Future insurability — top-up cover without medicals

Optional Business Safeguard Facility (if shown in schedule): on each occasion the life assured's financial interests in the business increase, loan guarantee increases, or value to the business increases, the Life Cover Benefit may be increased without medical evidence. The Life Cover Benefit after use of the Facility cannot exceed the lesser of five times the original Life Cover Benefit or $10,000,000. Cannot be exercised within six months of risk commencement date. Maximum two increases per 12-month period. Request must be made within three months of the relevant business event. In the first six months following an increase, the life assured is only covered for the increase amount if death occurs as a direct and sole result of an accident.

Optional Life Future Insurability Benefit (if selected): original Life Cover Benefit may be increased by up to 20% of the original Life Cover Benefit or $100,000 (whichever is greater) every three years on the anniversary date, without further medical evidence. Total maximum amount that can be added is the lower of twice the original Life Cover Benefit or $1,000,000. Expires on the 60th birthday of the life assured. Special Events Increase Facility (inbuilt): on listed special events (birth/adoption of child, marriage/civil union, separation/divorce, dependent child tertiary education, child commencing secondary school, new home loan or increase, caring for close relative, annual salary increase, death of spouse/partner) the Life Cover Benefit may be increased without medical evidence; maximum per event is the lower of 50% of original Life Cover Benefit or $250,000; total increases capped at the lower of 100% of original Life Cover Benefit or $750,000; life assured must be aged 55 or under; request must be made within 12 months of the event.

Life Events Benefit and Optional Guaranteed Insurability are referenced (underwritten sum insured definition excludes increases due to these benefits), but full terms are not included in this truncated text.

Special Events Increase Benefit: the life insured gets married or enters a civil union; the life insured has a child (by birth or legal adoption); the life insured has a dependant who starts full-time tertiary study for the first time; the life insured takes out a loan to buy a property, including bare land, that will be used as the life insured's primary residence (maximum increase limited to the loan amount). Must apply within 90 days of the event. Life insured must be under 55 and living in New Zealand or Australia. Each increase limited to a maximum of 25% of the Life Cover Amount at policy start. Total of all increases may not exceed $200,000 or 50% of the Life Cover Amount at policy start. Cannot have increased under this benefit within the last 12 months. Policy must not have been issued with an increased premium due to health, medical history, occupation or leisure activities.

You can increase the sum insured once in any 12-month period before the insured person's 55th birthday without providing additional health information if a qualifying event occurs. Events include: marriage or civil union or divorce/separation; pregnancy at 28 weeks gestation or birth of a child; adoption of a child; dependent child starting secondary school; financially supporting a dependent child through a first course of full-time tertiary education; reaching ages 25, 30, 35, 40 or 45; death or terminal illness of a spouse, de facto partner, child or civil union partner; permanently stopping work to provide full-time physical care for a dependent relative for the first time; taking out or increasing a mortgage on own home, investment property, vacation home, or residential block of land; co-signing on a new mortgage for a child; salary increase of at least $5,000 or at least 10% of salary. Maximum increase per event is the lesser of $250,000 or 50% of sum insured at start date (25% / five times salary increase for salary event). Maximum total increase for all events is the lesser of $1,000,000 or the sum insured at start date. Total cover after increase cannot exceed $10,000,000 across all life type covers with any insurer.

You can choose to increase your Life Cover sum insured and/or convert part of your Life Cover to Severe Trauma Cover Accelerated without further health assessment for special events. Special events include: Marriage or civil union, Divorce or legal separation, Full-time care of a dependent, Increasing a residential mortgage, Purchasing a residential property, residential investment property, vacation home or bare residential land, Co-signing a mortgage for a child, where the residential mortgage is for that child's primary residence, Child starting full-time tertiary study, Birth or adoption, Salary increase, Increase in business profits, Death or terminal illness of a spouse, de facto partner or civil union partner, Every fifth policy anniversary.

Source: insurer brochure (not the full policy wording). The wording contains the medical definition with clinical thresholds — request it from your adviser before claim decisions.