Insurance 

  • Total and Permanent Disability*
    • Pays a lump sum if you suffer an accident or illness that means you are permanently unable to work,
  • Life*
    • Pays a lump sum if you were to die or become terminally ill.
  • Income Protection*
    • Pays a monthly benefit if you have an accident or suffer an illness where you are unable to work
  • Trauma*
    • Pays a lump sum where you are suffering from a list of specific illnesses or injuries
    • Generally covering Heart attack, stroke, cancer or an accident
    • Depending on the insurer there can be 50+ specific conditions covered

*definitions and conditions range dependant on insurer. Some insurers impose other offsets or hurdles and extended waiting periods.

  • Underwriting
    • The ability to assess, your age, occupation, pastimes, medical history, smoking status etc to determine if you are an acceptable risk to insure.
  • Loading
    • Where the insurer will increase your premiums to account for the added risk they take of providing you with insurance. ie as a smoker or diabetic.
  • Exclusions
    • Where the insurer will exclude cover for a pre-existing condition that may continue to develop into something that, in their view, will result in a claim being paid. Back injury or arthritis.
  • Group Insurance
    • Offered through industry funds on an automatic acceptance policy when you join the fund.
    • Will underwrite on claim
    • Terms are interchangeable and can evolve to limit cover i.e mental health exclusions
    • Criteria for meeting claim are specific to each provider
  • Unitised cover
    • Generally group cover for Life and TPD insurance where the amount of cover depends heavily on the age of the insured. Each birthday or anniversary regardless of need will decrease in value.
  • Retail Insurance
    • Underwritten at application
    • Personalised sums that reflect your requirements
    • Personalised contracts that have ridged terms
    • Offer partial benefits (depending on insurer and level of cover)
      • Guaranteed Future Insurability, can increase sums of insurance when there is a significant change in your circumstances. Ie birth of a child
      • Any or own occupation definition, depending on needs and occupation
      • Indexation
      • Day one accident
      • Rehab benefit
    • Income protection benefits to the age of 65
    • Indexation on benefits while on claim
  • Stepped Premiums
    • Where the premiums increase on each anniversary
  • Level Premiums
    • Where the premiums start higher and increase if the level of cover goes up.