There is nothing like a disaster to focus people’s minds, and the current COVID-19 pandemic is certainly doing that. This is a disaster like no other in our memories, and it is likely to have an impact worldwide for years, if not decades to come. The world of business and finance are likely to be hit hard, and the general population will also see an austerity like no other, while the emergency funding is being paid back. Now is probably the best time to start looking at some of your commitments, with a view to save yourself some money but also to make sure you have the best of what is available.

While mortgage deals may be pretty high up the list of expenditure to look at, you would also be strongly advised to take a look at your life insurance and critical cover, since like many aspects of life after COVID 19, these may well change substantially, both in terms of what they cost but also what they protect.

Following the outbreak of COVID-19, many insurers have updated the kind and number of questions that they ask, generally making the whole process of applying a little more difficult.

Because the virus has become so prevalent – and has the potential to kill so readily – it has become a real issue for insurers.  We know so little about it – though we learn more every day – and don’t know how it will affect a surviving suffer in the long term, so the risk associated with it from an insurers point of view is actually very high, and that tends to get reflected in premiums and the range of cover provided.  Suffice to say, in future the questions asked may become more invasive and may even require physical evidence, like a blood test before an insurer will open a new policy.

And the cost of a policy is likely to increase too. Premiums are based on risk, and since COVID-19 has introduced a huge new threat, it is only reasonable to assume that they will rise accordingly.  By how much is anyone’s guess, but since we will also be facing austerity of terrifying proportions, and many are likely to have either significant changes to their job roles, reduced salary, or maybe a completely different job entirely.  Because we cannot predict what will happen, now is a good time to try and install a little normality in our lives, by making what we have currently a bit more predictable.

So now might be the best time to consider taking out a new policy or renewing your current one, so that you can pick up a good policy at a reasonable price. There are many products out in the market and you will have a comprehensive choice, but it always pays to seek the advice of a financial advisor.

If you need advice on your current life insurance policies, or are seeking a new policy, talk to our experts at Grange Mortgages to discuss your options. Our team are working from home during the crisis but are still contactable to discuss your needs.