At a glance:
- Life Care is an accelerated trauma product and must be purchased with an equivalent amount of life assurance
- Designed to provide continued protection for separate critical illnesses
- Provision for up to five life care claims with 20% of the total sum assured payable per claim
- A stand-down period of six months applies between claims for the same condition (note: 12 months for loss of independent existence. New claims for the same condition must be a separate event).
- $500,000 life care cover has a similar cost to $115,000 accelerated trauma cover.
Why you need it:
On the occurrence of a critical illness, lump sum benefits can play an important role in meeting significant financial obligations such as medical expenses, mortgage repayments and other costs that may arise in order to accommodate a changed lifestyle. Despite the occurrence of a serious incident, many people make a good recovery and continue to live a good quality life.
Usually, after the first diagnosis of a specified illness, a lump sum payment is made and the benefit expires. However, with life care cover you will receive 20% of the total sum insured on a diagnosis of the trauma condition and there is provision to claim for up to a further four life care cover events.
Entry age is from age 16 to age 75.
Standard features :
Child’s benefit At no additional cost, all of your children (either by birth or legal adoption) aged between 2 and 18 years are covered for the lesser of $50,000 or 20% of the parent’s life care cover sum assured, should they be diagnosed with one of the trauma conditions. The child must survive for a period of 14 days.
Critical illness conditions included:
* 3 month wait period from commencement applies