Does the COVID-19 vaccination affect your life insurance?
More than 95% of Australians aged 16 and over have completed a course of TGA approved or recognised vaccine against COVID-19. The question to consider is, will your decision to get vaccinated impact your ability to access life insurance cover? Let’s find out.
COVID-19 vaccination and life insurance
A number of Australia’s largest life insurance companies have come together to reassure Australians that getting a COVID-19 vaccination will not affect your ability to claim on your existing life insurance policy now or in the future. This initiative is supported by life insurance providers including AIA, ClearView, MetLife, MLC, OnePath, Resolution Life, TAL and Zurich. Between them, these insurers cover more than 14 million Australians.
Beware of false rumours
There have been many rumours floating around on social media about the COVID-19 vaccine. Some of these rumours claim that the vaccine is an “experimental medical treatment” and hence, getting a jab would count as a “self-inflicted injury” that could void your life insurance policy. The CEO of Financial Services Council (FSC) Sally Loane has clarified that these are false rumours.
“To be clear – the COVID-19 vaccine is not experimental treatment,” she said in a statement. “Receiving approved treatment from a qualified medical professional at an approved medical facility is not a self-inflicted injury. The FSC would like to reassure Australians that when they get vaccinated, their life insurance will be there for them, completely unaffected.”
Am I eligible for life insurance if I’ve had COVID-19?
You may be eligible to get cover even if you’ve had COVID-19, provided you meet the eligibility criteria of the life insurance policy. Life insurers generally ask you health-related questions when assessing your application to get cover. You must answer all these health and lifestyle questions honestly, when asked as part of the assessment process. Each policy might have different eligibility criteria. It’s best to check the Product Disclosure Statement (PDS) of the policy you’re applying for to confirm if you’re eligible to be covered. A financial adviser can also help you work with the insurer to understand your cover options prior to completing an application.
Get professional advice
If you have any concerns about your own life insurance cover and whether you’re still eligible to claim after getting a COVID-19 vaccination or after having contracted COVID-19, please get in touch and we can discuss your options. Don’t hesitate to get in touch if you’d like to chat more - contact us via info@ultimumfinancial.com
GENERAL ADVICE WARNING
The advice contained within this document does not consider any person’s particular objectives, needs or financial situation. Before making a decision regarding the acquisition or disposal of a Financial Product, persons should assess whether the advice is appropriate to their objectives, needs or financial situation. Persons may wish to make their assessment themselves or seek the help of an adviser. No responsibility is taken for persons acting on the information within this document. Persons doing so, do so at their own risk. Before acquiring a financial product, a person should obtain a Product Disclosure Statement (PDS) relating to that product and consider the contents of the PDS before making a decision about whether to acquire the product.