Life Insurance Glossary of Terms

  • Beneficiaries

    If you have nominated a beneficiary, then this is the person who will receive the death benefit under the Ezicover Life Insurance policy in the event of your death. If you have not nominated a beneficiary, any death benefits will be payable to your estate for distribution according to your will.

  • Benefit

    An amount of money paid to you as the result of successful insurance claim.

  • Benefit Limit

    The total amount the insurer will pay you under your policy for each aspect of cover. Check the PDS and your policy document (including your policy schedule) for details of the benefit limits and conditions that apply to your cover.

  • Claim

    A request to receive a benefit under the terms of your insurance policy. You will need to notify the insurer of the event which gives rise to your claim and supply supporting evidence such as a death certificate or medical reports.

  • Commencement Date

    23h59 on the date when your cover first starts, as shown on your policy document.

  • Cooling Off Period

    The period of time after you buy your policy, during which you can cancel your policy. 1300 Ezicover Life Insurance has a 30 day cooling off period. Additionally, your first month's life insurance cover is completely free. So you'll only need to start paying premiums from the second month.

  • Cover

    The life or funeral insurance cover you have taken out, as shown on your policy document.

  • Death Benefit (Also known as Life Cover or Term Life Insurance)

    A type of insurance which pays a lump sum benefit when you die or are diagnosed with a terminal illness. It allows you to help provide for your loved ones and ensure that they won't suffer financial hardship if something happens to you.

  • Duty of Disclosure

    When you apply for life insurance you will be asked to provide us with complete and honest information about your health and lifestyle. If you conceal or leave out important information the insurer may cancel your policy and may not pay any claim you make. You have a legal obligation to provide requested information.

  • Eligibility Criteria

    The conditions which you must meet in order to qualify for the life insurance policies. For example, Ezicover Funeral Advantage is available to all Australian residents aged 35 – 70. Check the PDS for details of eligibility criteria for each type of life insurance policy.

  • End Date

    The date upon which your policy terminates and benefits cease. The end date is shown on your policy document, if applicable. As long as you keep up with premium payments your Funeral Insurance continues until you die. Life Cover policies expire on the anniversary after you reach 99 years of age, provided premiums are paid when due.

    If the policy is cancelled, either by you or by us, then the date of cancellation will be deemed to be the end date.

  • Exclusion

    Circumstances in which you will not be covered under your life insurance policy, for which you are not able to claim any benefit, for example if death is due to suicide during the first 13 months of 1300 Ezicover Life Insurance. Check the PDS and policy document for details of the exclusions which apply to each policy.

  • Funeral Insurance

    Life insurance that pays a lump sum of up to $15,000 (depending on your level of cover) when you die, which can help to cover the costs of the funeral plus other expenses like outstanding medical bills.

  • Life Cover (Also known as Death Benefit or Term Life Insurance)

    A type of insurance which can pay a lump sum benefit up to $1.5m when you die or are diagnosed with a terminal illness with a life expectancy of less than 12 months. It can allow you to provide for your loved ones and provide financial assistance if something happens to you.

  • Life Insured

    The person listed in the policy, whose death will trigger the payment of benefits.

  • PDS (Product Disclosure Statement)

    Document setting out in detail the terms and conditions of an insurance product, including any exclusions. It is vital that you read and understand the PDS before taking out any form of insurance. You can download the Product Disclosure Statements for 1300 Insurance Ezicover Life Insurance and 1300 Insurance Ezicover Funeral Advantage here.

  • Policy Document

    A document outlining the contract of insurance between you and the insurer, and identifying the policy number, commencement date, cover end date (if applicable), life insured and schedule of benefits, including benefit limits and exclusions.

  • Policy Holder

    The person who owns the life insurance policy. For 1300 Insurance Ezicover Life Insurance, the policy holder is also the person whose life is insured. However, you can nominate someone else, such as your spouse to receive benefits under the policy.

  • Premium

    The amount you pay for your insurance cover. You are able to pay your premium monthly or annually. The cost of your premiums will depend on the type of insurance you take out and factors such as your age and health when you buy your policy, the amount you choose to insure, your health and lifestyle and whether or not you smoke.

  • Sum Insured

    The amount you choose to insure under your life insurance policy, which will be paid out as a lump sum when you die. With 1300 Insurance Ezicover Life Insurance, you can cover up to $1.5m (depending on your age at the time of application). Funeral insurance offers cover of up to $15,000, as selected by you.

  • Terminal Illness

    All illness from which you are not expected to recover, where your life expectancy is less than 12 months. If you are diagnosed with a terminal illness you can claim benefits under your 1300 Ezicover Life Insurance policy. You can use the money to help pay for your medical care and to secure your family's future.

  • Term Life Insurance (Also known as Death Benefit or Life Cover)

    A type of insurance which pays a lump sum benefit when you die or are diagnosed with a terminal illness. It allows you to provide for your loved ones and help them financially if something happens to you.

1300 Insurance Ezicover Life Insurance is issued by Zurich Australia Limited (Zurich) ABN 92 000 010 195 AFSL 232510 of 5 Blue Street, North Sydney, NSW 2060. This information is of a general nature only and does not take into account your objectives, financial situation or needs. You should consider these factors and the relevant product disclosure statement (PDS), which contains details of conditions, limits and exclusions of cover, before making a decision regarding the product. 1300 Insurance is an Authorised Representative of Bombora Advice Pty Ltd (ABN 40 156 250 565 AFSL Number 439065), of Level 2, 406 Collins Street, Melbourne VIC 3000. 1300 Insurance promotes this product and if you buy an Ezicover policy, Bombora Advice Pty Ltd will receive a commission from Zurich of up to seventy percent (plus GST) of your insurance premium. This is then passed onto 1300 Insurance. This amount is paid by Zurich and is not an additional cost to you. Details of remuneration received by 1300 Insurance can be found in their Financial Services Guide.