COVID-19 and your members' insurance

More than 18 months on, I don’t think any of us could have expected how much COVID-19 has changed the way we live, work and play. The pandemic has caused significant economic and emotional distress both here and globally, with many questions still to be answered about what life will look like once things return to normal.

Beyond the immediate physical impacts a person suffers from a COVID infection, we’re already starting to see how it’s affecting other aspects of our health. More Australians have been seeking support with their mental health – two of Australia’s leading mental health organisations, Lifeline and Beyond Blue, have seen a 20% and 30% increase in calls respectively compared to the same time in 2019¹. The restrictions to keep us safe from the spread of COVID have had a significant impact on many people’s livelihoods. Research has revealed that people working in industries hit hard by job losses during the pandemic, have experienced significant economic insecurity and high levels of financial stress, which are also leading to greater mental health concerns. ²

And with extended stay at home orders previously in effect in NSW and Victoria, people have started neglecting other important medical support and preventative checks. Cancer Australia reported substantial reductions in procedures relating to cancer screening, investigations and treatment since the start of the pandemic³.

As we begin to emerge from lockdowns, it’s important to look after all aspects of our health and wellbeing. At TAL, we view health holistically, because it’s the balance of physical, mental and financial wellbeing that lets your members live their best life through good health. To support this, our Health Services team have been closely reviewing research to consider the long-term implications of COVID for our community. These include mental health considerations and the possible physical effects of long COVID.

Continuing to support members during underwriting and claims

From an underwriting perspective, it’s business as usual. We haven’t made any changes relating to vaccinations; a member can apply for cover regardless of their vaccination status – we don’t even ask about it. We still take into account disruptions that may have occurred to the member’s occupation, duties and income, as we would at any time. And as would be the case for any current or ongoing health condition, if a member has had COVID, is suffering from its effects, or has had complications following a vaccination, these may also have an impact on underwriting outcomes.

Supporting members and their families through the claims we pay is the most important thing we can do. During the pandemic this continues to be the case. There are no general exclusions for COVID-19 in any of our life insurance policies. If a member is currently on claim, they’re fully covered for COVID-19, and continue to be paid in line with their policy terms and conditions. Our claims teams are operating well and continue to be ready to support members through this challenging time, and we don’t anticipate any significant delays to claims payments.

While the situation is still uncertain, our team will continue to listen, be flexible and reasonable in our approach where COVID may affect the management of a members’ claim. This is especially so when they may find it difficult to collect certain information required to process or assess the member's underwriting application or claim, or to arrange for the member to attend an examination either due to social distancing restrictions, self-isolation or other matters.

We have your members covered

If a member receives a COVID-19 vaccination that has been endorsed by the Federal Government, it won’t impact their ability to make a claim under their policy should they suffer a vaccine related side-effect. TAL insurance policies don’t include exclusions or limitations related to COVID-19, including vaccine related side-effects. If a member was to experience complications after receiving a COVID-19 vaccination, they’ll be entitled to a benefit providing all policy terms are met and no exclusion already exists on their cover in respect of that condition. This includes all doctors, nurses and health professionals. 

To show a united industry front, TAL has joined forces with leading life insurers to provide confidence to Australians and the community around COVID-19 vaccinations. As Australia pursues high rates of vaccination on the road out of COVID-19 restrictions, we’ve created “We Have You Covered”, a joint national initiative designed to reassure and give confidence to Australians that once vaccinated, their life insurance products will continue to protect and cover them as they have always done.

Life insurance is about protecting people at a time when they need it most, and this initiative is our industry’s small way of supporting the national vaccine program by encouraging Australians to get vaccinated as soon as possible.

Sources:

¹ https://www.aihw.gov.au/reports/mental-health-services/mental-health-services-in-australia/report-contents/covid-19-impact-on-MENTAL mental-health

² https://www.aihw.gov.au/reports/burden-of-disease/the-first-year-of-covid-19-in-australia/summary

³ https://www.canceraustralia.gov.au/covid-19/impact-covid-19-cancer-services