Is There Such Thing As COVID Insurance?

The recent pandemic impacted almost everyone’s lives. From uncertainty surrounding employment to struggling to beat the virus, businesses and individuals were affected.  

Some insurance providers saw an opportunity to ease the financial burden many families were facing, resulting in COVID insurance. Understanding the specifics of COVID insurance, including the benefits and how to find a provider, are key to taking advantage of additional coverage.

What Is COVID Insurance?

COVID insurance is an insurance package designed to provide you with money in the event you are hospitalised due to the virus. You must be hospitalised for a minimum of 24 hours as a direct result of having the virus. There are other general requirements for upcover’s COVID insurance including:

• Between the ages of 18-65
• An Australian or New Zealand citizen or permanent resident
• Fully vaccinated (according to vaccine releases)
• Not currently diagnosed with COVID symptoms

As you can see, there aren’t a lot of requirements to qualify for COVID insurance, making it something to consider. This insurance package is only available for residents; however, if you get sick while traveling abroad, you may be able to utilise your benefits.

What Are The Benefits Of COVID Insurance?

There are many different benefits to setting up a COVID insurance policy. The first benefit is access to money when you are hospitalized. upcover’s COVID-19 BounceBack insurance package gives individuals a $5,000 one-time payment when they are hospitalized for more than 24 hours due to the virus. The extra money can help ease the financial burden of being out of work.

Another top benefit of COVID insurance is the ease of signing up. Most providers offer 100% online signup services, allowing you to start taking advantage of the benefits from the comfort of your home. Moreover, signing up isn’t time-intensive with hours of work and a plethora of documents being needed. In fact, many individuals are able to sign up in less than 1 minute.

How Do I Find COVID Insurance?

Since COVID insurance is relatively new, you will need to find a provider that offers you clear terms with no gimmicks. You can always get a quote for upcover’s COVID-19 BounceBack insurance if that's the right product for you.