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.