Coronavirus, besides affecting an individual’s health and is life-threatening, can also affect one financially (i.e with all the medical bills if they contract the disease).
Insurance companies are either making it clear that they are not going to provide coverage at all, or are seeing it as an opportunity to improve their reliance as a health insurance provider and stepping up to provide extra coverage against the outbreak.
Here we are going to list out a few insurance companies and associations in Singapore and Hong Kong who have recently announced a few measures and coverages in the light of the Coronavirus outbreak.
The Hong Kong Federation of Insurers (HKFI)
Some of the insurance companies in Hong Kong will be covering hospitalization expenses, and additional hospital cash protection will be given to those under quarantine. Also, the waiting time for buying a new policy, specifically for Coronavirus will be waived off.
Employees’ Compensation Insurance
This is statutory and it protects the employee financially. The employer is liable to cover their employees if they get sick or die in the course of their employment under the Employees’ Compensation Ordinance (ECO) and the common law.
But companies will only provide coverage against hospitalization costs, treatment costs and any additional transportation costs incurred for if someone contracts the disease due to the virus.
For additional information click here.
Manulife Hong Kong will provide the following additional protections:
- Hospital cash will be provided to each diagnosed patient at HK$600 (US$77) per day, up to 45 days
- A one-off HK$3,000 payment for those under mandatory quarantine
- A one-off family support benefit of HK$2,000
For more details click on this link.
From 1st February 2020, all customers holding any HSBC Life insurance policy, and their family members, will receive a complimentary Novel Coronavirus Benefit, with coverage guaranteed for one year.
Furthermore, for customers taking out a new HSBC Life insurance policy between 1st February 2020 and 30th April 2020, they and their family members will receive the following additional benefits, with coverage guaranteed for one year.
General Insurance Association (Singapore)
Travel insurance claims can be affected by the following factors:
- Cut-off date – Claims may not be covered if the policy was purchased after a specific date and/or time
- Affected regions(s) visited –cover to other parts of Mainland China may change
- Reasons for travel disruptions – Insureds should also clarify claims unrelated to nCoV outbreak
China Life Insurance Singapore
China Life Insurance Singapore will be giving financial support to customers in Singapore against the worrying threat of Novel Coronavirus until 31 August 2020:
- Diagnosis and Quarantine – lump sum payment of $800
- Hospitalisation -$130 per day, up to 60 days of inpatient hospitalisation
- Death – lump sum payment of $80,000
Financial support is capped at $88,600 per life insured regardless of the number of insurance policies with the same life insured.
For more information click on this link.
Tokio Marine Life Insurance Singapore
Launched #goCare to provide a lump sum financial assistance benefit of S$5,000 to its policyholders to fight against the Novel Coronavirus.
- Open to Policyholders/ Life Assureds of in-force TMLS individual life policies
- Limited to the first 50 submissions by 30 April 2020
- Proof of medical certification from local hospital specifying the diagnosis of novel coronavirus infection
For more details click on this link.
These are times when even companies realise that it’s important that they help out and support the community in whatever way they can, by either running a campaign or simply providing financial support to their existing customers or even new ones.
Coronavirus has not only affected the way individuals are looking towards insurance, but has also changed their attitude towards their existing and future investments.
To learn more on how to deal with investments in such situations check out our other article on Investing In Times of Coronavirus.