Death only insures you against your death or if you are terminally ill, while Death & TPD cover additionally insures you against you becoming totally and permanently disabled either due to an accident, illness or injury.
While your insurance application is being assessed, interim Accident cover is provided for whichever type of cover you are applying for up to a maximum level of:
- For Death cover, the lesser of the requested benefit or $1,500,000
- For TPD cover, the lesser of the requested benefit or $1,500,000 (if applicable)
This means that if you have submitted your application for insurance, but it hasn’t been approved yet and you are involved in an accident resulting in your death or total and permanent disablemen, then a benefit is payable to you or your beneficiaries.
What happens if my circumstances change?
If you hold Death only or Death & TPD cover, you are protected if an event occurs in the following circumstances:
Working overseas – if you are temporarily working overseas and are an Australian citizen or permanent resident, New Zealand citizen or hold an Australian work visa, you are covered whilst working overseas for a period of up to three years.
On unpaid leave – you are covered, but if you are on unpaid leave for more than 12 months conditions apply. Other criteria may apply for unpaid maternity or paternity leave. Please refer to the policy document for full details.
When changing jobs – if you hold insurance and change jobs, you have the option of retaining your existing insurance cover.
If you are unemployed – cover continues subject to the ‘When does cover end?’ conditions detailed in the Insurance Guide and you must satisfy either parts 2, 3, 4 or 5 of the TPD definition.