Local banks that offer the best insurance coverage (including travel policies) amid the COVID-19 outbreak
From quarantines, isolation, social distancing to travel bans, cancelled events and round-the-clock handwashing — we can all agree that 2020 hasn't been the greatest year to date. And with a global health crisis continuing its deadly rampage, many of us are left with an overwhelming feeling of uncertainty. Mass shortages of face masks and hand sanitizers have proven that we are all well equipped with the prevalent health and safety information out there. However, besides coronavirus safety kits, we have a more detrimental issue on our hands: Will our current life insurance policies cover deaths due to coronavirus? And this one's a biggie — are you able to get a life insurance policy after contracting the virus?
To help answer some of the real issues that need to be addressed, here's a couple of insurance schemes to note from trusted banks, protecting you and your loved ones from the novel COVID-19 pandemic. Whilst we all cling onto hope that 2021 is finally going to be our year, let's be smart about our finances in the meantime. That way, you can save for that dream Venice trip you've been looking forward to when this is all done and dusted.
Partnering with Chubb Insurance, DBS announced last month that it will offer its five million Singapore customers a complimentary insurance coverage regarding COVID-19 matters. What does that mean for its lucky members? A 30-day free cover with a $100 cash benefit on the daily for hospital confinement. And for ICU confinement — once admitted — you can reap the benefits of a $1,000 payout as well. If that's not enough, customers upon request can purchase additional coverage for COVID-19 hospitalization cases. Inclusive of all ages above 18, Singapore residents can apply for the policy and can insure their loved ones including immediate family members too.
Launching several COVID-19 insurance policies, NTUC Income has assured its members that their insurance plans will have them covered. For hospital care insurance, NTUC Income offers a daily cash payout of $100 for hospitalization for up to 30 days. On top of Personal Accident insurance, NTUC Income will cover ICU stay expenses with reimbursements for day surgery and ambulance pay outs. But the real kicker that got everyone talking is their policy extension to protect lower-income households through their Income Family Micro-Insurance Scheme. Benefits from this scheme include a $200 cash payout per day of hospitalization for up to 30 days and the best part? It is payable upon first day of diagnosis. They also have a payout of $5,000 if the insured passes away or suffers from other irreparable disabilities. NTUC Income's group employees are also not forgotten with similar policies available at their disposal, plus, a $20,000 payout if the insured passes away from the virus. And can also be renewed for three months at a low premium rate.
Offering coverage for its $1.4 million customers, AIA is providing several coverage initiatives that are eligible to new customers whose policies were issued between Feb 17 and July 31 and to its current member pool. For members requiring hospitalization due to a COVID-19 infection, you can claim a $1,000 lump sum payment. And for death occurrences, a $25,000 payment can be received as well.
Putting aside a whopping $1 million dollars, Great Eastern has generously provided support packages to assist with customers affected by the COVID-19 outbreak. Part of its support efforts include a $200,000 donation to the Courage Fund, providing financial aid to the COVID-19 affected Singaporeans. Similar to other schemes, Great Eastern will provide a cash benefit for customers and their immediate family that have been hospitalized with $200 per day. Diversely, they are offering it for an extended period of time of up to 60 days. And in an incident where death occurs, a $20,000 lump sum will be paid out. For those with travel insurance, the company will provide a full premium refund if they choose to cancel their flight plans.
Life insurance customers of HSBC are able to receive complementary benefits with coverage that is guaranteed for one year. Not a member of HSBC? No worries — newcomers that purchase life insurance policies from Feb 7 to April 30 will be covered for the same amount of time as other customers. What are the benefits? Cash payout of $200 per day for up to 45 days for hospitalization and a $1,000 lump sum if customers are diagnosed with the virus by a registered medical practitioner. And in the case of a customer or an immediate family member of the insured passes away in Singapore, benefits include a $10,000 sum.
What about travel insurance policies?
Whilst travel insurance covers a range of circumstances including flight delays, cancellation, missing luggage and medical expenses, coronavirus may not make it on that shortlist. Regarding flight cancellations, insurance will be tight with options and binded by limited coverage. Following in the same tune, numerous banks like AIA have stated that there will be no coverage for any claims arising from COVID-19 to any travel destinations if the policy is purchased on or after 12 March of this year.
NTUC income has mentioned that travelers filing for cancelling, shortening or postponing of a trip can file a claim if they have purchased their polices before 20 Jan 2020 for travel to Wuhan, 27 Jan 2020 for travel to the rest of Mainland China, 23 Feb 2020 for Daegu and Cheongdo in South Korea, and finally 4 March 2020 for the rest of South Korea, Japan, Iran and Northern Italy.