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Getting vaccinated won't affect your life insurance policy (+ more myths busted)

16 June 2021 7:21 PM
Tags:
Social media
The Money Show
Bruce Whitfield
Vaccination
Wendy Knowler
life insurance
life cover
Life insurance policy
Financial Sector Conduct Authority
FSCA
COVID-19 vaccine
death claims
vaccine myths
Absa Life

Life insurance vaccine myths are being spread on social media. Wendy Knowler sifts fact from fiction on The Money Show.

Social media is a spawning ground for mis- and dis-information about the Covid-19 vaccine.

Now the Financial Sector Conduct Authority (FSCA) has stepped in to dispel "news" relating to life insurance policies and vaccination.

Reports that getting vaccinated will render policies null and void because the vaccines are regarded as experimental medicine are inaccurate, says the FSCA.

It is the expectation of the FSCA that taking a Covid-19 vaccine will not lead to cancellation of a policy or the repudiation of a claim. Should there be any further concerns or questions related to such statements, it is recommended that policyholders contact their respective life insurers and/or financial advisors/brokers.

FSCA statement
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Consumer ninja Wendy Knowler asked Eugene Strauss (Managing Executive at Absa Life) about the various life insurance vaccine myths doing the rounds.

These include the reported repudiation of a death claim if a client dies as a result of complications from vaccination (because the vaccinations are "not recognized" as having gone through a full trial period).

"This is clearly not the case and we will honour claims in these circumstances" says Strauss.

Knowler also followed up on the rumour that medical aids will require vaccination to continue a client's cover.

This is most definitely not correct at present, responded independent financial advisor and accredited healthcare consultant Alison Botes.

Medical schemes are required by law to cover PMBs (Prescribed Minimum Benefits); they cannot exclude cover due to non-vaccination of a virus... In order for such an exclusion to be valid, the Medical Schemes Act would have to be amended...

Alison Botes, Accredited healthcare consultant

What we should be focusing our attention on, says Knowler, is making sure we are prepared should the virus claim or maim us or our loved ones.

For more detail, listen to the discussion below:




16 June 2021 7:21 PM
Tags:
Social media
The Money Show
Bruce Whitfield
Vaccination
Wendy Knowler
life insurance
life cover
Life insurance policy
Financial Sector Conduct Authority
FSCA
COVID-19 vaccine
death claims
vaccine myths
Absa Life

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