New insurance complexities
The unprecedented events associated with the current COVID-19 lockdown have, for many, raised many questions:
Am I covered under my existing insurances?
How will any new insurance applications be assessed?
How will I manage to pay my insurance premiums, when my income has been hit by the lockdown?
COVID-19 has, unquestionably, added another layer of complexity to the insurance “jungle”.
No Covid-19 exclusion
But there is good news! Existing insurance policies do not, in general, have an exclusion for COVID-19.
Be mindful that, while any urgent hospital care in the event of COVID-19 infection will be undertaken under the public health system, rather than private, good health insurance policies can compensate you (should you be admitted to a public hospital for longer than 3 nights) at $300 per night for each additional night you stay, up to a maximum of 10 nights per admission. Furthermore, no excess is payable.
Insurance hardship provisions
Given the extraordinary events of the last couple of months, all insurers have announced their hardship provisions to assist policy holders whose incomes have been significantly impacted. These vary from insurer to insurer.
Seek insurance advice
In all insurance-related matters, we urge you to always follow UProtectNZ’s The Six Universal Rules of Life & Health Insurance. And if you are looking to take up new insurances, wanting to review your existing insurances, or to seek guidance on your options for COVID-19 premium relief, contact us for a free, no-obligation consultation. It’s what we do!