Social Distancing – Keep Two Metres Apart
COVID-19 has continued to spread at a rapid pace around the world and has now been declared a global pandemic by the World Health Organisation. As the situation evolves on a daily basis, we have received an increased number of calls and queries with regard to Protection Policies and what they cover. So to help reassure people we have put together a short summary on some of the key policy benefits and how they would interact with COVID-19.
Life Cover – If a Life Insured dies from COVID-19, the insurance company will pay a Valid death claim. The payout will be subject to the normal terms and conditions applicable on your policy, but we can confirm that currently none of the Life Assurance companies have applied any new restrictions as a result of COVID-19.
Specified Illness Cover – COVID-19 is not a defined illness covered in Specified Illness policies, so claims are not specifically payable for COVID-19. However it may be possible to be eligible for a claim for a condition arising from COVID-19 if the Specified Illness definition on your policy is met.
Income Protection Benefit – If you are diagnosed with COVID-19 and meet the definition of disability after your chosen deferred period, you will be able to submit a claim to your Insurance Company.
Hospital Cash Benefit – If you have this benefit on your policy and you are hospitalised with COVID-19, a valid hospital cash claim would be paid provided you are in hospital for the minimum required number of days. (This is generally 3-4 days depending on your policy). The benefit is not payable for people who are required to self isolate or who are quarantined.
Personal Accident Benefit – Personal Accident Benefit is only payable where the insured person is unable to work due to an accident caused by visible, violent or external means. This benefit is not payable if the life insured is unable to work for any other reason including COVID-19.
New Policies – At this point, all Insurance Companies have advised us that no new underwriting restrictions have been applied with regard to COVID-19. Normal underwriting criteria applies and each new application will be considered on an individual basis
Working Remotely – At Peavoy Financial Planning we will be adhering to the HSE and Government advice and will work remotely for the coming weeks. During this time face-to-face meetings are unlikely, however we have systems in place to support our new and existing clients. Reflexive underwriting systems coupled with e-signature services means that we can now complete application forms from start to finish electronically. We have had really positive feedback from our clients who have used this as we all learn to adapt our businesses during these challenging period.
Stay Safe – I would like to take this opportunity to wish you and your families a safe journey through these unprecedented times. Listen to what the HSE and Government advise. Wash your hands and keep your social distance.
David Peavoy BA, QFA, LIAP is the Owner of Peavoy Financial Planning whose practice is based in Office 5b, Portlaoise Enterprise Centre, Clonminam Business Park, Portlaoise, Co Laois.
David Peavoy T/A Peavoy Financial Planning is regulated by the Central Bank of Ireland
Disclaimer: All data and information provided within this blog is for information purposes only. It should not be taken as specific advice for your situation. Peavoy Financial Planning makes no representations as to the accuracy. completeness, or suitability of any information and will not be liable for any errors, omissions or delays in this information or any losses, injuries or damages arising from its use