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Consilium Wealth Management

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21.01.2022 I have had several clients call me regarding their existing life insurance policies, the Financial Service Council (FSC) have provided the following details Now that the World Health Organisation (WHO) has declared the coronavirus outbreak to be a global pandemic, the Financial Service Council (FSC) has issued the following statement on behalf of the life insurance industry. "There are no exclusions in existing life insurance policies that would prevent the policy paying out ...for a death claim related to coronavirus, if you follow Government travel advice. No-one should be concerned about their existing life cover and you can ask your life insurer or superannuation trustee what you are covered for". "If you reinstate, increase or take out new life cover, you may be asked about Coronavirus and your recent or planned travel. You should ask your life insurance company or superannuation trustee when your new cover will start and whether there are any exclusions". 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" Details can be found on www.fsc.org.au/ Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Accordingly, reliance should not be placed on the information contained in this publication as the basis for making any financial investment, insurance or other decision. Please seek personal advice prior to acting on this information. Nick Zaras and Consilium Wealth Management Pty Ltd are Authorised Representative of Lifespan Financial Planning Pty Ltd AFSL No: 229892.