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Please note the Life Insurance Code of Practice has transferred to the Council of Australian Life Insurers (CALI).
These activities below are historical commitments made by the life insurance industry at a time when the FSC was responsible for the Life Insurance Code of Practice.
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On 11 March 2020, the World Health Organisation (WHO) declared the coronavirus outbreak to be a global pandemic. Accordingly, the FSC has issued the following statement on behalf of all FSC Life Insurance Code of Practice (the Code) subscribers for death claims relating to coronavirus in Australia made under life insurance policies. All life insurance companies issuing policies in Australia subscribe to the Code. A list of Code subscribers can be found here.
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Click below to view more details
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COVID Total and Permanent Disability Claims Initiative (Now extended to 1 January 2021 for claims lodged by 31 March 2021)
COVID-19 Life Insurers Customer Support
COVID-19 Commitment to Frontline Healthcare Workers (Now extended to 1 January 2021)
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COVID Total and Permanent Disability Claims Initiative
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Life insurance companies participating in this initiative agree to ensure that if people lose their job, are stood down or have reduced working hours due to COVID-19, now extended to 1 January 2021 for claims lodged by 31 March 2021, this will not affect their total and permanent disability (TPD) cover if they make a claim.
Life insurance companies will confirm their participation by making a public statement and announcement on their website, including details of how they will apply the initiative.
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To download the statement, click here.
To download the infographic, click here.
To download the media release, click here.
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COVID-19 Life Insurers Customer Support
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The life insurance industry plays a crucial role in times of crisis by supporting Australians in the event of death, illness and disability. In 2019 we, the life insurance industry, paid out more than $12 billion to around 100,000 Australians and their families. We are also a major employer, supporting thousands of families to maintain their incomes in these challenging times. The industry has committed to six core guiding principles.
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To download the industry statement, click here.
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COVID-19 Commitment to Frontline Healthcare Workers
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This commitment on behalf of participating FSC life insurance member companies is to ensure that frontline healthcare workers are not prevented from obtaining life insurance cover purely through exposure, or potential exposure, to coronavirus. The initiative has approval by the ACCC.
Life insurance companies will confirm their participation by making a public statement and announcement on their website.
Now extended to 1 January 2021.
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To download the commitment statement, click here.
To download the commitment infographic, click here.
To download the commitment media release, click here.
To download the ACCC approved commitment media release, click here.
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There have been false claims that having the COVID-19 vaccine will impact your life insurance cover. This is not true. To be clear, receiving a vaccination against COVID-19 will not affect any application you make to take out life insurance or any claim you make on life insurance you already have.
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FSC has issued a media release on this topic which you can find here.
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If you can’t work because of sickness, injury, disease, employment termination, or death, Consumer Credit Insurance (CCI) can help cover credit card, personal, motor vehicle or home loan repayments depending on the level of cover purchased. To find out more, visit the Insurance Council of Australia.
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If you require further information, please contact the FSC via info@fsc.org.au.
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