Availability of Life Assurance during the Covid 19 Pandemic
There has been much publicity recently about contested insurance claims and Covid 19 . But these cases relate, mainly to Business Interruption and Travel. They do not relate to Life assurance but it may be the case that, amongst the general public there is a reluctance to buy life cover for fear that a valid claim will not be paid. It may come as a surprise, therefore, to many that Life Assurance, can be available during the current pandemic and that the cover can include death from all causes including death from Covid 19.
Perhaps even more surprisingly the cover may be available to those with a pre-existing medical condition. This is where Pulse can help as we specialise in arranging Life cover for individuals and groups who are finding it difficult to obtain the cover they require from the standard market or may indeed have been declined cover.
Not surprisingly, as the pandemic has developed life underwriters have imposed some restrictions. It is recognised that the immune system does not function so efficiently beyond the age of 60. And underwriters are erring on the side of caution in this higher age group with some postponing the application for 6 months.
And some underwriters currently restrict the Sum Assured for all Applicants to around £500,000, but each underwriter will have their own non-medical limits guidelines which have been developed alongside their reinsurer to manage this pandemic risk
Underwriters will look at the application of anyone with heart, respiratory or diabetes problems with great caution and they may be postponed for 6 months but if they have a combination of any of these they will certainly be postponed for 6 months.
But there are pre-existing medical conditions where life Assurance will be available including death from Covid 19. At Pulse we have a highly experienced team, any one of whom will answer the phone if you call and will be able to give a view on the availability of cover in individual cases. Contact details are…..
Where the applicant has a pre-existing medical condition underwriters will usually require a G.P. report. It is good to be able to report that many GP surgeries have installed technology enabling reports to be produced without delay. In some cases a nurse screening may be required and currently GP surgeries have understandably been reluctant to organise them. However ways have been developed to conduct screenings by video link and in some cases testing equipment can be sent in advance to the applicant. The nurse can instruct on the use of such equipment during the video link up. ( Ben can you put in link to previous article on gathering medical evidence here? ) The results of these video link ups can be made available to underwriters quickly.
It is to be hoped that with the easing of Lockdown restrictions the nurse screenings may soon once again be able to be conducted face to face. We understand that some of the medical evidence sourcing solution companies are recommencing face to face medical exams (following full PPE guidelines).
In any event, if there is a significant delay in obtaining medical evidence or if an application is postponed Pulse can provide Accidental Death cover as a short term stop gap or even as a top up. Depending on the justification of the sum insured we can write up to £2m per person on our binder and higher limits can be placed directly into Lloyd's.
For more information or to request a quote please contact our team on: