Insurance Glossary
Insurance terms explained in plain English.
Insurance doesn't have to be complicated.
We've created this glossary to explain common insurance terms in simple, easy-to-understand language. Whether you're taking out insurance for the first time or reviewing your existing cover, this guide will help you better understand your policy and make informed decisions.
If there's a term you can't find, we're only a phone call or email away.
Any-Occupation
The definition used in your Total and Permanent Disability (TPD) policy can have a major impact on your ability to claim. Understanding whether you have Any-Occupation or Own-Occupation Cover helps ensure your insurance aligns with your needs and expectations.
Own-Occupation
Own-Occupation is a definition used in some Total and Permanent Disability (TPD) policies. It means you may be eligible to claim if you're permanently unable to perform the duties of your own occupation, even if you could work in a different role.
Accelerated
Accelerated means that your Trauma Cover or Total and Permanent Disability (TPD) benefit is linked to your Life Cover. If a claim is paid, the amount paid reduces the remaining Life Cover.
Standalone
Standalone where Trauma Cover or Total and Permanent Disability (TPD) Cover operates independently from your Life Cover. This means making a claim doesn't reduce your Life Cover benefit.
Total and Permanent Disability (TPD) Cover
Total and Permanent Disability (TPD) Cover pays a lump sum if you become permanently unable to work due to illness or injury and meet your policy's definition of disability.
Sum Insured
The sum insured is the maximum amount your insurer will pay under your policy if a valid claim is approved.