We hope that you and your loved ones are well; and that our community and markets can return to normal as soon as possible. The second stage of the $66 billion economic stimulus package was announced on Monday; and last night, the Federal Government passed the $83.6b economic stimulus package to support Australians. Below are the key areas of what this could mean for you and/or your business. We’ve also had a lot of enquiry in relation to COVID-19 and personal insurance, so we thought some quick clarification below might also help.
Government Stimulus Round 2: What this means for you
The weekend saw more drama and uncertainty as more and more people are impacted by COVID-19, which now has a firm foothold in Australia. What is first and foremost a health crisis has become very quickly an economic crisis with many businesses closing their doors; markets falling at a great rate of knots; the Federal government moving to mandatorily close restaurants, cafes, bars, clubs, cinemas, and gyms; and State governments moving to shut their borders and close schools. The social reality is looking ugly with messaging on social/spatial distancing; continued panic buying at supermarkets; and the big question of a potential lock down. Read more, here.
Your Protection: quick clarity around Personal Insurance
Please be assured that most reputable insurers do not exclude pandemics; and that includes COVID-19 under the circumstances whereby health deteriorates to a point where capacity to work is reduced or eliminated.
As with any other Income Protection Claim insuring for injury or illness eliminating capacity to work, wherein COVID-19 results in job loss, the option to claim would only apply if there was a loss of income. We should make it clear that cover is purely in place to protect against injury or illness eliminating the capacity to work, rather than the impact that this pandemic might have on your business or employed position as a whole. Under Income Protection conditions, any Waiting Periods must also be satisfied first.
If you have any questions, please contact me. I always welcome the opportunity to talk about how we can support you and your family.