Insurance Glossary

Special conditions are specific conditions that need to be met to be eligible for cover. An example of a special condition could be a provision added to your policy related to a high-risk activity. For instance, if you regularly engage in skydiving, an insurance company may include a special condition, that no benefit will be payable, if a claim was due to a skydiving activity.

Sum Insured is the amount you are insured for under the terms and conditions of your policy.

Also called death cover, term life insurance provides a lump sum payment to your or your beneficiary/s if you’re diagnosed with a terminal illness or pass away. This allows you and your loved ones to cover any medical and funeral costs and settle any debts after you’re gone.

A feature of Life Insurance policies, if you are diagnosed with a terminal illness and have less than 12 months to live you can claim on your Life Insurance policy

Insurance that pays a lump sum amount in the event that you become totally and permanently disabled and cannot return to work again.

Trauma insurance (or Critical illness insurance) provides you with a lump sum if you’re diagnosed with a defined critical illness like cancer or a stroke and meet the required level of severity of the diagnosed illness set out in the policy terms. It provides financial support to help cover medical costs, rehabilitation, and everyday living expenses.