Coronavirus and Life Insurance


The facts as we know them in relation to the impact of the unfolding coronavirus pandemnic:

Q. Are there any exclusions on my life insurance, TPD, trauma insurance and income protection in relation to coronavirus or a pandemic?

A. If you hold a retail individual insurance policy, there are currently no insurers who exclude death or illness in relation to a pandemic.  Some industry fund and group insurance schemes have pandemic exclusions, but this is generally only enforced if the policy was taken out 30 days prior.  Check the relevant PDS for specific information on your policy.  Ctrl+F – pandemic and see what comes up.  Alternatively, contact us with your current policy information and we will report back to you.

Q. If I am away overseas, do I need to return home for my life insurance to be honoured?

Unlness your policy is one of the very few ‘direct’ offerings that specifically states you must “follow Government travel advice” your cover will not be jeapordised

Q. What if I am applying for new insurance?

Whilst there are currently no issues with applying for new insurance, most insurers will ask about your travel plans.  If you have plans to travel to a country the Federal Government has issued a warning against, the insurer may decline your application until you have returned and a certain period of time with good health has passed.