Organising life insurance during a Pandemic.

Can you organise life insurance during this Pandemic?

Much like writing a will, setting up a life assurance policy can make us feel like we are begging for something to happen to us. This is unlikely to be the case! Many people have been staying at home to help limit the spread of Covid 19, not just for the sake of their own family, but for the wider community. Being with our families for such prolonged periods of time can invoke a multitude of reactions, but for the most part, it’s all good feelings!

The thought may have occurred to you, that actually, things would be quite difficult, financially speaking, if something were to happen to me. You may then feel that you have left it too late as this sort of thing needs a ‘meeting’. It doesn’t. You can organise quite a generous amount of life assurance cover over the phone or by email.

A friendly reminder…

Given that we have all now had another reminder that strange and unexpected things can happen, could I please ask you to remind any of your friends, colleagues or family members that they would be well advised to take out any cover while they are in good health.

Some life assurance companies have begun to add some restrictions to new cover applications over the last few days (22nd April 2020). Limiting applications to those aged under 70 is one of these changes. They are now also asking some Covid 19 specific questions. It is worth looking into your options now, before all life assurance companies in Ireland start to implement restrictive changes.

Looking for cover after an illness can cause complications, and in some cases, result in declines of cover. You can still organise cover very easily at the moment and no meetings are required. Everything can be done by email or over the phone. To avoid any unnecessary additional medical underwriting delays, you should restrict levels of cover to below any automatic underwriting levels, which are listed below. You can organise up to certain levels of life assurance cover without any further medical underwriting, subject to a relatively uneventful medical history.

Levels of life assurance cover available without additional medical underwriting.

Age:	Amount of cover:
Up to 36	Up to €1,000,000
37 – 41	€800,000
42 – 46	€650,000
47 – 51	€550,000
52 – 56	€300,000

This means that a 43 year old person, with no major events in their medical history, could organise up to €650,000 of life assurance cover over the phone.

There are also non-underwriting limits available for income protection policies and specified serious illness policies. Please contact me if you would like specifics on these.

If you know of anyone who you feel may benefit from some form of life cover or income protection cover, please ask them to contact me. Phone Brian on 01 668 6136 to have a quick chat and to provide some basic details to get a quote for a simple life assurance policy.

Life assurance is generally a very inexpensive form of insurance.