In short, yes. For existing policy holders, they are, of course, covered in the event that COVID-19 leads to a claimable event such as inability to work (Income Protection), a defined critical illness (Trauma), total and permanent disablement (TPD) or death....
For any clients who maintain an income protection policy currently not with MBS, we strongly encourage an obligation free review. ...
Income protection (IP) policy holders are already seeing increases of up to 100% on their premiums this year and a majority seeing increases above 20%. This is not the case with all insurers. Policy changes are imminent, an immediate review of your policies is necessary....
The insurance industry is ever-changing. We are witnessing unprecedented change within the life insurance industry and stakeholders are not faring well. For a multitude of reasons, Insurers' profitability fell away significantly in the 2019FY and 2020FY1, and the future impact this will have on existing policy holders causes us great concern....