Now that the World Health Organisation (WHO) has declared the coronavirus outbreak as a global public health emergency, the FSC has issued the following statement on behalf of the life insurance industry.
There are no exclusions in life insurance policies that would prevent the policy paying out for a claim related to coronavirus if you follow Government travel advice. No-one should be concerned about their life insurance. The life insurance industry is carefully monitoring the situation and all life insurance companies have pandemic risk management plans in place in line with APRA Prudential Practice Guide 233. These plans will ensure that, if for example large numbers of staff are absent from work, essential functions such as dealing with claims and customer enquiries are prioritised.
FINDING LOST LIFE POLICIES
Upon receiving inquiries from the public the FSC has launched a tool to help those impacted by the Australian Bushfires to locate life insurance policies in the event they cannot find or remember the details.
The FSC team can help to contact life insurance members on behalf of those affected, and have them check their records to determine whether they have a policy or hold other relevant information for those people.
About the Financial Services Council's Members
The Financial Services Council (FSC) is a leading peak body which sets mandatory Standards and develops policy for more than 100 member companies in Australia’s largest industry sector, financial services. Our Full Members represent Australia’s retail and wholesale funds management businesses, superannuation funds, life insurers, financial advisory networks and licensed trustee companies. Our Supporting Members represent the professional services firms such as ICT, consulting, accounting, legal, recruitment, actuarial and research houses.
The financial services industry is responsible for investing almost $3 trillion on behalf of more than 14.8 million Australians. The pool of funds under management is larger than Australia’s GDP and the capitalisation of the Australian Securities Exchange, and is the fourth largest pool of managed funds in the world.
OUR MEMBERSHIP OF THE INTERNATIONAL INVESTMENT FUNDS ASSOCIATION (IIFA)
The Financial Services Council (FSC) is a member of The International Investment Funds Association (IIFA), an association which provides a forum for global information-sharing and collaboration to promote the investment fund industry. www.iifa.ca