Major insurers Momentum, Old Mutual, Discovery and Sanlam say they're in agreement that new customers who seek life insurance cover but are unvaccinated, are in for higher premium costs, depending on the outcomes of their combined risk profile.
Momentum's head of retail life insurance marketing George Kolbe says the insurer began asking new clients seeking life cover for proof of vaccination this month.
Old Mutual’s stance on the matter is that the vaccinated should not be expected to cross-subsidise their unvaccinated counterparts.
"In the same way that non-smokers should not have to cross-subsidise the insurance premiums of smokers, we believe the same principle should apply to vaccinated customers, who should not have to cross-subsidise their unvaccinated counterparts," said Old Mutual.
Discovery, which has taken a clear position on vaccine mandates in recent months, says new clients who refuse to get vaccinated may be subject to a premium loading in line with increased risk.
Sanlam is taking a slightly more reserved position on premium costs for its new unvaccinated life insurance clients, saying it will not treat people’s choice to vaccinate in the same way as people’s choice to smoke. However, the group did not specifically come out and say that unvaccinated new client won’t face higher charges.
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