Life Insurance & Vaccines

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 ā€“ 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 ā€“ 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. Donā€™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!

How much you should be paying for your Life Insurance?
Try our new tool: