COVID-19 Commitment to frontline healthcare workers

GIO Life is committed to ensuring health workers can access life insurance cover.

The life insurance industry has a critical role to play in supporting Australians at this important time. As a leader in the life insurance industry GIO Life intends to play its part to support our customers and the community when they need us most. We are grateful for all the doctors, nurses, medical practitioners, along with the healthcare workers who support them, such as police, pharmacists, paramedics and age care workers, who are on the frontline fighting the COVID-19 pandemic. 

Asteron Life and Superannuation Limited (as issuer of the GIO Life Insurance) is pleased to support this FSC initiative to protect our frontline health workers. This commitment on behalf of participating FSC life insurance1 member companies is to ensure that frontline healthcare workers are not prevented from obtaining life insurance cover purely through exposure, or potential exposure, to coronavirus.

1. The commitment

Life insurance companies participating in this commitment agree as follows:

For relevant healthcare workers, exposure or potential exposure to coronavirus will not of itself be used to:

  • decline an application for cover, or
  • charge a higher premium, or
  • apply a COVID-19 pandemic risk exclusion to any of the benefits offered,

subject to the following:

  • The agreement applies to new underwritten applications for individual life insurance benefits up to the financial limits below for relevant healthcare workers.
  • The normal underwriting process and rules will apply to individuals for health conditions unrelated to coronavirus.
  • Applicants who have tested positive for COVID-19, or who are waiting for a test result, will not be immediately eligible for cover.

2. Relevant Healthcare Workers

Relevant healthcare workers includes, but is not limited to, all the following people working in any capacity in Australia, in any of the following:

  • Doctors, nurses, cleaners and all hospital workers
  • Ambulance workers and paramedics
  • People working at a GP Surgery or Clinic
  • Workers at a COVID-19 testing site
  • Allied healthcare workers people providing mental healthcare services
  • Workers developing a COVID-19 vaccine or treatment
  • Pharmacists
  • Police
  • Age Care workers
  • Volunteers helping to support people with COVID-19

3. Financial Limits

The Commitment applies to the total amounts of cover the applicant would have, including both the cover being applied for and any existing individual and group insurance cover with all life insurers in aggregate, up to the following amounts:

  • $750,000 of lump sum death cover.
  • $500,000 of total permanent disability cover (TPD).
  • $200,000 of trauma and/or critical illness cover.
  • $4,000 a month in total of any combination of income protection, salary continuance or business expenses cover. 

Nothing in this Commitment prevents any life insurer from providing additional coverage in excess of the above.

4. Duration of the Commitment

The Commitment starts on 6 April 2020 and will continue until at least 1 July 2020 when it will be reviewed with a view to extending it if required.

Please note: This commitment is subject to authorisation by the ACCC.

GIO Life Insurance products issued by Asteron Life & Superannuation Limited ABN 87 073 979 530, AFSL 229880 (Asteron).  Asteron is authorised to use the GIO brand. TAL Direct Pty Limited ABN 39 084 666 017 AFSL 243260 (TAL Direct) has been authorised under an arrangement with Asteron to enter into, vary or cancel insurance cover and manage, administer and settle claims on behalf of the insurer as if it were the insurer. TAL Direct and Asteron are part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 (TAL) group of companies.

1Asteron Life and Superannuation Limited as issuer of the GIO Life Insurance is a member of the Financial Services Council (FSC) and a participating life insurance member in these initiatives

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