Sometimes called life insurance, this can pay a lump sum to your estate if you pass away, or a lump sum to you if you become terminally ill. It’s designed to help with debt, to help put dependents through school, to help provide financial support for your partner and to help maintain your family’s lifestyle.
With a Simple Life policy, you can choose to buy between $100,000 and $1 million of Life Cover, in $25,000 increments. For example, you can buy $525,000 worth of Life Cover, but you can’t buy $520,000 worth. The cover amount you choose is known as your Life Cover benefit and is confirmed on your policy schedule. This lump sum benefit will be paid once only – if you become terminally ill, or if you pass away.
You can package Life Cover with other Simple Life covers, including Total and Permanent Disability (TPD) Cover, Critical Illness Cover and Bill Protection, or you can buy it as a standalone policy. Unlike many other life insurance policies, you have the options of taking the other cover types without buying Life Cover too.