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New Pandemic Insurance solution protects consumers against the financial ramifications of Covid-19 hospitalisation

Published

2020

Mon

06

Jul

As lockdown measures are incrementally relaxed in South Africa to kickstart the economy, cases of COVID-19 have begun to rise significantly. The country now has over 196 750 confirmed cases as of 5 July 2020, and latest Government projections suggest that this number could rise to over 400 000 cases by mid-July.

 

Some South Africans are already seeing a significant impact on their personal finances. Wage cuts and retrenchments have led to many having to dip into their savings to make ends meet, causing a great deal of anxiety. People experiencing more severe symptoms, potentially resulting in hospitalisation could experience further financial hardship, even forfeiting their income for a period.  The ability to meet additional costs such as medication, transport and childcare during hospitalisation, and a prolonged recovery period after hospitalisation can place further stress on personal and family finances.

 

Although cases are rising daily, there are simple and effective measures that everyone can take to avoid contracting COVID-19. It is important to remember that contracting the Corona virus is not inevitable. Some of the obvious and well documented measures to prevent unnecessary exposure to the pandemic is staying at home where possible, social distancing at all times, wearing fabric masks and regular handwashing and sanitising of hands and surfaces. By actively adopting these measures, people can also regain a sense of control and not feel powerless in the face of this pandemic.

 

“This pandemic is going to be with us for the foreseeable future and could cause a great deal of financial hardship and stress. We have created an innovative insurance solution to provide a safety net for people who are hospitalised due to COVID-19,” explains Martin Rimmer, CEO of Sirago Underwriting Managers.

 

“Our Pandemic Shield policy is the first of its kind on the African continent, providing an affordable solution that pays out a lump sum stated benefit if the policy holder is hospitalised as a result of being positively diagnosed with COVID-19 – or any other World Health Organisation declared pandemic illness in the future. The benefit trigger is a hospital admission longer than 48 hours,” adds Martin.

 

The Pandemic Shield insurance policy was developed in conjunction with Futurum Financial Group and is underwritten by GENRIC Insurance Company and administered by Sirago Underwriting Managers.   

“When you are unexpectedly admitted to hospital after been diagnosed with the Coronavirus, this policy provides an invaluable financial safety net and is available to medical scheme members as well as those who do not have any cover,” he adds.

 

In an effort to maintain affordable premiums, Pandemic Shield is only available to people under the age of 60. Pandemic Shield has a liberal and transparent underwriting framework and as such waiting periods and exclusions are minimal, while there is also no requirement to undergo a medical prior to incepting the policy. The Pandemic Shield policy is premium rated for a single member only.  In the event that the family wants to join, each person would require their own policy. 

 

Pandemic Shield offers two levels of cover and is available through accredited Financial Advisors. More information can be found at: www.pandemicshield.co.za

NB: The contents of this article do not constitute financial advice and should not be construed as such.

This is not a medical scheme and the cover is not the same as that of a medical scheme. This policy is not a substitute for a medical scheme membership. It was developed in conjunction with the Futurum Financial Group. Pandemic Shield, an Authorised Financial Service Provider, and is administered by Sirago Underwriting Managers (Pty) Ltd, an Authorised Financial Services Provider (FSP: 4710), underwritten by GENRIC Insurance Company Limited (FSP: 43638). GENRIC is an Authorised Financial Services Provider and registered Short-term insurer

 
Source: TS COMMUNICATIONS
 
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