• Receive a one-off payment if you die
• Receive a one-off payment if you’re diagnosed with a terminal illness (if you survive you won't have to return this)
• Receive a one-off payment if you lose the use of your limbs or your sight
• Receive a one-off payment of $20,000 advanced from the death benefit to help with urgent costs such as funeral expenses
• If we have paid a one-off payment of $100,000 or more, we’ll reimburse up to $5,000 for the cost of a financial plan from a qualified adviser

How does Life cover work?

Life Cover pays a one-off payment if:

• you die
• you're diagnosed with a terminal illness.

You can apply for as much Life Cover insurance as you need. Special terms may apply for amounts above $15 million. Your financial adviser can help you work out the right amount for you.

Premium options

You can choose to pay your premiums as:

• Stepped – as you get older, your insurance premium will vary each year and your benefits will remain the same
• Level – your insurance premium does not go up by age-related increases and your benefits will remain the same

Regardless of whether you choose stepped or level premiums, when you renew your insurance each year your premiums may vary due to rate increases, Consumer Price Index (CPI) increases, policy fee increases or if you add additional insurances to your policy.

Funding options 

Life Cover insurance is available both inside and outside super.

You can apply for these options at an additional cost:

• Business safeguard option: when certain events occur, you can apply to increase your Life Cover for certain business purposes without further medical evidence
• Terminal illness support insurance: receive a one-off payment if you’re diagnosed with a terminal illness and survive 30 days after you’ve told us
• You can also apply to add Total and Permanent Disability extensions to your Life Cover insurance