Freedom Life Cover is insurance that pays a lump sum benefit of up to $750,000 to assist your family in meeting ongoing loan obligations in the event of your death or diagnosis of a terminal illness. To qualify for this cover you must have taken out an eligible loan within the last 12 months (or applied for an eligible loan within the last 3 months). Eligible loans include home, property investment, equity access and some personal loans. The amount of cover you can obtain is capped at the amount of your loan at the time you take out the cover.
Freedom Life Cover can be applied for quickly and easily over the phone with no medicals or health questions and provided you are an Australian resident aged 18 – 65 and meet the loan eligibility requirements, your application is guaranteed to be accepted.
As you are not required to undertake any medicals or answer any health questions when you apply, any pre-existing medical conditions that were evident in the past 5 years and that give rise to an insured event will not be covered. This is known as a ‘PEC’ exclusion. You can, however, apply to have the PEC exclusion removed after you have taken out the cover. Refer to page 19 of the Product Disclosure Statement for more information about the PEC and other standard exclusions that apply to this cover.
If you are 60 years or younger at the time you apply, you can extend your protection to include Freedom Trauma Cover which pays a benefit of up to $225,000 in the event you suffer any one of 15 serious medical conditions.
Freedom Life Cover also comes with a very special offer – YOUR FIRST MONTH OF COVER IS ABSOLUTELY FREE! This means you can start your protection today and then use this time to consider whether the cover is right for you. Regardless of whether you choose to continue the cover, the first month will not cost you anything.