Read the FAQ's

A: The policy is issued by TOWER Australia Limited ABN 70 050 109 450 (TOWER).

You are covered for Accidental Death only (see explanation below) for the first 12 or 24 months depending on your choice. After the 12 or 24 month period, as long as you continue to pay your premiums, you are guaranteed cover for any form of death including illness.

A: Accidental death means a death caused by “violent, accidental, external and visible means”. It includes car and other travel accidents and workplace or home accidents. Accidental Death does NOT include death by illness. You have a choice at the beginning of your plan of either a 12 or 24 month Accidental Death period.

A: Both premiums are paid until age 90. Stepped premiums are calculated yearly on the anniversary of your policy and are based on your age at the time. They start lower than Level premiums and as you get older the premium “steps” up.

Level premiums are determined by your age when you apply. They are higher than Stepped premiums to begin with, but won’t go up just because you get older.

A: You’ll never be singled out individually for a premium rate increase. However, it’s important to note that the premium rates aren’t guaranteed and your premium will increase if premium rates increase. If there is an increase, it will apply to all policies, or group of policies, using the same table of rates. You’ll be given at least 30 days’ notice of any increase.

To ensure your payout remains relevant in relation to rising costs, unless you request otherwise, your cover is automatically increased every year by an amount equal to inflation or 5%, whichever is the greater. Naturally a corresponding increase will apply to your premium. So as the cost of day to day living increases, your cover increases as well.

Premiums will also rise if you add another person to your policy or increase your level of cover.

A: If you cancel within 30 days of your receipt of the policy you will get a refund of all premiums paid on that policy. However, the Funeral Plan is not a savings plan and has no cash value, so if you cancel outside the first thirty days of your policy issue you will not be entitled to any premium refund.