Income protection
Coronavirus

Yes - if you’ve had Coronavirus in the past, or have recently tested positive, you can still secure an income protection policy.

Many believe that testing positive for Coronavirus will prevent them from securing financial protection, but this isn’t true.

If you’ve tested positive for or had Coronavirus within 30 days prior to your application, your application may be postponed until you make a full recovery or until you get a negative test result.

Having your application postponed due to Coronavirus won’t impact your ability to take out any other life insurance products in the future, so don’t worry about disclosing your positive test.

If you’ve previously had Coronavirus and it’s been longer than 30 days since you tested positive, you should be able to take out cover without your application being postponed.

Depending on the provider and the severity of your coronavirus symptoms, your application may need to go through manual underwriting.

Whether a new policy will cover Coronavirus will vary amongst insurers.

Most providers will include Coronavirus as an exclusion on new policies taken out following the start of the pandemic.

Having Coronavirus as an exclusion means that you won’t be able to make a claim if you become too ill to work due to COVID-19.

However, as the UK starts to ease restrictions and as infection rates start to fall, some providers are taking a different stance.

Some insurers are now providing cover with no Coronavirus exclusions.

This highlights the importance of comparing quotes, as no two providers have the same underwriting process.

Why not let Reassured save you time and money by comparing quotes from the UK’s leading providers and smaller specialist companies?

Yes - it’s possible to make a claim and receive a pay out if you fall ill with Coronavirus.

However, it depends on any policy exclusions and whether you are unable to work for a period in excess of the policy deferred period.

If you become seriously ill with Coronavirus, and it’s likely you’ll be off work for an extended period of time, you should be able to make a successful claim.

For policies that were taken out before the pandemic, a claim can be made as per the terms and conditions of your policy.

For policies that were taken out during the pandemic, you may need to check the terms and conditions of your policy to see if it contains any Coronavirus exclusions.

Protect your income by comparing quotes through Reassured. Our income protection insurance starts from just 20p-a-day ^‡ .

No - at the moment your vaccine status isn’t likely to have an effect on your policy and ability to secure cover.

Any claims made will be assessed under the terms and conditions outlined in your policy.

Whether or not you need income protection insurance will ultimately depend on your own personal needs and circumstances.

If you benefit from full sick pay from an employer and/or have your own personal savings to fall back on, you may not require this form of financial protection.

Income protection can act as a form of sick pay for self-employed workers who won’t benefit from sick pay from an employer.

This can be extremely beneficial in helping to cover financial commitments when money might be tight.

Read our comprehensive guide on income protection for self-employed workers for more information »

Similarly, those with no savings might fall on hard times if they were unable to work so income protection can be a vital financial support.

Speaking to an expert, like Reassured, can help you identify whether income protection insurance is the right choice for you.

We can take into consideration your personal circumstances to find you the best solution.

Simply get in touch.

[1] https://www.theguardian.com/money/2021/feb/11/covid-fuels-huge-rise-in-britons-at-financial-risk-warns-regulator