More about Death and Terminal Illness Benefit
The Death and Terminal Illness Benefit is paid if a life insured either:
- dies
- is diagnosed with a terminal illness
How much does it pay?
The amount paid is the benefit amount shown on the policy schedule, at the date the life insured dies or is diagnosed as having a terminal illness.
The death benefit is paid to the living policy owner or policy owners. If the life insured was the sole policy owner, the death benefit is paid to their estate or their nominated beneficiaries (if applicable). A terminal illness benefit is paid to the policy owner. The funds may be used for any purpose.
The amount of the benefit may also change over the term of the policy.
What if I want to change my cover?
You can ask to increase or decrease your Death and Terminal Illness Benefit at any time after your policy start date.
You can request to increase or decrease your Death and Terminal Illness Benefit to a:
•
maximum of $1,000,000
•
minimum of $100,000
This benefit includes a funeral advancement payment
If the life insured dies, a $10,000 benefit is paid in advance to cover expenses like funeral costs while your claim is being assessed. Making a funeral advancement payment does not mean that we will accept your claim.
The funeral advancement payment is subtracted from the Death and Terminal Illness Benefit amount shown on your policy schedule.
This payment doesn’t apply if the benefit for terminal illness has been paid.
Example - How the Death and Terminal Illness Benefit could work if you are diagnosed with a terminal illness
Jayden has a My Protection Plan policy with a Death and Terminal Illness Benefit of $465,000 and is the life insured. He is diagnosed with stage 4 cancer and his doctor estimates he has 9 months to live. He receives $465,000. Jayden uses $400,000 to reduce his debt, $20,000 to buy his wife a new car and $45,000 to take his family on the holiday of a lifetime.
For more examples of Death and Terminal Illness Benefit claims please read the Product Disclosure Statement and Policy Document.
Want to know more about our Death and Terminal Illness Benefit?
Please read the Product Disclosure Statement and Policy Document for full details. You can also reach out to our customer service team on 1800 006 776.