Covid 19 -Are you prepared for unexpected

 This pandemic has made people realize one thing for sure nothing is certain.Life is completely uncertain.You might have heard from many of your friends , relatives & colleagues  that Someone lost the eye sight, loss of speech, heart damage, brain stroke ,kidney damage due to covid 19. Although vaccines are out still there is lot of risk involved as these are all trails and everyone’s body react differently.In such scenario it is better to prepare yourself both physically and financially.  Physically you  can increase your immunity and follow social distancing, wear mask etc ... However being Financially ready is the smarter way to tackle the pandemic.You need to ready yourself in such a way that if anything happens to your health your family is protected financially and will be living in same standard of living. 

Effect of COVID-19 on life insurance

While coronavirus has had a huge impact on the insurance industry as a whole, the life insurance sector has been left relatively unscathed. There has been no evidence of life insurers pulling out of the market, premiums have remained steady and COVID-related claims are already being paid.

Life insurance is still readily available to buy and – whether new or existing – policies will cover coronavirus. 

And, while applying for life insurance often could take longer at the start of the pandemic as insurers updated their underwriting processes, these issues have been largely resolved and application times have improved.One undeniable change however, is the introduction of COVID-19-specific questions on life insurance application forms. “Insurers are of course asking a few more questions and underwriting has tightened in some areas, especially for those with diabetes, asthma or who might be overweight,” .

  This means that when you run a life insurance quote, you’ll        need to answer questions such as:

Within the last 30 days have you:

• tested positive for coronavirus?
• been advised to self-isolate?
• had any symptoms of coronavirus?
• been in direct contact with anyone who has been diagnosed with or who is suspected of having coronavirus?’

If you answer yes one or more of these questions, your life insurance application is likely to be postponed – how long for will depend on the insurer but it’s often around a month (after the point of recovery if you actually contracted the virus).

And if you have suffered particularly serious symptoms, for example if you were hospitalised, your application could be postponed for longer.

It’s crucial you answer these and all other questions honestly however, and don’t fail to disclose pre-existing conditions. If you ever make a claim and your insurer discovers you were dishonest, it may well be rejected.

Can I still get cover with a pre-existing condition?

The short answer is yes, but it will depend on the type and severity of the condition – and many insurers have become more selective about who they accept.

If your condition puts you at greater risk from COVID-19 – such as asthma and diabetes – or you’re aged over 50, you may find it harder to get life insurance cover, while those insurers that do offer cover are likely to charge higher premiums.

If your condition is particularly high risk, the insurer may ask for more medical information or request a report from your GP. You may also need to have a medical examination. These usually only last around 20 to 30 minutes and involve answering some questions about your health and lifestyle, as well as having your height, weight and blood pressure checked, and having a blood sample taken.

If you’re concerned you won’t be able to find cover, it’s worth speaking to an financial expert who will discuss your options and help find you the most appropriate cover. 

An introduction to life insurance

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  What is life insurance?

Life insurance provides financial help to those who depend on you to take care of them if you were no longer able to. You wouldn’t leave your home uninsured or drive your car without insurance, so why wouldn’t you financially protect your family or others that rely on you too?

Why do I need it?

If you have family or others that rely on your income, then it would be wise to consider life insurance. And even if you are single with no dependants, there are many good reasons why life insurance would be a good choice.

 



To take away financial stress

Would your family be able to manage financially if you were not around to take care of them? Life insurance can assist in paying school fees, rent and other day-to-day living expenses to ensure that your family is not left under financial stress.



You have debts or loans

Personal loan, student loan, car loan, credit card expenses. Who would settle these debts? Life insurance can be used as protection to help ensure your family or friends don't have to pick up the bill.



To protect your home

Life insurance can act as mortgage protection. If you pass away unexpectedly, your family can pay off any outstanding mortgage balance and stay in the home you have built together.



To fund your children’s education

The benefit of a quality education is perhaps the greatest gift you can give your children. Money from a life insurance policy can be used to invest in your children’s future.



Replacing lost income

If both you and your spouse work and one of you pass away unexpectedly, life insurance can replace the lost income so that your family can maintain their same standard of living.

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  What is critical illness?

  
  

  Critical illness cover is an optional benefit available with most life insurance policies and pays out a lump sum if you are diagnosed with one of the illnesses covered. We cover an extensive number of illnesses including cancer, heart attack, and stroke.

  Why do I need it?

  Critical illness cover is designed to protect you and your family from the impact of illnesses, such as cancer or heart attack, and provide financial security in the face of a crisis.

  Comprehensive cover

  Adding critical illness cover to your life insurance policy can be a way of ensuring you have enough money to replace the loss of income and to pay for your living expenses and treatment while you recover.

  Free cover for your children

  We not only cover you but offer free children’s critical illness cover for up to three children, when you take a critical illness benefit.

  Your employer might not offer critical illness cover

  It’s worth checking the benefits you have through your current employer, as while many employers offer life insurance, not many include critical illness cover.

  Another good reason to consider critical illness cover is that according to the Association of British Insurers (ABI), people are five times more likely to claim on a critical illness policy than a life insurance policy before the age of 65.*

  
  

  
  

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  Other benefits

  In addition to life insurance and critical illness, we offer a wide range of optional covers for additional peace of mind if you are unable to work.

  Why do I need it?

  To pay your insurance premium
  Our Waiver of Premium benefit will pay your policy premiums until the end of your plan’s payment term so you don’t have to worry about your cover when you need it most.

  To help you adapt to a disability
  Our Permanent and Total Disability benefit helps pay for the changes you will need to consider.

  To help your family manage their day to day expenses
  Our Family Income benefit replaces your salary should you become disabled or seriously ill.

  To support you while you’re recovering
  Our Hospitalisation benefit covers your expenses while you’re at the hospital so you can focus on getting better.

  To help you cope with the loss of a limb
  Our Dismemberment benefit pays out a cash sum to help you in the event of loss of sight or the loss of a limb.

  We never want to think about the possibility of any of these unfortunate events happening but the reality is, they happen daily. Please talk to a financial professional about potential risks and your profession so he can help you make an informed decision about your protection needs.

  
  

  For More Info Contact Financial Planning Specialist , Bijal Shah  , 0558870864 

  Email bijal.shah@nexusadvice.com Address: Emaar square Bldg 1, Downtown ,Dubai , UAE.