Living Expenses Cover

Living Expenses Cover provides a monthly benefit if you become significantly disabled as a result of a sickness or accident and you remain continuously disabled during and after your waiting period. It is mostly suited for people who are unable take out a normal income protection policy.

Published November 20, 2015

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Why would I consider Living Expenses Cover?

Living Expenses Cover is most suited people who are not able take out an income protection policy. This may include:

If you still wish to maintain some level of protection on your income, ensure that any day day living expenses you have are still covered, Living Expenses can allow you do this.

Entry Ages

Level Premiums:

  • 19 – 75 (2 Year Benefit Period)
  • 19 – 60 (To Age 65 Benefit Period)
  • 19 – 75 (To Age 80 Benefit Period

Stepped Premiums:

  • 19 – 60 (2 Year Benefit Period)
  • 19 – 60 (To Age 65 Benefit Period)
  • 19 – 60 (To Age 80 Benefit Period)
Expiry Ages

Level Premiums

  • 65* (2 Year Benefit Period)
  • 65 (To Age 65 Benefit Period)
  • 65* (To Age 80 Benefit Period)

*Policy converts from Level Stepped Premiums at Age 65

Stepped Premiums

  • 80 (2 Year Benefit Period)
  • 65 (To Age 65 Benefit Period)
  • 80 (To Age 80 Benefit Period)
Levels of Cover
  • Minimum Monthly Benefit: $1,250
  • Maximum Monthly Benefit: $5,000
Waiting Periods
  • 30 Days
  • 90 Days
  • 1 Year
  • 2 Years
Benefit Periods
  • 2 Years
  • To Age 65
  • To Age 80

What is a ‘Significant Disability’?

A Significant Disability generally means that due to sickness or an accident, you are unable perform at least two of the activities of daily living without assistance:

Activity of Daily Living:

You may also be considered Significantly Disabled if you are suffering from a deterioration or loss of your intellectual capacity and you are under continuous care and supervision.

Built-in benefits of Living Expenses Cover:

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