Your guide to our new product enhancements.

2a. ‘Special events’ benefit changes. 

New events include the insured person:

• Taking out a mortgage for their own investment property, vacation home, or residential block of land.
• Co-signing on a new mortgage for a child. 
• Being pregnant at 28 weeks gestation. Note: the insured person cannot apply for both the pregnancy and birth of the same child. 
• Claiming for the ‘terminal illness’ or death of a spouse, de facto partner, child or civil union partner. Note:
  • The terminal is required to be diagnosed by an appropriately qualified medical practitioner, who confirmed a prognosis of less than 12 months to live.
  • The insured person cannot apply for both the terminal illness and death of the same person.
• Financially supporting a dependent child through a first course of full-time tertiary education. 

Changing requirements:

• • When an insured person permanently stops work to provide full time physical care for the first time for a dependant relative, we have removed requirement that the dependent relative must be someone who ‘didn’t require full time physical care before the start date’.
  • Now only require a salary increase of at least $5,000 (previously $10,000) or a salary increase of at least 10% of the insured person’s salary.
  • Where applicable, we have lifted the limits you can increase the sum insured by to the lesser of $250,000 or 50% (previously 25%). Note: this enhancement is excluded from Survivor’s income covers.

3. ‘Key person new to business cover’ and ‘Key person for farmers cover’ monthly benefit limits increased.

Increased the maximum monthly benefit for ‘Key person new to business cover’ from $4,000 to $6,500. 

Increased the maximum monthly benefit for ‘Key person for farmers cover’ from $5,000 to $9,000.

5. ‘Stand-down period’ commencement change for new covers.  

For Trauma covers and disability type covers which contain the ‘Specified medical condition’ benefit we have changed the period for when the stand-down period starts for new covers. For new covers, the 3-months now starts from the date we receive the application for the cover.

Application: A completed application form for this cover, accompanied by either the first premium payment or the receipt of a valid payment instruction by us.

Note: for reinstatements or increases in cover, the 3-months will continue to apply from the date of reinstatement or date of any increase coming into effect.