Warnings have been issued after a bogus communication purporting to be from Allianz has falsely claimed taking a Covid-19 vaccination will invalidate life insurance policies.
The document, seen by FTAdviser, claims to be a product disclosure statement and policy document from Allianz on life insurance plans.
It includes a list of scenarios in which a life insurance benefit would not be payable, and draws attention to a line which reads: “We will not pay critical illness or permanently unable to work benefit where the condition is intentionally self-inflicted”.
Further down the document, a piece of red italicised text falsely states: "If you consent to taking a Covid-19 vaccine your consent is 'self-inflicted', it was your choice to have the experimental medical procedure and therefore insurance will not cover any damage or death."
“All injuries for insurance must not be accidental and a treatment by consent is not an accident.”
The scam was originally spotted by Allianz in Australia but has also been sent to clients in the UK.
In a statement, the provider said: “Allianz is aware of incorrect information being distributed in relation to Covid-19 vaccinations and life insurance.
"Allianz has placed a Covid-19 Frequently Asked Questions page on our website and encourages customers with questions to refer to this page or call us.”
Alan Parkinson, an adviser at Liverpool-based CP Dunne, was made aware of the scam by one of his clients.
Parkinson described the scam attempt as "poor" in comparison to more sophisticated methods, but added his client was already sceptical of the benefits of vaccination and had “leapt upon it enthusiastically”.
A trade body for financial service firms in Australia, the Financial Services Council, has confirmed taking a Covid-19 vaccine will not invalidate life insurance policies.
Sally Loane, chief executive of the FSC, said: “The Covid-19 vaccine is not experimental treatment. Receiving approved treatment from a qualified medical professional at an approved medical facility is not a self-inflicted injury.
“One of the main reasons why people hold life insurance policies is to provide peace of mind for themselves and their families.
“This scaremongering is wrong, it is entirely inappropriate and it needs to stop immediately.”
amy.austin@ft.com
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