For life insurance, there are different types of cover available. You’ll need to check the Product Disclosure Statement of the policy you’re interested in to verify specific details of what’s covered. As a general rule, the following types of life insurance are available:
Life insurance – covers death or if you’re diagnosed with a terminal illness.
Total and permanent disability insurance (TPD) – can be added as an option to a life policy and is sometimes known as ‘permanently unable to work’ insurance, this covers you should you become completely disabled and unable to work or earn an income.
Serious illness insurance – can be added as an option to a life policy and is also known as trauma cover, the type of illnesses covered may vary from insurer to insurer, but policies may include cover for Cancer (excluding specified early stage cancers), stroke, severe heart attack, and coronary artery bypass surgery.