Australia
How will COVID-19 impact my insurance coverage?
17 February 2022 | Minutes to read: 2

How will COVID-19 impact my insurance coverage?

By William Buck

For two years, COVID has disrupted our lives, our short-term goals and achievements. But what impact has it had on our long-term goals and protecting our future?

This short article aims to address some common questions that you may have in relation to applying for or claiming on your Insurance.

Q1. Do I have to be COVID-19 vaccinated to apply for cover?

Insurers do not require applicants to be vaccinated.

Q2. Am I still covered if I had/have the COVID-19 vaccinations?

In general, yes, the terms and conditions of your cover will remain the same. If you have an adverse reaction to the vaccines this would only be an issue if there was ongoing impairment.

Q3. Can I apply for Insurance (Death, TPD, Trauma and Income Protection) if I have COVID-19?

In general, Insurers require a person to have been free of any COVID symptoms for up to 30 days before they will offer cover.

Insurers may need to request a doctor’s report if there are associated health conditions, but insurers would generally request this anyway.

Q4. Can I apply for Insurance (Death, TPD, Trauma and Income Protection) if I have had COVID-19 previously?

In general, yes, you can apply if 30 days have passed from the date of your last symptoms.

If you were hospitalised or have recurrent symptoms, individual consideration may apply and the insurer may request a longer period of time symptom free before offering cover.

If you have any long-term adverse reactions (i.e. heart inflammation) this may impact on the terms of cover offered by the insurer.

Q5. Will I still be covered if I travel overseas?

In general, yes, you will be covered unless your policy has a stated ‘COVID related exclusion’.

Under this exclusion, no benefits, features or options shall be payable for any claim arising directly or indirectly out of, or in connection with, travel to or from, or whilst travelling or residing in, any country where the Australian Government has issued a ‘do not travel’ or ‘reconsider your need to travel’ warning, or a travel warning with similar effect. It is likely that COVID related travel exclusions will be removed in the short to medium term.

Q6. Will my beneficiaries still receive my Life (Death) Insurance if I die from COVID-19?

The payment of your death benefit will be unaffected if you die from COVID or a COVID-related illness.

Q7. What should I look out for in a policy?

Not all policies are created equally. For example, insurance held within super may have different terms and conditions compared with personally owned policies, and some will be underwritten upfront while others will include underwriting at the time of claim. These differences can impact on the quality of your cover and your ability to claim if an event were to arise.

To ensure that you have the right cover for your circumstances, we encourage you to seek professional assistance.

This way your policy is tailored to your needs and any claim exclusions are known from the outset.

You also have the ongoing support and knowledge from your trusted advisor, who can assist you in the event of a claim.

If you require assistance in determining the appropriate types or levels of personal insurance cover required, contact your William Buck Risk Advisor.

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