Life insurance providers launch Covid vaccine support initiative

Some of the largest life insurance companies in the country have teamed up to encourage Australians to get vaccinated against Covid-19.

Launched last week, the ‘We have you covered’ initiative is a communications campaign answering questions some people may have about Covid affecting their life insurance policies. The aim is to assure people that, once vaccinated, their life insurance policies will continue to provide cover as originally intended. The group hopes this will encourage further uptake of vaccinations. 

It’s been organised by seven major life insurance companies – AIA Australia, ClearView, MetLife, MLC Life Insurance, Resolution Life, TAL, and Zurich – which collectively provide cover for around 14 million Australians.

Can getting the Covid-19 vaccine affect my life insurance? 

No, your life insurance policy will not be altered when you get vaccinated against Covid and your ability to claim on an existing policy won’t change. 

Receiving an approved Covid vaccine will also not affect any application you make to take out life insurance in the future. 

Are serious Covid-19 vaccine side effects covered by life insurance?

While every policy will have different terms, conditions, limits and exclusions, life insurance can cover you for serious side effects caused by Australia’s approved Covid-19 vaccines. 

Current evidence suggests these serious side effects impact a very small proportion of those vaccinated. However, if you are impacted by illness or injury as a result, your life insurance will cover you in line with the terms and benefits outlined in your policy.

Considering life insurance options? First, read this guide to find out whether or not you need life insurance based on your personal and professional circumstances.