COVID-19 by PPNZL
Well… unusual times, to say the least! I hope you are all well. I hope your family are all well. I hope you have all coped under these testing times. As I write this column there is a merging light at the end of the tunnel. We are coming out the other side. Hang in there my fellow Cantabs. Not long now…
Like many others, including my wife Jill, I go for a daily walk. Both for physical fitness and mental health, fresh air! I put on my headphones, tune into my Spotify, and off I go for about an hour. I listen to a variety of music, but the other day a song came on by Joni Mitchell called “Big Yellow Taxi”.
The chorus line goes… “Don't it always seem to go That you don't know what you've got 'Til it's gone”
I can’t think of truer words than these for this time right now. No work. No beer with my mates. No golf. No takeaways. No grandchildren. And so the list goes on.
All the things we take for granted. But, one thing we do have right now and that’s time. We’re often described as a growing society of a “time poor” community. I hope many of you, as I have, have taken this time wisely. Spending this time with kids, partners, (within our bubble of course) doing those things that we’ve put off until we have time!
Many of us in Canterbury are lucky because this in some ways is not new to us. Many of us had isolation of sorts after the 2010 / 2011 Earthquakes. Working from home, unable to do many of things we could before. As terrifying as that time was for us, we could see, feel, and fully comprehend what we were going through.
This time is different. This time it’s a “silent assassin”. One we can’t see, hear, or feel until it arrives. For many this may be more difficult to accept. I say again, hang in there my fellow Cantabs. Not long now…
I’ve had a number of clients call me with queries around how Covid 19 affects their insurances. I thought I’d take a little time just to clarify for those of you who may be unsure. In my area of expertise, that is Life, Health and Disability insurances, there is no impact whatsoever on current in force policies. Generally speaking you have a contract that cannot be changed. There are no exclusions or special terms in case of a pandemic.
There’s very good reason for this. In the case of Life Insurance, globally by far the fatalities due to Covid 19 are contained to the elderly and informed. Many of these do not have Life insurance simply because there is no need. Therefore, there is no expectation for an unusual increase in claims.
In the case of Health Insurance there is also no likely hood of increased claims. In fact, there’s likely to be decrease in claims simply because all elective surgery has been suspended. Covid 19 cannot be fixed by surgery. If it does require hospitalisation then it is under acute admission which comes under the public health system.
In the case of Disability Insurance, that includes such things as Income Protection, Mortgage Repayment and Trauma, again, there is no expectation for any abnormal increase in claims at this time. Remember, your I.P. or Mortgage cover is only claimable when you, as the life assured, can’t work due to a physical or mental health issue.
It does not cover you when you aren’t allowed to work due to Government intervention.
However, you may have a claim if you are not able to work due to having the virus. If that is the case, seek advice from your Adviser or give us a call.
In fact if you have any concerns or queries about your insurances at all, you are welcome to give us a call.
Hank Van Keulen
EMAIL: admin@ppnzl.co.nz
Ph: 021 357 062