Agreed Value is a type of Income Protection policy where the monthly benefit is agreed when your policy is taken out, rather than being based solely on your income at the time of a claim.

A Specialist Consultations benefit helps cover the cost of seeing a medical specialist in private practice for eligible conditions, subject to your policy's terms and conditions.

Shareholder Cover helps protect a business if a shareholder dies, becomes seriously ill or suffers a total and permanent disability by providing funding to support a planned transfer of ownership.

Suspension of Cover is a temporary pause in your insurance policy, where your cover is placed on hold under specific circumstances agreed to by your insurer.

A stand down period is a specified period after your insurance policy starts during which certain events or conditions aren't covered.

A pre-existing condition is an illness, injury, medical condition or symptom that existed before your insurance cover started. It may be considered by an insurer when assessing your application for insurance.

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 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.

Indexation is the automatic annual increase to your insurance cover, and usually your premium, to help keep your protection in line with inflation and the rising cost of living.

Stepped premiums are insurance premiums that generally increase as you get older. They often start lower than level premiums, making them a popular option for people wanting to keep their initial insurance costs down.

Level premiums are designed to remain relatively stable over time, helping make the long-term cost of your insurance more predictable.

Policy wordings are the official documents that explain exactly what your insurance covers, what it doesn't cover, and the conditions that apply to your policy.

A policy anniversary is the annual date your insurance policy renews. It's often when your cover, premiums or other policy features may be reviewed or updated.

A policy owner is the person or legal entity that owns and controls an insurance policy. The policy owner makes decisions about the policy, even if they aren't the person insured.

Your premium is the investment you make to protect yourself, your family and your financial future. Understanding how premiums work can help you choose cover that's affordable today while continuing to provide the protection you need in the future.

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 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 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 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.

Underwriting is the process an insurer uses to assess your application and decide whether to offer cover, as well as the terms and premium that will apply.