General insurance What is the approach of insurance companies in unemployment during the pandemic?

[Alexandoy]

When you buy a policy that requires you to pay the monthly premium for 20 years what could happen if you had lost your job today due to the pandemic restrictions? You cannot pay the monthly premium anymore because most likely you will have other priorities in life particularly the necessities such as food and household expenses.

I am posting this topic for the benefit of those who have life insurance and couldn’t pay the monthly premium anymore. A friend who is in the insurance industry said, that the insured can request for a withdrawal of his policy. He can get back the premiums that he had paid and a little interest based on the age of the policy. I think that is a good concession so that the insured will not lose everything.

 

[Jamoflondon]

I think a particular insurance plan was set aside but probably for people who has not been insured before the pandemic, but as for their clients they just have to give them some extra bonuses depending on the type of insurance they bought. Since the COVID is not permanent situation

 

[Mataracy]

When you buy a policy that requires you to pay the monthly premium for 20 years what could happen if you had lost your job today due to the pandemic restrictions? You cannot pay the monthly premium anymore because most likely you will have other priorities in life particularly the necessities such as food and household expenses.

I am posting this topic for the benefit of those who have life insurance and couldn’t pay the monthly premium anymore. A friend who is in the insurance industry said, that the insured can request for a withdrawal of his policy. He can get back the premiums that he had paid and a little interest based on the age of the policy. I think that is a good concession so that the insured will not lose everything.

This is really good indeed because I know that there are many people that has got involved in this circumstances especially during this Pandemic.

This will also serve as a benefit for them because its not that they are the one that intentionally did not pay premium again but the circumstances that warrant it. Its a good one from insurance company.

 

[Mandy96]

I can’t say I’m really sure about this but I believe every or most insurance companies would had set up an insurance policy for it, some might be scared of having the disease and don’t just want to die without any compensation so I think this might be found under the coverage of either health or life insurance

 

[btaliat]

The situation is not pre-empt. In a situation like this, the insurance also always put into consideration some factors like pandemic. And it sound plausible. The instance can come in term with the insured to know whether there is still further probability of continuing, if not, he can be compensated with half

 

[kayode10]

If it can be done with the way you stated in your post, it will be very good. This ensured that the client does not lose out his money entirely. The interest paid back on the premium also gives the client opportunity to earn more money with their premiums. I would like to do something like this if it is available in all insurance packages.

 

[btaliat]

Compensating people that are unable to pay their premium due to some circumstances. Paying this compensation will make those beneficiaries to carry on. It will mean they won't lose much. But the funniest part is that some insurance companies don't pay this except if there is a good broker or agent that will fight for this course.

 

[Wisdom01]

The pandemic really showed caused a lot of unemployment , and I think some insurance company actually gave their client some extension of time to continue paying their insurance policy , while some actually cancelled the policy and they make sure each party is compensated , since there was no assurance that the insurer would continue paying the premium

 

[btaliat]

The pandemic really showed caused a lot of unemployment , and I think some insurance company actually gave their client some extension of time to continue paying their insurance policy , while some actually cancelled the policy and they make sure each party is compensated , since there was no assurance that the insurer would continue paying the premium

Though some insurance companies might not gibe extention thin their clients druing some circumstances, they may see it as a breach in the agreement. But the right thing to do is to give them some chances at least for them to find a way of finding the insurance premium because no body wishes to be plagued with what they don't even plan for.

 

[Wisdom01]

Though some insurance companies might not gibe extention thin their clients druing some circumstances, they may see it as a breach in the agreement. But the right thing to do is to give them some chances at least for them to find a way of finding the insurance premium because no body wishes to be plagued with what they don't even plan for.

There would be no other option they would be able to deal with , because since they are sure that the customers is always at the heed of paying premium , so they would not want to lose their customer , but find a way to please him by giving him some extension of time to pay the insurance premium

 

[Mika]

If you cannot pay the premium because you lost your job and you do not have another income source, it is your problem and not the problem for insurance companies. When you buy the policy you have signed the contract stating that you will continuously pay the premium for the entire term.

 

[sincerem]

That's a good concession with what you've said about insurance companies refunding an insured his or her funds via life or health insurance premium policy. As covid19 ravages offline activities and causing many employees losing their job. That's a wise choice by the insurance company to refund with some interest.

 

[Phabbyfundz]

This is a really broad matter for discussion and I must say they are a lot of people out there contemplating the real importance of insurance company and their approach during times of crises for example the pandemic. But in my opinion in would like to say that before purchasing any insurance plan with any company you have to first understand the terms of the contract binding you together, understand the company policies and approaches so when the need arises you would know how well to approach your insurance company.