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Personal Insurance, this side of lockdown

10/7/2020

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There been some interesting changes insurance wise, this side of lockdown.

It’s not so much any increase in medical risk that have brought about the changes. Its more the uncertainty of the economy. This causing uncertainly around some individual incomes and business income.

The biggest change is around new income protection and new business loss of revenue type cover. (This is where an individual or their business is paid a monthly amount, if the insured individual can't work due to illness or injury).
Before lockdown it was usual for the insured amount (the monthly claim amount) to be what’s called “Agreed”. This means at claim time there is no need to prove the individual’s income or business income, prior to the claim.
Currently I can’t find any insurer who will provide Agreed Value products, for new clients or even an increase in cover for existing clients

So, if you have one of these (and many of the income covers I have put in place in the past have been Agreed Value) don’t let it go. It may be a long time before you can get it back, if you do let it go.

Another change is sensitivity toward mental illness, depression, anxiety etc. Insurers are wanting to know more around how new applicants for insurance “are going” in this regard.
Will things revert to the “norm”? Maybe, with the passing of time. In the meantime, think carefully before cancelling or changing your cover. Especially Income Protection type cover.
​

Want to discuss it further? Email me or give a ring. I’m always up for a chat.
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    I specialise in advice for individuals, families and small to medium size business owners. 
    I have advised and assisted many business owners in the area of Health and Safety, ACC and all forms of Insurance.

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