What you need to know...
Since the onset of the coronavirus (COVID-19) pandemic, more people have become aware of the importance of income protection insurance. It can provide the financial support needed if you’re unable to work due to an illness or injury.
While it’s still possible to get this cover, some insurers have adjusted their application processes and introduced new questions around COVID-19.
Insurers will want to know if you have the virus, have had it or are experiencing symptoms of it. They may also want to know if you’ve recently been in contact with someone who has the virus or if you have been advised to self-isolate.
Will Insurance cover pay out if I self-isolate?
Income protection insurance policies are unlikely to cover people self-isolating as they probably won’t be off work longer than the waiting period and may not be too ill to work.
For claims to be paid, you will be required to meet the definition of incapacity. The incapacity definition varies, if you are unsure about your income protection policy wording you can check with an independent financial adviser, they will let you know exactly what you have, when a successful claim could be made and whether there are policies with better definitions available in the marketplace.
Can I still buy income protection insurance?
You can still put in place income protection insurance. Insurers are trying to make decisions to support new clients as quickly and as fairly as possible.
Do I need medical evidence to apply for income protection insurance?
In some cases, insurers may have to request medical evidence from a GP, consultant or an independent medical examiner before offering cover. With these cases, there could be a delay. Some insurers have temporarily postponed new applications where medical evidence is required to avoid putting further strain on the NHS. Where appropriate, insurers are continuing to explore alternative approaches to avoid unnecessary delays on new applications.
What happens if my application has been delayed?
If your application has been delayed, insurers are working with advisers and customers to enable an efficient re-application process, once there is less strain on the NHS. This delay will not affect your ability to apply for insurance in the future.
Can I claim on my income protection policy if I have been furloughed?
You should be able to claim on an income protection policy if you are incapacitated whilst furloughed, however, it’s definitely worth checking your specific insurance policy wording. Our Independent Advisers can help you understand the cover you already hold or advise you on new cover, to suit your needs. Contact us on
If you stop paying premiums your cover will cease.
Protection policies are subject to underwriting. The provider may exclude certain circumstances or increase your premium as a result of this process.
You may find that the cover provided is less than you need if it is not reviewed regularly.