Invest
TPD coverage to continue in 2020
Frontline health workers and those employees who have had their work negatively impacted as a result of COVID-19 can breathe easy knowing their life insurance coverage will remain in place for the rest of 2020.
TPD coverage to continue in 2020
Frontline health workers and those employees who have had their work negatively impacted as a result of COVID-19 can breathe easy knowing their life insurance coverage will remain in place for the rest of 2020.
The Financial Services Council has revealed an extension to two initiatives it put in place early in the COVID-19-driven downturn.
The first was a frontline healthcare worker initiative that ensured such workers would not be prevented from obtaining life insurance cover purely because of their exposure or potential exposure to coronavirus through the “crucial work they are doing on the frontline”.
The TPD claims initiative ensures anyone who has lost their job, been stood down or has had their hours reduced due to COVID-19 will not lose their total and permanent disability (TPD) cover.
The newly announced extension follows the Financial Services Council’s announcement back in May that workers who had lost their jobs, been stood down or are working less hours as a result of COVID-19 wouldn’t be negatively impacted by changes to TPD cover.
nestegg had also reported that life insurance coverage couldn’t discriminate against frontline workers fighting COVID-19.
Originally, the initiative aligned with the JobKeeper payment scheme’s final date – up until 27 December 2020.
It will now be extended through to the end of 2020, with FSC CEO Sally Loane explaining that the initiatives aims “to ease any concerns Australians may have 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,” she said.
“If anyone is unsure about what cover they have, contact your superannuation trustee, life insurer or financial adviser.”
So, what does it all mean?
The initiative applies to existing life insurance cover. It will be applicable to you, and be able to help you, if:
- You were working in your normal capacity on 11 March 2020.
- You have had reduced working hours or lost your job due to COVID-19 since 11 March 2020.
- You have become disabled as a result of an illness or injury between 1 January 2020 and11 March 2020.
- You have maintained your TPD cover at the time you became totally and permanently disabled.
- You lodge a completed claim form on or before 31 March 2021.
About the author
About the author
Insurance
Insurers ramp up concerns over greenwashing amid stricter ESG standards
A recent global study has shed light on the growing apprehensions within the insurance industry regarding greenwashing, as environmental, social, and governance (ESG) criteria become more rigorous. Read more
Insurance
Ortec Finance study highlights insurers' readiness to tackle increased investment risks amidst growing concerns
A new study conducted by Ortec Finance, a premier provider of risk and return management solutions for the financial sector, indicates a notable shift in the risk-taking attitude among insurers ...Read more
Insurance
Climate disasters leave 1 in 25 properties uninsurable by 2030
Climate change-induced disasters and mounting risks of dangerous weather will make one in 25 Australian properties “effectively uninsurable” by 2030, according to a damning new report from Australia’s ...Read more
Insurance
Insurers running for cover from accusation of “failing consumers”
As insurance providers have recently been inundated with a large volume of claims for damages from yet another set of so-called “once-in-a-hundred-years” floods, the embattled sector is now coming ...Read more
Insurance
Class action over add-on insurance commences in court
Allianz has been accused of engaging in misleading or deceptive conduct. Read more
Insurance
Saving money on insurance means asking the right questions
There are plenty of must-do’s and missteps that those looking to buy home and contents insurance need to stay on top of. Read more
Insurance
CBA pleads guilty to criminal charges for mis-selling consumer credit insurance
Commonwealth Bank (CBA) has pleaded guilty to 30 criminal charges of making false or misleading representations to 165 customers when selling consumer credit insurance (CCI). Read more
Insurance
Insurers celebrate short-term gains but warn of long-term effects
Life insurers are breathing a sigh of relief as Australia’s longest lockdowns come to an end. Read more
Insurance
Insurers ramp up concerns over greenwashing amid stricter ESG standards
A recent global study has shed light on the growing apprehensions within the insurance industry regarding greenwashing, as environmental, social, and governance (ESG) criteria become more rigorous. Read more
Insurance
Ortec Finance study highlights insurers' readiness to tackle increased investment risks amidst growing concerns
A new study conducted by Ortec Finance, a premier provider of risk and return management solutions for the financial sector, indicates a notable shift in the risk-taking attitude among insurers ...Read more
Insurance
Climate disasters leave 1 in 25 properties uninsurable by 2030
Climate change-induced disasters and mounting risks of dangerous weather will make one in 25 Australian properties “effectively uninsurable” by 2030, according to a damning new report from Australia’s ...Read more
Insurance
Insurers running for cover from accusation of “failing consumers”
As insurance providers have recently been inundated with a large volume of claims for damages from yet another set of so-called “once-in-a-hundred-years” floods, the embattled sector is now coming ...Read more
Insurance
Class action over add-on insurance commences in court
Allianz has been accused of engaging in misleading or deceptive conduct. Read more
Insurance
Saving money on insurance means asking the right questions
There are plenty of must-do’s and missteps that those looking to buy home and contents insurance need to stay on top of. Read more
Insurance
CBA pleads guilty to criminal charges for mis-selling consumer credit insurance
Commonwealth Bank (CBA) has pleaded guilty to 30 criminal charges of making false or misleading representations to 165 customers when selling consumer credit insurance (CCI). Read more
Insurance
Insurers celebrate short-term gains but warn of long-term effects
Life insurers are breathing a sigh of relief as Australia’s longest lockdowns come to an end. Read more