There have been a lot of concerns, conflicting opinions and hesitancy when it comes to protecting ourselves from COVID-19 with the vaccines available.
Getting the vaccine is a choice but know that all vaccines are thoroughly tested for safety across all levels from clinical trials to ingredients and manufacturing before their use in Australia.
Want to know more about the impact of COVID-19 and the vaccine on life insurance policies?
Read more from the expert team of Gold Coast financial advisors at Crest Wealth to find out fact from fiction.
What peak bodies and leading insurers say
What is the purpose of life insurance policies if it’s not for peace of mind for us and our families? Leading industry bodies and the Australian Government have come out to separate fact from fiction by confirming when Australians get vaccinated, our life insurance will be completely unaffected and will remain there for us.
So, know that if and when you do get the vaccine, your life insurance cover will not be invalidated.
Dispelling rumours, confirming truths
The Financial Services Council (FSC) in July 2021 confirmed that receiving the COVID-19 vaccine won’t impact life insurance policies.
- Because it’s not an experimental treatment and receiving any approved treatment (such as this) from a qualified medical professional at an approved medical facility is not a self-inflicted injury.
- False claims making the rounds on social media incorrectly state any and all COVID-19 vaccines are “experimental medical treatment” and that having the vaccine was classified as a “self-inflicted injury,” which could void life insurance policies.
If you get vaccinated against COVID-19, rest assured that life insurance policies will not be invalidated, nor will the ability to make a claim in the future be impacted.
Good to know
It’s envisaged, on the contrary, that having a large majority of the Australian population vaccinated against COVID-19 could actually have positive effects on premiums.
Nick Kirwan, senior policy manager for life insurance of the FSC suggests that the vaccine is a net positive in helping to keep premiums affordable, because of its mission to get Australian society ‘back to normal.’
Case study: Major Australian Insurers and life insurance policies
- A life insurance policy doesn’t contain a specific policy exclusion for COVID-19 or for getting the COVID-19 vaccine within Australia.
- Major Australian insurers including Allianz, AAI, TAL and many others recognises the importance of frontline healthcare workers and won’t decline an application for cover, charge a higher premium or apply a COVID-19 pandemic risk exclusion due to exposure or potential exposure to the virus.
- It’s important to note that income protection policies typically only cover you if you are unable to work due to injury or illness. If you are unable to work because you haven’t had a vaccine (mandated by employer) then you are not likely to be entitled to claim for this reason.
Put your future at the foreground with Gold Coast financial planning
The future is largely unknown, but you can always put strategies in place to protect yourself and your loved ones for whatever the future holds.
Crest Wealth’s team of financial advisors can help you understand life and income protection insurance. Our financial planners are to help you achieve a financially informed future.
Are you looking for a financial advisor on the Gold Coast?
Contact Crest Wealth today for financial planning strategies to grow and protect personal assets and wealth.
Disclaimer: The information contained in this news post is general in nature and is intended to provide a general summary only and should not be relied on as a substitute for professional advice.