Life insurance initiatives extended

28 July 2020

The Financial Services Council (FSC) has announced the extension of the frontline healthcare workers and total permanent disability (TPD) claims initiatives until 1 January, 2021. 

The frontline healthcare workers initiative was put in place to ensure workers were not prevented from obtaining life insurance cover due to potential exposure of COVID-19 due to their occupation. 

The TPD initiative was was put in place  so that if people lost their jobs, were stood down or had reduced hours due to COVID-19, it would not affect their TPD cover, and a claim could be lodged on or before 31 March, 2021. 

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Sally Loane, FSC chief executive, said the initiatives aimed to ease any concerns Australians might have had 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,” Loane said.  

“If anyone is unsure about what cover they have, contact your superannuation trustee, life insurer or financial adviser.”   

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