In the event of a claim the amount paid is advanced from the life cover and reduces the sum insured.
The benefit amount is agreed at the time of application.
The maximum amount of time you will receive a benefit
How long the policy lasts i.e. to age 65
The amount of cover you have will increase annually with inflation.
The amount of benefit is assessed at the time of a claim based off recent income.
The premium does not increase with your age for a specified time.
The sum assured remains the same.
Multiple Wait Period Definition includes the traditional '10 hour' definition, if you are unable to work more than 10 hours. You are also considered to be totally disabled if you can't perform 'one important income producing duty'.
Income that will reduce any potential benefit payable. i.e. ACC
Payment for a specific injury or critical illness. The conditions are listed in the policy wording, they may include injuries such as; broken forearm, broken ankle. The critical illness may include conditions such as; cancer, heart attack.
In the event of a claim the amount paid does not affect any other benefits.
The premium increases annually with age on policy anniversary.
The amount of time from when you are unable to work and receiving your first montlhy payment
If you go on claim the insurers will waive the requirement for you to pay your premiums.
If you are diagnosed as terminally ill and are likely to die within 12 months, you can apply for early payment of the sum insured
