1 sgard s choice of insurance options comparison guide Page 1 Policy comparison for insurance through Asgard super accounts Page 2 Life/Total & Permanent Disablement (TPD) comparison Page 6 Income Protection/Salary Continuance comparison Asgard s insurance suite consists of three integrated policy options to help you tailor a solution to meet your clients insurance needs. Your clients can access cover from insurance providers BT and AIA Australia Limited (AIA), including: 1. 1 (individual policy) available through super accounts; 2. AIA s Investors 1 (individual policy) available through super accounts; and 3. Package 2 (group policy) available through super and investment accounts. These three insurance options are available through ewrap, Infinity ewrap, Asgard Managed Profiles and Separately Managed Accounts and Elements accounts. Policy comparison for insurance through Asgard super accounts This policy comparison is designed to help you identify an appropriate policy for your clients insurance needs. It s not intended to be a complete list of terms applicable to each policy option. You must refer to the relevant Product Disclosure Statement and policy document for more information about each policy option. General terms Ownership The trustee of the relevant Super Account. The trustee of the relevant Super Account. The trustee of the relevant Super Account. Available inside super? Yes Yes Yes Guarantee of Upgrade? Yes if not disadvantaged Yes Yes by upgrade Is there a Premium Rate Guarantee (subject to certain conditions)? Rates guaranteed for three years. Rates guaranteed for one year. Rates guaranteed for one year.
2 General terms Cover types, benefits and features Life Protection only TPD only Life and TPD Cover Salary Continuance Total Disability (available even while unemployed or on leave) Partial Disability (available even while unemployed or on leave) but 14 consecutive days requirement to qualify Recurrent Disability benefit Waiver of Premium (on claim) Increasing Claim benefit monthly benefit is increased by an indexation factor annually if in receipt of benefits for more than 12 months. Life Cover Life cover with Total & Permanent Disablement (TPD) Stand alone TPD TPD Accident only TPD Universal Accident only Optional benefits TPD Buyback Benefit Double TPD Benefit Waiver of Premium Benefit Day 1 Accident Benefit Income Protection Claim Escalation Benefit Retirement Optimiser Benefit Term Life Term Life with linked TPD (Own, Any, Superlink, General) Stand Alone TPD Plus (Superlink) Optional benefits TPD Buyback Benefit Double TPD Benefit Business Cover Benefit Features CPI Increases Guaranteed Upgrades Loyalty Benefits 10% platform super discount Premium Holiday Cover Continuation Worldwide cover 24 hours a day Life/Total & Permanent Disablement (TPD) comparison Life/TPD Policy/Cover types available Life Protection only TPD only Life and TPD Cover Life Cover Life cover with TPD Stand alone TPD TPD Accident only TPD Universal Optional benefits TPD Buyback Double TPD Waiver of Premium Premium options Stepped Level 65 Level 70 Stepped Optimum (hybrid) Premium Payment Frequency Payment Method Monthly in advance Payment from relevant Super Account Monthly Quarterly Half-yearly Yearly Payment from relevant Super Account Term Life Term Life with linked TPD Stand Alone TPD Optional benefits TPD Buyback Double TPD Business Cover Benefit Stepped Level 55 Level 65 Monthly Quarterly Half-yearly Yearly (In advance, in arrears or a combination of both depending on policy start date) Payment from relevant Super Account 2 Asgard s choice of insurance options
3 Life/TPD Adviser commission Level (paid where permitted by Future of Financial Advice (FoFA) obligations) Upfront Level Hybrid Link to Non Super No Yes Yes Commission percentages to adviser (paid where permitted by FoFA) Entry Ages Expiry Ages Maximum cover amount Renewal Upfront Level Hybrid Option 1 Hybrid Option 2 Renewal Level Up to 27.5% Upfront 110% 11% Upfront 121% 11% Level 30% 30% Level 33% 33% Hybrid 80% 22% Hybrid % 23.1% Hybrid % 18.7% Life 11 to 75 years* TPD 16 to 64 years* Policy anniversary prior to age (years) 1. Life TPD 65 Conversion to an Activities of Daily Living definition from Life No maximum 2. TPD $5,000,000 or $1,500,000 for Home Duties Policy anniversary prior to age (years): 1. Life 11 to 74 years* 2. Life with TPD rider 16 to 64 * AAA, AA, A, B Home Duties 16 to 60* C 16 to 55* D 16 to 50* E 3. Stand Alone TPD 16 to 64 * AAA, AA, A, B Home Duties 16 to 60* C 16 to 55* D 16 to 50* E Policy anniversary prior to age (years) 1. Life Cover TPD: 70 AAA, AA and A Conversion to a Loss of Independence definition from 70 until 100^ 65 B, C, D Home Duties Conversion to a Loss of Independence definition from 65 until 100^ 55 E 1. Death Benefit: Unlimited except for Home Duties which has the following limits: $1.5M (up to age 44 years) $1M (age years) 2. TPD Benefit: $5M AAA, AA, A, B and C $2M D $1M E and Home Duties Term Life: (Stepped premium) (Level 65 premium) (Level 55 premium) Standalone TPD: (Stepped and Level 65 premium) (Level 55 premium) Death Benefit: Unlimited 2. TPD Benefit: Up to $5million 3. BT Reserve TPD Benefit: Additional TPD Benefit up to a total TPD Benefit of $15million* * Benefit limits are dependent on the Insured Person s occupation, duties, and income. Altered policy definitions may apply on different benefits on a policy. Asgard s choice of insurance options 3
4 Life/TPD Benefits and features Other Included benefits (no additional cost) Death Terminal Illness Guaranteed Future Insurability Benefit (Personal/Business events) TPD (Standard, Own and Home Duties Definitions and conversion to Activities of Daily Living Mortgage Acceptance Cover Benefit Indexation Guaranteed Upgrade Interim cover Interim Cover (whilst underwriting) 24 hour worldwide cover Individual Transfer Terms Mortgage Acceptance Cover Large cover discount TPD Definitions Standard Occupation Own Occupation (50% loading) Note: this is not available to new members through super from 1 July 2013 Activities of Daily Living Home Duties Conversion to an Activities of Daily Living definition Death Benefit Terminal Illness Benefit TPD (Any, All Duties and Home Duties Definitions) TPD Accident only TPD Universal Benefit Indexation Guaranteed Future Insurability Premium Freeze Interim Accidental Death Cover Guaranteed Upgrade 24 hour worldwide cover Large Cover Discount Optional Benefits TPD Buyback benefit Double TPD benefit Waiver of Premium Initial Selection discounts (up to 6% for year one premiums) Large Sum Insured discounts WeCare (grief counselling and other support services) Any Occupation All Duties (for otherwise uninsurable occupations) Home duties Conversion to a Loss of Independence definition^ Death Benefit Terminal Illness Benefit TPD (Own, Any, Home Duties, General) Future Insurability Benefit CPI Increases Guaranteed Upgrades Loyalty Benefit Premium Holiday Cover Continuation Worldwide cover Optional Benefits TPD Buyback Benefit Double TPD Benefit Business Cover Benefit Large Sum Insured discounts 10% Platform Super discount Own Occupation Any Occupation Home Duties General Cover 4 Asgard s choice of insurance options
5 Life/TPD Guaranteed Future Insurability benefit Personal Events Amount: lesser of 25% of the original Death/TPD Sum Insured and $250,000 Personal Events: Birth or adoption of child Marriage Divorce Child starting secondary school or university Becoming a Carer for the first time Completion of first undergraduate degree Change in employment status where salary increases by at least $10,000 per year Anniversary of the insurance cover being in force for five years Taking out or increasing of a mortgage (alone or jointly with a person) on a home which is the Insured Member s primary residence (cover amount may be increased by the lesser of 50% of the original cover amount; the amount of the mortgage being taken out or increased; and $250,000). a change in employment status where salary increases by at least $10,000 a year. Business Events Amount: lesser of 25% of the original Death/TPD sum insured; the increase in the value of the Insured Member s financial interest in the business or value to the business averaged over the last three years; and $500,000 Personal Events Amount: lesser of 25% of the original Life/TPD Sum Insured and $200,000 Personal Events: Birth or adoption of child Marriage Divorce Death of a spouse Dependent child commences tertiary education Effecting a first mortgage on the purchase of a home, or increasing an existing first mortgage Business Events Amount: lesser of 25% of the original Life/TPD sum insured; the increase of the Insured Member s financial interest in the business or the value to the business, whichever is appropriate (averaged over 3 years); and $500,000 Events Value of a key person financial interest in the business increases Where the policy forms part of a written buy/sell, share purchase or business succession agreement, the value of a person s financial interest in a business increases Where the policy forms part of a loan guarantee from the life insured Personal Events Amount: lesser of 25% of the Life/TPD Sum Insured or $250,000 Personal Events: Birth or adoption of child Marriage First anniversary of living with a de facto spouse Graduation with a Postgraduate degree Change in tax dependency status Becoming a carer A dependent child beginning secondary school Divorce Death of a spouse Every 3rd policy anniversary Taking out or increasing a mortgage Salary increase of at least $10,000 Business Events Amount: lesser of $500,000; 25% of the original sum insured; and the increase proportionate to the event Events Value of a key person in your business increases Net value of a person s financial increase in a business increases Value of an insured person s loan increases Every 3rd policy anniversary Asgard s choice of insurance options 5
6 Life/TPD Guaranteed Future Insurability benefit Eligibility Aged less than 55 years at time of Personal/ Business Event 30 days application period after event Death/TPD cover must be on standard terms with no exclusions Only one increase may be exercised in any 12 month period. Eligibility Aged less than 55 years 30 day application period after event The maximum increase from all circumstances over a 5-year period will be the lesser of: twice the original Sum Insured, and $1,000,000. Eligibility Expires at the policy anniversary when aged 65 Apply within 30 days of the event or 30 days of the following policy anniversary Maximum total increase over the life of the policy is the lesser of: Personal $1 million and the original sum insured Business $2 million and the original sum insured Income Protection/Salary Continuance comparison General terms Policy/cover types available Salary Continuance (Accident only) Optional Benefits Day 1 Accident Benefit Claim Escalation Benefit Retirement Optimiser Premiums Stepped Stepped Level (to age 65) Optimum (hybrid) Premium payment frequency Monthly in advance Monthly Quarterly Half-yearly Yearly Plus (Superlink) Optional Benefits Super Contribution Option Accident Benefit Stepped Level 55 Level 65 Monthly Quarterly Half-yearly Yearly Payment method From Asgard Super Account From Asgard Super Account From Asgard Super Account Commission (paid where Level permitted by FoFA) Commission percentages (paid where permitted by FoFA) Entry ages Upfront Level Hybrid Renewal Upfront Level Hybrid Option 1 Hybrid Option 2 Renewal Level Up to 27.5% Upfront 110% 11% Upfront 121% 11% Level 30% 30% Level 33% 33% Hybrid 80% 22% Hybrid % 23.1% Hybrid % 18.7% 16 to 64* years Maximum entry age is the same regardless of occupation. Policy anniversary prior to age (years): 16 and 60 AAA, AA, A and B 16 and 55 C and D 16 and 50 E (Stepped and Level 65 premium) (Level 55 premium and to age 55 benefit period) 6 Asgard s choice of insurance options
7 General terms Expiry ages Policy anniversary prior to age 65 Policy anniversary prior to age (years): 65 AAA, AA, A, B, C and D 55 E Working eligibility Waiting periods Benefit periods Minimum monthly benefit Maximum monthly benefit Permanent full time or part time employee working min of 15 full time hours per week. 30 days 60 days 90 days 2 years To age 65 Permanent employees working at least 20 hours per week (25 hours per week for B, C, D and E occupations). Self-employed working at least 25 hours per week. 14 days 30 days 60 days 90 days 1 year 2 years Note: 14 day waiting period option not available to D and E occupation classification. 2 years 5 years To age 65 To age 70 Note: Availability of benefit period options is dependent upon the Life Insured s occupation classification. $1,000 per month $300 p.a. per policy rather than a minimum sum insured. Note: A policy can include a number of benefits e.g. life, TPD and IP, and the minimum premium applies across all benefits i.e. the total premium for all benefits must be at least $300 Maximum Monthly Sum Insured $60,000 per month Occupation Categories AAA and AA (Entry age between 16 54) Maximum Monthly Sum Insured AAA and AA $40,000** (Entry age between 55 60) A $30,000 B and C $22,500 D $15,000 E $10, (2 years, 5 years, to age 55, or to age 65 benefit period) 70 (to age 70 benefit period) Only available to clients employed on a permanent basis, for at least 20 hours per week. 14 days 30 days 90 days 180 days 360 days 720 days 2 years 5 years To age 55 To age 65 To age 70 No minimum sum insured The minimum premium must be at least $150 + policy fee (currently $83.50) p.a. Occupation Categories Maximum Monthly Sum Insured $60,000** AA and P $60,000** A, S, BB, B $30,000 and C E $10,000 Asgard s choice of insurance options 7
8 General terms Benefits and features Benefits at an additional cost Other benefits (at no additional cost) Agreed value Indemnity option Total Disability Benefit Partial Disability Benefit Recurrent Disability Benefit Waiver of premium Increasing Claim Benefit Benefit Indexation Guaranteed upgrade Guaranteed renewable Interim cover 24 hour worldwide cover Large cover discount Total Disablement (Duties Based definition) Partial Disablement (Duties based definition) Agreed Value Indemnity Value Recurrent Disablement Cosmetic/Elective Surgery Benefit Terminal Illness Benefit Waiver of Premium while on claim Interim Accidental Death Cover Interim Accidental Income Protection Cover Benefit Indexation Death Benefit Worldwide Cover Guaranteed Upgrades n/a Retirement Optimiser Claims Escalation Day 1 Accident Benefit (30 day qualifying period) 2 year benefit period to age 70 2 year benefit period to age 70 (entry age between 61 and 65 years) Initial Selection discounts (up to 6% for year one premiums) Large Sum Insured discounts WeCare (grief counselling and other support services) Total Disability Benefit 3 tiered definition (10 Hours, Duties, Loss of Income) Partial Disability Benefit Day 1 Partial (no requirement for total disability days to claim) Choice of Agreed Value, Endorsed Agreed Value and Indemnity Elective Surgery Benefit Recurrent Disability Benefit Death Benefit Interim Cover (Sickness and Accident) Change of Waiting Period Benefit Future Insurability Extended Cover Benefit Loyalty Benefit Premium Holiday Increasing Claims Benefit Premiums waived while on claim Guaranteed Upgrades Cover Continuation Worldwide Cover Accident Benefit Superannuation Contribution Option Home Duties IP is available through self ownership Large Sum Insured discounts 10% Platform Super discount * Age next birthday Different names for the same benefit Lesser of 50% and $200,000 for this event Not available to all occupations ** Where the insured monthly benefit exceeds $30,000, any excess must be written with a 2 year Benefit Period ^ Available under Investors-Ordinary plans 1. These insurance options are available through ewrap Super, Infinity ewrap Super, Asgard Managed Profiles and Separately Managed Accounts Funds Super, and Elements Super accounts (the Asgard Superannuation Products). 2. This insurance option is available through ewrap Investment, Infinity ewrap Investment, Asgard Managed Profiles, Separately Managed Accounts (Asgard Investment Funds Accounts), Elements Investments (the Asgard Investment Products) and the Asgard Superannuation Products. 8 Asgard s choice of insurance options
9 CONTACT CENTRE CORRESPONDENCE Customer Transactions PO Box 7490 Perth WA 6850 ISSUED BY Asgard Capital Management Ltd ABN AFSL IMPORTANT INFORMATION BT Funds Management Limited (BTFM) ABN AFSL Number RSE Licence No. L is the trustee and issuer of all Asgard Superannuation Products. BTFM is the responsible entity and issuer of the Asgard Investment Products. Asgard Capital Management Limited ABN AFSL Number is the administrator and custodian of all Asgard Superannuation Products and Asgard Investment Products. A Product Disclosure Statement (PDS) or Financial Services Guide (FSG) is available for all Asgard accounts and services and can be obtained by calling or visiting You should obtain and consider the PDS or FSG (as required) before deciding whether to open, continue to hold or close your Asgard account or service. The insurer of is Westpac Life Insurance Services Limited (ABN , AFSL Number ) (WLIS). are issued by WLIS, except for Term Life as Superannuation and Income Protection as Superannuation which are issued by Westpac Securities Administration Limited (ABN , AFSL Number ) (WSAL) as trustee of the Westpac MasterTrust (ABN ). For terms and conditions relating to, including fees, limits and exclusions, please refer to the BT Protection Plan Product Disclosure Statement, available at bt.com.au Asgard, BTFM, WLIS and WSAL are subsidiaries of Westpac Banking Corporation ABN AFSL (Westpac) and are members of the Westpac Group. Unless otherwise disclosed in the offer document or PDS for the relevant financial product, none of the, an interest in the Westpac MasterTrust, investments through an Asgard Account, or cover provided under Package (APPP) or Investors (PPPI), are deposits with, investments in, or other liabilities of, Westpac or any other company within the Westpac Group. Neither Westpac nor any other company within the Westpac Group stands behind or otherwise guarantees the benefits payable in relation to, PPPI or APPP, or with respect to an Asgard Account, the capital value or investment performance of the specific investments selected or the account generally. Investments through an Asgard Account are subject to investment risk, including possible delays in repayment and loss of income and principal invested. AIA Australia Limited (ABN AFSL ) (AIA) is the issuer of the APPP, and is also the issuer of PPPI under life insurance policies issued to the BTFM as trustee for the Asgard Superannuation Products to provide one or more life insurance benefits for members of Asgard Superannuation Products as the insured persons. For terms and conditions relating to APPP and PPPI, including fees, limits and exclusions, please refer to the APPP and PPPI PDSs available on and respectively. This information has been prepared for use by advisers only. It is not to be copied, used, reproduced or otherwise distributed, circulated or communicated to any retail client or any other party, or attributed to any member of the Westpac Group. The information provided is a brief overview only, is general in nature and does not take into account any personal circumstances. It is not intended this publication be used as the primary source of the readers information but as an adjunct to their own resources and training. AS lc
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