This option is only available with Life Insurance. You only have this cover if we accepted your application and it is shown in your Policy Schedule.
1. What is Serious Illness Insurance?
Serious Illness Insurance provides a benefit in the event that a Life Insured under the Policy suffers a Heart Attack, Malignant Cancer, Stroke or has Coronary Artery Bypass Surgery.
2. Serious Illness Insurance eligibility
You can apply for this Insurance cover if you (and/or your Partner Life Insured) are aged between 18 and 59 years of age, and are Australian Residents.
3. Serious Illness Insurance Benefit Amount
You (and/or your Partner Life Insured) can apply for a Serious Illness Insurance Benefit Amount from $50,000 up to the lesser of $500,000 or 50% of the Life Insurance Benefit Amount for that Life Insured provided under your Policy.
4. Serious Illness Insurance benefit payment
We will pay the Serious Illness Insurance Benefit Amount as a lump sum if the Life Insured suffers an insured event; namely Heart Attack, Malignant Cancer, Stroke or has Coronary Artery Bypass Surgery, while covered under the Policy providing the Life Insured survives for fourteen (14) days after the day that the serious illness is contracted, except in the circumstances explained in "Serious Illness Insurance exclusions".
The Heart Attack, Malignant Cancer, Stroke or Coronary Artery Bypass Surgery must be diagnosed by a Medical Practitioner and confirmed by our medical advisers.
Limit on benefits
Only one Benefit Amount is payable per Life Insured under this Serious Illness Insurance as a result of that Life Insured experiencing a Heart Attack, Malignant Cancer, Stroke or Coronary Artery Bypass Surgery.
The total Serious Illness Insurance Benefit Amount payable for a Life Insured cannot exceed 50% of the total Life Insurance Benefit Amount for that Life Insured under this Policy.
If the Life Insured is covered for Serious Illness Insurance under more than one Guardian Life Insurance Policy, we will apply this limit to the total of the Serious Illness benefits payable for the Life Insured under all Guardian Life Insurance policies. Any reduction in the Serious Illness Benefit Amount will be applied to the Serious Illness Insurance most recently commenced and we will refund the premiums paid referable to the amount by which the Serious Illness Benefit Amount is reduced.
Where a Benefit Amount is paid under this Serious Illness Insurance, we will reduce the Life and any Total & Permanent Disability Insurance Benefit Amount by that Serious Illness Insurance Benefit
Amount in respect of that Life Insured. If we reduce the Life Insurance Benefit Amount and/or the Total & Permanent Disability Insurance Benefit Amount, we will reduce your premium accordingly.
5. Serious Illness Insurance premiums
- the age of each Life Insured at that time;
- the Benefit Amount provided for each Life Insured;
- the Insurance Plan chosen by you (Joint Plan or Single Plan); and
- various factors which may affect the premium rating for each Life Insured such as gender, smoking status, state of health, family history, occupation and participation in hazardous activities.
For a quote you should contact a Guardian Insurance Consultant on 1300 709 560.
6. Serious Illness Insurance exclusions
We will not pay a Serious Illness Insurance Benefit Amount if the Life Insured suffers a Heart Attack, Malignant Cancer, Stroke or has Coronary Artery Bypass Surgery directly or indirectly as a result of an intentional self-inflicted bodily injury or attempted suicide.
There are a number of cancers excluded from the definition of Malignant Cancer.
No Benefit Amount will be payable if the condition resulting in a claim first becomes apparent before the Serious Illness Insurance Acceptance Date in respect of a Life Insured or during the first three (3) months after:
- the Serious Illness Acceptance Date;
- the date that any increase in cover starts (but only in respect of that increase); or
- where we have agreed to reinstate the Policy after it was cancelled, the date on which we reinstate the policy (reinstatement date).
We will pay for any new and unrelated occurrence of a Heart Attack, Malignant Cancer, Stroke or Coronary Artery Bypass Surgery after this three (3) month period.
7. Serious Illness Insurance start and end
If your application for Serious Illness Insurance is accepted by us, cover starts for a Life Insured on the Serious Illness Insurance Acceptance Date set out in the Policy Schedule.
The Serious Illness Insurance ends for a Life Insured when the first of the following occurs:
- the date of death of the Life Insured;
- the date of payment of a Benefit Amount for the Life Insured;
- the date you cancel the Policy;
- the date we cancel the Policy;
- the date you cancel this cover; or
- the Policy Anniversary following the attainment of age 65 by the Life Insured.