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In fact, your biggest risk as a healthy person from the coronavirus is a potential loss of income if you have to be isolated or are unable to work, says Marius Botha, the chief executive of Stangen. If contracting the virus results in a temporary disability, and you have used all your sick leave, income protection products would pay out where applicable.
“The coronavirus will not affect the policies of existing customers in any way. If you die or become disabled after acquiring the virus post take-up of your policy, you will be covered (provided all other terms and conditions are met). New customers, however, will have to disclose if they have the virus, or think they might have it, so we can apply the necessary medical underwriting rules. The coronavirus is something we cannot ignore, but the role of an insurer is to manage risk – and epidemic and pandemic risks like Covid-19 are generally planned for by life insurers in the normal course,” said Botha.
The customer’s responsibility is simply to be honest in all their disclosures.
There are three main insurance products that could be affected by coronavirus-related claims:
It is also important to know that critical illness products cater for specific major critical illnesses, like open heart surgery, heart attacks, strokes and cancer. Coronavirus is not covered under this product offering.
There are a range of practical measures that employers can take to respond to the challenges posed by the coronavirus, starting with a clear policy for self-quarantine, absenteeism, sick leave and working from home. These include: