As with any insurance product, there are some terms that may be specific to your plan. An easy guide to these terms is provided below to help you understand your cover and how it works.
Also known as the nominated beneficiary. This is the person or persons named by the policy owner to receive the benefit payment in the event of a valid claim.
Means the benefit amount you apply for and which is accepted by us at the start of the Policy (the Cover Commencement Date) together with any requested increase, which we have accepted in writing, or any increases that we have automatically applied to your Policy such as Inflation Protection increases.
Cancer Cover will provide you with a lump sum payout if you are diagnosed with cancer. You can use the payment for anything you like; to cover lost income, towards medical expenses, recuperation holiday, cleaner, taxis etc. See our Optional Illness and Injury Cover page for more details. Different companies will have different ‘cancer’ definitions and may cover different types of cancer.
A member of the Insuranceline team who, on behalf of TAL Direct Pty Limited, is authorised and responsible under its Australian Financial Services Licence to:
• provide general financial product advice about life and general insurance products; and
• deal in life and general insurance products.
Major Illness Cover, also known as Trauma or Critical Illness insurance, provides a lump sum payment upon the diagnosis of a set list of major illnesses such or stroke or heart attack. See our Optional Illness and Injury Cover page for more information. Please note that different companies cover different illnesses with different definitions.
Means the person who applies and is accepted for this Policy and who is so named in the Policy Schedule. The Policy Owner is the only person who may extend, vary, cancel or otherwise exercise any rights under the Policy.
Means the document we send you titled “Policy Schedule” which sets out the details of your particular Policy including who is the Policy Owner, who is the Life Insured, which benefits you have applied and been accepted for, any special terms we have agreed with you and your Cover Commencement Date and Cover Expiry Date.
Means an Illness where, after having regard to the current treatment or such treatment as the Life Insured may reasonably be expected to receive, the Life Insured will not survive more than 12 months.