What is the insurance response to Covid-19?

Jon-Paul from Willowgrove Consulting Limited

For many people, there won't be an insurance response until people are admitted to hospital.

Which also means that people are compromised in their ability to access advice and claims as isolation restrictions will reduce physical access and communication options.

Being prepared and understanding what you may be entitled to, or making preparations for your partners and family to respond is useful.

Not because there is a high-risk of this personally, more that if it does happen you don't create additional distress for you and your loved ones.

There are a number of things you need to address before you get to the sick and hospital stage:
* Address what insurance cover you have, this isn't necessarily about new cover, though we can help with this if it is needed, more that knowing what you have will make for better decision making.
* Sort out your Power of Attorney, somewhat challenging now in lockdown as it needs lawyers and witnesses, at the same time something that needs discussion and a chat with your lawyer.
* Sort your Will out, we know some 30-40% of deaths in New Zealand don't have a Will in place. It is a simple document to do and we do have a facility for very simple Wills can be done. Anything slightly complex will need a lawyer.

More specifically on the response from insurance, we put together the attached article at the beginning of March to help our clients understand how their insurance is going to respond, this is still relevant.

The only addition to this is now we are in lockdown some insurers have come to the party with premium holiday options that protect cover while enabling it to be claimed if you are faced with a need to claim. The specifics need to be discussed with your adviser or insurer, and some are better than others.

We are open online and by phone, happy to chat to answer questions, help people understand what they have, and arrange additional cover if it is needed. (We do have some heavy restrictions on placing new cover that will respond to Covid-19)