• fabianlau

Insurance on COVID-19

Updated: Apr 8, 2020

Coronavirus COVID-19: the virus that has infected over 400K cases and claimed more than 18K lives. As the numbers are still raising, there has been numerous inquiries coming in with regards to this pandemic situation...

“Is COVID-19 covered by my insurance policies?”


Fortunately, many insurance companies have responded efficiently to provide financial assistance benefits to policy holders who may be impacted by this virus. *** Please read disclaimer at the end of this entry.

Insurance policies with Death / Terminal Illness benefit coverage will cover death/ terminal illness due to COVID-19. This applies to Total & Permanent Disability and Critical illnesses if the diagnosis is due to COVID-19. If your policy provides an Accidental Death benefit, death due to COVID-19 does not qualify as accidental death, therefore, there will not be any accidental death payout. COVID-19 on its own is not classified as one of the Critical illnesses covered, neither it is an infectious diseases. Some insurance companies are providing additional Death benefit coverage for their policy holders where death coverage ranges from $10,000 to $80,000. Hospital Income benefits are given either in a lump sum or as daily hospital cash benefits ranging from $100 - 200 per day. On Hospitalization and medical insurance such as MediShield Life or Integrated Private (IP) medical insurance, you will be covered for treatments and medical costs associated with hospital stays, surgery and selected outpatient treatment due to COVID-19, subjected to the eligibility and limits of your IP plan type. On 12 February 2020, Singapore government announced that the government will foot the hospital bills incurred by COVID-19 patients for admission in public hospitals. This coverage, however does not extend to outpatient treatments at general practitioner clinics, or polyclinics and treatments at Private hospitals. Further to that, on 24 March 2020, Government enforces travel advisory and states that from 27 March 2020, Singapore residents and pass holders who disregard the Government’s advisories and still travel will be charged unsubsidized rates at public hospitals if admitted for COVID-19.

Patient will also not be able to claim from their MediShield Life or IP plans for these treatments at both public or private hospitals.

And last but not least, with regards to Travel insurance policies, any coverage that was purchased after 20 Jan 2020 onwards (or thereabouts), the policy will not cover for any loss related to COVID-19 as this is considered a known event. Other claims not related to COVID-19 will be covered, subjected to terms and conditions of each policies.

I hope in due time, these information will be archived and no one ever needs it. Let's do our part to keep our nation safe, secure and move forward together.


"What makes Singapore different from other countries is that we have confidence in each other, we feel that we are all in this together, and we do not leave anyone behind." - PM Lee Hsien Loong


Disclaimer: The above information is based on common insurance clause in Singapore and may be subjected to change. These may not be applicable to all insurance policies and you are advised to contact your financial adviser representatives or relevant insurance company for avoidance of doubt, if any. Wealth Destined does not accept any responsibility for any deviation of information on any policies herein.

Information is updated as at 25 March 2020 and is subject to change as COVID-19 situation evolves.

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