I have had a number of enquiries from clients concerned about any adverse affect to their current policies due to Covid-19.
Clients old & new are also wanting to review their current arrangements or put new cover in place in an ever changing market so here I will cover how Covid-19 is affecting new applications & existing policies.
Existing policies
When you applied for your life cover, critical illness cover or income protection the provider offered terms that remain throughout the term of the policy.
This means that all conditions covered under a critical illness policy will still be covered & the definitions used for a claim will not change. In the case of income protection you should expect no new exclusions to be introduced or any change to the criteria used to assess a claim - for most policies this will be the most beneficial definition based on your ability to carry out your own occupation.
The vast majority of policies set up by Moorgate Financial Services are subject to guaranteed premiums so although it is possible that monthly premiums may well increase for new polices, they will not be increased for existing policies with guaranteed premiums.
In a nutshell, your existing policies will stay as they are & where it is subject to guaranteed premiums there will be no increase in the cost.
Considering potential changes to critical illness coverage, underwriting stance & cost going forward this means that your current polices are potentially more valuable than they have ever been. This, along with the increased risk to our health we all have at present, means that you should think very carefully before cancelling or replacing your existing polices.
If you are thinking of cancelling or replacing them I suggest you contact us to discuss this so you are fully aware of your options.
New applications
Although all the providers we deal with are open for business, due to the affects of Covid-19 on staffing levels & problems obtaining medical information when required it can be a bit trickier to obtain cover.
We are also seeing the introduction of tighter underwriting criteria that could affect the terms offered or even result in applications being postponed or declined that would once have been accepted. For example, if you are suffering any symptoms of Covid-19 at the time of application, however mild, it is likely an application will be postponed until you are fully recovered.
I expect more tightening of criteria & potential increases in the cost of cover going forward so I would encourage anyone that wants to put new protection in place or review their current arrangements to make sure the most appropriate cover in place to do so as soon as possible.
If you have no cover in place at present or would like to review your current arrangements please contact us & we will be more than happy to assist.
Take care & stay safe, Steve.
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