During the COVID-19 lockdown, it is understandable that people are asking a lot of questions about insurance – especially around protecting your family, health, mortgage or income.
There may be some uncertainty about whether providers are still writing policies during the COVID-19 crisis.
We put the question to Linear Advisor, Michelle Clements from Michelle’s Mortgage Solutions in Lincolnshire:
“Of course, clients can still purchase protection, however they would only be able to make a claim on income protection if they are off work for longer than their deferred period. This can be at least four weeks in most cases. Providers will not pay out just because of isolation to protect – the client would need to be off work and losing pay due to an actually diagnosed illness or accident, whereby their GP has signed them off accordingly.
“Therefore, rushing out and buying income protection just because of COVID-19 is not advisable. However, if the current situation has ‘quite rightly’ got you thinking about the future impact on you and your family against possible illnesses or accidents, then yes now is as good a time as any to speak to your local advisor.
“Due to the government initiatives, I do not think providers will pay out for COVID-19 unless someone has officially been tested as positive and in order to be tested, they currently have to be hospitalised. A lot of the providers have already started adding in COVID-19 related questions into their medical questions upon applying and if anyone has had symptoms or a family member that lives with them, they are postponing the application, until this situation passes.”
It is always advisable to speak to a protection expert. Search for your local Linear Financial Solutions advisor here, who can help you find the right policy.