Improvement

1.1

Terminal Illness
You will receive the full amount of your death benefit 12 months in advance, if you are diagnosed with a terminal illness. Previously you would have only been able to receive up to $2.5 million in advance.

1.2

Guaranteed Personal Insurability Benefit
You are now entitled to increase your life insurance without providing any medical evidence if you complete a post graduate degree or get divorced. This already applies for getting married, the birth or adoption of a child, taking out a mortgage, a child starting secondary school and a salary increase.

1.3

TPD Loss of sight or limb
You are now entitled to make a claim for an advanced payment if you lose a single limb or the sight in one eye (this does not apply if your policy is owned by the TOWER Superannuation Fund).

1.4

TPD over 65s
You are now able to make a claim for loss of limbs or blindness if you are over 65.

1.5

TPD: Any Occupation
You are now entitled to make a claim even if you are capable of earning up to 25% of your annual income. Previously you had to be unable to earn 100% of your annual income to be able to claim.

1.6

TPD: Own Occupation
You no longer need to be employed to make a claim. Previously you were required to be working more than 10 hours a week, or not have been on leave for more than 12 months prior to disablement to make a claim.

1.7

TPD All: Unlikely to return to work
You can now lodge a claim three months after becoming disabled, rather than having to wait six months to lodge a claim.