Life Insurance Product Comparisons

Overview

What does this policy cover? Life insurance pays a lump sum on death or terminal illness

Key Points

Eligible Ages People over the usual eligible age can sometimes also apply. Please call us for more detail. 10 to 70 10 to 74 16 to 74 10-70 10 to 70 16 to 75 Eligible Occupations Usually, people of any occupation can apply for life cover. All All All All All All Maximum Sum Assured The maximum amount of cover you can apply for. No Limit No Limit No Limit $10,000,000 No Limit $10,000,000 (individual consideration above) Term of Cover How long the insurer guarantees you can renew your cover for. To age 101 To age 99 No expiry No expiry To age 100 To age 100 Mode of Payment The modes of payment the insurer accepts (you can change this at any time). Fortnightly, monthly, yearly Monthly, yearly Fortnightly, monthly, yearly Fortnightly, monthly, yearly Fortnightly, monthly, yearly Monthly, yearly Payment Methods These are the insurers' preferred payment methods. Credit Card, Direct Debit Credit Card, Direct Debit Direct Debit Credit Card, Direct Debit Credit Card, Direct Debit Credit Card, Direct Debit Special Event Increases Subject to certain criteria, you can increase your cover without providing further health evidence if you experience one of these life events. Birth / adoption, marriage/civil union, divorce, taking out or increasing mortgage on primary residence, annual income increase of $10,000 or more Birth / adoption, marriage/civil union, increase of mortgage, increase in salary, every 5th policy anniversary Marriage, birth or adoption of a child, reaching ages 25,30,35,40 or 45, new / increased mortgage Marriage, divorce, full-time care of a close relative, birth / adoption, increase of mortgage, purchase of new home / property / land zoned residential / commencement of a first course of full-time tertiary education by a dependent child Birth / adoption, marriage, increase of mortgage, moving home, divorce, full time care of a close relative Birth / adoption, marriage, increase of mortgage, divorce

Additional Benefits

Terminal Illness Benefit Your insured amount is paid in advance if you are diagnosed as terminally ill (basically unlikely to live for more than 12 months). Yes (100% - to a maximum of $2 million) Yes (100%) Yes (100%) Yes (100%) Yes (100%) Yes (100%) Bereavement Support Benefit Some insurers offer an immediate advance payment to help with costs such as funeral expenses. Yes ($10,000) Yes ($7,500) Yes ($10,000) Yes ($10,000) Yes ($10,000) Yes ($10,000) Inflation Adjustment Benefit You can choose to have your insured amount increase at the same rate as inflation. Yes Yes Yes Yes Yes Yes Temporary Cover During Application Insurers offer temporary, limited cover while your application is being assessed. 60 days ($600,000 max) 60 days, accident only ($550,000 max) 60 days, accident only ($500,000 max) 60 days ($500,000 max) 60 days ($500,000 max) 60 days, accident only ($500,000 max) Children's Funeral Benefit A payment of $2,000 is made on the accidental death of a child of the insured person. Conditions apply, and your total insured amount is reduced by any payment made under this benefit. No No No No Yes No Financial Planning Benefit Should a claim be made, the insurer will pay a sum to assist with the cost of financial planning advice. No Yes ($1,500 if claimed within 2 years of the policy starting, $2,000 if 3 or 4 years, and $2,500 if 5 years or later). Yes ($2,000 as long as your insured sum is at least $100,000). No Yes ($1,500). Yes ($1,500). Grief Support Benefit Should a claim be made, the insurer will pay a sum to assist with the cost of professional counseling. No Yes ($600 if claimed within 2 years of the policy starting, $750 if 3 or 4 years, and $900 if 5 years or later). No No No No

Exclusions

Suicide A Life Cover Benefit will not be payable where death or terminal illness of a life assured occurs as a result of the life assured committing or attempting to commit suicide whether sane or insane, within 13 months of the policy commencement date. The life insurance benefit won′t be paid if death is a result of the insured person committing or attempting to commit suicide within 13 months of the policy commencement date.

Further Information

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