As the COVID-19 health crisis continues, one of the many worries is finances. In addition to possible welfare and medical costs, there are also concerns about business interruptions and unemployment. This is a time when you hope your insurance policies will cover you. But are you covered? And if so, is it enough?

“Unfortunately, many people only think about getting insurance coverage when it may be too late,” says Richard Cayne of Meyer International. “And if you do have insurance, you need to make sure that you are fully protected.”

What is COVID insurance?

While many countries have nationalised healthcare, other do not. Or those that do may not cover certain treatments, extended hospitalisation, or convalescence care. With such a potential vacuum, insurance companies have been marketing “coronavirus policies” that include medical care, death benefits, and/or disability cover.

Focussing specifically on a COVID-19 diagnosis, these policies seemed to be a safety net for the uninsured or the underinsured who were worried about the impact of getting sick with this virus. However, there is the question as to the effectiveness of these policies – will they pay out as they claim to or will this increase the financial burdens and bureaucratic nightmare for those affected. And in some cases, because it is triggered by an infection, insurance companies may scrutinise claims, looking for any behaviour that could nullify coverage.

Are you already covered?

Before rushing out and purchasing stand-alone, COVID-19 specific insurance policies, you should check to see if you already have enough coverage. If you have national healthcare or employee coverage, you should be covered. Most governments and many insurance companies have made concerted efforts to ensure that current health cover does not fail coronavirus patients.

The major problem comes with business interruptions and unemployment. If you have a business affected by this pandemic, which is pretty much most businesses, you need to confirm that your policy covers this situation. Unfortunately, there are policies that carve out virus outbreaks.

Should you get insured now?

It is never too late to get insurance. But you need to make sure that you are getting the right kind of coverage from a stable, reliable company that can support your claims if you ever need it. Consult with a trusted financial professional like Richard Cayne in Bangkok Thailand who can help you decide how much insurance you need as well as which providers are the best for you.