Critical illness cover and COVID-19. What you need to know…
Critical illness insurance offers you and your loved ones financial support should you unexpectedly fall ill with a specified illness.
Critical illnesses are identified under a specific set of criteria and coronavirus (COVID-19) is not a specified critical illness under the Association of British Insurers’ (ABI) ‘Guide to Minimum Standards for Critical Illness Cover’.
In the unfortunate event that you were to develop a critical illness that is addressed in the 'ABI Guide to Minimum Standards for Critical Illness' as a result of coronavirus, the majority of insurers would be expected to approach this claim in the same way as they would usually.
Most people will still be able to get critical illness insurance at this difficult time. In a minority of cases, such as if you are experiencing coronavirus symptoms or have tested positive for coronavirus and are still experiencing symptoms, there could be a delay to the decision as some insurers have temporarily postponed new applications until you have tested negatively.
In the instance where your application is delayed, insurers are working with professional financial advisers to enable an efficient re-application once there is less strain on the healthcare services. The delay will not impact your ability to apply for insurance in the future.
Many insurers are working to explore other ways to accept applications that require medical evidence in this new environment.
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