Coronavirus COVID-19

Updated 12 May 2020

New Applications

Current Life Insurance policies available from UK insurers will still protect against Coronavirus COVID-19 if the policyholder dies, but people with underlying health conditions will be subject to significant monthly premium increases compared to healthy individuals, and some people will not be offered cover at all.

Although Coronavirus COVID-19 is not covered specifically by any Critical Illness policies, most policies include a Life Insurance element, and this will impact approval rates in a similar way to Life Insurance.

Insurers have already made several changes to new Income Protection policies to exclude Coronavirus COVID-19 because the risks of a claim have increased dramatically.

The general guidance is that current Life Insurance and Critical Illness Cover policies will still provide protection for your loved ones as before, and you are much better off getting some cover than none at all, especially if you have lost a death-in-service benefit (ie Life Insurance) as the result of being made redundant.

Existing Policies (before Lockdown 23 March 2020)

Life Insurance

Existing Life Insurance policies will cover policyholders in the event of their death by Coronavirus COVID-19.

Critical Illness Cover

Although Coronavirus COVID-19 is not covered specifically by any Critical Illness Policies, most policies include a Life Insurance element which would apply to Coronavirus COVID-19 in the event of the policyholder’s death.

Income Protection Insurance

Policies taken out before 23 March 2020 will cover the effects of Coronavirus COVID-19.