From 15 September until 31 January 2021 your clients may be eligible for a discount of up to 7% when they purchase at least $200,000 of Life, or an equivalent amount of Life Income Cover, alongside at least one additional qualifying benefit.
Premium cover and redundancy covers are not qualifying benefits, so will not activate or increase the discount. However, the premiums for these benefits will be discounted as part of the overall discount offer.
To find out which benefits qualify for the discount click here. For examples of how the discount structure works please see here.
The multi-benefit discount is available for clients who are quoted and issued during the campaign period. The discounts will be applied at client level, on all risk premiums applicable to that client. The discount will decrease or may be removed if Life or Life Income Cover or any other benefit is removed.
Terms and conditions apply, click here to read.
Click here for Frequently Asked Questions
Qualification Criteria
|
Number of Benefit Groups |
Age under 30 |
Age 30-39 |
Age 40+ |
|
LIFE + 1 Optional Benefit Group |
0% |
3% |
5% |
|
LIFE + 2 or more Optional Benefit Groups |
0% |
3% |
7% |
|
Benefit Group |
Minimum Sum Insured |
Qualifying Covers under the Benefit Group |
|
|
Mandatory Benefit Group |
LIFE |
$200,000 * |
Life Cover
|
|
Optional Benefit Groups |
TRAUMA |
$100,000 |
Trauma Cover – accelerated
|
|
COMPLETE DISABLEMENT |
$200,000 |
Complete Disablement Cover - accelerated |
|
|
MONTHLY DISABILITY |
$2,000 per month |
Income Cover - Agreed Value
|
*Minimum sum insured requirement for Life Income Cover:
|
Payment Term |
Non-indexed |
Indexed |
|
5 years |
3,765 |
3,500 |
|
10 years |
2,111 |
1,835 |
|
15 years |
1,571 |
1,281 |
|
20 years |
1,309 |
1,006 |
|
25 years |
1,157 |
841 |
|
30 years |
1,061 |
733 |
Example scenarios
The discounts are applied at customer level and on all covers applicable to that customer on the policy. Where indicated * does not qualify as a benefit or does not meet the criteria
|
Scenario |
Life Assured Details |
Cover |
Eligible discount |
|
1. Two qualifying benefits selected for client aged between 30-39 |
Male, age 35 |
Life Cover $250,000 Trauma Cover $150,000 |
Eligible for: |
|
2. Two qualifying benefits selected for client aged 40+ |
Female, age 42 |
Life Cover $300,000 Income Cover $2,500 *Premium Cover |
Eligible for: |
|
3. Two clients on a policy qualifying for different discounts |
|
Life Cover $400,000 Trauma Cover $200,000 Income Cover $3,000 *Premium Cover |
Eligible for: |
|
Female, age 37 |
Life Cover $250,000 Mortgage Repayment Cover $2500 *Premium Cover |
Eligible for: |
|
|
4. Two clients on a policy where only one qualifies for a discount |
Male, age 40 |
Life Cover $500,000 Mortgage Repayment Cover $4000 *Redundancy Cover $2000 *Premium Cover |
Eligible for: |
|
Female, age 40 |
*Life Cover $150,000 Trauma Cover $200,000 |
Not eligible for discount as minimum Life Cover sum insured criteria not met |
|
|
5. Discount not applicable where Life Cover is not selected (with minimum sum insured criteria met) |
Male, age 32 |
Trauma Cover $200,000 Complete Disablement Cover $200,000 Income Cover $3000 *Premium Cover |
Not eligible for discount as Life Cover is not selected |
|
6. Two qualifying covers from the same benefit group count as one |
Female, age 44 |
Life Cover $500,000 Trauma Cover (stdlne) $200,000 Trauma Cover (accel $200,000 |
Eligible for: |
|
7. Minimum sum insured criteria met with the aggregate of two covers from the same group |
Male, age 33 |
Life Income Cover $3000 Income Cover $1500 *Premium Cover |
Eligible for: |