Life insurance premiums will not be directly affected by the deployment of the COVID-19 vaccine
Life Insurance Policy premiums will not be directly affected by the rollout of the COVID-19 vaccine in Australia, although vaccinations may help keep them low, according to an expert.
Nick Kirwan, senior director of life insurance policy at the Financial Services Council (FSC), told 9news.com.au that people would not be treated any differently – whether they choose to be vaccinated or not – in this which concerns insurance premiums.
However, a large majority of the Australian population vaccinated against COVID-19 could have indirect positive effects on premiums, he explained.
âI think we expect life insurance premiums will not be directly affected in the short term,â he said.
âThere is more of a question of whether there will be any longer term indirect effects on life insurance premiums.
âI would expect the vaccine to be a factor that would help keep premiums lower.
âIf you imagine that the vaccine is on Australia’s critical path, as a society in general, to get back to normal – this must have a positive influence on reducing the isolation and loneliness that are in place. increase.
“The vaccine is a definite asset in helping to keep premiums affordable.”
Factors such as mental health and wellness could also indirectly help keep premiums low, which could be linked to COVID-19 through travel and restrictions.
Mr Kirwan said the industry has yet to see how the rollout of vaccinations will impact the claims experience.
Earlier this month, the FSC put an end to false rumors that vaccinated Australians would have their life insurance policies invalidated.
FSC CEO Sally Loane said rumors, circulating on social media, incorrectly suggested the COVID-19 vaccine was an “experimental medical treatment” and therefore the vaccine was a “self-inflicted injury” that could void life insurance policies.
“To be clear – the COVID-19 vaccine is not an experimental treatment. Receiving treatment approved by a qualified healthcare professional at a licensed medical facility is not a self-inflicted injury,” Ms. Loane said.
âThe FSC would like to reassure Australians that when they are vaccinated, their life insurance will be there for them, completely unharmed.
“This alarmist is false, it is grossly inappropriate and it must stop immediately.”
Michael Rogers, director of life insurance for MLC Life Insurance, said clients’ life insurance coverage would not be affected if they received a COVID-19 vaccine.
“We would like to reassure customers that getting the coronavirus vaccine will not invalidate their life insurance policies or affect the ability to make a claim in the future,” he said. said in a statement last week.
“More than that, getting the vaccine will protect the health of clients, their families and those most vulnerable to disease in our community.”