What does the policy cover?
There are a number of different features and benefits of nib Value Life Insurance that you can obtain, which include (but are not limited to):
- Death and Terminal Illness Benefit: You can choose a cover amount from as little as $100,000 up to $1,000,000, which will be payable in the event of your death or upon diagnosis of a terminal illness, with an estimated 12 months to live.
- Inflation Protection Benefit: Your cover will be automatically increased annually accordingly to the Consumer Price Index (CPI), or by no more than 5%, to keep up with inflation. This adjustment will increase your sum to a maximum of $2,500,000.
- Premium Protection Benefit: If you take out nib Value Life Insurance, you will eligible to receive this benefit, which is exclusive to nib customers. nib will reimburse your nib health cover and waive your life policy premiums for up to six months, in the event that you are unable to perform your daily activities due to a serious accidental injury. You will have to be unable to perform at least two of the daily living activities: bathing, toileting, dressing, feeding and mobility.
- No Medicals: When you apply for cover, you are not required to undertake any blood test or medical examination by nib.
- Worldwide cover: You will be protected 24 hours, 7 days a week no matter where you are in the world (subject to any other exclusions of the policy e.g. war or terrorism).
Eligibility to apply for life insurance over from nib Australia
To apply for nib Value Life Insurance, you must satisfy the following requirements:
- You are between 18 to 65 years of age
- An Australian resident
- Currently living in Australia with no future plans to relocate overseas.
nib has made applying for its life insurance products very simple. You can either apply online or speak to one of the insurance representatives. There is a 30-day cooling-off period of all nib policies, starting from the commencement date of the cover. If you change your mind or the policy no longer fulfils your insurance needs, you can cancel within this period and you will receive a full refund.
What won't the policy cover?
nib Value Life Insurance just like all types of insurance policies, features a list of exclusions when benefits will not be paid. Your claim will not be paid:
- As a result of suicide or an intentional self-inflicted act either:
- Within 13 months of cover commencing;
- The date your cover is increased (but only in respect to that increase)
- The date your policy is reinstated
Note: Be sure to check the Product Disclosure Statement (PDS) for full terms, conditions and exclusions.