What does life insurance cover?

Life insurance is a type of insurance to make sure people who rely on you financially are looked after if you die. There are a lot of options and exclusions in different life insurance policies from different providers, so it’s important to do your research and find a policy that’s right for you, and can provide what you’d like to leave behind for your loved ones.

You should always check the policy wording to make sure you’re clear on what is covered.

Does life insurance only pay out when you die?

Different types of life insurance cover different situations. Generally speaking, life insurance policies pay out if the person who’s insured dies, or is diagnosed as terminally ill with less than 12 months to live.

There are some causes of death that might be excluded from a person’s policy, and the amount of money life insurance pays out depends on what level of cover they had in place.

If you have life insurance with MAS, you’ll also get an advanced assistance benefit, which means up to $15,000 of your policy can be paid out immediately upon death to help your family with any immediate expenses.

MAS life insurance also includes the benefit of adding additional cover to your policy when you experience specific major life events. You can add this additional cover if you get married or divorced, have a child, or get a mortgage , regardless of any changes to your health. There are some conditions and limitations to this, so chat to a MAS adviser on 0800 800 627 to find out if you’re eligible.

Is death by suicide covered by life insurance?

Life insurance can cover death from sickness, injury, or accident. Your individual policy might have some exclusions or conditions for things like certain pre-existing conditions.

Whether death by suicide is covered or not will depend on the individual policy terms and exclusions. In MAS life insurance policies, death by suicide is usually covered after cover has been in place for 13 months.

What kind of inclusions or exclusions do life insurance policies have?

In some situations it might be harder, or more expensive, to get life insurance. For example, policies are generally more expensive for smokers or people who have serious health conditions.

When you apply for a life insurance policy, you’ll need to tell your insurance company about all illnesses and injuries you’ve had, or currently have. Your life insurer will assess these as part of the application assessment process and let you know if they are covered or not before they issue your policy.

Do I need to have a medical exam to get life insurance?

You don’t normally need a physical exam to get life insurance. However, if you’re requesting a particularly large amount of cover, your insurer might request you have a medical examination with your GP.

Find out more about getting life insurance with MAS.

This article provides general information only, and is not intended to constitute financial advice. Before taking out any insurance product, you should carefully consider the terms and specific policy wording. Underwriting criteria will apply.