Examine your policies and bone up on new products, writes Georgina Crouth.
It used to be said that when America sneezes, the world catches a cold. But as we wake up to the virulence of Covid-19, the knock-on contagion from China is stoking global fear. Fashion shows, sporting events and conferences are being cancelled or postponed, staff are being told to work from home, and panicked consumers are stockpiling masks, medicines and shelf-stable foods.
“If you decide to cancel a trip, you typically get around 50% back of your ticket price. If the government issues a travel warning, or the airline cancels the flight, you’ll get 100% of your money back.” The additional cover reimburses clients for Covid-19 testing, flight and event cancellations, travel curtailment, flight delays due to medical emergencies on board, and penalties to change airline tickets.“As a rule of thumb, your life policy should pay out if you die from something like the coronavirus in your home country,” says the chief executive of MiWayLife, Craig Baker.
For group benefits, employers must examine what occupational disability and business interruption plans are in place. Botha says if contracting the virus results in a temporary disability, and staff have used their sick leave, such products would pay out.
He says high-risk individuals - members with pre-existing conditions such as pregnancy, diabetes mellitus, asthma, cancer, HIV and other immunosuppressive conditions - are urged to keep up with their routine medication and screenings. Individuals over the age of 50 and children under 10 years are also vulnerable.
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