Earlier this year, false information began circulating on social media claiming that opting to receive a COVID-19 vaccine would void life insurance policies on the basis that the vaccine is ‘experimental’.
In response, the Financial Services Council (FSC) released a statement confirming that the COVID-19 vaccine was not considered to be experimental:
“To be clear – 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,” FSC CEO – Sally Loane.
The FSC has confirmed that life insurance policies will not be affected by the policy holder receiving a COVID-19 vaccine.
Numerous life and health insurance providers have gone a step further, in announcing that they are considering or will be implementing premium discounts or other incentives to encourage their customers to get vaccinated against COVID-19. Zurich, TAL, AIA and Medibank are just a few life and health insurance providers who have announced that they are, or may be, offering incentives for being vaccinated.
If you have any questions or concerns please contact Chamberlains and talk to one of our insurance law experts today.