Glossary

Accidental Death Cover: If you die as the result of an accident your beneficiary or estate will get paid a lump sum benefit amount.

Accidental Income Protection Cover: Provides an ongoing monthly benefit if you are totally or partially disabled as a result of an accident and unable to work. This benefit may provide a suitable alternative for people with a health condition who are unable to obtain full cover.

Accidental TPD Cover: Provides a lump sum benefit if you become totally and permanently disabled as a result of an accident and are unlikely to ever be able to work again. This benefit may provide a suitable alternative for people with a health condition who are unable to obtain full TPD illness cover.

Benefit Period: The benefit period is how long the monthly payments will last. Most income protection policies offer two or five years, or up to a specific age (such as 65, or 70). The longer the benefit period, the more expensive the policy. But it also means longer protection if you're unable to work for a greater period of time. 

Business Expense Cover: Provides an ongoing monthly reimbursement of eligible business expenses if you are totally or partially disabled as a result of sickness or injury and unable to work.

Child Cover: Provides a lump sum benefit if your child suffers a specified trauma condition, becomes terminally ill or dies. If your child suffers a specified trauma condition, this benefit could be used to access medical treatment, cover living expenses if you need to stop work and even pay for modifications to the family home.

Grace Period: The amount of time you have to make a payment after the due date and bring your life insurance premiums paid up to date.  It is usually 30-60 days depending on the insurance provider.

Guaranteed renewable: Once we issue your policy, we won’t change the terms and conditions or the premium you pay because of a change in your personal circumstances

Guarantee of upgrade: If we make changes or introduce new benefits to our products, we will pass this on to you

Income Protection Insurance Cover: Provides an ongoing monthly benefit if you are totally or partially disabled as a result of sickness or injury and unable to work. This benefit could be used to help cover your daily bills and assist in maintaining your standard of living.

Indexation: We will automatically increase your cover each year to ensure your benefit amount keeps up with inflation (premiums will increase in line with increased cover)

Life Cover: Provides a lump sum benefit in the event of your death or terminal illness. This benefit could help your family pay off the mortgage and other debts or provide a lump sum that could be invested to provide an ongoing income stream for your dependents. 

Total and Permanent Disability (TPD) Cover: Provides a lump sum benefit if you become totally and permanently disabled as a result of sickness or injury and are unlikely to ever be able to work again. This benefit could be used to cover the costs of rehabilitation, home modifications or to supplement your income. 

Trauma Cover: Provides a lump sum benefit if you suffer one of several specified trauma conditions. This benefit may be used to pay down debts, fund your day to day living expenses or to access medical treatment.

Waiting period: This is the amount of time you must wait before your income protection payments start. Most income protection policies offer a waiting period between 14 days and two years. When you're choosing the waiting period, think about how much you have in sick and annual leave, savings and emergency funds. Generally, the longer the waiting period, the cheaper the policy.

Worldwide cover: You are covered 24/7 anywhere in the world