Comparethemarket.com has decided to temporarily stop IP comparison on its website due to coronavirus
Comparethemarket.com said in excess of 95% of providers on its panel are no longer covering new applicants for the unemployment element of accident, sickness and unemployment cover.
It added that almost all income protection (IP) providers are considering new applications for cover however a number have put coronavirus exclusions in place.
The likes of British Friendly, Holloway Friendly, Cirencester Friendly and The Exeter have all added coronavirus exclusions for new IP applications.
As a result it is awaiting guidance from more insurers who are currently reviewing whether to add coronavirus exclusions before they accept any further applications.
"We will not provide quotes for these types of policies until we are confident that customers are getting the right cover," said Anna McEntee, director of insurance at comparethemarket.com.
She added: "Our priority is to ensure that our customers can be confident that the product they purchase is going to meet their requirements. In order to protect our customers we have therefore decided to temporarily stop offering income protection quotes via our website during this period of uncertainty."
Kevin Carr, of the Income Protection Task Force (IPTF), said: "It is important customers looking for cover speak to an independent adviser who can explain the differences between different types of cover, as well as what is available, who from and what exclusions might be in place. It's not surprising that the availability of unemployment cover is reducing drastically, but no long term income protection providers have pulled out of the market yet."
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