COVID-19 vaccine will not invalidate life insurance
The Financial Services Council (FSC) is reassuring Australians that taking the COVID-19 vaccine will not invalidate life insurance policies despite rumours suggesting otherwise.
Sally Loane, FSC chief executive, said the false rumours which had been circulating on social media, incorrectly suggested the COVID-19 vaccine was an “experimental medical treatment” and therefore having the vaccine was a “self-inflicted injury” which could void life insurance policies.
“To be clear – the COVID-19 vaccine is not experimental treatment. Receiving approved treatment from a qualified medical professional at an approved medical facility is not a self-inflicted injury,” Loane said.
“One of the main reasons why people hold life insurance policies is to provide peace of mind for themselves and their families.”
Loane said the FSC wanted to reassure Australians that when they get vaccinated, their life insurance will be there for them, completely unaffected.
“This scare mongering is wrong, it is entirely inappropriate and it needs to stop immediately,” Loane said.
“This is a good time for all Australians to take five minutes out of their days to check what life insurance cover you hold.
“Don’t wait until it is time to claim, get in touch with your superannuation fund, life insurer or financial adviser and be prepared.”
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
