There are certain events or conditions that may not be covered under life insurance - these are called ‘exclusions’.

With HBF Ezicover Life Insurance a benefit will not be paid where death is a result of suicide within 13 months of the commencement date of the policy, increase in cover (only in respect of the increase) or the latest reinstatement of cover.

In some cases there may also be an exclusion applied to your policy based on the answers provided during the application process.

If this is the case, Zurich (the insurer) will agree these with you before your cover begins and will be clearly visible on your policy schedule.

HBF Ezicover Life Insurance will not cover suicide if it occurs within 13 months of:

• The commencement date of the policy,
• any increase in cover but, only in respect of the increased amount, or
• the latest reinstatement of the policy.

The good thing about life insurance is you can generally adjust your level of cover (which determines the premium you pay and the benefit paid at claim time) as your lifestyle changes, so if you need to increase or decrease your cover you may be able to do so by speaking with Zurich.

You can choose to increase your cover if you are within the eligible age limits, and up to the maximum cover amount for your age. If you do request an increase in your cover your personal circumstances will be reassessed.

You can also choose to increase your cover by applying the Future Insurability Benefit without reassessment of your personal circumstances if you meet one of the specified events. The death benefit can be increased by a maximum of $100,000 each year, up to the policy anniversary following your 54th birthday without reassessment if you:

• marry
• divorce
• become a parent (through the birth or adoption of a child)
• become a full-time carer
• become a widow or widower (through the death of your spouse)

With HBF Ezicover Life Insurance, the death benefit is paid out as a lump sum to either a nominated beneficiary, your estate or another person acceptable to Zurich on death; or to you if you’re diagnosed with a terminal illness.

While the death benefit is being settled, $15,000 of the total benefit will be paid in advance to help with payment of funeral or other expenses. The Cash Advance benefit will be paid once proof of death i.e. a death certificate is provided.

When you sign up for HBF Ezicover Life Insurance, you choose an amount you’d like your family to receive as a benefit on death. This is the amount they receive, plus any inflation increases if applicable and includes any amount that can be advanced under the Cash Advance benefit.

You can choose cover between $50,000 and $1,500,000 depending on your age. Cover available up to $1,500,000 for persons aged 19 to 45, up to $1,000,000 for persons aged 46 to 54, up to $750,000 for persons aged 55 to 59 and up to $500,000 for persons aged 60 to 69.

Your HBF Ezicover Life Insurance starts when your application is accepted and you are issued a Policy schedule, and will end on the first day of any of these events:

• Payment of the terminal illness benefit
• You don’t pay your premium (generally, you have until 30 days after it was due)
• You cancel your policy
• Your policy expires on the policy anniversary following your 99th birthday
• You pass away

The lump sum payment (benefit) received would not normally be assessable for taxation purposes.

In terms of your premiums paid, these are generally not tax deductible.

This is a guide only and is based on current taxation laws. For more information about your individual circumstances, it’s best to speak to your tax adviser.