With regards to redundancy policies, most of the insurance policies will usually payout if you are in a situation where you’re made redundant but involuntary. So, if you’re facing involuntary redundancy even despite COVID 19 and you had a policy that you took out before then you should find that you should be able to utilize that policy.

In an event where you aren’t laid off now, if you’re looking at taking out new redundancy cover that might be a little bit trickier particularly if you’re working in hospitality etc.

Insurance providers at the moment legal in general for example for the foreseeable future are not actually offering cover. So, you will find that there will be changes emerging in the insurance market over the coming months.

Life insurance will usually payout an income or in a lump sum of money to your family in the event of your passing away. Now, a question I’ve been asked if I was to pass away from COVID, would my life insurance still cover me? You’d need to check your policy specifics. But, most insurance policy is life insurance policies would still payout in that eventualities because COVID is obviously very new condition. Life insurance policies are not excluding it. If you die, you die assuming that it’s not an accidental death policy, then you should still find that you have cover in that eventualities.

So, if you were looking to take out a new life insurance policy again, currently a lot of providers are not excluding deaths from COVID. But, as long as you’ve not got symptoms currently or you know you’re not suffering symptoms from something else then life insurance is still something that you perhaps want to consider despite COVID 19.

If you were to suffer a critical illness so usually that involves cancer, stroke, heart attack, some providers cover a lot more conditions than that, but they are the main three, if you already had a critical illness policy, if you had symptoms or a condition that arose as a result of you contracting COVID 19 so, for example, some critical illness policies will cover things like intensive care heart failure, etc then you might find that yes you would be able to claim under those conditions now if you were to take out a new critical illness policy again that still might be absolutely fine.

The last type of insurance is income protection. It usually pays you an income if you are off work, sick due to an accident, illness or injury. Usually they pay in after four weeks or six weeks or 13 weeks depending on how long your employer pays you. But, you would choose the wait period and then it would pay you for a set period of time.

Having these types of insurance is in place should just be something that you do, if you have the responsibility of children and mortgage, you bring in an income you know because even though no one would have predicted COVID 19. In the same way that probably nobody predicts that they’re going to get cancer or have a stroke or have a heart attack. So, these are things that I think should just be considered.

Stay tuned with Zeeable for more of such updates and news!!

Share this: Twitter

Facebook



Like this: Like Loading...