Covid-19 & Insurance Q&A

We have had some common questions in regard to personal insurance and Covid-19 over the last week or so. To provide some clarity, we have included a Q&A of the most common queries arising.

Q: Are pandemics or Covid-19 excluded from your policies?

A: No, there is no blanket exclusions on cover for the most part across the industry.

Q: Will I be able to claim on income protection if I’m quarantined or self-isolated due to travel or exposure?

A: No, as with any illness or injury, disablement needs to occur and be diagnosed by a doctor and cause the insured to be unable to work due to this disability.

Q: Can people still apply for cover and is additional underwriting in place?

A: People can still apply, and while it may evolve, at this stage there are no blanket additional underwriting questions, however those who have recently returned from overseas may have additional questions underwriting will ask to determine if cover is available.

Q: I’m in Financial Hardship and not sure I can pay my insurance premiums - what can I do?

A: Some Personal Insurance providers offer financial hardship provisions, such as a short-term premium waiver to support customers. This means that you may not be required to pay your premium for a short period of time without it impacting your cover.

To find out if can access this provision, you will need to contact your insurance provider so that they can assess and discuss what support can be provided during this time. Access to premium waiver and other supports are likely to be assessed on a case-by-case basis, and may differ between insurance providers.

Please note: The above provisions are for clients who are financially impacted due to Covid-19 due to infections and/or inability to carry on normal business or employment due to shutdowns.

If you need assistance in determining who to contact, please contact your team at Chalmers Private Wealth.