The FSC is extending two Covid-19 related initiatives by its life company members which aim to protect customers’ total and permanent disability cover and to ensure coverage for frontline healthcare workers.
FSC CEO Sally Loane announced the extension of the two initiatives, to 1 January 2021, in her opening address at the council’s virtual 2020 Life Insurance Summit.
In May the FSC announced that if people lose their job, are stood down or have reduced working hours due to Covid-19, this will not affect their total and permanent disability (TPD) cover. This was initially to run until September 27 2020. (See: Life Companies Covid TPD Claims Initiative).
And in April, the FSC announced a commitment on behalf of life insurance member companies to ensure that frontline healthcare workers were not prevented from obtaining life insurance cover purely because of their exposure, or potential exposure, to coronavirus. (See: Underwriting Announcement -Frontline Healthcare Workers).