The spread of Covid-19 has seen the rise in Life Insurance applications as one company announced a record high in new business applications in the last 2 months. It has made people aware of the importance of ensuring that they have financial protection in place as the virus continues to spread, with the number of new cases increasing daily.
People are now taking out their Life Insurance policies as should you be diagnosed with Covid-19 it will cause complications should you later wish to set up a policy. All companies have since March 2020 updated their applications forms and it is required for you to disclose if you have been diagnosed with Covid-19 or even experienced symptoms. Having contacted the companies further it is confirmed that applications will be postponed should you answer yes to any of these questions in relation to Covid-19. When then applying further down the line you must disclose whether you have ever been postponed for such applications.
It is recommended to ensure that you act now in ensuring you and your family are financially protected in the event of death or diagnosis of a specified serious illness while in good health.
Back in July New Ireland reported 28 Death Claims and 6 Hospital Cash* Claims all due to diagnosis of Covid-19. We are due to receive updated figures of these claims from each of the companies we deal with and will post these on receipt.
*Hospital Cash: This is an additional benefit added to a policy which pays up to €300 per day should you be admitted to hospital.