Effective from 18 March Fidelity Life have closed new applications for Redundancy cover. Due to the significant impact on the economy the virus is likely to cause it is likely to lead to an increase in redundancies and therefore in redundancy-related claims. Existing customers with redundancy cover are unaffected.
Fidelity have informed advisers of what to expect in relation to claims stating that for Trauma cover while Covid-19 isn’t listed as a specified condition, some customers’ policies may provide cover if they have ongoing complications resulting from Covid-19. If as a result of Covid-19 they meet the terms and conditions of their policy, they’ll be able to claim.
In regards to IP: Customers will only be able to claim if they’re medically certified as unfit to work, for example if they’ve contracted Covid-19 and are not well enough to work, and otherwise meet the terms and conditions of their policy. They won’t be able to claim if they’re put in quarantine, for example, or unable to attend their place of work, or can’t work because they’re looking after someone else who has contracted Covid-19.
For TPD: if as a result of Covid-19 customers meet the TPD definition and the terms and conditions of their policy, they’ll be able to claim.