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Our Products > Basic Cover Package

Basic Cover

Included in the Death Cover benefit:

Terminal Illness benefit

An advance payment of the Death benefit is payable if the life insured is diagnosed as terminally ill:

Advancement of funeral expenses

While a claim for the Death benefit is being settled, an advance up to $15,000 to cover funeral expenses may be paid.

Acccidental injury benefit

The lesser of 100% of the death cover benefit and $2,000,000 will be payable if accidental injury results in the entire and irrevocable loss of: the use of both hands, the use of both feet or, the sight of both eyes, or, any combination of two of the following: the use of one hand the use of one foot the sight of one eye The lesser of 25% of the death cover benefit and $500,000 if accidental injury results in the entire and irrevocable loss of: the use of one hand, the use of one foot or, the sight of one eye, For policies that are issued to the trustee of a superannuation fund, the life insured must also be unlikely to ever engage in gainful employment in any occupation to which he/she is fitted by education, training or experience for the rest of his/her life. The Accidental injury benefit will not be payable if: a benefit is paid for the same injury under a TPD benefit, a partial TPD benefit or the Extended trauma benefit or the injury is the result of war (whether declared or not) the injury is a result of intentional self-inflicted injuries or attempted suicide.
‘Level’ or ‘stepped’ premiums Stepped premiums are attractive as they are lower than level premiums in initial years. However as the risk increases with age, the premium will also increase at policy anniversary to take into account this additional risk.  Level premiums will generally remain the same at each policy anniversary based on unchanged levels of cover, although as with stepped premiums, insurers may change rates based on any increased claims history.  Should insurance be required for the long term, many thousands of dollars may be saved by initiating level premiums from the outset.

Things to consider when determining levels of cover:

This may include: The level of farm or other debt, both currently and possibly in the future. This includes children who may part of a farm succession plan, where you wish to continue to keep the farm in the family. Future income for your spouse for a set number of years. Education costs for your children. Fixed expenses such as funeral and legal costs.
“We’re about family”
New England Life Insurance Pty Ltd ABN 34 541 763 742 (t/a farmercover) is a Corporate Authorised Representative (No. 417493) of Aon Hewitt Financial Advice Limited ABN13 091 225 642 Australian Financial Services License No. 239183 Aon Hewitt Head Office: Level 33, 201 Kent Streeet, Sydney 2000 © farmercover 2015

For more information, please call us on 1300 676 290 

The information contained on this website may be regarded as general advice. That is, your personal objectives, needs or financial situations were not taken into account when preparing this information. Accordingly, you should consider the appropriateness of any general advice we have given you, having regard to your objectives, financial situation and needs before acting on it. Where the information relates to a particular financial product, you should obtain the relevant product disclosure statement before making any decision to purchase that financial product.  
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Our Products > Basic Cover Package

Basic Cover

Included in the Death Cover benefit:

Terminal Illness benefit

An advance payment of the Death benefit is payable if the life insured is diagnosed as terminally ill:

Advancement of funeral expenses

While a claim for the Death benefit is being settled, an advance up to $15,000 to cover funeral expenses may be paid.

Acccidental injury benefit

The lesser of 100% of the death cover benefit and $2,000,000 will be payable if accidental injury results in the entire and irrevocable loss of: the use of both hands, the use of both feet or, the sight of both eyes, or, any combination of two of the following: the use of one hand the use of one foot the sight of one eye The lesser of 25% of the death cover benefit and $500,000 if accidental injury results in the entire and irrevocable loss of: the use of one hand, the use of one foot or, the sight of one eye, For policies that are issued to the trustee of a superannuation fund, the life insured must also be unlikely to ever engage in gainful employment in any occupation to which he/she is fitted by education, training or experience for the rest of his/her life. The Accidental injury benefit will not be payable if: a benefit is paid for the same injury under a TPD benefit, a partial TPD benefit or the Extended trauma benefit or the injury is the result of war (whether declared or not) the injury is a result of intentional self-inflicted injuries or attempted suicide.
‘Level’ or ‘stepped’ premiums Stepped premiums are attractive as they are lower than level premiums in initial years. However as the risk increases with age, the premium will also increase at policy anniversary to take into account this additional risk.  Level premiums will generally remain the same at each policy anniversary based on unchanged levels of cover, although as with stepped premiums, insurers may change rates based on any increased claims history.  Should insurance be required for the long term, many thousands of dollars may be saved by initiating level premiums from the outset.

Things to consider when determining levels

of cover:

This may include: The level of farm or other debt, both currently and possibly in the future. This includes children who may part of a farm succession plan, where you wish to continue to keep the farm in the family. Future income for your spouse for a set number of years. Education costs for your children. Fixed expenses such as funeral and legal costs.
The information contained on this website may be regarded as general advice. That is, your personal objectives, needs or financial situations were not taken into account when preparing this information. Accordingly, you should consider the appropriateness of any general advice we have given you, having regard to your objectives, financial situation and needs before acting on it. Where the information relates to a particular financial product, you should obtain the relevant product disclosure statement before making any decision to purchase that financial product.  
New England Life Insurance Pty Ltd ABN 34 541 763 742 (t/a FarmerCover) is a Corporate Authorised Representative (No. 417493) of Aon Hewitt Financial Advice Limited ABN13 091 225 642 Australian Financial Services License No. 239183 Aon Hewitt Head Office: Level 33, 201 Kent Streeet, Sydney 2000 © farmercover 2015
We’re about family