Policy Options

Life Insurance generally offers a number of options designed to enhance and tailor your policy to suit your needs, with each company differing on the additional options available.

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Types of Options

There are generally two types of life insurance policy options:

Additional Policy Options

Additional policy options designed to enhance your policy. There is no obligation to include these in your policy.

Policy structuring options

There are a number of policy structuring options available to you, including policy ownership, beneficiaries and whether or not you want a combined or stand alone cover.

Additional Options for Life Insurance

Accidental Death Insurance

Accidental Death Insurance pays an additional lump sum benefit if your death is caused by an accident. This can also be taken out as a stand-alone policy.

Child Cover

Free child cover of up to $10,000 is available from select insurers. You can also take out a separate policy for your children.

Structuring options for your policies:

There are a number of options available to you when you are structuring your policy:

Combined Life Insurance

Take out multiple types of cover at a more affordable premium by combining your life, TPD and/or trauma into the one policy.

Policy Ownership

It is important that you choose the right policy ownership structure to suit you, your family and your circumstances. Options include self-ownership, superannuation ownership and more.


Who do you want to receive your life insurance benefit when you pass away? Make sure you choose who you want your benefit to go to.

Other Options

Inflation Protection also known as CPI Increases makes sure your policy keeps up to date with inflation. While it will generally be automatically applied to your policy, you can elect not to use this option.

Published: April 21, 2015
  • Transferring a Life Insurance Policy

    When life changes you might consider transferring your life insurance policy to another entity for tax, premium funding, family planning or other reasons to suit your new requirements.

  • Multiple Life Insurance Policies

    Generally, yes you can claim on multiple life insurance policies so long as you have disclosed your existing polices to subsequent insurers at the time of application.

  • Life Insurance Beneficiary Nomination

    Nominating a beneficiary to receive your life insurance benefit can give you peace of mind! Find out how many you can choose and why it is so important.

  • Policy Ownership

    Structure your life insurance policy ownership to suit your needs. Consider and compare the options available including joint, cross and self ownership.

  • Business Future Insurability

    Business increases option allows you to increase your cover if a valid business event occurs, without providing additional medical evidence!

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