COVID-19 & Life Insurances FAQs

Our top frequently asked questions by clients about life insurance policies and COVID-19 and vaccinations

Australia is now in the middle of the COVID-19 pandemic. 

With rolling lockdowns and much general uncertainty ahead, as we race towards the nation's next mass vaccination target, it's only natural people are looking for certainty and asking important questions about 'whether COVID-19 affects their life insurance policies in any way?'

Well we have some good news to share.

Here are some of the most frequently asked questions we’ve received about life insurances and COVID-19 and COVID-19 Vaccinations.

• Read the video transcript below.

He's a big fan of the party life and 'works hard so he can play hard'. If you ever got into a serious conversation with him, he's an open-minded no-labels kind of guy.

His work ute looks as good as he does and he's in high demand on Saturday night - and always swipes right - if you know what we mean.

Protecting yourself from sickness and injury – so you can keep on earning a living.

We help people living with well-managed HIV, diabetes or other complex health conditions get high quality Income Protection cover

Previously, people with complex health needs were excluded from high-quality Income Protection - now that's changed for our clients.

• Income Protection is an insurance cover for one of the most important assets of all – your ability to continue to keep on earning a living.

Explaining Income Protection

Income Protection insurance as the name suggests is designed to protect your ability to continue to earn an income and pay up to 70% (previously 75%) of your income if you're unable to work due to sickness or injury. It can provide cover worldwide 24/7 and can even protect 100% of your employer's super contributions too.

• The waiting period is the number of days before the income benefit payments start. It can be as short as 14 days and can be as long as 12 months (or even more), whatever you choose.
• The benefit period is the length of time you’ll receive payments while you’re unable to work due to sickness or injury. These can often be for set periods of 2 years or more, even up to age 65 (and now in some cases age 70), depending on what you choose.
• The payment method is the way you agree to pay the insurance premiums. These can be from your personal funds, perhaps from your super fund or even a combination of both, depending upon whatever you choose.

There are so many different options available with Income Protection.

Your financial advisor from unusual risks is the expert to best help you understand your options and cut through what can often feel an overwhelming process to find your unique solution.

Our income drives our lifestyle - not just paying rent, mortgages, car loans and credit cards, but living a full and interesting life Drew Browne

Practically speaking - always protect what you cannot afford to lose

Why you may need income protection

The financial engine of our lifestyles is our continuing ability to earn our incomes.

Over the course of a lifetime, most people will earn a small fortune (and rely upon their super contributions for their ability to eventually retire).

Protecting your ability to continue to earn an income makes clear financial sense.

It’s especially relevant for:

• Single people who might not have strong family or relationship support
• People in relationships depending upon dual incomes
• People with ongoing debts, like a mortgage, rent, credit cards and personal loans that couldn't be paid if they were unable to work due to sickness or injury.
• People who have regular family expenses like food, household bills, council rates or strata fees, school fees, vehicle costs (and perhaps child support payments or IVF treatment costs) and who don't have immediate access to substantial savings to use to replace their lost income if needed
• People who want an effective backup plan in place if one (or both of their incomes) were to stop due to sickness or injury

A special note for self-employed people

Self-employed and business people have different needs and restrictions on their incomes so if that's your situation, relax, the professionals behind Unusual Risks Insured can talk you through your special options too.

Real Life Statistics

• 20% of all mortgage defaults in Australia are ‘due to illness or accident in household'
  ^{(Mortgage default in Australia: nature, causes and social and economic Impacts, Australian Housing and Urban Research Institute, March 2010)}

And that's great news for everyone who's using PrEP medication to take better control over their health.

• PrEP (Pre-exposure prophylaxis) is an anti-HIV medicine taken by a person who doesn't have HIV to lower their risk of infection.
• The brand name of the drug known as PrEP is Truvada and it's now listed on the PBS and subsided by the Australian Government.

Caring for caring professionals. 

Blood Borne Disease Insurance compensates you if you contract HIV, hepatitis B or hepatitis C due to a sharps injury while working in your regular occupation

Hospitals, surgeries, clinics and accident sites are often high-pressure, fast-paced environments where sharps injuries to medical professionals occur all too frequently.

• A needlestick or sharps injury (NSI) can also have a devastating impact on your long-term income earning capacity

White-collar professionals are often highly paid and highly leveraged, so they need a comprehensive insurance strategy to safeguard what they have worked hard to achieve.

Accidents do happen

Watch Donald's real-life story below of how a trauma nurse experienced an accidental needle stick injury.

They met on a dating app and have been good mates ever since.

Simon is a teacher currently completing additional night study at Uni.  Jordan works from home 4 days a week in IT support for a large logistics and distribution company.

Both guys have separate casual relationships and enjoy live music, online gaming together, and following music festivals around the country. They’re both fit and healthy, have packed social calendars and both use PrEP to help manage their own sexual health.

Are you using PrEP to better manage your good health?

Good news!
If you're using PrEP to help manage your health and wondering if you can still get high-quality life insurance cover, the simple answer is now Yes!

• The good news is, Australians taking PrEP are now eligible for the full range of Life Insurance products stigma-free.
• The bad news is, not all insurance companies have the same attitude about why it's used, so you'll need expert help to find the ones that suit you best.

Lucky for you you've already found the Australian experts at unusualrisks.com.au who understand what's required to help people who use PrEP to manage their health, get their personal insurances sorted.

We understand PrEP helps to prevent HIV

An increasing number of Australians are using PrEP to better manage their good health but still have uncertainty about how this can affect an application for a life insurance product.

• We've been working with people Australia wide to manage their privacy around their decisions to use PrEP and specialise in understanding complex health management systems.
• This means you don't have to continually be the educator for an insurance underwriter or financial adviser about what they know nothing about.

You shouldn't be disadvantaged for being responsible.Drew Browne Founder UnusualRisks Insured

Here are the questions we'd be asking when you use our services to help get your insurances sorted.

Questions we'll ask when you're making an application for cover

When getting ready for an application for a life insurance product, you'll need to know the following;

• When did you first begin taking PrEP?
• How often do you test for STIs?
• Do you have any other medical conditions that might prevent you from taking PrEP long term?
• When was your last followup with your GP?

And if you'd like to fast-track the application process, if you have the results of your recent blood test on hand, that might enable us to speed up the assessment process for you too.

Why should people using PrEP only use the experts at Unusual Risks Insured to get their life insurances sorted?

We're glad you asked.

• Australian life insurance companies traditionally have not developed and marketed their products with the LGBTI community in mind. This means, whether by design or default, you'll see insurance companies tend not to give the issues of LGBTI people and their families the equal consideration and respect they deserve.
• When it comes to the broader understanding of ‘why responsible people use PrEP to better manage their sexual health’, such concepts don't fit the conservative (some would say blinkered) world of old school insurance underwriting.
• Too many times we have seen personal biases and discriminations - religious or otherwise -  inappropriately affect the assessment of life insurance applications.

If you're tired of continually having to be the medical educator to other people, (we understand your frustration) and would love to help you out

• That's why we say it's critically important to only work with an insurance adviser from unusualrisks.com.au who understands our issues and more importantly, understands in advance how an insurance company we might recommend, will respond to those issues.
• You need a financial adviser who will be your powerful advocate in dealing with an insurance company, and not someone whose own bias may undermine your efforts (and perhaps even compromise) your future ability to obtain coverage.
• In short, when it comes to getting your personal insurances sorted, you need a financial adviser with whom you can be completely forthright and upfront - free of any stigma and discrimination.

And after you've found that person, it's also imperative that you are in fact forthright and upfront about your circumstances.

Lucky you have found unusualrisks.com.au

We’ll help you navigate the life insurance environment safely and keep your dignity intact.

Read more about Life Insurance for People using PrEP.