For life insurance, there are different types of cover available based on the type of cover you want. You will need to check the Product Disclosure Statement of the Policy you are interested in to verify specific details of what is covered.
As a general rule, the following types of life insurance are listed below:
- Life Insurance – will cover for Death or if you’re diagnosed with a Terminal Illness
- Total and Permanent Disability Insurance – is designed to cover you should you become completely disabled and unable to work or earn an income
- Accident Insurance – covers you in the event of Accidental Death or Serious Injury (such as quadriplegia, paraplegia or total and permanent loss of use of two or more limbs)
- Serious Illness Insurance – this is also known as trauma cover. Illnesses covered may vary from company to company, however the most common are malignant cancer, stroke, heart attack and coronary bypass surgery