COVID-19 vaccination and life insurance A number of Australia’s largest life insurance companies have come together to reassure Australians that getting a COVID-19 vaccination will not affect your ability to claim on your existing life insurance policy now or in the future. This initiative is supported by life insurance providers including AIA, ClearView, MetLife, MLC, OnePath, Resolution Life, TAL and Zurich. Between them, these insurers cover more than 14 million Australians.
Beware of false rumours There have been many rumours floating around on social media about the COVID-19 vaccine. Some of these rumours claim that the vaccine is an “experimental medical treatment” and hence, getting a jab would count as a “self-inflicted injury” that could void your life insurance policy. The CEO of Financial Services Council (FSC) Sally Loane has clarified that these are false rumours. You can read further on about the FSC statement here: https://www.fsc.org.au/policy/life-insurance/commitments#:~:text=There%20have%20been%20false%20claims,life%20insurance%20you%20already%20have.
“To be clear – the COVID-19 vaccine is not experimental treatment,” she said in a statement. “Receiving approved treatment from a qualified medical professional at an approved medical facility is not a self-inflicted injury. The FSC would like to reassure Australians that when they get vaccinated, their life insurance will be there for them, completely unaffected.”
Am I eligible for life insurance if I’ve had COVID-19? You may be eligible to get cover even if you’ve had COVID-19, provided you meet the eligibility criteria of the life insurance policy. Life insurers generally ask you health-related questions when assessing your application to get cover. You must answer all these health and lifestyle questions honestly, when asked as part of the assessment process. Each policy might have different eligibility criteria. It’s best to check the Product Disclosure Statement (PDS) of the policy you’re applying for to confirm if you’re eligible to be covered or contact the provider and explain your scenario before applying. A financial adviser can also help you work with the insurer to understand your cover options prior to completing an application.
Get professional advice If you have any concerns about your own life insurance cover and whether you’re still eligible to claim after getting a COVID-19 vaccination or after having contracted COVID-19, please get in touch and we can discuss your options in further detail as we are not linked to a product provider and have a number of providers when looing at what is appropriate for your situation.
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Principal Financial Planner at RP Wealth Management | Financial Planning l SMSF I Insurance l Property Advisory. Our purpose is to provide our clients with sound advice and direction to assist with their financial affairs and help them make the best choices in achieving what is important to them.
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