Insurance Glossary

This policy only pays claims if you die as a result of an accident.

Some life insurance policies will provide an additional lump sum for specified accidental injuries such as paralysis or broken bones.

The benefit amount you would receive in the event of claim is agreed to when applying for an income protection policy. During the initial application process you will provide financial evidence to establish this amount. This is particularly useful for people with varying salaries, e.g. self-employed people and you can read more on our agreed value section. (See also:Indemnity Value Policy)

The benefit amount your insurance pays, either as a lump sum, or a regular installment.

The benefit amount your insurance pays, either as a lump sum, or a regular installment.

Authorised by the Australian Securities and Investments Commission to provide advice and sell financial products, including life insurance products.

To apply for funds because an event you have experienced qualifies you to receive a benefit payment based on the terms of your insurance policy.

A short period immediately after you have purchased a policy, during which you can cancel the policy without any penalty or loss of premium (usually 28 days).

This is another term for Trauma Insurance.

The amount of money a life insurance policy is set to pay the nominated beneficiaries in the event of the death of the life insured.

Your duty to provide complete and honest answers to all the questions the insurer asks you when you apply for a life insurance product to ensure you know exactly what you are covered for before your policy commences.