There are no exclusions in existing life policies for coronavirus-related claims, the Financial Services Council (FSC) says in a statement on behalf of the life industry.

Claims will be paid if affected policyholders have followed the Government’s travel advisory guidelines.

“No one should be concerned about their existing life insurance policies,” FSC CEO Sally Loane said. “If you take out new life insurance, you can ask your life insurance company when your new cover will start.”

The FSC says the life industry is monitoring the outbreak situation and has pandemic risk management plans in place as set out by the Australian Prudential Regulation Authority.

“These plans will ensure that if, for example, large numbers of staff are absent from work, essential functions such as dealing with claims and customer enquiries are prioritised.”