to find the cover you really need and the cheapest prize for the best cover.
Can you take out life insurance during a pandemic? With everything going on around the coronavirus it is important to know what is possible. Many people believe that life insurance is not available during a pandemic, but it is not necessarily the case. As Christian explains, "If you don't have symptoms, diagnoses or have been told to isolate yourself, nothing has changed in terms of actual policies, so you can take out life insurance during a pandemic." Are you able to get a policy if you tested positive for COVID-19? This is a key question since the virus has spread and one on which people want to get a clear answer. This answer is no, it is not possible to obtain a policy if it tested positive for coronavirus. Unfortunately, insurers have taken a position not to offer anyone coverage with COVID-19. However, this does not necessarily mean that you cannot get coverage in the future.
What happens if a family member in my family has coronavirus – can I still take out life insurance? Another popular question and one that affects most of us who live with loved ones. The advice here is that you cannot take out life insurance if you are self-insulating for medical reasons because of a family member in your family. Again, you can't get coverage right now, but that may change in the future. How has the life insurance industry been affected by the outbreak of the coronavirus? Like many industries, the insurance industry has seen a chain effect due to coronavirus. They had to adapt, move to work from home and stay updated on key information from the World Health Organization. However, in terms of what they can offer, it is perhaps simpler than you might think. "In terms of effective policies, what they do and how they work hasn't changed," says Christian. "Aside from whether you have symptoms, are self-insulating or have been diagnosed, there is no impact on the ability to be covered." I'm not sure my life insurance policy is still valid: can you help me? Many people might consider life insurance for the first time because of coronavirus. However, about 8.1 million families had already adopted a policy last year. Therefore, many may be left wondering how it is affected by the current pandemic and whether they should seek a better supplier. The expert says, "The great thing about life insurance is that there is no charge for canceling an existing policy." If there is something better out there for you, more suitable or at a lower cost, you are not penalized in any way for making changes. "
Why choose LifeSearch? Founded in 1998, LifeSearch, a UK-based insurance specialist, has protected over 436,000 families. The company has a strong and robust pedigree and has won over 80 industry awards over the past two decades. By going directly to Lifesearch, they offer tailored coverage as opposed to "off the shelf" options. As a result, they can reduce premiums and, in the case of entrepreneurs, can represent savings of up to 40%. Lifesearch offers a free phone review service to all current policy holders of any type of protection or a simple free quote for anyone looking for a new quote. Contact New Era Group marketing partners and you will be amazed at how much you can learn and save. For more information or to get a quote, fill out this form.