Life insurance doesn’t only cover people when they pass away, it can provide critical cover for people diagnosed with a terminal illness. In a lot of these instances, the life insured needs to stop working and has expensive medical bills to cover, yet their day-to-day living costs don’t stop. Having a life insurance policy can be a worthwhile investment to help manage these unexpected circumstances.
If the policyholder is diagnosed with a terminal illness, we will pay you the current Life Cover Amount (ie the sum insured), up to a maximum of $500,000. If this payout doesn’t cover the full amount insured, the rest will be paid out when the policyholder passes away, provided premiums continue to be paid during this time. If we pay the Terminal Illness Benefit equal to the current Life Cover Amount, the Policy will end and no further premiums will be payable.
Our LifeOne policy wording has further information on this if you would like to learn more about terminal illness cover as well as other features of this policy.