Not sure how valid this following information is, but back in April i too was looking at the safety net of Travel Insurance, in case a booking on UL were to go South for some reason, more so with half the ticket utilized (onward leg completed)
I was running this scenario past a friend who works in Insurance & he was of the opinion that the Insurer wouldn't possibly honor the claim in the above situation, as it's a known thing that the Airline being State funded could get impacted at any time due to the Economics situation in the country. And bearing this in mind, if a traveller still chooses to fly them, any potential cancellation would be something that would NOT be covered by travel Insurance policy.

It was all getting complicated and i just booked on another carrier. But the airline is still flying.