ActiveQuote reveals income protection insurers are updating their terms
The UK protection insurance comparison site ActiveQuote has revealed that income protection (IP) insurers are updating their terms for vulnerable policyholders during Covid-19 at ‘unprecedented’ levels
ActiveQuote said that providers are accepting new applicants, including people on furlough, for accident and sickness policies. IP providers have introduced a range of new terms for existing and prospective policyholders.
There are four main types of IP insurance: mortgage, redundancy, loan and accident and sickness cover. Each policy covers general living costs in the event that the policyholder is unable to work. ActiveQuote saw IP enquiries peak at the end of February due to ongoing fears around the Covid-19 outbreak.
Rod Jones, Head of Partnerships at ActiveQuote, said: “We have found that the current situation has seen more people than ever are turning their attention to the benefits of having income protection in place, regardless of their employment status.
“Individual insurers have suspended policies in the past for policy amendments and other maintenance reasons – and occasionally a specific product has been withdrawn but nothing near the extent we have seen recently – so the current situation really is unprecedented in terms of amending acceptance criteria across the board.”