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Insurance loading if you have tested positive for cv19 ?

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  • 08-06-2021 8:36pm
    #1
    Prefect_1998
    Registered Users Posts: 954 ✭✭✭


    Good evening,

    I was talking to someone today who was saying as part of the life insurance questions covid 19 is being asked about.

    Have you tested positive ?
    Any side effects , clmplications etc etc.

    this poentially will have a knock on for premiums as medical profession don't really know the long term side effects.

    What else could having covid 19 affect in terms of insurance ?

    Has anyone else heard anything about this ?


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    #2
    Gregor Samsa
    Registered Users Posts: 8,925 ✭✭✭Gregor Samsa


    This is Irish Life's published statement on Covid 19 diagnosis:

    https://www.irishlife.ie/blog/covid-19-and-life-insurance/
    1. Will COVID-19 impact my ability to get life insurance?
    Irish Life, and indeed the wider insurance industry, does not see COVID-19 as a barrier to taking out life insurance. Generally, people are not refused life insurance for this reason.

    If you had COVID-19 and didn’t require an in-patient hospital stay, are now back at work, and you have fully recovered with no other significant underlying condition, your life insurance application with Irish Life Assurance should proceed as normal.

    Note that the second paragraph outlines a particular scenario of non-severe illness and full recovery. I guess (by omission) this means that having required an in-patient hospital stay, not being back at work and/or not having fully recovered could affect your application in some way. And as they say in the first paragraph that it wouldn't be a "barrier" to taking out life insurance, I suppose that would possibly mean higher premiums rather than refusal.

    Actual Covid diagnosis aside, people who suffer from Diabetes are seemingly finding it (more) difficult to get Mortgage Protection insurance due to their increased risk of severe illness as a result of Covid.

    https://www.irishtimes.com/news/politics/mortgage-applications-for-those-with-diabetes-delayed-for-up-to-year-1.4525552

    It would appear from the delays they are seeing that the companies involved are doing a wait-and-see as to what the longer term implications are.


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    #3
    Red Silurian
    Registered Users Posts: 8,428 ✭✭✭Red Silurian


    danielle_door wrote: »
    Good evening,

    I was talking to someone today who was saying as part of the life insurance questions covid 19 is being asked about.

    Have you tested positive ?
    Any side effects , clmplications etc etc.

    this poentially will have a knock on for premiums as medical profession don't really know the long term side effects.

    What else could having covid 19 affect in terms of insurance ?

    Has anyone else heard anything about this ?

    Not life insurance related but mortgage protection insurance is being refused by some providers if applicants have had covid19

    Lots of people looking to get into the property market are refusing to be tested as a result


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    #4
    Prefect_1998
    Registered Users Posts: 954 ✭✭✭Prefect_1998


    Gregor Samsa wrote: »
    This is Irish Life's published statement on Covid 19 diagnosis:

    https://www.irishlife.ie/blog/covid-19-and-life-insurance/



    Note that the second paragraph outlines a particular scenario of non-severe illness and full recovery. I guess (by omission) this means that having required an in-patient hospital stay, not being back at work and/or not having fully recovered could affect your application in some way. And as they say in the first paragraph that it wouldn't be a "barrier" to taking out life insurance, I suppose that would possibly mean higher premiums rather than refusal.

    Actual Covid diagnosis aside, people who suffer from Diabetes are seemingly finding it (more) difficult to get Mortgage Protection insurance due to their increased risk of severe illness as a result of Covid.

    https://www.irishtimes.com/news/politics/mortgage-applications-for-those-with-diabetes-delayed-for-up-to-year-1.4525552

    It would appear from the delays they are seeing that the companies involved are doing a wait-and-see as to what the longer term implications are.

    Thanks for that info, interesting times ahead, for covid positive people interms of life and mortgage protection insurqnce


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    #5
    Atlantic Dawn
    Registered Users Posts: 81,309 ✭✭✭✭Atlantic Dawn
    M


    The government should step in to ban these questions, it will put people off being tested.


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    #6
    Prefect_1998
    Registered Users Posts: 954 ✭✭✭Prefect_1998


    Red Silurian wrote: »
    Not life insurance related but mortgage protection insurance is being refused by some providers if applicants have had covid19

    Lots of people looking to get into the property market are refusing to be tested as a result

    Maybe the title should have been insurance in general.

    Refusing to be tested is a scary thought .

    So if you think you have covid and ride the storm of the illness without a positive result you can claim you never tested positive.. thats insane.


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    #7
    Red Silurian
    Registered Users Posts: 8,428 ✭✭✭Red Silurian


    danielle_door wrote: »
    Maybe the title should have been insurance in general.

    Refusing to be tested is a scary thought .

    So if you think you have covid and ride the storm of the illness without a positive result you can claim you never tested positive.. thats insane.

    Precisely, and it's their constitutional right to refuse medical procedures which would include testing! The ones I've spoken to will isolate for the 2 weeks etc etc so not too bad


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    #8
    Prefect_1998
    Registered Users Posts: 954 ✭✭✭Prefect_1998


    Maybe it's better the questioning from insurance companies is relatively unknown as it could cause alot of these refusal to test suitations.


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    #9
    Darc19
    Registered Users Posts: 3,817 ✭✭✭Darc19


    Red Silurian wrote: »
    Not life insurance related but mortgage protection insurance is being refused by some providers if applicants have had covid19

    Lots of people looking to get into the property market are refusing to be tested as a result

    Can you provide any evidence of this or is it more bs from someone on fakebook


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    #10
    Gregor Samsa
    Registered Users Posts: 8,925 ✭✭✭Gregor Samsa


    Darc19 wrote: »
    Can you provide any evidence of this or is it more bs from someone on fakebook

    Here's what Bank Of Ireland have to say about the impact of a Covid 19 testing on Mortgage Protection applications.

    https://personalbanking.bankofireland.com/borrow/mortgages/articles/the-impact-of-covid-19-on-your-protection-policy-your-questions-answered/

    "If you are applying to take out a policy and have tested positive for COVID-19,are awaiting test results for COVID-19 or have been referred for a test for COVID-19, a final decision on an application for cover will be postponed until you have either fully recovered and are back to normal activities for a period of time. If you are applying to take out a policy and are experiencing COVID-19 symptoms then a final decision on your application for cover will be made once you have been symptom free for at least 1 month. When we assess an application for cover we of course take all medical details provided into account and not just any disclosures about COVID-19."

    So, for them at least, it's not a straight up "no" if you've tested positive (or are awaiting a test), but they will postpone making a decision on your application until you can show that you've fully recovered.


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    #11
    Red Silurian
    Registered Users Posts: 8,428 ✭✭✭Red Silurian


    Darc19 wrote: »
    Can you provide any evidence of this or is it more bs from someone on fakebook

    I had heard it from various news reports on the radio a few weeks ago, also the last word had a section on it, a quick google only shows the below though... Nothing on the book of faces but I haven't gone looking there

    https://dowlingfinancial.ie/news/those-who-test-positive-likely-to-struggle-to-get-life-and-mortgage-protection-cover/

    I have no proof of what people are telling me regards refusal to get tested as that's all word-of-mouth.
    Gregor Samsa wrote: »
    Here's what Bank Of Ireland have to say about the impact of a Covid 19 testing on Mortgage Protection applications.

    https://personalbanking.bankofireland.com/borrow/mortgages/articles/the-impact-of-covid-19-on-your-protection-policy-your-questions-answered/

    "If you are applying to take out a policy and have tested positive for COVID-19,are awaiting test results for COVID-19 or have been referred for a test for COVID-19, a final decision on an application for cover will be postponed until you have either fully recovered and are back to normal activities for a period of time. If you are applying to take out a policy and are experiencing COVID-19 symptoms then a final decision on your application for cover will be made once you have been symptom free for at least 1 month. When we assess an application for cover we of course take all medical details provided into account and not just any disclosures about COVID-19."

    So, for them at least, it's not a straight up "no" if you've tested positive (or are awaiting a test), but they will postpone making a decision on your application until you can show that you've fully recovered.

    Banks are finding any reason at all to deny mortgages, this might not be a blanket "no" but combined with things like the EWSS or "high risk jobs" they'll argue the "combination of these factors" is the reason for denial


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    #12
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Red Silurian wrote: »
    I had heard it from various news reports on the radio a few weeks ago, also the last word had a section on it, a quick google only shows the below though... Nothing on the book of faces but I haven't gone looking there

    https://dowlingfinancial.ie/news/those-who-test-positive-likely-to-struggle-to-get-life-and-mortgage-protection-cover/

    I have no proof of what people are telling me regards refusal to get tested as that's all word-of-mouth.



    Banks are finding any reason at all to deny mortgages, this might not be a blanket "no" but combined with things like the EWSS or "high risk jobs" they'll argue the "combination of these factors" is the reason for denial

    In the long run, it is better for an applicant to disclose any pre existing condition prior to taking out mortgage protection. If they do so this will be assessed and the protection cover granted in the knowledge of the condition unless it is very life limiting. If it is not disclosed and the individual subsequently requires the cover due to a change of circumstances, the insurer may not honour the cover if the pre existing condition contributes to the issue requiring cover leaving the applicant / family in a bad way


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