People who test positive for Covid-19 may struggle to get life insurance, mortgage protection and serious illness cover.
Insurers say they will postpone covering someone who has tested positive for the virus until they have fully recovered.
And they added that they would not cover people who had recently returned from an affected area or if they had contracted the illness, until full recovery was made. The issue relates to new policies.
Experts said this could have the effect of denying many people the option of getting life and mortgage protection cover.
However, insurers have insisted there will be no issue for those with existing life policies when it comes to paying claims as a result of death from the virus.
Some 40,000 people are awaiting test results as they fear they have the virus.
"If you are taking out a life policy there may be delays getting cover, or there will be no cover available if you have a positive result," mortgage broker Michael Dowling said.
He said anyone in the process of taking out a mortgage at the moment needed to be aware of the approach of life insurance companies to Covid-19.
He said the Consumer Credit Act 1995 required all borrowers with a mortgage to have life cover equal to the loan amount and term.
Life insurer Zurich has sent a note to brokers saying it has no new underwriting restrictions.
But it said: "If a client discloses that they have recently returned from an affected area or if they have contracted the illness, then underwriting may be postponed until a full recovery is made."
New Ireland Life told brokers: "If an applicant has tested positive for Covid-19, or is awaiting test results for Covid-19, a final decision on an application for cover will be postponed until the applicant has either fully recovered or the result of the test is confirmed as negative."
Mr Dowling said all life insurance companies were set to take the same approach.
Financial adviser Karl Deeter questioned the move by the life insurers.
"Irish people are often under-covered, but if the thing they fear now isn't covered, or cover is being postponed until people recover, then there is less reason to take out cover," he said.
Insurers will not cover Covid-19 on serious illness policies. They say it is not a defined illness on these policies.
Zurich said it was standard industry practice that insurers awaited the results of any medical tests before cases were fully underwritten.