Life cover provides your loved ones with a lump sum payment should you pass away or be diagnosed with a terminal illness. This money can be used to pay off debts such as a mortgage, cover daily living expenses or be saved for future needs such as school fees.
TPD (Total & Permanent Disability) cover pays you a lump sum payment if you’re unable to work again because of illness or injury. It can help you pay off debts and cover medical or other expenses, so your family can retain their lifestyle even if you can no longer earn an income.
Critical illness (often referred to as trauma) cover provides you with a lump sum payment to help support you and your loved ones while you recover from a serious illness such as cancer, heart attack or stroke. While medical treatments for serious illnesses are continually advancing, it may be months or years before you’re able to return to work. The money paid to you can be used for any purpose; whether it’s to seek specialised medical treatment, reduce debts or make necessary home modifications.
Child Critical Illness – While it’s not something any parent wants to think about, sometimes the worst can happen to our children as well. Child cover gives you a lump sum payment if your child passes away, suffers a critical illness or is diagnosed as terminally ill. This money can used to cover medical expenses or enable you to take time off to be with your child or, should the worst happens, provide time to grieve.
Income Protection or Income Support Cover replaces up to 75% of your income if you’re unable to work because of illness or injury after a waiting period (refer to policy). It can help ensure you can afford to pay daily living expenses and debt repayments, long after your sick leave, annual leave and savings have been exhausted.
Note: it is possible to have more than one of these covers pay out due to a condition. For example, TPD, trauma and IP could all be paid to you in certain situations.
General Advice Warning
The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs. Therefore, before you decide to buy any product or keep or cancel a similar product that you already hold, it is important that you read and consider the relevant Product Disclosure Statement (PDS) of the product provider to make sure that the product is appropriate for you. Before making any decision, it is important for you to consider these matters and to seek appropriate legal, tax, and other professional advice.