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Statements about the effect of Covid-19 vaccines on life insurance policies

15 June 2021 Financial Sector Conduct Authority (FSCA)

It has been brought to the attention of the Financial Sector Conduct Authority (FSCA) that there are inaccurate reports, particularly on social media platforms, which indicate that getting the Covid-19 vaccine will render life insurance policies “null-and-void” because the vaccines are regarded as “experimental medicine”.

It is the view of the FSCA that such statements have no merit or basis. Additionally, the FSCA believes these unfounded statements are causing fear, anxiety, and uncertainty among the public. It is the expectation of the FSCA that taking a Covid-19 vaccine will not lead to cancellation of a policy or the repudiation of a claim. Should there be any further concerns or questions related to such statements, it is recommended that policyholders contact their respective life insurers and/or financial advisors/brokers.

The South African Government has issued various communications regarding the vaccines (including highlighting the safety of the vaccines) which are available on the following website: https://www.gov.za/covid-19/vaccine/vaccine.

The FSCA would further like to draw attention to the regulations issued in terms of the Disaster Management Act, 2002 clearly outlining that any person who publishes a statement, through any medium including social media, with the intention to deceive any other person about Covid-19, is committing a criminal offence.

Quick Polls

QUESTION

Healthcare brokers have long complained about inflation-plus medical scheme contribution increases; but pandemic may have changed things. What will pandemic-induced changes in hospital utilisation do to medical scheme contribution increase patterns?

ANSWER

Below inflation increase for 2022, then back to inflation-plus
Long-term trend of below inflation increases
Inflation-linked hikes for 2022, then back to inflation-plus
This is a 2-year hiccup, inflation-plus increase trend remains in place
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