Life insurers extend pandemic support initiatives

In view of the ongoing COVID-19 pandemic, the Financial Services Council (FSC) has announced the extension of two major life insurance support initiatives until 1 January 2021.

These initiatives are namely the commitment to frontline healthcare workers and the total and permanent disability (TPD) claims initiative. They were put in place by FSC’s participating life insurers when the COVID-19 restrictions began in March

The first initiative ensures that frontline healthcare workers are not prevented from obtaining life insurance cover purely because of their exposure, or potential exposure, to coronavirus through the crucial work they are doing on the frontline.

Meanwhile, the TPD claims initiative ensures that if people lose their job, are stood down or have reduced working hours due to COVID-19, this will not affect their TPD cover.

In the case of the COVID-19 TPD claims initiative, claims need to be lodged on or before 31 March 2021.

“These initiatives aim to ease any concerns Australians may have about their life insurance cover during uncertain times. What this means is that participating life insurers will have provided additional support to the community right through to the end of 2020,” said FSC CEO Sally Loane.

FSC has over 100 members representing Australia’s life insurers, retail and wholesale funds management businesses, superannuation funds, financial advisory networks and licensed trustee companies.

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