4th November 2020

Covid 19 & Your Policy

Covid 19 is having an impact in every aspect of our lives at the moment. In an effort to reassure you about your policy, we have been liaising with all the Irish insurers as well as other relevant bodies and they have confirmed the following:

Life Cover
In the tragic event that a Life Insured dies from COVID-19 then they will all pay a valid death claim. No new restrictions apply as a result of COVID-19.

Serious Illness Cover
COVID-19 is not a defined illness listed on their Serious Illness policies, so claims are not payable specifically for COVID-19. However, a customer may be eligible to claim for conditions arising from COVID-19 if the serious illness definition is met e.g. if one went into intensive care.

It is very important to remain on cover, but should you find yourself in financial difficulties where paying the premiums is a struggle – the main life companies have taken a pragmatic approach; 

Royal London are providing up to a 3-month premium deferral option where no premiums will be payable, but cover will continue to be in place. At the end of the premium deferral period, the premium arrears due can be repaid at that point or spread out over the upcoming 12-month period.

Aviva are providing a payment deferral of four months and your cover will remain in place. At the end of the payment deferral period, the premium will be adjusted upwards so that the ‘Deferral’ repayments will be spread over the following 12-month period.

New Ireland are offering a 3 month premium waiver to customers who have been granted a payment break on their mortgage. These premiums will not be required to be repaid at a later date. Evidence of approval of the mortgage payment break will be required. This offer also extends to term life insurance policies that are assigned to a mortgage.

If you would like to avail of these payment terms on offer, please call us on 01-9017760 or email info@low.ie and we will be happy to get this set up for you.