The ethics of life insurance at times of crisis

Monday 23 March, 2020
by Jodi O'Callaghan

Life insurance offers financial security to loved ones left behind following the loss of a family member. It can be a difficult subject to broach at the best of times, but in times of crisis it can be even harder, albeit reassuring to know you have it.

But what if you don’t?Picture of a person looking up at stars

Working in customer service for a large life insurance organisation you receive a call from a prospective client wanting to purchase life insurance. They are not considered high risk in the current climate of the pandemic.They are on a low income in an industry that could be hard hit if there is a recession and the premiums would really stretch their budget, even while still in employment. They are in somewhat of a panic from reading various information about the pandemic and adamant they want to take out the policy...

WHAT WOULD YOU DO?

Take some time to consider these questions: 

  • What is your duty in this situation?
  • Who are the people that will be impacted by your decision?
  • Who are you most accountable to?


We challenge you to create a healthy discussion with your colleagues and post a comment below. You could even encourage them to consider taking The Banking and Finance Oath!

Please share your ethical dilemmas with us - we can post them anonymously. You can email your dilemmas to  dilemma@thebfo.org

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The Oath

  • Trust is the foundation of my profession.
  • I will serve all interests in good faith.
  • I will compete with honour.
  • I will pursue my ends with ethical restraint.
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My word is my bond.

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