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Insurance FAQs

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What is Life Insurance?

Life insurance, which can also be known as life cover or life assurance, is a type of policy that protects your loved ones with financial support if you die.  It can help minimise the financial impact that your death could have on your family and offer peace of mind to those you care about most.

Most life insurance policies are designed to pay out a cash sum to your loved ones if you die while covered by the policy.  It can help them deal with everyday money worries such as household bills, childcare costs or mortgage payments.

You choose the amount of cover you need and how long you need it for and whether you want joint or single life insurance policies.

Talk to your financial adviser about the options available to you.

What is Critical Illness Cover?

Critical Illness Cover can help minimise the financial impact on you and your family if you become critically ill.  It’s an option that can be added for an extra cost when you take out life insurance.  It could pay out a cash sum if you’re diagnosed with, or undergo a medical procedure for one of the specified critical illness that are covered by the policy.  The cash sum could be used to help with child care costs, household bills or to help maintain your standard of living if you’re forced to take time off work to recover.

What is Income Protection or Accident Sickness & Unemployment insurance?

Have you ever considered what would happen to you or your loved ones if you couldn’t work due to a long-term illness or injury which results in a loss of earnings?  How would you cover your household bills or childcare costs?

Income Protection insurance can help you to protect your income as well as your lifestyle by providing a regular monthly payment if you can’t work due to incapacity caused by an illness, or an injury which results in a loss of earnings.  This type of policy usually pays out until you return to work, retire, die, or your plan ends, which ever happens first.

Accident, sickness & unemployment (ASU) insurance is a form of income protection that pays you a tax-free proportion of your lost salary every month for 12 or 24 months to help you get back on your feet.  If you fall ill, get hurt or lose your job through no fault of your own, you’ll be covered – and you can spend the money on whatever you want.  ASU isn’t tied to a particular debt – you receive up to 50% of your normal salary each month for the period covered.

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