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.
Total Disability
Total Disability is the definition used by an insurance policy to determine when you're considered unable to work due to illness or injury and may be eligible to receive a benefit.
Partial Disability
Partial Disability is a benefit available under some Income Protection and Mortgage Protection policies that provides financial support if you're able to return to work but your illness or injury has reduced your ability to earn your usual income.
Sum Insured
The sum insured is the maximum amount your insurer will pay under your policy if a valid claim is approved.
Payment Period
A payment period is the maximum length of time your Income Protection or Mortgage Protection policy can continue paying benefits while you're unable to work due to illness or injury.
Mortgage Protection Cover
Mortgage Protection Cover provides regular monthly payments if you're unable to work due to illness or injury, helping you continue meeting your mortgage repayments and other ongoing financial commitments.
Wait Period
A wait period is the length of time you must be unable to work before your Income Protection or Mortgage Protection benefits begin to be paid.