Glossary of Terms

Activities of daily living	are: Bathing and showering Dressing and undressing Eating and drinking Maintaining continence with a reasonable level of personal hygiene Getting in and out of bed, a chair or wheelchair, or moving from place to place by walking, wheelchair or walking aid.
Allocated pension	an allocated pension provides a regular income stream and may provide a means to reduce the tax impact on the beneficiaries on monies following the payment of the death benefit sum insured.
Beneficiaries	if you die, your beneficiaries are the people who receive your death benefit. They may be your dependants, or it could be your estate. Where the policy is not written through a superannuation fund, the beneficiaries can include your spouse, children, company or charity.
Binding direction	if you elect to have a binding direction, the Trustee is required to pay the benefits in accordance with your direction.
Dependants	your dependants are people who are directly related or financially dependent on you. Under superannuation law these may be: Your spouse or de facto spouse (under current law this cannot be same sex relationships) Your children (including adopted, step or ex-nuptial) Any other person who is wholly or partially dependent on you at the time of your death.
Estate	your estate is made up of all the assets and associated liabilities if you should die. If you die while you are a member of a Superannuation Fund and you do not have any dependants, your death benefit will be paid to your estate and your benefit will be dealt with according to your Will (or if you do not have a Will, according to the law).
Indexation Factor	is the percentage change in the consumer price index which is: the weighted average of the 8 Australian capital cities combined; published by the Australian Bureau of Statistics or any body which succeeds it; and in respect of the 12 month period finishing on 30 September. It will be determined at 31 December each year and applied from 1 March in the following year.
Insured person	the person whose life is covered by the policy.
Lump sum	is when you receive your sum insured as a single payment.
Monthly Benefit	is the amount stated in the schedule that will be paid in the event of a claim, under our Income Protection policies.
Non-binding direction	if you elect to make a non-binding direction, the Trustee can use that direction as a guide, however, ultimately the decision on who and how much is paid is determined by the Trustee.
Policy owner	the policy owner is the person who owns the policy. They are responsible for the payment of the policy, and have rights and obligations under the contract.
Premiums	the amount payable by the policy owner to continue the policy with Asteron Life Limited.
Sum insured	is the amount that will be considered for payment under a Term Life, Stand Alone Total and Permanent Disablement, Recovery or Stand Alone Recovery claim.
Trustee	is a person or company appointed under the terms of the trust deed to hold the trust property for the beneficiaries and to make sure that the trust is operated in accordance with trust deed.
Waiting period	the waiting period is chosen when you take out an income protection policy. It starts on the day you see the doctor who certifies that you are disabled.
We, us and our	means Asteron Life Limited
You and your	means the insured person