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Life insurers extend COVID support initiatives

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Participating life insurance companies have extended two support initiatives introduced when COVID-19 first struck Australia in March, the Financial Services Council (FSC) announced today.

The frontline healthcare workers initiative ensures that frontline healthcare workers are not prevented from obtaining life insurance due to exposure or potential exposure to coronavirus through frontline work.

The total and permanent disability (TPD) claims initiative guarantees that if people lose their job, are stood down or have reduced working hours due to COVID, it does not affect their TPD cover.

Both initiatives have been extended to January next year. For the TPD claims initiative, claims need to be lodged on or before March 31 next year.

“These initiatives aim to ease any concerns Australians may have about their life insurance cover during uncertain times,” FSC CEO Sally Loane said.

“What this means is that participating life insurers will have provided additional support to the community right through to the end of 2020.”