Protect yourself, guard against the Novel Coronavirus
Am I insured against the Novel Coronavirus?
With the number of confirmed cases of the Novel Coronavirus growing day by day, our worries are understandable as it has spread across borders and oceans. Should one contract the virus, what kind of coverage would existing insurance policies usually offer?
Critical illness cover
In critical illness products, “critical illnesses” are defined and benefits are governed by clauses in the policy. If an insured person develops critical illness that falls within the definition of the policy as a result of contracting the novel coronavirus, then the critical illness would be covered. To learn more about the protection against Novel Coronavirus under your existing policies, please consult your agent or the insurance company.
Medical insurance
Hospitalisation benefits
- Generally speaking, medical insurance plans offer for reimbursement of fees and charges incurred from hospitalisation and surgery, which may include room and board, catering, surgery, doctors and surgeons.
- Some plans are limited by a daily maximum or cap, while some are limited by the maximum days of benefit every year. Some plans also offer full payment of qualified expenses.
- If any insured persons who enjoy any medical insurance plans are under mandatory isolation at public or private hospitals, the insured person is entitled to full payment of his or her qualified medical expenses for that reason.
Hospital Cash Benefits
If you are unfortunately infected or suspected to be infected with a contagious disease, you may need to stay in a hospital for treatment or quarantine. If your existing policy offers hospital cash benefits and pays you a fixed amount on a daily basis for your hospitalisation, the impact on your income during this difficult period will be mitigated.
Proactive social responsibility taken by a few key insurers
Based on the experience from previous incidents of contagious disease outbreak, many insurance companies have recently launched an extra cover for the Novel Coronavirus for up to one year. It is common to find that the life insured is covered, but there is one insurer in the market also extended the coverage to immediate family members including spouse, partner, and children etc. This includes new and existing life insurance policies. If the insured person or his/her family member is hospitalised due to Novel Coronavirus under the advice of a registered medical practitioner, he or she will receive a specified amount for hospital cash benefits for up to 45 days without paying an additional premium. Other complimentary benefits include extended grace period for premium payment, a lump sum payment for diagnosis of novel coronavirus, and death benefit. Please pay attention to the latest news from your policy underwriter to check if a new cover is announced and how much benefit amount is covered.