How is my Insurance Policies Impacted by the Coronavirus?
Insurance | 11 Feb 2020
The number of confirmed cases and deaths as a result of the 2019-nCoV coronavirus disease has spread at a fever pace. The number of confirmed cases globally has hit 43,000 and the total death toll has just exceeded 1000. Both these figures have now exceeded the total number of confirmed cases and deaths associated with the SARS outbreak in 2002/2003.
This virus has impacted many markets, especially countries that are reliant on tourism. The projected dip in the earnings of the tourism and hospitality industry may worsen the performance of already vulnerable economies.
As of reporting, the number of confirmed cases in Singapore has risen to 45. The local transmission of the virus has exceeded the number of foreign carriers of the virus. 6 patients are currently in the intensive care unit while 7 patients have made a full recovery and have been discharged.
Singapore Announces DORSCON Orange
The recent cases of the novel coronavirus spreading to people with no known links to mainland China travel have led Singapore to increase the Diseases Outbreak Response System Condition (otherwise known as DORSCON) to Orange.
This alert is the same alert that was released during the outbreak of SARS. This announcement took place on 7 February 2020 and led to widespread panic in Singapore. Many rushed to their local supermarkets to stockpile essentials such as rice, canned food and toilet paper.
This surge of demand for daily essentials has led to statements being released by the Singapore Government. Several Singapore Ministers reminded citizens to remain calm and not hoard food. The NTUC Fairprice CEO, also urged members of the public to “stay calm” as there are enough resources to cater to everyone.
Several businesses and schools have also activated business continuity plans. They have cancelled or postponed large scale events and have been executing stay-at-home orders.
Addressing Frequently Asked Questions
PolicyPal has received an overwhelming amount of questions and concerns from all our valuable clients, as such, we would like to address them here.
If the insured has made travel arrangements to China before the cut-off dates, the insurer will provide all claim amounts associated with the cancelled travel plans. However, if the insured made travel arrangements to countries other than China, the insurer will not provide cancellation benefits or refunds. If you have any questions about your current travel policies, do contact your insurer directly to enquire about your policy details.
If you are hospitalised and seek medical treatment before, during or after you have been diagnosed with the virus, your hospital and surgical policy entitlement will be enforced as per normal.
Will my Critical Illness plans still cover me if I get the virus?
If you develop a critical illness as a result of the virus, you will be able to claim your Critical Illness benefit. However, if you do not develop a critical illness as defined in your policy wording, you will not be able to claim the Critical Illness benefit.
Will my Life Insurance policy cover me if I pass away from the virus?
Yes. Your dependants will receive the full payout as stated in your policy.
If you have yet to purchase a life insurance policy, now would be a good time to seriously consider your protection needs.