With all that’s going on at the moment, it’s normal to feel some concern about how Covid-19 will develop and possibly impact you, your family and friends, and your business. It’s important that we stay calm, look after ourselves and our communities, and make sure the information we’re receiving is accurate, and from a trusted source.

You may have questions about your Insurance cover, and how it would work in the event you are impacted by Covid-19.

We’ve asked some of the Insurance companies to provide a bit more detail around this, which you can find below. Obviously you may not have all of the covers listed below, so some of this information may not apply. But we have included it all for the sake of being thorough.

This information is general in nature, and the Insurers have said each situation will be assessed on a case-by-case basis, in relation to the terms of the policy you have in place.

Most insurers don’t have restrictions, exclusions or limitations in their policy wordings which would specifically limit claims from Coronavirus or other pandemics. So, with a claim, the customer would simply need to meet the eligibility criteria for the particular insurance benefit they hold. As the majority of customers may only suffer “flu-like symptoms”, they wouldn’t necessarily meet the criteria to make a claim.

Medical Covers – Most treatment is likely to take place under the public health system (as it is urgent care). However, if it falls outside the public system, there are no exclusions for epidemics, so a claim could be considered.

Trauma Covers – If the customer is in intensive care, or suffers other complications such as a stroke, heart attack, lung failure etc, then a claim could be considered if it meets the criteria.

Disability/ Income Covers – If the illness impacts a customer’s ability to work, and it exceeds the ‘wait period’, then a claim could be considered.

Life Insurance - Primarily covers all circumstances, worldwide. If someone passes away, or is diagnosed as terminally ill from Coronavirus, then a claim could be made like it would for any other cause.

Any new insurance applications will be assessed on where the person has recently travelled, or intends on travelling in the future.

If you do have any questions or concerns, please let us know and we can guide you in the right direction.

No investment decision should be taken based on the information in this blog alone. If this article raises any questions please contact your Financial Adviser.

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