Life Assurance

At a glance:
A cash lump sum payable on death.
The policy comes with some important benefits at no additional cost. You can also add one or more optional benefits for which you will pay an additional premium.

Why you need it:
Every day you face a wide range of risks to your personal wellbeing and lifestyle. Life assurance helps you minimise the financial impact of death or terminal illness.

Life assurance is designed to provide security for a wide range of financial commitments by paying a lump sum on your death. This essential form of protection is used for a variety of purposes:
Mortgage commitments.
Personal debt, such as loans or credit cards.
Security for business obligations.
Provide a lump sum to fund your family’s future lifestyle in the event of your death.

If you have debts which you would like paid on your death, or want to create a capital lump sum that your family can draw upon to meet their needs, then life assurance is an essential part of your financial planning.

Key facts:
Ages: Entry age is age 16 to 75.

Standard features
You are insured for life – there is no expiry age. The only exclusion is where the cause of death is suicide within the first thirteen months of the policy or its reinstatement.

Bereavement benefit
On application, we will pay up to $10,000 on death as an immediate benefit, to cover funeral and other costs. This is deducted from the eventual payout.

Terminal illness benefit
If you are diagnosed as terminally ill and are likely to die within 12 months, you can apply for early payment of the sum insured.

Financial planning benefit
If a benefit greater than $100,000 is paid, a further benefit of up to $2,000 may also be payable. We will reimburse the reasonable costs of a fully documented financial plan prepared by a qualified financial adviser.

Optional benefits
Additional future insurability option With business growth comes increased risk. This option allows an owner to increase life cover each year without requiring further medical evidence.