tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Tuesday, March 19th, 10:57AM

Insurance

rss
Latest Headlines

Long Covid case highlights a new challenge for the insurance industry

The after effects of Covid-19 pose new challenges for life insurance companies and advisers.

Wednesday, November 4th 2020, 9:43AM 1 Comment

Katrina Church, insurance adviser from Insurance People, revealed that her company has been dealing with a client who is suffering the effects what has been called “long Covid” after being infected with Covid-19 earlier in the year.

Long Covid occurs after the initial infection, and can result in ongoing brain fog, fatigue, breathlessness, chest pain and loss of memory.

The client came to Insurance Advisers seeking advice around premium support, as they were unable to work their usual hours due to fatigue and other issues.

A member of Church’s team made them aware of the rehabilitation and support offered by their Fidelity income protection product: they have now started a programme of occupational therapy amongst other treatments. 

Church says that, given the numbers of people affected by Covid-19 worldwide, the emergence of long Covid may have major implications for the industry.

“These cases may be oversees, but we have the same reinsurers, so there could be major repercussions.”

Church says that the support offered via income protection insurance, outside the monetary payouts is not widely known. Psychological support, for example, is not offered by medical insurance: she feels the product would be more widely used if this information was more readily available.

Early intervention in cases where people are suffering from a chronic condition can be extremely advantageous. Psychological or physical therapy (as covered by many income protection products) can help a client to recover, rather than spiralling into sever chronic illness and being unable to work.

Church urged advisers to reach out to clients who have had Covid to ensure they aren’t suffering the long-term effects of long Covid.

“Make sure your clients aren’t suffering any residual effects [of Covid] and let them know what resources are available,” she says.

For more read: Covid-19 changes discussions with clients

« Fidelity Life appoints new CEOUniMed announces new chief executive »

Special Offers

Comments from our readers

On 27 November 2020 at 6:17 am JPHale said:
Nice work Kat! This is something that is going to really test the plans people have.

We’ve been lucky with case numbers, and the subsequent reality is a Covid case is very low on the actual risk scale in NZ.

Advisers that do claims work will get it, these claims aren’t easy to spot and you often stumble on them. Better client understanding on how things work helps.

Our products in NZ will respond well, it’s joining the dots that is critical to making it all work.

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Insurance Briefs

AIA adds cover for prophylactic surgery following cancer
AIA makes changes to policies and adds preventative surgery for several types of cancer.

Chubb appoints David Morrow as Country President for New Zealand
Chubb has appointed David Morrow as Country President for New Zealand.

nib adds specialist skills to its board
Two new board appointments at health insurer nib add new perspectives, chairman says.

nib gets new CFO
Alvin Soh has joined nib New Zealand as its chief financial officer. Heh is a chartered accountant with more than 20 years of commercial experience in leadership roles.

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com
x