Not vaccinated? You could end up paying more in premiums


Since COVID-19 vaccine roll out is well underway, the number of people being inoculated is constantly increasing. This suggests that vaccine acceptance is generally high in South Africa.


Nevertheless, be it due to concerns and beliefs that the vaccine development process was too rushed or convictions that they do not fall within a high-risk group, there are still people who are hesitant to receive the vaccine.


It should, however, be noted that refusing to get vaccinated for COVID-19 could drive up your insurance premium!


High risk assessments


Discovery Life has become one of the first South African insurers to take COVID-19 vaccination into consideration in the underwriting process. They have stated that refusal to get vaccinated will be treated the same way smoking or lifestyle diseases are handled, that is, loading premiums due to higher risks.


However, premiums are said to be adjusted should an individual decide to get vaccinated at a later stage. Individuals with existing policies will not be affected by these changes to underwriting, unless these existing clients apply for new policies.


As such, Discovery is currently contacting existing clients and helping them to make bookings to get vaccinated asap.


What’s more, to reiterate their commitment to encouraging vaccination, Discovery has introduced the Vaccination Max PayBack Offer on new policies to clients who qualify for PayBacks. When a client who has been vaccinated takes out a new qualifying policy with Discovery Life, they can receive as much as their first years’ worth of premiums back.


Other insurers following Discovery’s risk model


While these COVID-19 vaccine related changes are, for the time being, limited to Discovery life, other industry players are more than likely to follow suit.


With life insurance more important than ever due to the pandemic, the PBA team would like to encourage all our clients to make the responsible choice and vaccinate themselves. This will ensure that they and their families are sufficiently covered. For any questions regarding the above information contact a PBA financial advisor today.


Contact us:

Phone: 011 803 9686

Email: vivian@pbafsa.co.za or bev@pbafsa.co.za


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