Coronavirus FAQ's for Income Protection clients:
After receiving a multitude of questions around COVID-19 and income protection, we want to answer some frequently asked questions you to help clients make informed decisions.
If I get Coronavirus, can I claim on my income protection?
If you have contracted Coronavirus and other health-related complications which prevent you from working after your waiting period is up, then you might be able to claim income protection cover.
If you have symptoms and have received medical advice that you can't work, and you remain unwell past the duration of the waiting period, you will be considered for a claim on an insurer's income protection cover.
The majority of life insurers released statements concerning COVID-19, writing that ‘income cover’ should apply ‘if you’re unable to work due to a sickness or injury after your waiting period expires.’*
At the end of the day, if you are unable to perform your usual occupation as a result of sickness or injury and under the care or instruction of a medical professional, then we can help establish a claim with your relevant insurer.
My business has come to a halt due to cancellations relating to coronavirus, can I claim on my income protection?
Income Protection is designed to pay a benefit if you are unable to work due to sickness or injury. If your ability to earn an income falls outside of that, those circumstances would not be eligible for a claim.
This type of cover would generally be part of a business insurance (such as business continuity cover) through a General Insurance Broker. if you have a small business and don't have a broker, we can introduce you to one to help (however it may be too late in the case of this particular pandemic if you don't have this in place already).
If you have Business Insurance, please contact your General Broker or General Insurer for advice on that.
If I die from CoronaVirus (COVID-19) and have life insurance, will this pay a benefit?
For insurers placed through Jarickson, we've been advised by all our insurers that there are no specific exclusions for COVID-19 in any of those policies that would affect the way they assess claims.**
Feel free to contact us below for any further questions.
*This information was provided and authorised by Zurich and OnePath for information purposes only.
**MLC statement and paraphrased from other insurers.