[UPDATE] Covid-19 Insurance Coverage: Insurers That Extend Free Coverage for Coronavirus (2020)

Covid-19 Health Insurance Coverage: 6 Insurers That Extend Free Coverage for Coronavirus (2020)
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Last Updated on by Tree of Wealth

This article will be updated when new information arises. Stay tuned to find out more!

Updated 18 April 2020

Just when it felt like things were getting better, there was a sudden spike in the number of Covid-19 cases in Singapore with a new cluster being found at SAFRA Jurong.

Already, everyone is extra careful about hand washing and cancelling large gatherings, not least because they’re afraid of getting hospitalised due to the virus.

Thankfully, the Singapore government is doing their part by paying for hospital bills incurred by patients of Covid-19 in public hospitals, excluding outpatient treatment. However, they’ve also just announced that those holding short-term visit passes will not receive free treatment, although testing still remains free.

While you may not have to pay for hospitalisation bills now (things may change, who knows!), it would certainly help a lot if you had hospitalisation benefits, especially if you’re self-employed or may be forced to take unpaid leave.

That’s where you can look to your existing insurance policies to see if you get free extended coverage. Let’s see how insurers are extending Covid-19 coverage to their existing customers.

Free Covid-19 Insurance Coverage (2020)

Covid-19 benefits Hospitalisation Death benefit Other benefits
AXA $200 to $400 a day (up to 90 days) $20,000 to $40,000
HSBC $200 per day (up to 45 days) $10,000 Diagnosis: $1,000
China Taiping $100 a day (up to 30 days) $10,000 Diagnosis: $1,000
Recover bonus: $1,000
NTUC Income $100 per day (up to 30 days) $10,000 to $20,000
Manulife $2,000 lump sum $30,000 Diagnosis: $1,500
AIA $1,000 lump sum $25,000

*Benefits are latest as of 12 Mar 2020.

As you can see, $100 per day for hospitalisation benefit is basic while $200 per day is quite generous. Given that there are no deaths in Singapore and the percentage of deaths for patients with no existing health conditions is 0.9%, we think that plans with the highest hospitalisation such as AXA ($200 per day, up to 90 days) or Manulife ($1,800 lump sum) are the best ones for most people.

However, if you’re someone with pre-existing conditions, or are 60 years old and above, a high death benefit and high hospitalisation benefit are both important. The highest death benefit is provided by Manulife, at $30,000. Considering Manulife also has a high hospitalisation benefit, it could be the perfect fit for you.

If you are a frontline healthcare worker, you qualify for the highest death benefit at $40,000 provided by AXA’s Covid-19 coverage (doubled).

Update 18 April 2020: Tokio Marine Term Assure II Free Cover

Tokio Marine’s #go2gether Enhanced Protection Campaign is an initiative set out by the insurer to give out additional free coverage upon new purchase of their term insurance, the TM Term Assure II. Read more for the campaign qualifying criteria as well as the qualifying period: Tokio Marine’s #go2gether: Enhanced Protection Campaign FREE Coverage

AXA Covid-19 Care Package

AXA’s Covid-19 care package is decidedly the most generous in the area of hospitalisation income, and they even give double protection if you are a frontline healthcare worker. You get hospitalisation income of up to $200 a day, up to 90 days of hospitalisation due to Covid-19. Frontline workers get $400/day.

In the event of death due to Covid-19, you get $20,000 upon death. Frontline healthcare workers get $40,000.

  • Hospitalisation: $200 a day, or $400 a day for frontline healthcare workers (up to 90 days)
  • Death benefit: $20,000, or $40,000 for frontline healthcare workers

HSBC Life Insurance Covid-19 Coverage

HSBC Life Insurance policy holders who have existing policies issued before Feb 7 2020 enjoy free Covid-19 coverage for one year. This includes $200 per day for hospitalisation cash benefit, up to 45 days and a $1,000 diagnosis benefit (extends to family members too). The death benefit is $10,000.

  • Upon diagnosis: $1,000 lump sum
  • Hospitalisation: $200 per day (up to 45 days)
  • Death benefit: $10,000

HSBC life insurance policy holders whose policies were issued before Feb 7 2020 get free Covid-19 benefits for a year, ending on Feb 6 2021.

Benefits include a $200 per day hospital cash benefit for up to 45 days, a $1,000 lump sum payout if the policyholder or a family member is diagnosed with Covid-19 in Singapore, and a $10,000 death benefit if the policyholder or family member should pass away.

China Taiping Covid-19 Coverage Includes Recovery Bonus

Most insurers provide hospitalisation income and death benefit only, but China Taiping is one of the few that offer cash benefits on diagnosis too.

You get a lump sum payout of $1,000 upon diagnosis of Covid-19 in Singapore, hospital cash benefit of $100 a day, up to 30 days, a recovery bonus of $1,000 or $10,000 death benefit on top of your existing policy’s death coverage.

Considering the stats that healthy and young people usually recover from Covid-19, China Taiping’s policy seems to be quite suitable for younger demographics.

  • Upon diagnosis: $1,000
  • Hospitalisation cash payout: $100 a day, up to 30 days
  • Death benefit: $10,000, or
  • Recover bonus: $1,000

NTUC Income Covid-19 Protection Extended for PA Policies

The new Covid-19 benefits are extended to PA Assurance with Infectious Disease Cover and Personal Accident Infectious Disease Policy, starting 17 Feb 2020 and ending 31 Aug 2020. Beneficiaries of Income’s Family Micro-Insurance Scheme also get this coverage.

The cash payout for hospitalisation is $100 per day (up to 30 days) and there is a one-time payout of $10,000 if the insured person were to die of Covid-19.

For NTUC Income staff, financial advisers and group employee benefits policyholders, NTUC Income is offering a cash payout of $100 per day of hospitalisation in Singapore due to Covid-19, for up to 30 days, and a payout of $20,000 in the unfortunate event of death due to Covid-19.

  • Hospitalisation: $100 per day (up to 30 days)
  • Death benefit: $10,000 for PA policyholders and $20,000 for staff, financial advisors and corporate insurance policyholders

Manulife Covid-19 Free Coverage

Manulife is offering Covid-19 protection benefits for all customers at no extra costs, until 1 Jun 2020. You get $1,500 when diagnosed with Covid-19, $2,000 if hospitalised for 5 days or more, and a $30,000 death benefit.

Manulife’s diagnosis, hospitalisation and death benefits are relatively higher than other insurers’.

  • Upon diagnosis: $1,500
  • Hospitalisation benefit: $2,000
  • Death benefit: $30,000

Update – 24 March 2020

In addition of their free COVID-19 protection, Manulife launched their Customer Campaign which extends to their Life and Critical Illness (CI) insurance and Investment-Linked Plans (ILPs):

  • LifeReady Plus (Whole Life Insurance) and Ready CompleteCare (Standalone CI plan) of up to 15% discount.
  • InvestReady Wealth sees additional welcome bonus.
  • ManuProtect Term’s Perpetual Discount at 25% (Up from 15% previously)
  • ManuProtect Decreasing Term’s Perpetual Discount from 25% to 35%

Applications must be submitted before 17 April and issued between 24 February 2020 and 19 June 2020 (both dates inclusive)

AIA Free Covid-19 Special Coverage

AIA Life policy owners and insured who are residents of Singapore, with a policy being issued on or before 17 Feb 2020 automatically get Covid-19 coverage. Policyholders who purchase such a policy anytime now until 31 Jul 2020 must not be diagnosed with Covid-19 prior to submission of application to qualify.

Under the coverage, you get hospitalisation income of $1,000 as a lump sum and if you encounter death due to Covid-19, you get a sum assured of $25,000.

  • Hospitalisation: $1,000 lump sum
  • Death benefit: $25,000

Get your health insurance early!

When we talk about free coverage for Covid-19 in this article, it is usually extended for existing policyholders. Most of the above benefits are for customers with existing integrated shield plans.

If you want to purchase a policy now, you may face restrictions as some insurers have implemented deadlines for purchasing an eligible policy with Covid-19 coverage.

Of course, even if you don’t qualify for Covid-19, health insurance as well as critical illness coverage is still important. It ensures that you do not face any financial problems when you are hospitalised or fallen sick for whatever reason.

In the meantime, wash your hands, don’t touch your face, and avoid crowds. Stay safe and subscribe to gov.sg’s Whatsapp service on Covid-19 to get accurate updates and health tips!

Need to know more about Covid-19 coverage, health insurance or early stage critical illness protection in general? We have specially reviewed and compare them for you so you don’t have to do so. Simply fill in the simple form and our experienced licensed FA advisor will get in touch with you shortly upon your request.

 

 

 

 

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