I don't have life insurance but the coronavirus epidemic has really worried me: Is it too late to take out life insurance and would it pay out if I got coronavirus?
I’m really worried about the coronavirus, especially because I don’t have any life insurance.
My husband and I both work full-time, and he wouldn’t be able to afford our mortgage or childcare costs on his own without my income.
Is it too late to get life insurance now, and will it pay out if I get coronavirus?
Allan May from specialist life insurance adviser, Cavendish Online, replies:
Let me start by reassuring you that you are not alone in your concerns. Understandably, the coronavirus pandemic has caused many people to feel anxious and worried about what the future holds. But to answer your first question - no, it’s not too late to look at life insurance, but depending on your current health and travel history, you may find it a little harder than normal to get insured.
Would the policy pay out if I got coronavirus?
Yes, your life insurance policy would pay out if the worst were to happen and you passed away from coronavirus. This is, of course, provided you were completely honest when you applied for your policy.
Life insurance companies generally don’t trade in grey areas, they consider only one question; is the person alive or not? If they are not, then the policy pays out, regardless of the cause.
This really is the purpose of life insurance, to give you peace of mind that your family would be financially looked after if you were to pass away, as a result of coronavirus, or any other cause.
Will I still need my policy when coronavirus is over?
In short - yes!
Our advisers have seen a 75% increase in insurance enquiries since the onset of the virus, which is not surprising given that people are worried about the consequences of COVID-19 and the financial impact it could have on them and their families.
But, coronavirus or no coronavirus, there are still lots of reasons to consider life insurance.
As humans we face all kinds of risks every day. For example, one in two people will get some form of cancer in their lifetime, and one in four of us will experience some sort of mental health problem each year.
It’s still important to think about how you would protect your loved ones should you sadly no longer be here, regardless of whether the coronavirus scare is ongoing or not.
How do I buy life insurance?
There are a number of ways to buy life insurance but given that you’re probably not leaving the house currently, your best option would be to obtain life insurance quotes online or speak to a financial adviser over the phone.
At Cavendish Online, we offer various options to help you find the best life insurance rates. You can apply for a policy online yourself, in just a few minutes, or you can speak with one of our specialist advisers over the phone, who can guide you through the process and help you choose the best cover for you and your family.
Contact the Cavendish Online team on 01392 539 777 for help today.
If you would like to know more about the impact of coronavirus on life insurance, you can check out this handy guide from Cavendish Online.