Life Insurance, Trauma Cover & Income Protection

Term Life Insurance with Optional Total and Permanent Disablement Cover:
Term Life Insurance pays your chosen sum insured on your death or in some cases terminal illness.

The sum insured is the amount of cover selected by you.

The policy covers you worldwide, 24 hours a day.

Insurers usually offer optional Total and Permanent Disablement (TPD) cover. If you choose this cover they will pay your selected TPD sum insured if:

• you are unlikely to ever return to work because of injury or sickness, or
• you suffer loss of limbs or sight, or
• you become permanently unable to perform activities of daily living, or
• you are suffering from significant cognitive impairment.

For an additional cost, you can purchase a Waiver of Premium Benefit so that no premiums will be payable whilst you are disabled.

You can take out this policy on your own life, in which case you are the insured person as well as the policy owner. You can also take out this policy to insure someone else's life, say a family member or business partner. In this case that person is the insured person and you remain the policy owner and maintain the rights of ownership and control of the policy.

In the event of a claim, the insurer pays the policy owner, or their estate. If you are both the policy owner and the insured person you can nominate who will receive benefits payable on your death.

Insurance Companies generally will not cancel this policy because of a change in your health or occupation, or in the event that you move, travel or become unemployed.

You may be able to arrange Term Life Insurance through a superannuation fund to improve your taxation situation.

Total and Permanent Disablement Cover:
TPD cover can be taken on its own or as part of a Term Life Package.

If you choose to include TPD cover, the insurer will pay your TPD sum insured if you permanently:

• are unable to work, or
• lose limbs or sight, or
• are unable to perform activities of daily living, or
• are suffering from significant cognitive impairment.

Please refer to the relevant companies Customer Information Brochure for the complete definition of TPD.

The following conditions usually apply to TPD:

• Your TPD sum insured cannot exceed your Term Life
• Your TPD cover will stop if the insurer makes a payment for terminal illness
• TPD cover for 'Unable to Work' ceases at the anniversary of your policy when you are 65
• TPD cover under the 'Loss of Limbs', 'Activities of Daily Living' and 'Significant Cognitive Impairment' tiers continues until the anniversary of your policy when you are 99.

Definition of Unable to Work
You can choose between 2 definitions of 'unable to work' - Any Occupation and Own Occupation.

Any Occupation
The sum insured is payable if you are permanently unable to work in ANY occupation for which you are reasonably suited.

Homemakers
Within the Any Occupation definition we offer TPD cover if you have been performing normal domestic duties full time in your own residence for more than 6 months prior to any injury or illness that causes you to become totally and permanently disabled.

Own Occupation
The sum insured is payable if you are permanently unable to work in your own occupation. An additional premium is payable for this definition as it is specific to the duties you perform, as distinct from any duty you may be suited to perform.

Income Protection:
Income Protection Insurance pays a monthly benefit amount if you are unable to work for longer than the waiting period because of a sickness or injury. It is designed to replace lost monthly earnings, up to an agreed amount (usually 75% of your regular income).

This policy covers you worldwide, 24 hours per day.

Under this policy Insurers may also reimburse money spent to help you rehabilitate and return to work and make a payment on death. They can also pay more if various extra options are selected.

You can take this policy out to insure against your disablement in which case you are the insured person as well as the policy owner. Your family trust or company can also take out this policy to insure against your disablement. In this case you are the insured person and the policy owner is your family trust or company.

This policy cannot be taken out through a superannuation fund.

In the event of a claim the insurer pays the policy owner.

Insurers usually guarantee that they will not cancel or modify your policy after it has been issued because of your future claims experience, a change in your health, occupation or income, or in the event that you move, travel, become unemployed or participate in a dangerous pastime. Your policy can only be cancelled or changed in these circumstances if you request it.

For some occupations, they may issue the policy on a cancelable basis and this guarantee will not apply.

You can continue this policy until you reach age 65, unless you choose a payment period ending at age 55 or 60, in which case the policy will end when you reach that age, or on your permanent retirement.

For some occupations, you may be able to renew your policy after it expires until you reach age 75. Cover under the renewed policy may be less than under the expired policy.

Your cover is maintained by the payment of premiums. Your premiums are based on various factors including the monthly benefit amount you choose, the frequency of payments, your age, your sex, occupation, and whether you smoke.

Business Expenses Insurance:
Business Expenses Insurance pays you an amount to meet your business expenses while you are unable to work due to sickness or injury.

These policies usually cover you worldwide, 24 hours a day.

Insurers will also usually make a payment on death.

You choose your amount of cover which they call the maximum monthly amount. This can be up to your share of allowable business expenses.

You can take out this policy in relation to your business to meet certain business expenses if you become severely or partially disabled, in which case you are the policy owner as well as the insured person. Your family trust or company can also take out this policy if it owns the you are the insured person and the family trust or company is the policy owner.

In the event of a claim, they pay the policy owner.

Companies usually guarantee not to cancel your policy because of future claims experience, a change in your health or occupation, or in the event that you move, travel or become unemployed.

After the policy has been issued, insurers cannot usually modify it as a result of a change in occupation, participation in a dangerous sport or pastime, or a change in your income. Your policy can only be changed in these circumstances if you request it.

You can continue this Business Expenses policy up to the anniversary of your policy when you are 64, or permanent retirement if earlier.

This policy cannot be taken out through a Superannuation fund or if business income is unlikely to be affected by your absence.

Trauma or Recovery Insurance:
Trauma Insurance usually pays your chosen sum insured upon:

• death, or
• the occurrence of one of the insurance company's listed serious medical conditions or procedures
• the diagnosis of terminal illness, or
• Total & Permanent Disablement (TPD)

This policy covers you worldwide, 24 hours a day.

You can take out this policy on your own life, in which case you are the insured person as well as the policy owner. You can also take out this policy to insure someone else's life, say a family member or business partner. In this case, that person is the insured person and you remain the policy owner and maintain the rights of policy owner.

In the event of a claim, insurers will pay the policy owner or their estate. If you are both the policy owner and the insured person, you can nominate who will receive the benefits on your death.

This policy cannot be taken out through a superannuation fund.