Accurate as of 22nd March 2020
In recent weeks, insurers have made it clear that the industry is covering policyholders during the coronavirus pandemic, and that they are working hard to deal with claims.
To find out what approach your insurer is taking, here's a summary of the current position and some useful links to find out more. If your insurance provider is not listed please click here to contact us and let us know.
Aegon's policy terms and conditions have not changed in recent weeks, and coronavirus is not excluded from any of their policies. This means that any life insurance, Critical Illness or Income Protection claims 'will be treated in the usual way'.
If you're applying for protection through Aegon you will have to declare if you have symptoms of coronavirus under the question about ' tests and investigations'. It's important that you answer this question honestly or you may invalidate any future claim.
If you have, or are being investigated for coronavirus, Aegon will defer offering cover until you make afull recovery or all investigations prove negative.
Read more from Aegon here
AIG have confirmed that death from coronavirus will be 'handled like any other life insurance claim.' In addition, a diagnosis of coronavirus will be considered under an income protection policy, although AIG Life policies are written with a minimum deferred period of four weeks.
They have also confirmed that coronavirus is not a listed Critical Illness under their policy and so would not therefore be a valid claim.
Any new customers applying for life insurance who have or have displayed symptoms of coronavirus would see their application deferred until they made a full recovery.
Answers to more questions, including those regarding travel insurance, can be found here
Aviva has been clear that it is financially secure and will continue to fulfil its claim obligations. The insurer says: 'We want to assure you that our claims philosophy is not changing, and we will continue to pay all valid claims.'
If you're taking out new insurance through Aviva then you will have to answer an additional question when you complete an application:
“Are you currently experiencing symptoms of a cough, a high temperature or fever, breathing difficulties or any other symptoms of coronavirus (Covid-19); or
- Have you tested positive for coronavirus (Covid-19); or
- Are you self-isolating due to symptoms of coronavirus (Covid-19); or
- Have you been advised to self-isolate for any other reason, or had direct contact with someone who’s been confirmed or suspected to have coronavirus?”
If you answer 'yes' to any part of this question, your application will be referred to an underwriter for individual consideration.
You can also read FAQ about Aviva's travel insurance here
British Friendly have confirmed that they will honour claims made as a result of being diagnosed with Covid-19 coronavirus for existing members, in line with their usual terms and conditions.
They will also consider claims for those who have symptoms and self-isolating, but not a diagnosis.
A coronavirus exclusion applies to any policies taken out after 14th March 2020.
Canada Life have released an update regarding their Group Insurance cover. Read it here
Read more from Canada Life about Covid-19 here.
Cirencester Friendly have confirmed that they are considering claims from members testing positive for coronavirus, or if they have been told to self-isolate, up until 13th March 2020.
After 13th March 2020, the society say that members would not be able to claim on contracts with Day 1 cover or 1,4 or 8 week deferred periods if they have tested positive for coronavirus, or if they are self-isolating.
Guardian have confirmed that, as they have no general policy exclusions, they will consider any Covid-19-related claims for life or Critical Illness in the usual way against the policy terms and conditions and in line with their claims philosophy.
For new applicants, anyone who discloses any Covid-19 symptoms may have their application postponed until they’ve recovered. For those with no other existing conditions, Guardian expects to offer terms under their current underwriting philosophy.
Holloway Friendly have confirmed that, to be able to claim on your plan for coronavirus, you have to be totally unable to work because of coronavirus and have also suffered a loss of income because you can't work due to your illness.
Their policies do not cover self-isolation.
Since 17th March 2020 the society has added a coronavirus exclusion to all new plans with a 1, 4 or 8 week deferment period.
Legal & General have confirmed that:
Legal & General have no plans to change their underwriting process or to add a coronavirus exclusion.
As with any disclosed condition where a recent diagnosis has been made and the outcome and severity is unknown, if you're applying for cover and you disclose that you have been diagnosed with the virus or that you are being tested for it, your application will be postponed until you have fully recovered or you are confirmed symptom free.
You can also read FAQs about Legal & General's travel insurance here
LV= have confirmed that they 'offer a clear and fair approach to paying claims and we’ll continue to take this approach when dealing with claims relating to coronavirus.'
If you have a confirmed diagnosis of coronavirus, LV= will assess and pay your claim in the usual way reflecting your chosen waiting period and the policy terms and conditions.
You can also read FAQs about LV='s travel insurance here
MetLife have confirmed that any claims made as a result of coronavirus will be payable, subject to the usual terms and conditions of the policy. There are no epidemic or pandemic exclusions that apply to any of the insurer's individual protection policies.
MetLife say: 'Providing a policyholder satisfies the terms and conditions of the policy, a claim would be payable.'
Royal London will consider any claims for coronavirus against the terms and conditions of you plan and their usual claims philosophy.
As the minimum deferred period for Income Protection is four weeks, the insurer does not expect any claims for this cover from customers who have not been diagnosed with the virus itself.
Royal London plans don’t contain exclusions in relation to pandemics or the contraction of a virus in a foreign country.
From 17th March 2020, Royal London have introduced a new question to their application forms, data capture forms and declaration of health forms. This new question will establish if you have:
If you have a history of any of these in the last month, the insurer will postpone offering cover.
Scottish Widows have confirmed that they don’t have any blanket exclusions due to coronavirus. Life insurance and Critical Illness claims will be assessed as normal, subject to the usual claim assessment and meeting of the claim definitions.
The insurer will also assess claims under historic Income Protection policies as before, and maintain the contractual deferred period.
For new applications, you would be expected to disclose information regarding outstanding tests/investigations, recent tests/investigations, or symptoms, under the relevant questions on the application form.
Where there is a positive disclosure, Scottish Widows would treat accordingly, and postpone until symptoms have cleared. If you have recently travelled to an area of high-risk, or intend to travel to a certain area, then these cases will also be postponed.
For existing income protection policies, if you want to make a coronavirus (Covid-19) related claim on your policy, The Exeter will consider claims for medically advised self-isolation, which aligns with current NHS 111 guidance.
The insurer says: 'In these highly unusual circumstances, any payment we make for self-isolation will be outside of the normal terms and conditions.'
From 18th March 2020 The Exeter added an exclusion to all new policies with a Day-1 or 1-week waiting period. The exclusion will state:
In the first 12 months after policy start date, any claims due to, or arising from symptoms of respiratory illnesses which includes colds, coughs, influenza-like illnesses, coronavirus infections and upper respiratory tract infections, with or without fever [will be excluded].
Vitality have confirmed that:
Note that you can't claim on your Vitality Income Protection if your work closes, or where you are unable to work due to 'social distancing' or a general economic shutdown.
Zurich have confirmed that they would pay life insurance claims if you passed away due to the coronavirus.
As coronavirus is not a specified illness under Zurich's Critical Illness policy, any claim made would not be valid. However, in the small number of cases where people die as a result, any life insurance attached to your plan would pay out.
As the minimum deferred period for Income Protection is four weeks, Zurich do not expect any claims to be made under the terms of their plan. However, where symptoms are severe or there are complications that result in absence of longer than four weeks, their normal claims process would apply.
Zurich have made no changes to their application process, so you would simply have to declare any symptoms of coronavirus as normal.
Comprehensive information can be found on the Zurich website here
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That means you can nominate somebody to look after the money if you die and there’s a payout before you want the intended recipient to get the money. A common example is parents who want to have the payout go to a child only once the child turns 18 or 21. Putting a policy into trust also ensures that the payout goes to your intended recipient and can’t be seized by creditors if you have any debts when you die. There may also be tax benefits to putting a policy into trust.