Key characteristics of Life Insurance products

Pay an ongoing (income replacement) benefit in the event that illness or injury prevents the insured from earning an income from their occupation

Are non-cancellable and guaranteed renewable

Can be sold on a stand alone basis, through often they are included as a component cover in other policies

Usually allow customers to insure up to 75 per cent of their pre-disability income Offer the option of benefits on an indemnity basis or an agreed value basis at the time of application

Cease paying benefits on the earlier of: The insured returning to work, or The expiration of a nominated benefit period