Information on this page was last updated on 25/09/2021 and is subject to change by the product issuer. While Choosi makes best endeavours to ensure the accuracy of this information, we recommend that you always consider the most up-to-date information on a product you are interested in, which will be available on each brand’s own website.
Life Cover
- A lump sum is paid if you die or become diagnosed with a terminal illness (with life expectancy of less than 24 months).
- Choose between an Ordinary Plan, a Linked Benefit or a Superannuation Plan.
- Up to 90 days of complimentary interim accidental death cover while your application is assessed.
- Apply for amount of cover (maximum dependent on occupation) for all occupations including home duties (home duties has a maximum cover of up to $2 million).
- Built-in benefits:
- Death and terminal illness benefit.
- Final expenses benefit – available on a Life Cover Ordinary Plan only – 10% of cover amount (up to a maximum of $25,000) advance payment while claim is being assessed (subject to approval and requirements).
- Complimentary Family Final Expenses benefit – available on a Life Cover Ordinary Plan only – pays 10% of sum insured (up to a maximum of $20,000) if your child passes away or is diagnosed with a terminal illness between the ages of 2 and 17.
- Guaranteed future insurability benefit – allows you to increase your sum insured for significant personal or business events before age 55, without providing further evidence of your health or insurability.
- Benefit indexation – increases your sum insured each year by 5% or CPI (whichever is higher) to keep up with increases in the cost of living.
- Premium freeze – allows you to keep your premium the same for the following year by reducing your sum insured amount. You must be at least 35 years old and paying Stepped premiums.
- Financial planning reimbursement – available on a Life Cover Ordinary Plan only – pays up to $3,000 to reimburse financial planning advice obtained within 12 months of a claim payment across all policies.
- Various optional benefits available.
- Complimentary Family Final Expense benefit with the option of adding Family Protection benefit (outside super).
- Conversion option – allows you to transfer your Superannuation Life Cover Plan to an Ordinary Plan prior to age 75.
- Choose between stepped, level, term level or optimum premium options.
- 28-day cooling off period.