This provides you with the following insurance:
- Death Cover - Lump Sum on death of the insured up to your mortgage balance or $400,000 whichever is greater (some limits apply depending on age – refer to page 10 of the Product Disclosure Statement).
- Disablement Cover -
Monthly income replacement up to 1% of life insurance per month eg:
$4,000 per month on $400,000 life cover if you become ill or injured
and cannot work or do at least 2 of daily living requirements (refer to
page 7 of the Product Disclosure Statement) for UP to 5 years.
- Critical Illness - Monthly income replacement up to 1% of life insurance cover amount per month eg: $4,000 per month on $400,000 life cover if you suffer on of the listed Critical Illness conditions (refer to page 8 of the Product Disclosure Statement) for 2 years.
- Involuntary Unemployment – Monthly income replacement up to 1% of life insurance cover amount per month eg: $4,000 per month on $400,000 life cover if become involuntarily unemployed – maximum 4 month payout period (refer to page 9 of the Product Disclosure Statement for payment rules)
Exclusions:
There are some claim exclusions that this insurance will not payout on. Please refer to the Product Disclosure Statement for specific details.
Medical Underwriting:
Any pre existing conditions are excluded. If a claim is made the insurer will do a medical history check before paying out on the claim.
There are no medical details required on application.
Must have home loan debt:
This cover is only available to those who have outstanding home loan debt or are applying for home loan debt from an Australian lending financial institution holding a current Australian Financial Services Licence.