Here is some general information of how insurance policies would work in relation to COVID-19

Medical Insurance

Private medical insurance is for treatment in private hospitals. If you were hospitalised with COVID-19 you would be in a public hospital. Some private medical policies will provide a payment if you spend more than 3 nights in a public hospital.

Income/Mortgage Protection

Income and Mortgage Protection pay out a monthly sum if you are unable to work due to illness or injury. If you are unable to work for longer than your wait period due to COVID-19 symptoms you would receive a payment. You can not get a payment for self isolating without symptoms.

Income and Mortgage protection is not Redundancy cover, this is a specific add on.

Under a standard Income and Mortgage Protection policy there is no claim if you are made redundant or if you are unable to work due to lockdown.

Trauma Cover

Trauma cover will pay a lump sum if you are diagnosed with a listed conditions. COVID-19 is not a listed condition however someone one may meet the criteria under one of the benefits for example,  Intensive Care Benefit.

Total & Permanent Disablement

Total & Permanent Disablement will pay a lump sum if you are never able to work again (usually in your own occupation). If COVID-19 lead to this, you would be able to claim.

Life Insurance

Life Insurance will pay a lump sum if you die or are diagnosed with a terminal illness. If you were to die from COVID-19 a claim would be payable.

Everything listed here is subject to the terms and conditions of the policy.

What are your options with your existing cover if you are made redundant or are suffering financial hardship.

Please get in contact if you have been made redundant or you are suffering financial hardship, some providers are able to waive premiums for 6 months while still having full cover.

About Author: Lance
“You never know what’s over the horizon”