Covid 19 or Coronavirus as it is more commonly known has given the world a shock. A jolt to our system. It has given us perhaps a necessary reminder to not be too complacent. It is still continuing to do so and will no doubt do so for some considerable time to come, with many unfortunately falling victim to it, leaving family and friends to pick up the pieces left behind, both emotional and financial.
Whilst the effects have clearly been devastating and the losses significant, statistically it is but one of hundreds of different conditions that can cause one to become seriously ill or ultimately die.
During lockdown we saw a number of enquiries from people looking to review their protection provision. However, a number of these were difficult to address, given that many insurers were unable to consider cases where medical evidence was required to support the application, e.g. a GP report based on the client’s own records or medical screenings carried out by a nurse or doctor. The demands on the medical profession are well publicised and so some insurers outright refused to progress any applications. Others made it clear that whilst such evidence would be requested, it would not be chased in order to alleviate their already considerable workload.
However, insurers have now relaxed their approaches and most are now content to consider and underwrite protection applications, with business pretty much returning to normal in that regard. And so perhaps it is now appropriate to take a look at one’s financial affairs and specifically their life insurance and ill health provision to determine whether they are capable of adequately supporting your loved ones in the event of serious ill health or even death. If not then there is no longer any obstacle to putting it right.
Please don’t hesitate to contact us for a free informal discussion to begin the process of reviewing your financial protection planning.