Following the Prime Minister’s announcement on Monday 23 March we are all being asked to stay at home to protect the NHS, and save lives.
Of course our thoughts and concerns are with the ones we love and everyone’s health and wellbeing. But if you have an income protection policy with us you may naturally be thinking about whether it could help.
Income protection is designed to help people maintain their lifestyles by supplementing lost income if someone can’t work because they are ill or have an accident.
This type of insurance policy has a waiting period before a claim can be paid out. The minimum waiting period on our income protection policies is one month, but it could be longer depending on what length of time people chose when they took the policy out.
As most people, who contract COVID-19, will only suffer symptoms for a week or two it’s unlikely we’d pay a claim for these people.
If someone has an underlying medical condition it could take them longer to get better. In these cases, we’ll look at any claim and assess each person’s individual circumstances and waiting period.
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