Income Security insurance. Redundancy Protection. Product Disclosure Statement. Preparation date 16th April 2015 V160415

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1 Income Security insurance Redundancy Protection Product Disclosure Statement Preparation date 16th April 2015 V Avea Insurance Limited is the underwriter of this product. The distributor of this product acts as our representative. ISI V160415

2 PART A: PRODUCT DISCLOSURE STATEMENT TABLE OF CONTENTS What is a Product Disclosure Statement? 3 Who is the Insurer? 3 Our Contract with You 3 Cooling Off Period 3 Your Duty of Disclosure 3 Cost of the Policy 4 Important Information About This Policy 4 Key Benefits 4 Benefit Excess Period 6 Cover - Section 1 6 Involuntary Loss of Employment Monthly Benefit INTRODUCTION It is important that before You purchase the insurance You take the time to read and understand this Product Disclosure Statement (PDS) in its entirety, as it contains important information as required under the financial service provisions of the Corporations Act If You do not understand any part of this document, please contact Us and We will be happy to explain any matter for You. PLEASE TAKE THE TIME TO READ THROUGH THIS DOCUMENT CAREFULLY AND RETAIN FOR YOUR RECORDS Cover - Section 2 6 Optional Involuntary Loss of Employment (ILOE) Training Reimbursement Benefit General Exclusions 7 General Provisions Applicable to this Policy 8 Cancellation 9 How to Make a Claim 10 Tax 10 Your Privacy 10 Dispute Resolution 11 External Dispute Resolution 11 Code of Practice 11 Compensation Arrangements and Financial Claims Scheme 11 Definitions 11 Jurisdiction and Choice of Law 13 Further Information and Confirmation of Transactions 13 ISI V

3 WHAT IS A PRODUCT DISCLOSURE STATEMENT (PDS)? A PDS is a document designed to assist You in understanding the insurance You are considering so You can make an informed decision about whether to acquire it. We may need to update this PDS from time to time if certain changes occur where required and permitted by law. We will issue You with a new PDS or a Supplementary PDS or other compliant document to update the relevant information except in limited cases. Where the information would not materially adversely affect a reasonable person considering whether to buy this insurance, We may issue You with notice of the information in another form or retain internal records of the change (You can get a paper copy free of charge by contacting Us using Our details below). Other documents may form part of this PDS and the Policy. If they do, We will tell You in the relevant document. WHO IS THE INSURER? Avea Insurance Limited (Avea) is the issuer and underwriter of this insurance product, and is an Australian owned insurance company which is authorised by the Australian Prudential Regulation Authority (APRA) to carry on general insurance business in Australia under the Insurance Act 1973 (Cth) and holds an Australian Financial Services Licence (AFSL) issued by Australian Securities and Investments Commission (ASIC). If You need to contact Avea please do so through any of the options listed in the company details below: PO Box 116, Berwick VIC 3806 Telephone: Facsimile : (03) Website : OUR CONTRACT WITH YOU Where We agree to enter into a policy with You, following payment or Your agreement to pay the Premium, it is a contract of insurance between Us and You (see definition of You for details of who is covered by this term). The Policy sets out the cover which We are able to provide You. You need to decide if the limits, type and level of cover are appropriate for You and will cover Your potential loss. If they are not, You may be underinsured and You may have to bear that part of any loss for which You are not covered. The Policy consists of: This document which sets out the standard terms and conditions of Your relevant cover, including its limitations and exclusions; The Policy Schedule issued by Us. The Policy Schedule is a separate document, which shows certain insurance details relevant to You. It may include additional terms, conditions and exclusions relevant to You that amend the standard terms of this document. If the Policy is varied during the Period of Insurance We will send You an updated Policy Schedule taking into account the variations; and Any other change to the terms of the Policy otherwise advised by Us in writing which may vary or modify the above documents. These are all important documents and should be carefully read together as if they were one document to ensure that You are satisfied with the cover. All Policy documentation should be kept in a safe place for future reference. We reserve the right to change the terms of the Policy where permitted to do so by law. COOLING OFF PERIOD You have the right to return the Policy to Us within 14 days of the date that it was issued to You or renewed by You ( cooling off period ) unless You make a claim or exercise any of Your rights under the Policy within the cooling off period. If You return the Policy during the cooling off period, We will refund the Premium that has been paid. The Policy will be terminated from 4pm AEST on the date You notify Us of Your request. To return the Policy, You must notify Us in writing (including by ) within the cooling off period. You can do this by contacting Us by the methods detailed on this page. After the cooling off period has ended, You still have cancellation rights (refer to Cancellation section of this document). YOUR DUTY OF DISCLOSURE WHAT YOU MUST TELL US: Before You enter into the Policy with Us, the Insurance Contracts Act 1984 requires You to disclose to Us every matter that You know or could reasonably be expected to know is relevant to Our decision whether and on what terms Your application for insurance is acceptable and to calculate how much Premium is required for Your insurance. ISI V

4 YOUR DUTY OF DISCLOSURE (CONTINUED) You have the same duty to disclose those matters to Us before You renew, extend, vary or reinstate the Policy. IMPORTANT INFORMATION ABOUT THIS POLICY Income Security Insurance is redundancy protection insurance that is only available to individuals and can not be purchased through an employer or superannuation fund. The duty applies until the Policy is entered into, or where relevant, renewed, extended, varied or reinstated (Relevant Time). If anything changes between the time You provide answers or make disclosure and the Relevant Time, You need to tell Us. WHAT WE DO NOT NEED TO KNOW You are not required to disclose to Us anything that: Diminishes the risk to Us as the insurer; We know or should know based on Our business; Is of common knowledge; We tell You We do not need to know. WHO DOES THE ABOVE APPLY TO? The duty of disclosure applies to You and anyone that you want to be insured under the Policy. If You provide information for another person, it is as if they provided it to Us. WHAT HAPPENS IF IT IS NOT COMPLIED WITH? If a person fails to comply with the duty of disclosure, We may: Refuse to pay a claim; or Reduce the amount of Your claim; and/or Cancel or Avoid the Policy. If fraud is involved We may treat the Policy as if it never existed and pay nothing. COST OF THE POLICY A number of factors are taken into account in setting Our Premiums, the types of benefits selected and the benefit amounts. All of these factors impact on the amount of Premium charged for the Policy. If You purchase a Policy from Us, the Premium includes an amount to take into account Our obligation to pay any compulsory Government charges including Stamp Duty and GST where applicable. Before We can give You any insurance cover, the Premium for the Policy must be paid. Premium may be varied on renewal. WHO CAN APPLY (ELIGIBILITY CRITERIA) This Policy is available to persons aged over 18 and under 64 years of age (as at the Policy Commencement Date) and who: Are Australian Residents; and Are in Continuous Permanent Full-time Employment in an occupation, for an employer and industry which is approved by Us (but cannot be Self-Employed); and At the time of application, are covered under an inforce Income Protection Insurance Policy or have a Loan. We do not offer cover to certain industries or occupations, We invite You to contact Us if You require further information. Please note: the requirement for a current Income Protection Policy or Loan is relevant only to Your eligibility to purchase this Policy. No benefits are payable whatsoever to a financier, pursuant to any Finance Contract or repayments therein. ONGOING ELIGIBILITY & DISCLOSURE Cover provided by Your Policy may be affected if Your job or the nature of Your employment or Your residential status changes. You are required to inform Us within 60 days if Your circumstances change. If Your employment changes to an occupation or industry which is unacceptable to us, or You no longer reside permanently in Australia, cover under this Policy will cease and a pro-rata refund will be provided. KEY BENEFITS The following types of cover only apply if the Policy Schedule shows that it applies and You have paid the Premium for it. Some situations are not covered, see Exclusions section. Each cover noted is subject to further terms, conditions, exclusions and limitations (such as a Benefit Excess Period or Eligibility Criteria) that are not listed in this table which may be included in this document or in another document which makes up the Policy. SEE TABLE ON FOLLOWING PAGE ISI V

5 Benefit Section 1 - Involuntary Loss of Employment (ILOE) Monthly benefit cover If: - You are advised by Your employer of the termination of Your employment which will result in You being Involuntarily Unemployed then: After the expiry of the Initial Qualifying Period; and During the Period of Insurance; and - the Involuntary Unemployment continues for a period which is longer than the Benefit Excess Period then; Benefit Period Options Benefit Periods: 3 months 6 months 9 months Benefit Sum Insured (including GST) Monthly benefits from: $1,000 to $7,000 $1,000 to $5,000 $1,000 to $3,000 For each month that You remain Involuntarily Unemployed after the Benefit Excess Period, We will pay to You the lesser of: - 85% of Your monthly Income prior to Your Involuntary Loss of Employment; or - the monthly benefit sum insured stated in the Policy Schedule. The benefit payment under this section ends at the earlier of when: The Benefit Period ends; You are no longer Involuntary Unemployed; You attain 65 years of age; You are no longer an Australian Resident; or You die. The benefits will be paid monthly (30 days) in arrears. If You are Involuntarily Unemployed for less than a month (following the Benefit Excess Period), We will pay 1/30 th of the monthly benefit sum You are entitled to under this cover for the number of days You remain Involuntarily Unemployed. The Benefit Excess Period applies to this cover. Section 2 - ILOE Training Reimbursement Benefit (Optional Cover) If: Not applicable Up to a maximum of $2,500 -You are advised by Your employer of the termination of Your employment which will result in You being Involuntarily Unemployed: After the expiry of the Initial Qualifying Period; and During the Period of Insurance; and - You become Involuntarily Unemployed as advised; and - the Involuntary Unemployment continues for a period which is longer than the Benefit Excess Period then; We will reimburse You up to the aggregate of $2,500 (including GST), for training or career coaching expenses incurred by You after the Benefit Excess Period for the purpose of re-entering Permanent Full-time Employment. The costs must be incurred with a Registered Training Organisation (see training.gov.au). Subject to Policy terms, unlimited number of claims may be made up to the maximum benefit limit of $2,500 (including GST) in aggregate. ISI V

6 BENEFIT EXCESS PERIOD In the Policy, cover is subject to a Benefit Excess Period, during which no benefits are payable. Benefit Involuntary Loss of Employment Monthly Benefit Involuntary Loss of Employment Training reimbursement Benefit Benefit Excess Period Options: 30, 60 or 90 days 30, 60 or 90 days Example: You have selected a thirty (30) day Benefit Excess Period for the Involuntary Loss of Employment Benefit. If You became Involuntarily Unemployed on 1 June and made a claim, We will pay the first Involuntary Loss of Employment monthly benefit on the 1 August (30 days after the expiry of the Benefit Excess Period after the date You were first made Involuntarily Unemployed). The first payment is on 1 August because the monthly benefits are paid monthly (30 days) in arrears. COVER - SECTION 1 INVOLUNTARY LOSS OF EMPLOYMENT (ILOE) MONTHLY BENEFIT COVER The cover only applies if the Policy Schedule shows that it applies and You have paid the Premium for it. Subject to terms and conditions, limitations and exclusions of the Policy, if You have selected this benefit and if: - You are advised by Your employer of the termination of Your employment which will result in You being Involuntarily Unemployed: INITIAL QUALIFYING PERIOD FOR THE INVOLUNTARY UNEMPLOYMENT MONTHLY BENEFIT Cover for the Involuntary Unemployment monthly benefit commences ninety (90) days from the initial Policy Commencement Date (i.e this 90 days cover exclusion period will not apply to subsequent renewals of Your Policy). In the event that You increase the Involuntary Unemployment monthly benefit during the Period of Insurance, the ninety (90) qualifying period will apply to the increased portion from the day the increase took effect. BENEFIT EXCESS PERIOD FOR THE INVOLUNTARY UNEMPLOYMENT MONTHLY BENEFIT You will be eligible to make a claim on the Involuntary Unemployment monthly benefit after the Benefit Excess Period You have selected, which is printed in the Policy Schedule. The Benefit Excess Period options available under this Policy are either 30, 60 or 90 days from the date You were made Involuntarily Unemployed. We will not pay any claim unless You are Involuntarily Unemployed for a continuous period that is longer than the Benefit Excess Period. PAYMENT OF MONTHLY BENEFITS We will pay the benefits under this section monthly (30 days) in arrears. After the Initial Qualifying Period ; and During the Period of Insurance, and You become Involuntarily Unemployed as advised, and COVER - SECTION 2 INVOLUNTARY LOSS OF EMPLOYMENT (ILOE) OPTIONAL TRAINING REIMBURSEMENT BENEFIT COVER. The Involuntary Unemployment continues for a period longer than the Benefit Excess Period, for each month that You remain Involuntarily Unemployed, We will pay to You the lesser of: - 85% of Your monthly Income before Your Involuntary Loss of Employment; or - the monthly benefit stated in the Policy Schedule. The benefit payment ends at the earlier of when: The benefit has been paid for the Benefit Period; You are no longer Involuntary Unemployed; The cover only applies if the Policy Schedule shows that it applies and You have paid the Premium for it. Subject to terms and conditions, limitations and exclusions of the Policy, if You have selected this benefit and if: - You are advised by Your employer of the termination of Your employment which will result in You being Involuntarily Unemployed: After the Initial Qualifying Period; and During the Period of Insurance, and You attain 65 years of age; You become Involuntarily Unemployed as advised, and You are no longer an Australian Resident; or You remain Involuntarily Unemployed after the Benefit You die. Excess Period. ISI V

7 We will reimburse You up to the aggregate maximum benefit of two thousand five hundred dollars ($2,500 including GST), for training or career coaching expenses incurred by You after the Benefit Excess Period for the purpose of re-entering Permanent Full-time Employment. The costs must be incurred with a Registered Training Organisation (see training.gov.au). Subject to Policy terms, an unlimited number of claims may be made under this section up to the maximum benefit limit of $2,500 (including GST). INITIAL QUALIFYING PERIOD FOR THE ILOE TRAINING RE-IMBURSEMENT Cover for the ILOE Training Reimbursement benefit commences ninety (90) days from the initial Policy Commencement Date (i.e this 90 days cover exclusion period will not apply to subsequent renewals of the Policy). BENEFIT EXCESS PERIOD FOR THE ILOE TRAINING REIMBURSEMENT BENEFIT You will be eligible to make a claim on the ILOE Training Reimbursement Benefit for eligible costs incurred after the Benefit Excess Period following the first day of Involuntary Loss of Employment. GENERAL EXCLUSIONS The following exclusions apply to the Policy and no benefits will be paid: 1. On Your death; 2. During the Benefit Excess Period; 3. If, at the date of the commencement of Your Involuntary Unemployment You have not been in Continuous Permanent Full-time Employment for a continuous period of twelve (12) months; 4. If, at the date of the commencement of Your Involuntary Unemployment You are not residing in Australia; 5. If or When You are not an Australian Resident; 6. If Your Involuntary Unemployment is directly or indirectly as a result of, or in any way connected with: a) Termination of employment during or at completion of an initial probation period; b) Your retirement; c) You voluntarily resigning or accepting voluntary redundancy or You abandoning Your employment; d) Deliberate misbehaviour resulting in Your Unemployment; e) You acting maliciously or dishonestly or engaging in any criminal or illegal acts; f) Termination due to misconduct, a breach of Your employment agreement or a strike or other labour dispute with Your employer; g) Constructive termination due to disciplinary action by Your employer, dismissal due to poor performance, You being deemed unsuitable for the role, demotion or transfer to another position, including refusal of an offer from Your employer of an alternative position reasonably suited to Your training, education and experience; h) Your loss of, or failure to maintain, a licence (including drivers licence), trade or professional accreditation required by Your employer; i) Your termination arising directly or indirectly, from or related to alcoholism, drug addiction, or the influence of alcohol or non-prescribed drugs; j) Any Injury or Sickness, including pregnancy or childbirth and self inflicted harm or attempted suicide; k) Your imprisonment or detention; l) The temporary, seasonal, or casual nature of Your work or the completion of a project, or specified work for which You were employed or the completion of a contract for a specified period; 7. If You were unemployed or advised that Your employment would be terminated : a) Prior to the Policy Commencement Date; or b) During the Initial Qualifying Period. You will be deemed to have received such advice if You have received a verbal or written notice from Your employer or if Your employer has made a public announcement that they may make redundancies or cease trading or some operations. 8. If You are employed in any capacity; 9. If You are no longer registered as being unemployed with Centrelink or equivalent government authority or actively seeking employment via a recognised recruitment or personnel agency; or 10. If You are Self-Employed. ISI V

8 GENERAL EXCLUSIONS (CONTINUED) This Policy does not cover non-financial loss or consequential financial loss. You no longer being an Australian Resident; You changing Your employer which You have previously notified to Us; and Consequential financial loss is indirect loss which accompanies insured loss including but not limited to legal costs or investigation costs. Non-financial loss is loss, including but not limited to distress, inconvenience, pain and suffering and/or damage to reputation. Other documents forming the Policy may contain exclusions and limitations in addition to the above. GENERAL PROVISIONS APPLICABLE TO THE POLICY CONDITIONS APPLICABLE TO SECTIONS 1 AND 2 The following conditions apply to Sections 1 and 2 of the Policy: 1. You must have been in Continuous Permanent Full-time Employment in an occupation, for an employer and industry which is approved by Us (but cannot be Self-Employed) for a period of 12 months at: A) The Policy Commencement Date; and B) The commencement of Your Involuntary Unemployment; and 2. You must be an Australian Resident residing in Australia at the date of the commencement of Your Involuntary Unemployment. 3. Subject to law, if, during the period We pay You benefits under Section 1 of the Policy, You receive periodical benefits (such as benefits from the Centrelink) or other insurance payments for the Involuntary Unemployment, We will deduct from the benefit amount We pay under the Policy, if the amount that You receive as such benefits and payments will cause the total amount You receive (including the benefit We pay under the Policy) to exceed 85% of Your Income. Changes to Your work hours (for example full-time to part-time). POLICY ALTERATIONS During the Period of Insurance You may have need to alter the Involuntary Unemployment monthly benefit. Where You make such alterations, we will limit any increase or decrease to 10% of the original Involuntary Unemployment monthly benefit. You may make such alteration only once per year. Where You increase the Involuntary Unemployment monthly benefit during the Period of Insurance, a ninety (90) qualifying period will apply to the increased portion from the day the increase took effect. POLICY RENEWALS Before Your Policy expires We will advise You whether We intend to offer renewal and if so on what terms. The Premium may be varied on renewal. This document also applies for any offer of renewal We may make, unless We tell You otherwise. It is important that You check the terms of any renewal offer before renewing to satisfy Yourself that the details are correct. In particular, check the sum insured amounts and Benefit Excess Periods applicable to ensure the levels of cover are appropriate for You. PAYING YOUR PREMIUMS Payment is made in full by Credit Card (VISA or MASTERCARD) only. We will deduct any unpaid Premium for the relevant Period of Insurance from the first benefit payment. 4. During the Period of Insurance, You must tell Us any change to Your circumstances which may affect the risks insured or the cover provided under the Policy. These include (but are not limited to): Any change to Your employment type, category or function (e.g. You change Your position from an administration role to a non-administration role.) ISI V

9 POLICY TERMINATION This Policy ends on the earliest of the date the Period of Insurance ends, which are: CURRENCY All Premiums, benefit amounts are expressed in Australian dollars. Expiry date, as stated on the Policy Schedule; OTHER INSURANCE The date You attain the age of 65 years; The date You are no longer an Australian Resident; The date You die; or The date the Policy ends earlier in accordance with its terms or the law. CANCELLATION You may cancel this Policy at any time by notifying Us in writing. The cancellation will take effect from 4:00pm on the day We receive Your written notice of cancellation or such time as may be otherwise agreed. We may cancel the Policy for any reason permitted under law. For example We may cancel the Policy if You: Made a misrepresentation to Us before entering into the Policy; Fail to comply with the duty of disclosure or the duty of utmost good faith; Fail to comply with a provision of the Policy (including the obligation to pay the Premium on time); or Make a fraudulent claim under the Policy or any other insurance policy. Unless otherwise provided for in the Policy, if We cancel the Policy, We will give written notice to You personally, to Your agent or by post to Your last known address. Such notice will be effective from 4pm AEST on the 7th day after the day it is given to You, unless it specifies a later date. If the Policy is cancelled by either You or Us, We will refund a pro-rated proportion of the Premium for the unused period of insurance if the Policy is cancelled after the cooling-off period but up to 90 days after the Policy Commencement Date. We will not refund any Premium if We have paid a claim to You under the Policy or if the Policy is cancelled ninety (90) days or more after the Policy Commencement Date, unless cancellation is due to us advising You that Your occupation or industry is unacceptable to us, or You no longer residing in Australia, in which case a pro-rated refund will apply. In the event of a claim, You must advise Us as to any other insurance policies that may be available to pay or partially pay that claim. Where You would be covered under the Policy for the relevant event but another policy under which You are the contracting insured also covers (all or part of) the relevant event, You can choose which policy(ies) to claim under. Where You would be covered under the Policy for the relevant event but another policy covers You for all or part of the relevant event, if You are not a contracting party under the other policy but have a right to claim under the other policy by operation of section 48 of the Insurance Contracts Act 1984 (Cth) or otherwise, We will not pay Your claim to the extent the event is covered by the other policy. We may seek a contribution from Your other insurer. You must give Us any information or assistance We reasonably ask for to help Us make a claim from Your other insurer. SUBROGATION We are entitled to commence or take over legal proceedings in Your name for the defence or settlement of any claim, or to sue or prosecute any other person to recover any monies payable by them at law. No action must be taken to prejudice any such right of recovery and You must cooperate and do all things necessary to enable the recovery action to be prosecuted. This includes providing any statements, documents or assistance We require, including the giving of evidence in court. PROVIDING PROOF You must keep documents You will need in case of a claim. These documents may include documents to substantiate Your employment earnings, Loan or Income Protection Insurance Policy. ISI V

10 HOW TO MAKE A CLAIM If You need to make a claim, please complete the claims form at claims.incomesecurityinsurance.com.au or contact Us on as soon as possible. You will need to fully complete and sign the claim form, provide Us with any information We ask from You and return the form to Us with a confirmation from the appropriate government agency (such as Centrelink) that You are registered as unemployed and a statement from Your previous employer confirming reasons for unemployment and the period of employment, alternatively, contact details for Your last employer. All certificates and evidence required by Us shall be furnished by You at Your expense in the form and of the nature prescribed by Us. No benefits under the Policy are payable until evidence satisfactory to Us is received. TAX Premiums are generally tax deductible. Benefit payments made due to Involuntary Unemployment may be tax assessable. Other payments to individuals should generally not be taxable. GST applies to the Premiums. This charge is included in the Premium rate quoted. If tax laws are altered, We reserve the right to increase Premiums or charges to reflect any new or increased taxes. This information is based on Our interpretation of the present taxation rules. You should seek advice from a suitably qualified professional in relation to Your particular circumstances. YOUR PRIVACY Personal information is essentially information or an opinion about an identified individual or an individual who is reasonably identifiable, whether the information or opinion is true or not and whether recorded in a material form or not. See the Privacy Act for full details. We, and Our agents, need to collect, use and disclose Your personal information in order to consider Your application for the Policy, to provide the cover You have chosen, calculate or offer discounts to You, administer the Policy, assess, investigate, handle and settle any claim, communicate with You both by mail and electronically about Your Policy, and conduct product and service research and data analysis and business strategy development. You can choose not to provide Us with some of the details or all of Your personal information, but this may affect Our ability to provide You with Our services or products or properly manage and administer services and products provided to You or others. For these purposes, We can collect Your personal information from and/or disclose it on a confidential basis to, the following: Our related entities, Our distributors and other agents or contractors, other insurers (including reinsurers), insurance reference bureaus, law enforcement agencies; and investigators; lawyers; accounting and other professional advisers and the agents of these, Your agents, premium funders, other insurance intermediaries, actuaries, translators, loss assessors and adjusters, financiers, credit agencies, and other parties We may be able to claim or recover against, anyone either of Us appoint to review and handle complaints or disputes, and any other parties where permitted or required by law. We prohibit the above entities from using Your personal information for purposes other than those We supplied it for. We will not disclose Your personal information to persons located overseas. We collect personal information directly from You unless You have consented to collection from someone other than You, it is unreasonable or impracticable for Us to do so or the law permits Us to. Where You provide personal information to Us about another person, You must be authorised to provide that information to Us and inform that person of this Privacy Notice including who We are, how We use and disclose their information, and how they can gain access to that information. You may gain access to and seek correction of the personal information held on record about You as outlined in Our Privacy Policy. The complete Privacy Policy is also available on Our Website or by contacting Us on If You believe that We have not dealt with Your personal information in accordance with the law, or Our Privacy Policy, or You believe that You have been wrongly denied access to Your personal information, You may lodge a complaint with us as outlined in our Privacy Policy. Complaints can be made by telephoning or writing to Us and should be directed to the Compliance Manager, who will provide You with further information about Avea s Privacy Complaints Procedure. By providing Us with personal information You and any other person You provide personal information for, consent to this use and these disclosures unless You tell Us otherwise. If you wish to withdraw Your consent, including for things such as receiving information on products and offers by Us or persons We have an association with, please contact Us. ISI V

11 DISPUTE RESOLUTION Avea has an internal procedure for dispute resolution so that if at any time Our products or services have not satisfied Your expectations You can contact Us. If You have a complaint, please give Us every opportunity to try to resolve Your complaint. Step 1 Contact the Operations Manager If You are not satisfied with Our initial response Your complaint will be referred for review by the Operations Manager who would respond to You within 15 business days. COMPENSATION ARRANGEMENTS AND FINANCIAL CLAIMS SCHEME We are an insurance company authorised under the Insurance Act 1973 (Cth) (Insurance Act) to carry on general insurance business in Australia by the APRA and is subject to the prudential requirements of the Insurance Act. The Insurance Act is designed to ensure that, under all reasonable circumstances, financial promises made by Us are met within a stable, efficient and competitive financial system. Step 2 Contact Our Compliance Manager If the complaint is still not resolved to Your satisfaction, You can ask the Compliance Manager to refer Your dispute to Our Internal Dispute Resolution (IDR) Committee for review. The IDR Committee members are independent and have the authority to review the decision. The IDR Committee will inform You of the final decision within 15 business days. Because of this We are exempt from the requirements to meet the compensation arrangements Australian Financial Services licensees must have in place to compensate retail clients for loss or damage suffered because of breaches by the licensee or its representatives of Chapter 7 of the Corporations Act. We have compensation arrangements in place that are in accordance with the Insurance Act. EXTERNAL DISPUTE RESOLUTION A dispute can be referred to the Financial Ombudsman Service (FOS) subject to its terms of reference. It provides a free and independent dispute resolution service for consumers who have general insurance disputes falling within its terms and its contact details are: The Financial Ombudsman Service Local call: Post: GPO Box 3, Melbourne, Victoria 3001 Website: CODE OF PRACTICE The Insurance Council of Australia (ICA) has developed a voluntary General Insurance Code of Practice (the Code) to which We are a signatory. This Code aims to raise the standards of practice and service within the general insurance industry. In the unlikely event that We were to become insolvent and could not meet its obligations under the Policy a person entitled to claim under those covers of the Policy may be entitled to payment under the Financial Claims Scheme. Access to the scheme is subject to eligibility criteria. Please refer to or call the APRA Hotline on for more information. DEFINITIONS Australian Resident means a person who legally resides in Australia and has permission to legally remain permanently in Australia either because they are: 1. An Australian citizen; or 2. The holder of a visa that enables them to permanently reside in Australia, Avea means Avea Insurance Limited (ABN , AFSL ). We will only ask for, and take into account, relevant information when selling insurance; Our representatives will act in an honest, fair, efficient and transparent manner; We will respond to routine requests for information within 10 business days; and We will keep You informed of the progress of Your claim. Benefit Excess Period means the period of time for and in respect of which no benefits are payable as specified in the Policy Schedule. To obtain a copy of the Code visit or call (02) ISI V

12 DEFINITIONS (CONTINUED) Benefit Period means the maximum period of time: Chosen by You; and Stated on the Policy Schedule; for which We will pay monthly benefits to You under the Involuntary Loss of Employment monthly benefit cover. Continuous Permanent Full-time Employment means employed for at least thirty (30) hours per week in continual, permanent and gainful employment for salary or wages for a continuous period of at least twelve (12) consecutive months in Australia immediately prior to and including the date of commencement of Your Involuntary Unemployment, where such employment is not temporary, seasonal, casual or under a contract based upon a specified period or completion of specified work. If You have been employed for at least thirty (30) hours per week in continuous, permanent and gainful employment for salary or wages with more than one (1) employer in the twelve (12) consecutive months immediately prior to and including the date of commencement of Your Involuntary Unemployment. Your employment will be regarded as continuous if each employment was separated by a period of no more than sixty (60) days. It does not include Self Employment. Event(s) means an occurrence that could give rise to a claim under Your Policy. Finance Contract means the contract in place between you and your financier of your Loan. Income means the average of the normal monthly value of Your remuneration package paid by Your employer for the six (6) months preceding Your Involuntary Loss of Employment. Your remuneration package does not include: Any income which is not derived from Your personal exertion or activities, such as but not limited to interest, dividend payments or employment benefits; or One off bonuses. Income Protection Insurance Policy means an in force policy which pays You a benefit by periodic payments if You are unable to work due to Injury or Sickness. Initial Qualifying Period means the period of ninety (90) days commencing from the initial Policy Commencement Date (this does not apply to subsequent renewals of the Policy). Involuntarily Unemployed / Involuntary Unemployment / Involuntary Loss of Employment means You are unemployed as a result of the termination of Your employment where You: 1. Were, at the date of termination of Your employment, in Continuous Permanent Full-time Employment; and 2. Have been retrenched or made redundant at the instigation of Your employer; and 3. Have registered as being unemployed with Centrelink or equivalent government authority; or a recognised recruitment or personnel agency; or can provide other satisfactory evidence of unemployment; and 4. Are in receipt of unemployment benefits unless You are not eligible to receive unemployment benefits because of the level of Income earned by You and/or Your spouse or the level of Your assets; and 5. Are actively seeking work. Loan means a loan that is given by a financier to fund the purchase of a residential property, motor vehicle, watercraft or aircraft. Your remuneration package includes salary, fees, commissions, superannuation guarantee contributions payable by Your employer, regular overtime and regular bonus payments (which are not one off) and packaged fringed benefits, calculated before deducting income tax (as averaged over the previous 6 months). ISI V

13 DEFINITIONS (CONTINUED) Period of Insurance means the period of time during which cover is provided under the Policy as shown on the Policy Schedule. The Period of Insurance commences on the Policy Commencement Date and ends on the earlier of the: Expiry date, as stated on the Policy Schedule; The date You attain the age of 65 years; Premium means the amount You pay for the Policy including amounts payable by Us in relation to any compulsory Government charges such as Stamp Duty, GST and Fire Service levy, if applicable, but excluding any establishment fees. Self Employed means You have power or control over a business or enterprise because You own it, or You are a partner in the partnership that owns it, for a continuous period of at least twelve (12) months immediately prior to and including the Cover Commencement Date or You are not working as an employee of another. Self Employment shall have a corresponding meaning. The date You are no longer an Australian Resident; The date You die; and Sickness means any illness, disease or syndrome of the Insured Person or the ongoing treatment of an illness, disease or syndrome of the Insured Persons. The date the Policy ends earlier in accordance with its terms or the law. We/Us/Our means Avea Insurance Limited (ABN , AFSL ). Policy means the relevant insurance contract between Us and You. It consists of this document, the Policy Schedule and any other change to the terms of the Policy otherwise advised by Us in writing (such as endorsements or Supplementary PDSs We may give You from time to time). Policy Commencement Date means 4.00 pm Australian Eastern Standard Time on the date shown as the Policy Commencement Date on the Policy Schedule. Policy Schedule means the relevant schedule We issue including on renewal or variation of the Policy which includes Your details, the Policy number together with the details of cover, establishment fee, Premium and other Policy details. You/Your/ Insured Person means the insured person named on the Policy Schedule. JURISDICTION AND CHOICE OF LAW The Policy is governed by and construed in accordance with the law of Victoria, Australia and the You agree to submit to the exclusive jurisdiction of the courts of Victoria and agrees that it is its intention that this Jurisdiction and Choice of Law clause applies. FURTHER INFORMATION AND CONFIRMATION OF TRANSACTIONS If You require further information about this insurance or wish to confirm a transaction, please contact Us Insurer Avea Insurance Limited (ABN ) Australian Financial Services Licence Number ISI V

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