Our response to limit the spread of COVID-19 | Read here
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COVID-19: Can I claim on my insurance?


With COVID-19 bringing so much uncertainty, it may help to get clarity on whether your insurance will protect you and your family financially. Here we explain if you can claim due to COVID-19 and what to do if you don’t have cover.

Can I claim on my life insurance?

Life insurance cover provides a lump sum payment to your beneficiaries upon your death.

If you suffer a claimable event from COVID-19, most policies should pay out providing your cover was in place prior to March 2020.

Policies taken out after March 2020 may have an exclusion applied.  Your insurer should have made you aware of this prior to taking out the insurance.

Some lower-cost general insurance products, such as credit card insurance, may exclude pandemic cover.

Can I claim on my income protection insurance?

Income protection cover is designed to provide you with an ongoing income if you are unable to work due to illness or injury.

Most policies have a waiting period before the payments can start.  Waiting periods vary between policies, but are usually between 30 days and two years. If you become ill and your doctors advise you are unable to work for a period longer than your waiting period, then you may be eligible to claim.

Income protection insurance generally doesn’t cover you for lost income if you’re forced to isolate or made redundant.  A small number of policies may provide involuntary redundancy cover if you lose your job.  However the benefits are limited, for example, a waiver of premiums or a couple of months’ income.

Is now a good time to review my insurance?

With life constantly evolving, we always recommend you review your insurance needs on an annual basis.

If you have some extra time in isolation, it’s a good opportunity to review your finances.  This includes ensuring you have adequate insurance to protect you and your family when the unexpected happens.

If you’re unclear bout what cover you have in place, speak to your financial adviser.

What if I don’t have cover?

Australians are renowned for their “she’ll be right” attitude.  We often think things will never happen to us. COVID-19 has changed all that, as it has shown us that no one is immune.

If you don’t have cover in place, an independent financial adviser will help you find the best policies for your needs.

Before buying, renewing or switching insurance, check if the policy will cover you for claims associated with COVID-19.


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Our response to limit the spread of COVID-19

  • As COVID-19 continues to spread, we would like to take a moment to let you know what Financial Spectrum is doing to respond.

    While we haven’t been directly affected with any confirmed cases, we are taking all reasonable precautions to remain safe.Our priorities are:

    1. Keep our staff and clients safe
    2. Stay fully operational in our service delivery and continuing to manage your financial affairs
    3. Play our part in minimising the impact on our community against the spread of COVID-19

    Financial Spectrum has the technology, infrastructure and systems to continue business as usual remotely and our staff will now be working from home.

  • You should notice no change to our service, with the exception that we are encouraging our clients to meet via video call, rather than face to face, unless requested. We will be contacting all clients with meetings booked over the next two weeks with instructions for a video call.This is an evolving situation and we will continue to monitor developments. We will keep you informed of any material changes to our approach.

    These are unprecedented times and we understand that many of you will be feeling unsettled about your finances. We would like to assure you that we are open for business and are here to help you. If you don’t have a meeting booked but would like one, or if you have questions, please contact us at info@financialspectrum.com.au or on
    02 8238 0888

Brenton Tong

Managing Director

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