Buying Life Insurance during the COVID-19 pandemic

An unprecedented global pandemic throws up a lot of questions. Suddenly we’re having to think about things we haven’t thought about before – including the unthinkable.




Sales of life insurance, due to the COVID-19 (Coronavirus) pandemic, are surging. According to Forbes, sales are up 20% since January. If you have life insurance, and you pass away from the virus, your beneficiaries will receive their compensation. If, however, you’re applying for life insurance right now, we’re here to answer your questions because it’s not so simple.



In countries like the UK and Australia , the COVID-19 pandemic has brought about a rush of ‘panic buying’ for Life Insurance, and even here in Ireland we are seeing an increase in policies as consumers rush to protect themselves and their families.



But is Life Insurance a good ‘panic buy’?



The answer is a simple NO



Life insurance is a smart thing to consider at any time, but you shouldn’t let coronavirus put you off from taking out a new policy. While there may have been some changes, insurers aren’t removing their products from the market.



It’s not something you should buy on a whim for a number of reasons. The products are complex and small details can have massive ramifications in terms of outcomes. It’s also a purchase that often involves a lot of conversations with partners, loved ones, and even those outside the family.



These are not the kinds of decisions you want to rush through. We always recommend speaking to a financial Adviser



Applying for Life Insurance – what has changed?



So, if life insurance is something that has crossed your mind over the last few weeks, you proparply want to know exactly how it all works during a pandemic – and whether or not it would even be possible to take out a new policy to cover yourself and your family.



The key thing to note is that you shouldn’t have any issues buying life insurance. Some insurers have slightly altered their underwriting requirements to ask questions about Covid 19, but the good news is there is currently no restriction on the availability of life insurance.



1. GP Reports and Medicals



Where possible you may not need a medical exam. The vast majority of application never need any reports or medical examinations. If you do need an examination, our providers have arranged nurse medicals over the phone, where you are asked questions by the GP or Nurse.



2. You may be asked new questions



For example, have you had Covid 19 or been in contact with anyone who has contracted COVID-19. 



3. No Paperwork



Online and Phone Applications.  There are some insurers (like us) who have designed to complete the application process online and over the phone. This is how we have done it for years. We personally recommend doing this over the phone, so our advisors can help tailor a plan to suit your needs.



-Quick and Easy Application Process:



Completing your application couldn’t be easier, there are no forms for you to fill out. You can complete your application over the phone in about 5 minutes and sign it securely online in minutes.



-The next step:



Call us on 01-5390410 to speak to an advisor for advice, additional quotes or to arrange cover. We have a team of fully qualified Financial Advisors to provide advice and assistance at every stage.



Life insurance is now firmly on many people’s radar where previously it was the kind of thing that was put off until ‘later’. Make sure though when you are considering a policy to understand the process and that you’re generally not comparing apples with apples.



4. Watch out for deals that seem ‘too good to be true’.



Unfortunately, during these times we find unscrupulous companies taking advantage of the current situations.



We spotted this ad on social media. We are very concerned about this, and other similar adverts offering money .



They are offering that you get your all premiums back after 10 years. How can a company survive with such a ‘generous’ offer???



They are not a regulated company, and it’s not a regulated product.


If you see a company with offers such as ‘money back on your premiums’, or offers that seem too good to be true, please check if they are fully authorised and that regulated by the Central Bank of Ireland.



If you are in any doubt, you can check here. http://registers.centralbank.ie/FirmSearchPage.aspx



If you feel that a company is not regulated, please report this to the Central Bank of Ireland.



OneLife Insure is regulated by the Central Bank of Ireland Ref: C136258



We were recently awarded with the coveted Business All-Star Accreditation, at an award ceremony in Croke Park.  This is an independently verified standard mark for businesses based on rigorous selection criteria; performance, trust and customer centricity.



Life insurance is a smart thing to consider at any time, but you shouldn’t let coronavirus put you off from taking out a new policy. While there may have been some changes, insurers aren’t removing their products from the market.



Life insurance is now firmly on many people’s radar where previously it was the kind of thing that was put off until ‘later’. Make sure though when you are considering a policy to understand the process and that you have a plan that suits you and your family needs.



You can contact us on:



Telephone 01-5390410




Web: www.onelifeinsure.ie



Email: info@onelifeinsure.ie



Whatsapp: 087- 9601272