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Insurance Glossary


benefit period – The maximum amount of time that we will pay you benefits for each claim.

disability / disabled – This is the word we use to describe your inability to work due to sickness or injury. Totally disabled is when you can’t work at all, and partially disabled is when you can only work in a reduced capacity.

income producing duty – A duty of your occupation that generates 20% or more of your monthly income.

monthly benefit – This is the amount you insure for, that we will pay you if you make a valid claim. You can insure up to 75% of your income from personal exertion (excluding superannuation contributions and business expenses but before tax).

policy expiry date – When you take out a policy you choose how long you want your cover in place – the available choices are until you reach age 60 or age 65. Cover under your policy will cease on the policy expiry date, which is the anniversary of your policy start date before you reach the selected age.

waiting period – This is the amount of time you have to be disabled before you can qualify for any disability benefits. You select your waiting period based on how long you can wait until disability benefits would be payable.

accidental death cover – Accidental Death Cover is the optional benefit payable on the death of the insured as a result of an accident. The amount of the benefit is that shown in the Policy Schedule together with any increases as a result of automatic indexation of benefits.

annual premium – This is the annual premium specified in the Policy Schedule and includes the premiums for the benefits attached to the policy and the policy fee.

automatic indexation of benefits – Unless otherwise specified, on each policy anniversary date we will index your benefits in line with the movement in the Consumer Price Index.

date insured from – This is the date, shown on the Policy Schedule, from which the policy becomes effective.

immediate family member – An immediate family member includes a spouse, de facto spouse, parent, parent-in-law and a child.

injury – An accidental bodily injury occurring while the policy is in force.

insured – The insured is the person on whose life benefits are payable. The insured’s name appears on the Policy Schedule.

life care – Life Care is the benefit payable on the death of the insured. The amount of the benefit is that shown in the Policy Schedule together with any increases as a result of automatic indexation of benefits.

medical practitioner – A legally qualified medical practitioner other than the policy owner, the insured or an immediate family member or business partner of the policy owner or the insured.

nominated beneficiary – A natural person, corporation or trust nominated by you to receive any money payable under the Life Care benefit or Accidental Death Cover Option.

occupation – Occupation means the full-time gainful occupation of the insured immediately prior to Total and Permanent Disablement or Total Disability, as applicable. If the insured has changed his/her occupation within the 12 months immediately prior to suffering the sickness or injury which caused Total and Permanent Disablement or Total Disability, as applicable, then occupation for the purposes of the policy will also include the insured’s former occupation.

policy anniversary date – The date on which the policy’s annual review will take place and from which the premiums are calculated. The policy anniversary date will fall on each anniversary of the date insured from shown in the Policy Schedule.

premium due date
– Premiums are payable annually in advance and are due on the date insured from and on each policy anniversary date. Each of these dates is a premium due date. Premiums can also be payable in monthly, quarterly or half-yearly instalments by a method approved by us. If we agree to accept the premium in instalments, the date that an instalment is due to be paid is a premium due date.

qualifying period – The qualifying period is for the Trauma Cover benefit and any increases in it other than by automatic indexation.

sickness – An illness or disease that becomes apparent while the policy is in force.


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