- Entry age is from age 16 to age 74.
Level of cover
- No maximum level of cover, but is subject to normal medical and financial underwriting.
- Payable fortnightly, monthly, half-yearly or yearly.
- Premiums are fixed for one year at a time and will normally increase annually in line with age.
You are insured for life – there is no expiry age. The only exclusion is where the cause of death is suicide within the first thirteen months of the policy or its reinstatement.
On application, we will pay up to $10,000 on death as an immediate benefit, to cover funeral and other costs. This is deducted from the eventual payout.
If you are diagnosed as terminally ill and are likely to die within 12 months, you can apply for early payment of the sum insured.
You can increase your life cover without further medical evidence by up to:
- 25% of original life cover up to $250,000 on: marriage, divorce, birth or adoption of a child or attainment of age 25, 30, 35, 40 and 45; or
- if you take out or increase a mortgage on your own home, the lesser of 50% of original life cover, or the increase in the value of an existing mortgage or a new first mortgage, or $250,000.
- the value of any equity increase in your business over the past three years with a maximum of the lesser of $250,000 or 25% of your original life cover.
You can ‘inflation proof’ your cover by increasing it each year in line with inflation. Each year we will advise the level of indexation, which you can choose to accept or decline. There is no limit on the number of times you can decline this option.
Financial planning benefit
If a benefit greater than $100,000 is paid, a further benefit of up to $2,000 may also be payable. We will reimburse the reasonable costs of a fully documented financial plan prepared by a qualified financial adviser.
Premium holiday option
You may opt to suspend cover and premiums in the event of redundancy, bankruptcy, tertiary studies, overseas travel or any other reasonable event. Cover can be reinstated without evidence of health within one year from the start of this option. The maximum sum assured under this option is $500,000. The Premium Holiday Option may be exercised once in the lifetime of the policy.
Additional future insurability option
With business growth comes increased risk. This option allows an owner to increase life cover by up to 10% of the option sum assured each year for up to 10 years, without requiring further medical evidence. Financial evidence may be required.
An additional premium applies.
Children’s life cover
Provides life cover for children aged 10 to 15 years to a maximum of $200,000. (The policy must have at least one adult on it).
You can also add the following to your plan
- Total & Permanent Disability Cover – provides financial protection against long-term disability, with a lump-sum payment.
- Trauma Cover – a lump-sum payment if you suffer one of the trauma conditions listed in the Trauma factsheet.
- Income Protection Cover – protecting your greatest asset – your ability to earn an income.
- Defined Disability Income Protection Cover – payment for specific injuries, temporary disablement for up to two years or trauma.
- Business Expenses Cover – provides cover for the self-employed.
- Key Person Cover – provides cover for the key persons in a business.
- Waiver of premium – we pay your premiums if you are unable to work through illness or disability.
- Survivor’s Income Cover – provides a regular monthly income in the event of death.
- Child’s Future Insurability Option – guarantees the ability of a child to take insurance on a future date.
A separate fact sheet is available for each of these options.
Some interesting facts
Statistics show that:
- Of death claims, 29% were for women and 71% were for men.
- The average age of our illness-related death claims was 49 for women and 52 for men.
- All terminal illness claims were for cancer.