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Serious Illness Insurance
Thankfully, not all serious illnesses are terminal. But even so, they can certainly impact you and your family in ways you may not expect, and the financial burden can be immediate and substantial.
If you are the family breadwinner, the financial impact of a serious illness is clear, and the payment may cover some of your lost income during this time. If you are your family’s main caregiver, all the things you used to do may need to be done by someone else while you recover.
The benefit amount can be used any way you wish, such as for everyday expenses, your mortgage, medical bills, for childcare or school fees.
Features of Serious Illness Insurance
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You can apply for this optional cover if you are aged between 18 and 59 and are an Australian resident.
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You can choose a benefit amount from $50,000 up to $500,000 up to the maximum of 50% of the life benefit amount.
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You and your partner can both have a different level of cover as part of your individual life insurance policy, making sure you’re both protected.
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As the benefit amount is paid as a lump sum, the money is available when you and your family need it most.
What‘s covered?
The benefit amount is paid if you suffer one of the following defined serious illness:
- Cancer – excluding specified early stage cancers;
- Heart Attack – with evidence of severe permanent heart muscle damage;
- Heart Bypass Surgery (Coronary Artery Bypass Graft Surgery); or
- Stroke – in the brain resulting in specified permanent impairment while covered under the Policy.
These medical conditions, including certain exclusions, are defined in the PDS.
Things you should know
- Each serious illness event is defined within the policy and each claim will be assessed against these definitions.
- Exclusions apply to this cover. Importantly no claim will be paid for any condition that first becomes apparent before the commencement of the cover or within the first three months of cover. For more details about exclusions please refer to the PDS.
- This cover expires on the policy anniversary following the insured’s 65th birthday.
- If you claim on this cover, it will reduce the amount of your life insurance benefit by the same amount as the claim.
For more information about Serious Illness Insurance, download the PDS.
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Children’s Insurance
- Cover your children aged between 2 and 17 years old
- Choose a benefit amount from $20,000 up to $50,000 for each child insured
- Covers a range of defined serious illnesses and injuries
- Your child insured’s benefit amount is paid as a lump-sum if your child passes away
- Use the benefit amount to cover the cost of treatment, rehabilitation or for anything else you may need
Total & Permanent Disability Insurance
- Available for Australian residents aged between 18 and 59 years
- Apply for a benefit amount from $50,000 up to $1 million, depending on your age and underwriting outcome
- Your benefit amount gets paid in full if you become permanently disabled or can’t work due to a permanent sickness or injury
- Use the payout to cover the cost of treatment, rehabilitation or for anything else you may need