Life events insurance cover - BUSSQ

Life events insurance cover

Your need for insurance changes as your circumstances change. As a result, we help to ensure that for members of our Premium Choice product, your insurance keeps you covered. With Life Events Cover, you can increase your insurance cover for certain specific life events, without providing any medical evidence.

With our Premium Choice product the specific life events included in Life Events cover:

  • Marriage or the continuation of an interdependent relationship for two years or more
  • Birth or adoption of a child
  • Taking out or increasing your mortgage on your principal residence in excess of $100,000
  • Your child starting secondary school, and
  • Taking out a new business loan in excess of $100,000 or increasing an existing business loan by at least $100,000 (excluding re-draw and refinancing).

To apply for extra insurance cover, you'll need to fill out and return the Future Insurability Increase application form within 180 days of the specific life event occurring. If your application is accepted, your insurance cover will increase by 25% of the amount of Death insurance cover you held at the time of the specific life event, subject to a maximum of $200,000. Where you have Death only insurance cover, then the additional cover will be for Death only. Where you have Death and Total and Permanent Disablement (TPD) insurance cover, then the additional insurance cover will be provided for Death and Total and Permanent Disablement (TPD).

If we accept your application, any restrictions, limitations or loadings that already apply to your insurance cover will also apply to the extra cover. Cover starts from the date the additional cover is accepted by BUSSQ and OnePath. You will be advised in writing when insurance cover starts. cover does not start from the date of the event giving rise to the option.

Conditions of insurance cover

Additional cover under the Life Events Cover option will not be available if you have:

  • Been declined additional cover by OnePath
  • Claimed or intend to claim a life insurance benefit
  • Turned 55 years or over when the specific life event occurs
  • Obtained extra cover under this option in the previous 12 months
  • Increased your cover under this option on three previous occasions
  • Applied to increase your cover because of marriage, and you have previously increased your cover under Future Insurability because of marriage.

 See changes to insurance effective 1 March 2017

Please note: In the event of a dispute, the insurance policy document will override the relevant Product Disclosure Statement and the information contained within this website.