Implications for Life Insurance and mortgage protection insurance policies of Covid 19

19 March 2020
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Life Insurance, Mortgage Protection and Income Protection and Covid 19


Update as at 19/03/2020

As the COVID-19 pandemic is evolving we continue to monitor the situation across our many Life Insurance and Protection products. We are not aware of any Covid 19 restrictions been applied to Insurers protection policies nor have we been advised of any plans to amend acceptance criteria.

Frequently asked questions

1. Do Income protection policies pay out for COVID-19?

Income Protection Insurance provides you with a replacement income if you cannot work as a result of an illness or injury after a certain period of time. You can take out income insurance if you are in full-time work or are self-employed and earn an income. It protects you only in these circumstances – it will not be paid if you become unemployed

If you are diagnosed with COVID-19 and meet the definition of disability after the normal deferred period yes you will be able to submit a claim. 


2. Are there any travel restrictions across protection polices during this pandemic?

No there are no new restrictions to travel as a result of COVID-19 and normal terms and conditions of Life Insurance policies apply. However there may be restrictions imposed by State Authorities regarding travel.


3. Do specified illness policies pay out for COVID-19?

No COVID-19 is not a defined illness under a Specified Illness contract. 


4. Do Life policies pay out for COVID-19?

Yes Life policies cover our client should they die from COVID-19.

5. If a customer discloses that they have recently travelled to an affected area will they be accepted for new protection policies?

Normal underwriting will occur and we will assess each case on an individual basis.


6. If a customer discloses that they have tested positive for COVID-19 will they be accepted for cover?

Cover may be possible but would be postponed until a full recovery has been made.


Please note that any claim under an insurance policy is strictly subject to the terms of the policy itself. This comments above are a general guide only and are based on information available to us.

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