According to Healthline.com, researchers believe that 25% – 50% of Covid-19 carriers are unaware that they have the virus. This allows the virus to spread even faster throughout a community.
With more than 4.6 million people worldwide infected, at of 17th May 2020, with the virus and no vaccine in sight, we must brace for a longer than expected battle with the virus. As such, understanding some of the after-effects of the virus allows us to plan ahead better financially.
Experts have indicated some permanent and adverse effects on our body which are likely to manifest even after recovery from Covid-19 infection. They include
Although there are some free Covid-19 coverages by insurers, there is no direct coverage for this pandemic. However, there may be cover under Critical Illnesses for complications of Covid-19 under end stage lung disease provided the diagnosis meets the definitions and criteria in the policy contract.
The silver lining is, hospitalization due to Covid-19 is claimable for your integrated shield plan. Do take note that exclusion applies if you leave Singapore on and from 27 March 2020 onwards and returns with the virus. For clarification, it will be best to speak to a financial consultant.
The most immediate thing to do is to conduct a policy audit if you have not done so. This provides clarity to your existing insurance portfolio and you may want to take action and close the coverage gap, if any, for the following reasons.
Covid-19 or not, we should always review our coverage for the financial safety of our loved ones. It is in times like this that we should take this important process with urgency. Contact us, and start your policy audit and be prepared financially for this pandemic.