As the coronavirus pandemic sweeps the world, it’s perhaps no surprise that you may have started to think about the personal protection you have in place.
Whether that is cover to protect your income, or life insurance to provide peace of mind for your family, the outbreak is an opportunity to think about your own cover.
If you’re thinking of taking out cover, it’s vital to compare life insurance quotes before you buy. The cost of cover varies from insurer to insurer, so keep reading to find out why you need to shop around.
And, in recent weeks, many insurers have provided guidance regarding how they are dealing with life insurance claims as a result of coronavirus. Read about how major insurers are dealing with claims.
Why you should compare life insurance quotes
The cost of life insurance (sometimes referred to as coronavirus life insurance in the current climate) depends on a range of factors. These include:
- Your age
- Your health and medical history
- Whether you smoke
- Your occupation
- Your hobbies and pastimes
- How much cover you want
- How many years you want to protect yourself for.
Each insurer uses a different set of criteria to determine how much your cover will cost. So, you could find that life insurance quotes vary hugely from one insurer to another.
To ensure you get the best deal, head online to compare life insurance quotes. Here, you will be asked to enter your personal details, the level of cover you want, and the term of the policy you require. You’ll then be provided with a range of life insurance quotes from leading providers.
As term assurance has one main benefit – it pays a lump sum if you die within the term – there is no real need to pay more than you need to for additional bells and whistles.
Additionally, I’m Insured can help you to secure an even lower price for your cover – often even less than the insurer’s standard premium for your chosen policy.
This is because although insurers pay a commission to comparison websites, we intentionally take a lower commission than the standard rate. This means you get a discount on your premium.
Get life insurance quotes now.
What does life insurance cover?
Even though there are various different types of life insurance, they essentially all do one important job – pay a lump sum to your beneficiaries if you die during the term of the policy. To ensure that your life insurance pays out on your death:
- You must have remained up to date with your premiums
- You must have honestly answered all the application questions
- You must be within the covered period (if it is a term assurance policy)
All life insurance policies will contain some special circumstances under which they will not pay.
However, the life insurers who have issued guidance so far have made it clear that they will be honouring all claims where death occurs due to the coronavirus pandemic.
What do the life insurance companies say about coronavirus?
In common with a number of other major insurance providers, Zurich say that if a customer holding a Zurich life insurance policy dies of coronavirus, they will pay out in accordance with their normal claims process and assessment.
Aviva are also clear they will be paying out.
“With the news that Covid-19, more commonly known as coronavirus, is spreading across the UK we want to give you clarification around our claims and underwriting position.
“We’re continuing to pay all valid claims and committed to giving you access to valuable protection insurance. We remain a market-leading protection insurer for claim paid amounts.”
Vitality have also confirmed that “Covid-19 or any other infectious disease which results in the plan holder dying, will be covered.”
While there are insurers who have not yet issued any statement regarding the Covid-19 outbreak, those who have make it clear that there is no exclusion on life insurance policies for pandemics or epidemics.
This means if you have a current life insurance policy and you have continued to pay your premiums, your beneficiaries should receive a payout if you die from Covid-19 or related complications.