Our Life Insurance pays out on the death of the people insured during the term of the policy, or earlier if there's a diagnosis of terminal illness. The terminal illness must meet our policy definition.
For some older policies we won’t pay a terminal illness claim, if the diagnosis happens in the last 12 months of the policy term. So it's important you check your policy conditions, so you know what you are covered for.
Depending on how the policy is set up, it could cover just one person, or it could cover two people. If it covers two people, the policy will only pay out once, when the first person dies, or is diagnosed with a terminal illness during the policy term.
One the policy pays out, the policy ends. For a joint policy, this means the survivor is no longer covered.