Interestingly, MLC revealed in a press release today, that the two COVID-19 insurance claims they have paid to date were not for death, but for Critical Illness/Trauma.
MLC offers Critical Illness Plus policy
MLC offers a Critical Illness Plus policy which includes an Intensive Care benefit. The requirements to receive this benefit were met by two customers when they were hospitalized in intensive care for 30 days and needed the assistance of a ventilator to survive.
It is important to note that this type of Trauma insurance cover, which pays a lump sum benefit if you suffer a specified medical condition, is not offered by superannuation funds. Yet this cover can provide valuable and timely funds to reduce the financial stress associated with a major illness due to medical costs, lost income and recuperation/recovery time.
Our free online Compare Quotes service can be used to view quotes for trauma insurance cover from MLC and another 9 insurance companies. Not all trauma policies include an Intensive Care benefit, so it is important to use the “Compare” button on the quotes page to see the coverage offered by each policy.
Speculations on Social Media
MLC also wanted to assure all of its customers who were thinking of getting a COVID-19 vaccine that their cover would not be affected by them receiving either the Astrazenea or Pfizer vaccine or any other vaccine approved for use in Australia by the Therapeutic Goods Administration (TGA).
MLC were responding to speculation on Facebook that insurers could use the exclusion for conditions which are “intentionally self-inflicted” to avoid paying a claim if there was an adverse reaction to a vaccine.
On 4th May the Financial Services Council (FSC) also refuted the rumours circulating in social media. FSC CEO Sally Loane made it clear that “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”.
COVID-19 however can still impact new applications for insurance. Exclusions or other limits may be applied if the applicant has plans to travel outside Australia, recent COVID-19 symptoms or tests, or they are front line health services workers.
To receive advice on your situation, go to Get Advice.
To check out the cost of policies from these insurers go to Compare Quotes Online.