FSC extends COVID insurance initiatives to 2021

Addressing the council's annual Life Insurance Summit on Monday morning, FSC chief executive Sally Loane said both commitments from insurer members would now be extended to 1 January 2021.

The measures around TPD claims relief were announced in May this year, while protections for frontline workers to ensure their access to life insurance were announced in April.

In the case of the COVID TPD claims initiative, claims need to be lodged on or before 31 March 2021.

FSC CEO Sally Loane said: “These initiatives aim 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.

“If anyone is unsure about what cover they have, contact your superannuation trustee, life insurer or financial adviser.”

Ms Loane said further details around the extensions would be available on the FSC website later this week.

Assistant Minister for Superannuation, Financial Services and Financial Technology Jane Hume also welcomed the extensions.