The truly concerning thing about this COVID-19 pandemic is how quickly the rate of infection has spread across the world. When our Government locked things down last month, many of us wondered if it was a complete knee jerk reaction. Turns out their decision might be vindicated as we all stay glued to the TV and watch the rest of the world struggle to get ahead of it.
Earlier this month we wrote a post on whether your Stangen life insurance policy will cover you during this period? We want to follow that article up with another quick update.
South African laboratories are currently flat out due to all the COVID-19 tests!
The Financial Services Conduct Authority (FSCA) that regulates all financial institutions announced that the collection of blood samples and medical examinations as part of underwriting for life insurance does not qualify as an essential service and must be avoided at all cost during this period. This will allow laboratories to focus on critical activities to combat the COVID-19 virus and lower the risk of transmission to doctors and medical staff.
We can all agree that makes sense.
But what if you want to take out life cover now? Don’t you need a blood sample or an HIV test to finalise your cover?
Marius Botha, our Managing Director had this to say, “While the announcement has been widely welcomed by the life insurance industry, it’s left many consumers unsure about their ability to get Life Cover and related products during the lockdown. The good news is there are still options available to consumers wanting to buy risk cover during the lockdown period. While we’re working remotely, we continue to sell Life Cover, and in the cases where eg. an HIV test is required, we simply defer it to after the lockdown period. Or even better, you can opt for one of our more flexible Life cover options where you don’t need to go for any medical or HIV tests… ”
You said what?
Yes, Marius is referring to our new Express Life Cover product where we’ve made it much easier for you.
“Our Express Life Cover product only requires four basic medical related questions to be answered. If customers choose this option and they are deemed to be a generally healthy life assured, they can still be covered now and convert their product at a later stage to a more comprehensive option with higher cover amounts (cover increase option may require additional medical underwriting at that point in time). And they can add additional benefits such as Salary Protection, Critical Illness, and Disability Cover at a later stage if they want to.”
So, the long and the short of it is the following:
- Stangen is open for business (online or via a call centre agent)
- Medical tests will be deferred until after the lockdown for our comprehensive application process life cover product, so no need to worry; and
- If you are working tirelessly at the moment you can opt for our Express Life Cover option which is quick and easy, and then change at a later stage.
Need a life insurance quote?
- Click here for an Express Life quote
- Or give us a call on 010 020 7600.
Until next time.
The Wise About Life Team