As the COVID-19 pandemic continues to evolve, understandably there has been an increase in the number of queries with regard to coverage under Protection policies such as Life Assurance, Serious Illness Cover, Hospital Cash Benefit, Personal Accident Benefit. So to help reassure clients and answer questions for those who are considering putting a Protection policy in place to protect their family and income, we have put together this note with regard to what one of the main Protection Providers, Zurich Life Assurance Company have said, it is also likely the same would apply to other Protection Policy providers in Ireland:
Life Cover – Personal and Mortgage Protection
We can confirm that if a Life Insured dies from COVID-19 then Zurich Life Assurance Company will pay a valid death claim. Pay-out will be subject to the normal terms and conditions applicable on the policy. But we can confirm that no new restrictions apply as a result of COVID-19.
Serious Illness Cover – Personal and Mortgage Protection
COVID-19 is not a defined illness listed in any Serious Illness so claims are not payable specifically for COVID-19. However, a client may be eligible to claim for conditions arising from COVID-19 if the serious illness definition is met.
Hospital Cash Benefit
If a client with Hospital Cash benefit is hospitalised with COVID-19 Zurich Life Assurance Company will pay a Hospital Cash claim provided they are hospitalised for the minimum required 3 or 4 days. Benefit is not payable for people who are required to self-isolate or who are quarantined in hotels/cruise ships etc.
Personal Accident Benefit
Personal Accident Benefit is only payable where the insured person is unable to work due to an accident caused by visible, violent, external means. Benefits are not payable if the life insured is unable to work for any other reason including COVID-19.
New Policies – Underwriting
While no new underwriting restrictions have been applied with regard to COVID-19, Zurich Life Assurance Company normal underwriting criteria applies, and each case will be considered on an individual basis. For instance, if a client discloses that they have recently returned from an affected area or if they have contracted the illness, then underwriting may be postponed until a full recovery is made.
We understand that these are difficult times for everyone, but you can be assured that we will continue to keep you informed. Should you have any specific questions or would like to put in place a new protection policy, please contact us at [email protected] or book an online/phone consultation via our secure website https://cuinsured.ie/schedule-a-meeting/
CUinsured Ltd is regulated by the Central Bank of Ireland. This note is for discussion purposes and should be read in conjunction with policy terms and conditions.