I want to buy life insurance but I have had coronavirus, will it affect my coverage and can I still get a good deal? A reader asks if life insurers offer offers to those who have suffered from Covid19Expert reveals that some applicants can get coverage, but with exclusions Coverage could cost more with premiums offered at 50-100% more than normal Here's how to help people affected by Covid-19By Angelique Ruzicka For Thisismoney.co.uk Published: 02:50 EDT, 22 June 2020 | Updated: 09:53 EDT, 22 June 2020 I have never worried about life insurance, but now I am considering it because the pandemic made me reflect on my mortality. I recently had Covid-19 and suffered some damage as a result. I'm not really sure if this problem will be going on or not, but it will definitely affect me for a while. I'd like to apply for life coverage, but I'm worried if I get a good deal. Are there life insurers specialized in this type of insurance? You can still get a good deal on your life insurance if you have had the coronavirus (Covid-19) Angelique Ruzicka of This is Money replies: In the past two months, insurance companies have blocked and modified some terms and conditions in the light of coronavirus (Covid -19) in coverage as business interruption, travel and car insurance. For example, many travel insurers have stopped selling travel policies or no longer offer policies covering the cancellation of coronaviruses. So, it is understandable that you want to know what you are potentially not covered for when you apply for coverage of your life. When it comes to life insurance – there is no policy specifically made by coronavirus because this type of insurance typically covers death caused by any condition: things get a little more complicated, if at the moment you have no coverage. Ben Burgess, LifeSearch senior consultant points out: in short, it depends on what the symptoms are. LifeSearch senior consultant Ben Burgess says that if life coverage is applied for the first time and coronavirus damage has occurred, exclusions may apply. When coverage is applied, insurers will ask if the virus was entered as part of their standard underwriting process. For most people who have had it, they should be symptom-free within about a month and the demand for coverage at this point should be the same as normal, with no exclusions or changes in premium. For anyone with ongoing symptoms, applications for life coverage, critical illness or income protection will be signed accordingly based on what these symptoms are. There could be hundreds of potential complications other than the virus, so it is difficult to provide specific guidance since each customer would be managed on a case-by-case basis. Could there be exclusions? Maybe yes – it depends on individual circumstances, but it is possible that respiratory diseases can be excluded, for example. Insurers in this field may apply the exclusions they deem appropriate based on medical evidence, which may apply for the duration of the policy. If no exclusions apply, could there be a waiting period before claims can be made? No, you are covered as soon as the policy begins, except for any exclusions. Could coverage cost more than usual? Perhaps, yes – the premiums could have increased by 50-100 percent or more depending on the circumstances if the situation were more serious. In more extreme cases, applications may be rejected. If you have symptoms in place and you already have coverage in place, you will probably want to keep it, rather than change it. Any coverage that took place before the health changes should remain the same and will not be affected by anything new. This is why protection consultants often claim to buy this type of insurance when you are in good health, but if you move on, it is always good advice to keep the old policy in place, in case something gets present in the subscription process with the new one, so delete it once the new one has started. For new applications, if the symptoms have disappeared, everything should be normal. If symptoms are ongoing, you can request coverage and it is recommended that you do so through an independent consultant who can consult 10-20 different insurers and manage the process for you. Remember that most protection policies, such as life coverage and critical illness coverage, are long-term policies that don't "renew" each year like auto or home insurance. Once they are in place, they typically last for 20-30 years, unless you cancel it. Should you buy life coverage online or use a consultant? We often think of buying life coverage online from price comparison sites because it is possible to search the market and find the cheapest quote in a few minutes, but it is not necessarily the best idea to do it. You may not know how much you should insure yourself and the quote is unlikely to be tailored to your individual circumstances. In this case, we think it is worth talking to a consultant if you are looking for protection, especially if you want more than just life insurance. Having said that, if you are determined to do it yourself there are many options available. You can purchase coverage online from a number of price comparison websites Compare the market, Confused or Moneysupermarket offer a good range of products and will quote you based on the averages. When you apply directly to the insurer, they will provide you with a personal premium offer. Alternatively, you can get a personalized quote online by answering some basic questions: this is Money has collaborated with Cavendish Online to offer our readers exactly this option, for the cheapest price in any part of the market. You can complete the entire trip online or you can choose to chat with a consultant if you prefer, at any time. Or you can find an independent financial advisor here. THIS IS THE FIVE MONEY OF THE BEST PROTECTION INSURANCE OFFERS
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