- Entry age is from age 16 to age 59.
- Payable fortnightly, monthly, half-yearly or yearly.
Level of cover
- Life cover can be equal to your mortgage – if your mortgage is more than a certain level (stated in the Mortgage Protector application form), you will need to complete a full application form
- You can add additional life cover to your Mortgage Protector plan if you wish for additional financial protection – this may be subject to the completion of a full application form.
- Benefit is payment of the sum assured on death (excluding suicide in first 13 months).
If you are diagnosed as terminally ill and are expected to die within 12 months, you can apply for payment of the sum insured. Any Terminal Illness Benefit paid will reduce the life assurance sum assured.
Special features – automatically included
Future insurability option*
You can increase your cover without any medical evidence if you get married, on the birth or adoption of a child, reach certain ages or effect a new mortgage or increase an existing mortgage.
For Income Protection your maximum increase is the lesser of 110% of the increase in mortgage repayments, or $300 per month with an accumulated total increase of 50% of the initial monthly benefit.
This option applies prior to age 55 and must be actioned within 3 months of the increase in mortgage principal.
On the satisfactory proof of death of a life assured, the policy owner may apply for an immediate bereavement benefit of up to $10,000.
The bereavement benefit is to assist with costs such as travel, accommodation and funeral expenses. This benefit represents an early payment of part of the life assurance and the life assurance will be reduced by the amount of the bereavement benefit paid.
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.
Monthly Mortgage Repayment Cover – for your own residence only (not rental properties)
Your monthly benefit becomes payable should you become totally unable to work due to sickness or injury. Your maximum monthly benefit is the lower of 110% of your mortgage repayments or 55% of your income. Your benefit starts to accrue after you have been absent from work for the duration of your waiting period, and is paid until you return to work. Other income is not offset against this benefit unless your mortgage is repaid. Cover in excess of 110% of your mortgage repayments may be available under our Top Up Income Protection.
Note: We do not offset ACC or any other benefits from Monthly Mortgage Repayment Cover, unless there is no mortgage.
Total & Permanent Disability (automatically included with Monthly Mortgage Repayment Cover)
If you become totally and permanently disabled and can never return to work, you will be paid a cash lump sum equal to the commutation of your Monthly Mortgage Repayment Cover payable to age 65 or to the end of your plan, whichever is sooner. A three month waiting period applies before a claim can be made.
Total & Permanent Disability Cover – this option is not available if you have chosen Monthly Mortgage Repayment Cover
You will be paid the total and permanent sum assured if you become totally and permanently disabled prior to age 65. A three month waiting period applies before a claim can be made.
Note: You cannot take both TPD and Monthly Mortgage Repayment Cover under the same purpose, as TPD is automatically included in Monthly Mortgage Repayment cover.
In the event of redundancy, a benefit is payable for up to six months. The benefit is less than or equal to the monthly mortgage repayment to a maximum of $4,000 per month.
Waiver of premium
Your premiums are paid if you are totally disabled or partially disabled.
Survivor’s Income Cover
This benefit is payable upon death, trauma or TPD and pays a regular fixed income to those that are financially dependent on the life insured.
If you suffer one of the range of specified conditions below, you will be paid a lump-sum.
Trauma Cover Conditions
|Accidentally acquired HIV
Adult onset diabetes
Benign brain tumour
Cancer – refer to policy wording*
Cerebrovascular accident (stroke)*
Chronic liver failure
Chronic lung failure
Chronic renal kidney) failure
Coronary artery bypass surgery*
Heart valve surgery*
Loss of independent existence
Loss of limbs
Loss of speech
Major head trauma
|Major organ transplant
Motor neurone disease
Open heart surgery
Out of hospital cardiac arrest*
Primary pulmonary hypertension
Severe rheumatoid arthritis
* Three-month waiting period from commencement applies.
See policy wordings for full terms and conditions.