No one likes to imagine the worst, but it's worth thinking about what would happen if you were no longer around to provide for your family.
What is Life Cover insurance?
Life Cover insurance provides a one-off payment if you die or are diagnosed with a terminal illness. You can use this money to pay off debts, pay day-to-day expenses, or invest it for your family's future needs.
- 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, or
- 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.
We calculate your stepped premiums on each Review Date based on your age and the applicable premium rate at that time. Stepped premiums will usually increase each year as you get older, and also if you increase your sum insured or because of Inflation Proofing increases (if applicable).
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 or Critical Illness extensions to your Life Cover insurance.
Do you need Life Cover insurance?
You may want to consider Life Cover if you:
- have a partner, family or dependants
- have a mortgage or any other personal debt
- have a business or you're self employed
- would need money to live if you were unable to work
- don't have adequate savings to cover unexpected expenses.