Will Getting a COVID-19 Vaccine Affect My Life Insurance?
Earlier this year, false information began circulating on social media claiming that opting to receive a COVID-19 vaccine would void life insurance policies on the basis that the vaccine is "experimental".
In response, the Financial Services Council (FSC) released a statement confirming that the COVID-19 vaccine was not considered to be experimental:
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.
SFSC CEO – Sally Loane
The FSC has confirmed that life insurance policies will not be affected by the policy holder receiving a COVID-19 vaccine.
On the contrary, numerous life insurance providers have gone a step further, in announcing that they are considering or will be implementing premium discounts or other incentives to encourage their customers to get vaccinated against COVID-19. Zurich, TAL, AIA are just a few life insurance providers who have announced that they are, or may be offering incentives for being vaccinated.
Review your policy
This is also a good time for all Australians to take five minutes out of their days to check what life insurance cover their hold. Don’t wait until it is time to claim, review your policy now. Because if you have your life insurance policy for 5+ years, you're most likely paying 20-30% more than you should. See the example below:
That's 25.8% difference for men and 24.6% difference for women!