Insurance in the age of COVID-19

Coronavirus has changed the way we go about our daily lives - the way we work, live and socialise. Now more than ever it’s important to prepare for life's unexpected events and ensure you have the right types of insurance in place.


Since the outbreak of coronavirus, many individuals have started realising how crucial insurance cover is and have been asking if they can still get insurance cover in place or if it is too late.

It’s important to note, that when we refer to insurance cover, we are referring to the four main types:  

  1. Life Insurance, 
  2. Total & Permanent Disablement Insurance (which is often bundled with life insurance)
  3. Income Protection Cover 
  4. Trauma or Critical Illness

There have been reports in the media about insurance companies introducing what we call an exclusion. This means that if something was to happen relating to COVID 19, the insurer may not pay a claim. 

The good news - currently, none of the insurers on the FinChoice panel have introduced this blanket exclusion. However, that’s not to say that this might not happen in the future. 

One of the benefits of being with FinChoice is that our advisers have access to lots of different insurance providers.  So if one insurer was to introduce this exclusion our advisers are able to consider other options for their clients and utilise the services of one of the other insurance companies on our panel.

Our panel of insurance providers~


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Personalised Cover vs Group Cover

There are two types of insurance policies in place. How an exclusion may impact you will depend on these policies.  Let’s take a look.

Personalised cover.
Generally, personalised cover is set up with the help of a financial adviser after your insurer has asked you lots of medical questions. It is a powerful policy because it means the insurer is not able to introduce a new clause after the policy is in place to make it harder for you to claim.

Group cover.
This is the cover you get when you sign up for a super fund and you receive some insurance. With this sort of policy, the insurer is able to change the terms and conditions after the policy is in place and this could put you at a disadvantage.

Expert advice matters 

In the current environment, it's important to look at the policies you've got, how they are set up and also how they are structured. 

Your local FinChoice adviser is able to assist with this, and if it makes sense to change providers or look at a new policy they can also help you through that process.  


Posted in: Insurance

To find out more about the types of insurance cover that may be suitable for you, give your local FinChoice adviser a call today.