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Level Term Life Cover
Pays out a fixed amount on the death of the policy holder at any time during the life of the policy.
Decreasing Term Life Cover
This is designed to pay the outstanding balance of a loan and the benefit reduces throughout the term of the policy as theoutstanding balance decreases.
Level Term with Critical Illness Life Cover
This policy is the same as the Level term policy with the exception that it pays out either on the death of the policy holder or if the policy holder is diagnosed as having one or more criticall conditions.
Decreasing Term with Critical Illness Life Cover
This policy is the same as the Decreasing term policy with the exception that it pays out either on the death of the policy holder or if the policy holder is diagnosed as having one or more criticall conditions.
Whole of Life
This type of plan does not have a set term but runs indefinitely until the cover is no longer required. It can be set up to have premiums reviewed after 10 years or level for the life of the plan. They can also build up a value depending on premiums payable and fund performance.
Critical Illness benefit only
This type of policy will pay out if the insured is diagnosed with one or more defined critical illnesses
Accident, Sickness and Unemployment
Accident, Sickness and Unemployment Insurance (ASU), as the name implies, protects against accident, sickness and unemployment. In normally pays out a regular monthly benefit, typically for a maximum of one year.
Mortgage Payment Protection
Mortgage payment protection (a type of accident sickness and unemployment insurance) protects your mortgage in the event of unemployment or a disability.
Income Protection
If Accident, Sickness and Unemployment Insurance is used to protect your general lifestyle it may be called income payment protection insurance.
This information is not to be used in your decision about which insurance type you should choose. Please ask you broker for advice.