Does ClearView cover me for pandemics?

ClearView life insurance policies provide a range of insurance covers to protect against financial loss if an insured person dies or becomes disabled due to sickness or injury.

There are no specific exclusions for claims arising from a pandemic event.

For any new applications for insurance or reinstatements, we may request additional information to decide whether we are able to offer cover under standard terms while the COVID-19 pandemic is carrying additional risk.

Does ClearView cover me for adverse effects of a COVID-19 vaccine?

Just as there are no specific exclusions for claims arising from a pandemic event, there are no specific exclusions for claims arising from ill effects of Therapeutic Goods Administration approved or provisionally approved COVID-19 vaccine.

Does electing not to receive a COVID-19 vaccine impact my cover?

Your policy will continue each year up until the policy expiry, so long as you continue to pay your premiums when due. This means that we cannot cancel your cover, place any further restrictions on your cover or increase your individual premium because of any change to your health, occupation or pastimes. Any claim you may have is not impacted by your decision whether or not to receive a COVID-19 vaccine. Likewise, whether you have been vaccinated or not does not impact your continuing cover.
 

Am I covered overseas?

All of ClearView’s life insurance policies provide worldwide cover, which means you are covered if something happens to you while outside Australia.

The only exception is if you have a special exclusion applied to your policy (which you have agreed to) that restricts your cover in specific countries.

 

Are health workers still eligible for life insurance?

Frontline healthcare workers are not prevented from obtaining ClearView life insurance cover purely through exposure, or potential exposure, to COVID-19. In line with the Financial Services Council’s recent announcement, ClearView is committed to ensuring that the vital work Australia’s frontline healthcare workers are doing will not prevent them from accessing life insurance.

 

Am I still covered while I am unemployed?

ClearView life insurance will not cancel due to unemployment, and in most cases there is no change to the terms of your cover should you need to claim.

If you have Income Protection, there may be a change of terms after 12 months of unemployment. And if your Income Protection is held wholly within superannuation, you are only able to claim while you are gainfully employed.

ClearView’s life insurance policy terms already provide protections for unemployment in most cases. As a member of the Financial Services Council (FSC), Clearview also supports the FSC initiative whereby total and permanent disability cover will not be affected if you are working in your usual capacity as at 11 March 2020 but as a result of COVID-19, subsequently lose your job or have reduced working hours between 11 March 2020  and 27 September 2020. This applies for claims made before 1 January 2021.

If you would like more information about your cover how it may be impacted by unemployment, please contact your adviser or call us on 132 979 to discuss how this applies with your policy and cover type, and what options are available to you.

Am I still covered if I am a casual or part-time worker?

Working on a part-time or casual basis will not change the terms of your cover or cause your cover to cease.

Where cover is intended to replace your income in the event of sickness or injury, you may wish to review your insurance and benefit amount with your financial adviser.
 

What can I do if affordability is a problem?

Clearview ClearChoice policies allow monthly premiums to be waived for up to three months if you lose your job. Limitations apply and you should refer to the Product Disclosure Statement for full details.

Longer term, there are a number of ways to reduce your premiums without giving up your insurance. For example, you may be able to reduce cover or remove extra cost features. Your financial adviser can explain these options to you.

Can I put my cover on hold?

You can put your ClearView insurance cover on hold by using our Suspending Cover Benefit. No premiums will be charged and you will be unable to claim in respect of any event, sickness or injury that occurs during the suspension period.

Limitations apply and you should refer to the Product Disclosure Statement for full details.
 

How can I make a claim?

If you have any questions about what you are covered for, or if you are lodging a claim, please speak to your financial adviser or contact our Customer Service Centre on 132 979 Monday to Friday between 8am and 7pm (AEST). Alternatively you may email [email protected]

The government early access to superannuation due to COVID19 program ceased on 31 December 2020.  Individuals are no longer able to able to access their superannuation under COVID19 legislation.
 
If you are currently experiencing financial hardship please contact our Service Centre on 132 977 or your adviser to see if you are able to access your superannuation under Severe Financial Hardship, Compassionate Grounds or another condition of release.

Have minimum pension payments changed?

A temporary reduction to the minimum payment rules has been put in place to assist retirees who may otherwise be forced to sell down assets to meet their minimum pension.

The minimum drawdown amount was reduced by 50% for the 2020/21 financial year. This reduction will continue into the 2021/22 financial year.

	Minimum % drawdown each year1
Age	For 2021/22	From 2022/23 onwards
Under 65	2%	4%
65 to 74	2.5%	5%
75 to 79	3%	6%
80 to 84	3.5%	7%
85 to 89	4.5%	9%
90 to 94	5.5%	11%
95+	7%	14%

A minimum annual payment does not need to be made where the income stream is commenced between 1 June and 30 June. A pro-rata minimum payment is required if it is commenced before 1 June.

For transition to retirement (TTR) pension holders under 65 years a withdrawal between 4% and 10% of their account balance each financial year is permitted.

 

How do I change my minimum pension payment?

WealthFoundations and ClearView Pension Plan
To change a pension payment or move to the new reduced minimum payment, call 132 977 (opening hours 8am-6pm, Mon-Fri, AEST) or email us (no forms required).

WealthSolutions
To reduce your pension payment, call 1800 023 549 (opening hours 8am-7pm, Mon-Fri, AEST) or submit online or by email.

Important notes

• Changes must be received 5 days before the pension payment is made or the changes will apply from the following payment date.

Talk to your adviser or contact us for more information.

The coronavirus is first and foremost a public health issue, but it has also drastically impacted the economy and the financial system. As the spread of the virus continues, countries have restricted the movement of people across borders and have implemented social distancing measures. This has resulted in major disruptions to economic activity across the world which is likely to remain for some time as efforts continue to contain the virus.

The severe economic disruption and uncertainty caused by the coronavirus has resulted in high levels of financial market volatility. Equity prices have experienced large declines and the Australian dollar has fallen sharply. Government bond yields have also declined to historic lows and there have been significant liquidity issues in global bond markets.

However, it’s important to remember that when investing, it’s the long-term results that matter. Capital values are going to fluctuate over shorter-term periods. The vast majority of large companies which people own in their share portfolios are likely to get through this difficult period and recover to a huge extent. As a result, the share prices of these companies should, in time, retrace their falls. Hence, it is highly likely that this current circumstance is a transitory period of volatility and not the end of the world.

Believe it or not, big falls of 30% to 50% are actually not that uncommon in share markets. If you look at the table below you can see the history of the US share market, which is the world’s largest share market.
 

Bear Market	% Fall
Dec-1968	-36%
Jan-1973	-48%
Nov-1980	-27%
Aug-1987	-34%
Jul-2000	-49%
Oct-2007	-56%
Mar-2020	-33%
Average	-40%

The coronavirus is first and foremost a public health issue, but it has also drastically impacted the economy and the financial system. As the spread of the virus continues, countries have restricted the movement of people across borders and have implemented social distancing measures. This has resulted in major disruptions to economic activity across the world which is likely to remain for some time as efforts continue to contain the virus.

The severe economic disruption and uncertainty caused by the coronavirus has resulted in high levels of financial market volatility. Equity prices have experienced large declines and the Australian dollar has fallen sharply. Government bond yields have also declined to historic lows and there have been significant liquidity issues in global bond markets.

However, it’s important to remember that when investing, it’s the long-term results that matter. Capital values are going to fluctuate over shorter-term periods. The vast majority of large companies which people own in their share portfolios are likely to get through this difficult period and recover to a huge extent. As a result, the share prices of these companies should, in time, retrace their falls. Hence, it is highly likely that this current circumstance is a transitory period of volatility and not the end of the world.

For more information, contact us, talk to your financial adviser, or refer to one of the official Government information sources below:

Treasury
Australian Tax Office
ASIC’s Moneysmart website
Australian Government