Waiver of Premium.

Life assurance is a great way to help protect your loved ones in the event of your death.

But what if you were unable to work due to incapacity caused by illness or injury and could no longer afford the premiums? Waiver of Premium could be the solution.

For an additional cost, the Waiver of Premium benefit can be added at the start of your policy. However, this cannot be added later on. You're responsible for maintaining your premiums for the first 26 weeks of incapacity, after 26 weeks, we’ll waive your monthly payments, giving you one less thing to think about.

Your premiums are waived when you are too ill to undertake your normal occupation for 26 weeks or more due to incapacity caused by illness or injury. If you’re not working before the onset of incapacity, your premiums will be waived after 26 weeks if you’re unable to perform three or more of our functional assessment tests.

• You must be under age 55 and accepted on standard terms and normal rates.
• If you are not in work before the onset of incapacity, your premiums are waved if you are unable to perform at least three or more of the following functional assessment tests:
  • Walking - the ability to walk a distance of 200 metres on flat ground with or without the aid of a walking stick and without stopping or experiencing discomfort.
  • Bending - the ability to get in to or out of a standard saloon car, and the ability to bend or kneel to pick up an object from the floor and straighten up again.
  • Climbing - having the ability to climb up a flight of 12 stairs without stopping or suffering severe discomfort.
  • Communicating - the ability to answer a telephone and to take a message.
  • Reading - having the required eyesight (corrected if necessary) to be able to read a daily newspaper.
  • Writing - the physical ability to write legibly using a pen or pencil without aid.
• We will continue to waive premiums until one of the following occurs: 
  • you're fit to return to work;
  • your policy ends; or
  • you no longer fulfil our definition of incapacity.