Insurance Glossary

Non-Disclosure is a failure to disclose relevant information when applying for an insurance policy.

Partial cover is a monthly income protection payment for when you're only able to work in a reduced capacity due to illness or injury. The benefit amount will take your pre-disability earnings and monthly income into account.

Your Policy is the contract between you and the insurance company, in which you agree to pay premiums for insurance and the insurer agrees to provide a benefit if you make a successful claim, as outlined in your policy schedule.

The person who takes out the insurance policy is the Policy Owner or Policy Holder. The Policy Owner is usually also the life insured.

A monthly, quarterly, or annual fee paid to the insurer and used to keep your insurance policy in force (current).

A Premium Waiver is when an insurance company waives your Income Protection premiums while you're receiving a benefit payment for total disability or partial disability. Some policies have other premium waiver options too such as where you take certain long-term leave – you should review your policy to determine if this applies to you.

The law requires insurers to include all the terms and conditions of the insurance product in a single document, known as the Product Disclosure Statement (PDS). Please ensure that you read this document carefully before buying insurance.