Does life insurance cover me for COVID-19?

Author : Manjinder Singh | Published On : 13 Oct 2021

Life Insurance Waterloo

 

Over the last few months we have fielded several enquiries from clients asking if they are covered for COVID-19 related events. Although the level of infection in our region is relatively low, we’ve put together a quick summary to answer these questions. If any of the questions below are applicable to you, we recommend you talk to us


 

I have an existing life insurance policy, am I covered in the event of death?

 

There are no general exclusions for COVID-19 in any of our individual life insurance policies. If you own a retail insurance policy, it is highly likely that you are fully covered for COVID-19 in line with your policy terms and conditions.

 

I have an existing income protection policy, am I covered if I fall ill?

 

Insurance plans Waterloo

 

If you become unwell and are unable to work beyond the duration of your applicable waiting period, then subject to the terms and conditions of your specific policy, you may be able to claim an income protection benefit. Please note that cover is not provided and the waiting period does not commence if you are self-isolating and unable to work, but not suffering from sickness.

 

Will I be covered if I have an existing policy and I want to travel overseas?

 

Yes, in most cases your policy will still cover you if you travel overseas, including countries that have a Department of Foreign Affairs and Trade ‘Do not travel’ advice warning. However, please note that for some policies, exclusions may apply.

 

Can I obtain insurance if I have COVID-19?

 

Life Insurance Waterloo

 

If you have tested positive for COVID-19, or are waiting on a test result, you will not be immediately eligible for cover. You will need to wait and be reassessed once you have recovered and resumed your formal duties.

 

I am a health care worker, can I obtain insurance cover?

 

Yes. If during the policy application and assessment process it is established that you have recently travelled abroad, are showing symptoms of COVID-19, or are in a high-risk group, then you may be individually assessed, and modified terms may be offered.