Insurer blasts ‘inaccurate reports’ of COVID-19 exclusions

A major life insurer has blasted “inaccurate media reports” around the lack of insurance coverage available for COVID-19 victims, confirming it would not enforce pandemic exclusions in its policies.

In a statement released on Friday, TAL said recent reports around the cover provided to customers affected by the COVID-19 crisis “have included factually inaccurate and misleading details which have the potential to cause unnecessary distress and panic”.

“To correct this reporting, reassure our customers and provide clarity and confidence for the community, TAL confirms that no general exclusions exist in our policies for COVID-19 for any existing or new customers; all existing customers, including doctors, nurses and medical professionals on the frontline, are fully covered for COVID-19; and no customers with the potential to be impacted by COVID-19 are at risk of having any payout associated with their policy reduced or cut off,” the insurer said.

While customers taking out insurance after 18 March who were in vulnerable groups, displaying coronavirus symptoms or had recently returned from overseas may be offered “modified terms” as part of the underwriting process, the insurer said customers with policies in place before this date were fully covered for any impacts arising from COVID-19.

“In addition, TAL has confirmed to a number of superannuation funds that it will waive pandemic exclusions for superannuation fund members to ensure all members of those superannuation funds are also fully covered for any impacts of COVID-19,” the insurer said.

“These are unprecedented times and TAL understands the important role we have in supporting Australians and providing confidence to our customers and the community during this challenging period.”

Insurer blasts ‘inaccurate reports’ of COVID-19 exclusions
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