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Registered Financial Adviser: FSP 72162

03 4778164
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Life Cover

Every day you face a wide range of risks to your personal wellbeing and lifestyle. Life Assurance helps you minimise the financial impact of death or terminal illness. Life Assurance is designed to provide security for a wide range of financial commitments by paying a lump sum on your death. This essential form of protection is used for a variety of purposes such as mortgage commitments, personal debt (such as loans or credit cards), security for business obligations, providing a lump sum to fund your family’s future lifestyle in the event of your death. If you have debts which you would like paid on your death, or want to create a capital lump sum that your family can draw upon to meet their needs, then life assurance is an essential part of your financial planning.
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What benefits are included in my cover for no additional premium?

Special Events Increase Benefit

This is a valuable benefit that recognises your increased needs and financial responsibilities as your life evolves. If you marry, have a child (by birth or adoption), divorce, increase your mortgage, or move house and as a result take out a mortgage, this benefit allows the sum insured under Life Cover to be increased regardless of your state of health, after one of the following events:

? Marriage or civil union
? Divorce
? Birth or adoption of a child
? Dependent child starting secondary school
? Attainment of ages 25, 30, 35, 40 and 45
? Taking out or increasing a mortgage

 

An additional premium will be applied for any increased sum insured.

Bereavement benefit

On application, we will pay up to $15,000 on death as an immediate benefit, to cover funeral and other costs. This is deducted from the eventual payout.

Terminal illness benefit

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.

Inflation indexation

You can ‘inflation proof’ your cover by increasing it each year in line with inflation. Each year Fidelity Life will advise the level of indexation that you can choose to accept or decline. There is no limit on the number of times you can decline this option.

Financial planning benefit

If a benefit greater than $100,000 is paid, a further benefit of up to $2,500 may also be payable. We will reimburse the reasonable costs of a fully documented financial plan prepared by a qualified financial adviser as approved by Fidelity Life.

Premium holiday option

You may suspend cover and premiums on certain events such as redundancy, bankruptcy, tertiary studies, or overseas travel. Cover can be reinstated without evidence of health within one year of the suspension. The maximum sum assured under this option is $500,000. The Premium Holiday Option may be exercised once in the lifetime of the policy.

Child’s Funeral Benefit

If your child from age 2 to 20 (inclusive) dies, we will pay up to $3,500 that can be used towards the cost of their funeral. One payment is made for a child regardless of the number of covers you have with us and the amount paid depends on their age at the time the event happens.

Some exclusions and limitations apply.

 

Additional future insurability option

With business growth comes increased risk. This option allows an owner to increase life cover each year without requiring further medical evidence.

 

You can increase your life cover without further medical evidence

on the occurrence of certain events. These events include reaching

certain ages, getting married, civil union, having children, taking out a

mortgage, or death of a spouse, partner or child or stopping work to take

full time physical care of a dependent relative, or your shareholding in a

business increasing.

Refer to policy document for details. 

 

Optional benefits

Additional future insurability option

 

Children’s life cover

Provides life cover for children aged 10 to 15 years to a maximum of $200,000. (The policy must have at least one adult on it).

 

To add these options, or if you require any further information on this product, please call us on 03 4778164