- Entry age is from age 16 to 59.
- This policy ceases at age 65.
- The maximum monthly benefit is $8,000 – subject to financial and medical underwriting acceptance.
- This is an ‘agreed benefit’ contract. No financial evidence is needed at claim time.
- Waiting periods available: 2 weeks, 4 weeks, 8 weeks, 13 weeks, 26 weeks, 52 weeks, 104 weeks.
- Two types of policy: Employer and Employee.
- 1 or 2 year benefit payment periods
- Available for Occupational Classes 1, 2 and 3.
- A business can insure a number of key people in the same business.
- Policy must be owned by the business.
- Cover ends if:
- the life assured ceases to be actively engaged in the business; or
- for policy type Employer, the life assured ceases to have an ownership interest in the business; or
- the policy owner no longer has an ownership interest in the business.
- Payable fortnightly, monthly, half-yearly or yearly.
- Premiums are fixed for one year and will normally increase annually in line with age.
- This benefit is suitable for small to medium size businesses and partnership.
- The business can use the benefit in any way it chooses.
- Once on claim and the waiting period has expired, the “agreed monthly benefit” is payable monthly in advance for up to 12 months to the business.
- If the cover is for 2 years and the insured person is still disabled after the first 12 months, the business will be paid
- the agreed monthly benefit for up to a further 12 months if the insured person is described as an Employer in the schedule, or
- 50% of the agreed monthly benefit for up to a further 12 months if the insured person is described as an Employee in the schedule.