Coronavirus information for Life Insurance clients:
Obviously this pandemic is not 'normal', which raises the question for many clients, "Am I covered for Corona Virus?"
Jarickson works with a range of insurers, and we've asked for clarification from all of them to help you with these questions. There are many responses, but to summarise, one statement is below:
The statement notes the insurers are:
“…carefully monitoring the situation and we have a pandemic risk management plan in place should the situation escalate to ensure essential functions, such as dealing with claims and customer enquiries, are prioritised”.
The statement outlines a series of questions and answers including:
I have an existing policy obtained through my financial adviser – am I covered if I contract coronavirus?
You will be covered for Coronavirus as long as you:
- Contracted the virus after your policy started, and
- Your policy is in force, and
- You satisfy the other terms and conditions of your policy (including duty of disclosure).
Will I still be covered if I travel?
Yes. (OnePath Life/Zurich - who provided this particular statement) provides worldwide insurance cover 24 hours a day.
What types of cover can I claim on for Coronavirus?
The following cover types may provide cover for Coronavirus if you meet the policy terms:
- Life Cover – Pays a benefit to your beneficiaries or estate if you pass away
- Income Secure Cover – Pays a monthly benefit if you’re unable to work due to a sickness or injury after your waiting period expires
- Business Expenses Cover – Pays a monthly benefit if you’re unable to work due to a sickness or injury after your waiting period expires.
*This information was provided and authorised by Zurich and OnePath for information purposes only.