Covid19 v Income Protection
The Covid-19 pandemic has seen a huge surge in people looking for protection insurance. At Protect Income Insurance we recorded an unprecedented level of enquiries, from both existing and new customers. For our current customers (prior to covid19) we are able to confirm unchanged coverage to their policies for their peace of mind. We have also noted an increase in younger people wishing to protect their incomes during the pandemic.
Insurers Suspend Products
During the pandemic, all of the income protection insurance providers suspended the sale of their products. The reason for the suspension was to ensure protection levels remained the same for current customers and prepared for life post covid19.
Income Protection Back On Sale
Once the insurance providers were able to calculate how to best way to offer protection to customers, they reopened their products for sale. However there have been a few changes to what is available.
This is good news for customers and providers, who have been advising about the long-term benefits of Income Protection and the importance of not waiting until a crisis to put a policy in place.
During the initial period of the pandemic we saw a huge surge in the number of people looking to take out short-term Income Insurance cover at the same time Covid-19 arrived in the UK. At Protect Insurance Cover we are hopeful that the rapid resurgence in longer term cover which has emerged since continues its upward trend.
Post Covid19 Income Protection
There are four main types of protection insurance:
Accident and sickness cover
All of which are available as individual policies or as a package depending on your individual circumstances. However, since the Covid19 outbreak unfortunately insurers are no longer able to offer unemployment cover.
With the UK now slowly emerging from lockdown and employers now welcoming staff back to the workplace. We are now aware of how quickly circumstances can change, with the Covid-19 crisis being a stark reminder that it’s a necessity to have a good Income Protection policy in place.
Whilst we are all still trying to understand and adapt to the changes to lifestyles. Work wise we may be in unprecedented times in terms of the scale on which employees across the country have been affected by Covid19. But the potential that any one of us may become unable to earn a living for a wide range of unexpected reasons is always there.
Income Protection For The Future
With all insurance products, many of the customers who had protection in place for Income Protection prior to the pandemic are most likely to have come off the best in terms of their right to claim. The fact that increasing numbers of people are now taking out new Income Protection Insurance. Also requesting higher levels of cover which has risen to pre-Covid levels so rapidly would certainly suggest a turn in the trend. Which would show Income Protection Insurance is now a necessity and not a luxury product.
While at Protect Income Insurance we cannot predict the future or what it may bring. We encourage people to be prepared and with the benefits of Income Protection clearly seen during these uncertain times. We hope the general public can finally begin to put Protection Insurance in place, alongside the other mainstream insurances.
To find the right cover at the best price, simply compare income protection quotes from Protect Income Insurance.