A: This is explained in the policy issued by TOWER Australia Limited ABN 70 050 109 450 (TOWER).

Once you’re accepted for the Major Illness Plan you’ll be covered for death, terminal illness and the following 6 major conditions:

• Cancer
• Heart Attack
• Stroke
• Coronary Artery By-pass Surgery
• Paralysis
• Permanent Incapacity

These conditions are defined in the policy. Please call us on 13 77 87 for a copy of the policy document which contains a full definition of each condition, as well as a definition of terminal illness.

To keep our premiums as low as possible and provide you with the best value, you are not covered for:

• Intentional self inflicted injury which results in one of the six major conditions listed above
• Terminal illness or death if it results from suicide or intentional self-inflicted injury within the first 13 months after cover starts
• Cancer, heart attacks, strokes or coronary artery by-pass surgery, that occurs or is diagnosed (or the circumstances leading to the diagnosis become apparent) within 90 days after cover starts

A: It’s extremely important for your peace of mind to provide all the information we ask for at the time of your application. If you don’t provide information honestly and accurately, it’s possible that your policy will not be valid and any claim you make will be denied. Obviously, the extra stress this would place on you and your family would be enormous, so make sure you’re entirely honest in your application.

When a claim is made, TOWER will usually request a complete medical history, which can include details of any illnesses or treatments you may have had before taking out the policy.

A: As long as your premiums are paid when due, your cover will continue right up until the Plan’s anniversary after you turn 69. Your policy will end on that date with no further cover provided.

A: It is important to note that the underlying premium rates are not guaranteed. However, you will never be singled out individually for a premium rate increase, and any increase will only apply to all policyholders using the same table of rates. You will be given at least 30 days' notice of this.

As you’d expect, your premiums will go up as you get older and if you increase the amount of your cover. This also applies if you have ‘Inflation Protection’ on your policy, where your cover goes up each year according to the change in the Consumer Price Index (CPI) or 5%, whichever is greater.

A: If you cancel within 30 days after receipt of your policy you will get a refund of any premiums paid. However the Major Illness Plan is not a savings plan and has no cash value, so if you cancel after the first 30 days you won’t get any premiums back.