- Entry age is from age 16 to age 74.
- No expiry age.
- Payable fortnightly, monthly, half-yearly or yearly.
- Minimum monthly benefit of $500
- Maximum monthly benefit of $50,000 subject to financial and medical underwriting.
You can choose the benefit period that best suits your needs:
- The benefit period can be between 2 and 30 years; or
- You can choose a benefit up to the date at which the insured person would have reached their 55th, 60th or 65th birthday; or
- If you choose the annuity option, a benefit is payable until the death of a nominated beneficiary, e.g. a spouse or a partner. In this instance payments would be made for a minimum period of at least 10 years.
If you are diagnosed as terminally ill and are expected to die within 12 months, the monthly benefit will commence.
- You can choose to have your Sur vivor’s Income Cover increase each year in line with the Consumer Price Index, regardless of health. Each year we will advise the level of indexation, which you can choose to accept or decline
Increase in benefit
On the birth or legal adoption of a child you can increase the monthly annuity by up to 10% with a maximum of $500 per month per child (to a maximum of 5 children). No medical evidence is required for this increase in cover.
If you purchase a house as a primary residence that requires a first mortgage, or an increase to an existing mortgage, you can increase the monthly annuity by up to 10%. No medical evidence is required for this increase in cover.