Australians can generally arrange new life insurance cover (via brokers) up to the age of 75 and, once in place, cover can generally run for as long as to age 99. The Product Disclosure Statement issued by each insurer together with the underwriting process will determine the exact terms offered to a new applicant.
The Actuaries Institute’s COVID-19 Mortality Working Group’s latest analysis of excess deaths notes that they continue to expect that COVID-19 will be the third leading cause of death in Australia in 2022. In a post on 7 December 2022, they noted that total excess mortality for the month of August is estimated at 10% (+1,700 deaths) relative to expected mortality at pre-pandemic levels. This is lower than recent months, primarily due to lower-than-expected respiratory deaths following the earlier-than-normal end to the flu season.
Total reported excess mortality for the first eight months of 2022 is 13% (+15,400 deaths). This information may trigger some Australians to review their existing cover.
While in sheer number terms the excess mortality is concentrated in older age groups (i.e. 65+ years), excess mortality is a significant percentage in all age groups in 2022.
Just over half of the excess mortality for the first eight months of 2022 is due to deaths from COVID-19 (+8,200 deaths), with another +2,100 due to deaths with COVID-19.
Most states and territories have had broadly similar levels of excess mortality in 2022, but the delayed re-opening of WA’s borders is reflected in a delayed uplift in mortality.
To date, individual Life insurance policies arranged from life insurers by Experien Insurance Services, have generally not had exclusions for COVID19 related deaths as standard.
“Guaranteed Renewability” is a feature in most policies arranged from life insurers by Experien Insurance Services. This means that if a policy is first issued to an insured without any COVID19 related exclusion, then it will remain without such an exclusion for the duration of the policy.
Whether you are based in Sydney, Melbourne, Brisbane, Perth, or anywhere else in Australia, and whether you are an accountant, a doctor, an architect or any other occupation, to find our more, contact us for a no obligation review at any time. We can provide more information and offer you personal financial advice based on your own needs, goals and circumstances.
This is general information. Always read the Product Disclosure Statement issued by an insurer before considering buying insurance. Life insurance and Financial Advice services are provided by Experien Insurance Services Pty Ltd (EIS) ABN 99 128 678 937 and Experien Financial Services Pty Ltd (EFS) ABN 32 631 346 757. EIS and EFS are a Corporate Authorised Representative (No. 320626 and No. 1274354) of Affinia Financial Advisers Limited ABN 13 085 335 397 AFSL No. 237857. See our website for our Financial Services Guide which includes details of how we are remunerated via commissions paid from life insurers.
