Our story on Coronavirus and the impact on life policies (see: Coronavirus – What it Means for Policies) has attracted significant interest.
Part of our initial story reported a statement from the Financial Services Council in which it advises that insurers have confirmed there are no exclusions in existing life insurance policies that would prevent the policy paying out for a claim related to Coronavirus, “… if you follow Government travel advice”.
The FSC has since provided additional information to Riskinfo regarding its reference to ‘following Government travel advice’.
FSC’s Senior Policy Manager, Nick Kirwan, noted that as the FSC speaks for the whole industry and that this reference applies only to a tiny percentage of (typically direct) life insurance policies which carry this qualification.
…there are no exclusions in existing individual retail life insurance policies
He says the statement was worded so that every single scenario, even very rare ones, was encompassed.
The FSC has re-affirmed that there are no exclusions in existing individual retail life insurance policies that would prevent the policy paying out for a claim related to Coronavirus.