Since the outbreak of coronavirus, many individuals have started realising how crucial insurance cover is and have been asking if they can still get insurance cover in place or if it is too late.
It’s important to note, that when we refer to insurance cover, we are referring to the four main types:
- Life Insurance,
- Total & Permanent Disablement Insurance (which is often bundled with life insurance)
- Income Protection Cover
- Trauma or Critical Illness
There have been reports in the media about insurance companies introducing what we call an exclusion. This means that if something was to happen relating to COVID 19, the insurer may not pay a claim.
The good news - currently, none of the insurers on the FinChoice panel have introduced this blanket exclusion. However, that’s not to say that this might not happen in the future.
One of the benefits of being with FinChoice is that our advisers have access to lots of different insurance providers. So if one insurer was to introduce this exclusion our advisers are able to consider other options for their clients and utilise the services of one of the other insurance companies on our panel.