Reward Secure Life Cover provides a benefit of up to $50,000 if the life insured dies due to an accident in the first 2 years and any cause of death after that. To be eligible for this cover the life insured must be an Australian resident aged 0-70 years. Acceptance is guaranteed.
Reward Secure Life Cover is generally suitable for anyone with smaller debts such as personal loans or credit card debts and for those wanting to provide some short term financial protection for their partner or their family.
Reward Secure Life Cashback is a unique feature of Reward Secure Life Cover. It provides a lump sum payment when the cover ceases at the ploicy anniversary following the 75th birthday of the insured person. This payment is equal to 2% of the average sum insured for each year that the cover has been held. For example, a person who takes out cover at age 50 and who has had an average sum insured of $20,000 over the next 25 years would be entitled to a Cashback of $10,000 (2% x 25 years x $20,000).
Up to 8 family members can be insured under a Reward Secure Life Cover benefit.
Core Benefit Features
- The life insured must be an Australian resident aged 0-70 years at policy commencement
- Age 75
- A lump sum benefit is payable if the life insured dies as a direct result of an accident in the first 24 months and any cause of death after that (some exclusions apply)
- A double benefit is paid if the life insured dies whilst travelling outside of Australia provided it is within 3 months of the date of departure
- $5,000 to $50,000
- Inflation Protection: automatic 5% annual benefit amount increase (may be declined)
- No medicals or health questions
- Guaranteed issue
- The 24 month accidental death limitation may be waived if the life insured passes a few short health questions (this is an optional feature of Reward Secure Life Cover)
Cash Back Benefit
- A benefit equal to 2% of the average sum insured for each year that the cover is held is paid when the cover reaches the expiry date on the life insured’s 75th birthday provided the cover is in force at that time
- suicide within 2 years of commencement
- criminal activity
- war or terrorism
- alcohol and drugs