How is my cover amount calculated?
To find out how much $1 a Day Life Cover we can offer, we just need to ask your age, gender and if you’re a smoker. Our team of nerds crunch the numbers and calculate your cover amount (plus a Cover Booster, which is optional).
But the maths doesn’t stop there. In order to keep your premium at just $1 a day, your benefit amount will decrease each year as you get older.
This sounds a bit scarier than it actually is. The older you are, the less likely it may be that you’ll need the same amount of insurance. Once the kids are grown, the mortgage is paid off and other debts are gone (yay!) you might not need as much cover to help those who are left behind.
Other insurance companies often let you keep a higher insurance amount as you age, but how much they charge you will normally go up each year, too. This can make it a lot harder to budget, and people often end up cancelling their policy because they can no longer afford it.
$1 a Day Life Cover makes things easier by locking premiums at a just $1 a day, no matter how old you are! That way, you can keep some cover for as long as you like, at a price you can easily budget for.
Of course, you’re welcome to add some extra cover to your policy - just in case. A one-time Cover Booster can be added for only 25c more a day.