South Africa is in ‘lockdown’ and we’re all in a collective fight against this Covid-19 pandemic.
The roads are eerily quiet, the sounds of nature have replaced the sounds of cars, hooting, sirens, and planes. We’re all finding new ways to exercise, to entertain ourselves and we now have an abundance of time to get through those ‘to-do’ lists we haven’t had the time to get through before.
None of us know if the lockdown will be over on the 16th of April or if it will be extended, but we do have the answers to a few questions that many of our readers have been sending us.
- Can I take out Life Cover during this time?
- Will I be covered if I pass away from Covid-19?
There is no better time than right now to have a look at your financial plan and analyse if you have all the right amount of insurance in place. Maybe you recently got married or had a kid or the amount of Life Cover you currently have needs to be revised? If you have debt and/or people who are dependent on you financially, then Life Cover is something you really need to have in place.
Life cover can settle that debt and provide an income for your family should you pass away.
So, back to those questions that we can answer for you.
Can you take out life insurance during an epidemic like COVID-19 and will you be covered if you pass away from Covid-19?
The answer to both questions is a resounding “YES”. When actuaries work on Life Cover product development, they include circumstances like pandemics into the pricing. So, Life Cover companies ARE taking new applications and benefit increases for existing clients.
There are, however, a few reasons why you might not qualify for Life Cover during this time:
- You are too old, and you don’t qualify (not specific to the Covid-19 outbreak)
- You are already experiencing Covid-19 like symptoms and looking to seek medical advice in the coming days, you have already been diagnosed with COVID-19 or you have travelled outside of SA to Covid-19 hotspots.
If there is one thing we’ve learnt from this global epidemic, it’s that the line between “everything being Ok” and “not being OK” is a lot finer than we thought. Life is short and it can change in an instant.
Please take the time to make sure you are covered correctly and start by looking at taking out Life Cover to protect the interests of your family.