‘No-one should be concerned’ about their life cover: FSC

The Financial Services Council (FSC) has been compelled to issue a statement about life policies in relation to the coronovirus outbreak, after WHO declared it was a “gloal public health emergency”.

In a public statement FSC said no-one should be concerned about their life cover: “There are no exclusions in life … policies that would prevent the policy paying out for a claim related to coronavirus if you follow Government travel advice.”

The life industry was “carefully monitoring the situation” and all life companies had pandemic risk management plans 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,” the FSC statement said.