MLC pays two COVID-19 claims
Since the beginning of the global COVID-19 pandemic, MLC Life Insurance has paid two claims for two customers with the virus.
Australia had fared far better than many other countries worldwide with the number of deaths in the country numbering less than 1,000 people. This compared to hundreds of thousands of deaths in countries like the US and UK.
This was good news for life insurers who had received fewer claims.
MLC said: “Since the beginning of the pandemic MLC Life Insurance has assessed and paid two critical illness claims for customers who were hospitalised after contracting the virus. Both customers were in intensive care for 30 days and needed the assistance of ventilation to survive the disease”.
The insurer encouraged customers to get the COVID-19 vaccine, which was currently available for those aged over 50, to protect themselves and their community.
It also reassured customers the vaccine would not invalidate their life insurance nor were there any specific exclusions for customers who suffered an adverse reaction to the jab. If a customer did not get the jab, they would also be unaffected.
Michael Rogers, chief life insurance officer at MLC Life Insurance, said: “COVID-19 has re-emphasised the important role life insurers play in protecting Australians and their families in times of crisis. When someone takes out a policy with us, we make a promise for life and to be there for them when they need it most.
“We would like to reassure customers that getting vaccinated against coronavirus will not invalidate their life insurance policies or impact the ability to make a claim in future.”
AUTHOR
Laura Dew
Recommended for you
The Federal Court has dismissed a conflicted remuneration case brought by ASIC against the director of life insurance distributor Freedom Group, where Bali holidays and Vespa purchases were among sales incentives.
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.
