Lifetime Protect. Product Disclosure Statement (PDS) A flexible life insurance policy that is easy for you to change as your life changes.

Transcription

1 Westpac Lifetime Protect A flexible life insurance policy that is easy for you to change as your life changes. Product Disclosure Statement (PDS) Effective Date: 27 July 2015 Issued by: Westpac Life Insurance Services Limited ABN AFSL No (Westpac Life) a

2 Who s responsible for Westpac Lifetime Protect Westpac Lifetime Protect is issued by Westpac Life, located at: Level 20, Westpac Place, 275 Kent Street, Sydney, NSW Westpac Life is a wholly owned subsidiary of Westpac Banking Corporation (the Bank) ABN This product is distributed by the Bank. Westpac Lifetime Protect is not a deposit with or liability of the Bank. Neither the Bank, nor any other member of the Westpac Group* (other than Westpac Life) stands behind or is otherwise responsible for the insurance or the payment of any claims. This Westpac Lifetime Protect Product Disclosure Statement (PDS) has been prepared and issued solely by Westpac Life. Westpac Life is the insurer and all references to we, us and our in this PDS are references to Westpac Life, not the Bank, except where otherwise indicated. This PDS includes information to help you make an informed decision about whether to purchase Westpac Lifetime Protect, including information about its significant benefits and its cost. If we accept your application for insurance, we will send you a Policy Document, together with your Policy Schedule. Together, the Policy Document and your Policy Schedule will set out the terms and conditions of your contract of insurance. They describe the insurance we ll provide for you in return for you paying your premium as required. Make sure you keep a copy of these documents in a safe place so you can refer to them if you have questions or need to make a claim. IMPORTANT INFORMATION Changes to the PDS: The information in this PDS is current at the date of preparation and may change. If we become aware of any change that is materially adverse to potential policy holders, we will issue a supplementary or replacement PDS. Updates of information that is not materially adverse to potential policy holders are available at any time at: westpac.com.au (search for Lifetime Protect ) or by calling us on for a free paper copy. General advice: The information in this PDS is general in nature and does not take into account your personal objectives, financial situation or needs. So in deciding whether this insurance is right for you, you should consider the information in this PDS carefully, having regard to your own personal circumstances. Your Duty of Disclosure: In applying for this insurance, it is important that you comply with your Duty of Disclosure. Please refer to page 12 of the PDS to ensure you understand this important duty. Some words have particular meanings: In this PDS, words that have a particular meaning use italics and Capitalised First Letters you can check their meaning in the Glossary on pages 24 and 25. When we say you or your in this PDS, depending on the context, we mean either the person applying for cover, or the person who is named as the Life Insured in the Policy Schedule and who we agree to insure. We, us and our means Westpac Life. Please ensure you carefully read this PDS and understand the extent of cover before completing your application. We are happy to explain the benefits of this insurance. If you require further information please contact us on , 8am to 6.30pm (Sydney time), Monday to Friday. *The Westpac Group means Westpac Banking Corporation and its related bodies corporate. c

3 Table of Contents Introducing Westpac Lifetime Protect 1 Knowing what you are getting... 1 We focus on the good stuff... 1 Choosing the right protection... 1 Making the choice easy... 2 Understanding your cover 3 What is included... 8 What isn t included (exclusions)... 9 Making Westpac Lifetime Protect relevant to you Your policy from start to finish Applying for a policy Commencing and maintaining your policy Your costs If you need to make a claim When does your policy end?...19 Other important information 20 We are here for you along the way 21 Resolving your complaints We respect your privacy 22 Why we collect your personal information Disclosing your personal information Other important information about privacy Communications from us Glossary 24 Introducing Westpac Lifetime Protect The terms and conditions of your cover are set out in the Policy Document, Policy Schedule and any Endorsement Letter we send you. But before that, we wanted to say a little about the cover we provide and about life insurance more generally. Before you read any further Westpac Lifetime Protect is available to persons aged 18 to 69, permanently residing in, and receiving this PDS within, Australia. You can only have one Westpac Lifetime Protect policy in place at any one time. You cannot transfer ownership of this policy. You must be an Australian Resident to apply for the Disability, the Injury Protect or the Injury Protect Plus. For people who do not meet these eligibility criteria, please call us on , 8am to 6.30pm (Sydney time), Monday to Friday, to discuss other solutions that we may be able to offer you. Knowing what you are getting Yes, this PDS is about insurance, but we promise you it won t be a tough read. This PDS gives you the plain-speak overview of Westpac Lifetime Protect. We focus on the good stuff Sure, insurance only comes into play when something unforeseen happens, but nobody wants to talk about that. What we will say is that insurance can help make a bad situation a whole lot better. Choosing the right protection Unfortunately, bad things do happen. You have limited control over that. What you do have control over is which path you take ignore or insure. Ignoring the possibility means you could leave your loved ones in financial difficulty. Insuring yourself means you and the people you care about could have financial help in a time of need. d 1

4 Making the choice easy We ve done our best to design an easy life insurance package to suit a broad range of customers. We asked loads of our customers what they wanted from life insurance. Their answers followed 3 key themes: choice, flexibility and simplicity. Westpac Lifetime Protect delivers all 3. Choice Rather than only offering insurance that includes all of the bells and whistles, some of which you may never need, Westpac Lifetime Protect allows you to choose which of the bells and which whistles (we call them Optional s) work for you right now. Flexibility As your life changes, so will your needs. With Westpac Lifetime Protect, your insurance can change with you. All you need to do is let us know which option you want to add or remove, and we ll take care of the rest. Simplicity With so much else going on in your life, we understand that you don t want to waste time on complicated matters. That s why we ve made Westpac Lifetime Protect all very easy. It s easy to understand what is included (and what s not). It s easy to apply. It s easy to update your cover to keep up with your life stage. And it s easy to make a claim. Understanding your cover Below is a detailed summary of what can be added or removed from time to time to keep your policy up to date with your life stage. Table of s The table on pages 4 to 7 is a summary of all of the benefits and features that are available within a Westpac Lifetime Protect policy. They have been divided into: Core s: these are included in every policy. Optional s*: you can choose any of these benefits that are appropriate for your life stage. You can add or remove these benefits from time to time to keep your policy up to date with your life stage. There is an additional charge for these Optional s which you can ask about when applying for the insurance. Bonus Features are included in every policy at no extra cost and include: Financial Hardship Premium Relief ^ The table on pages 4 to 7 gives you a brief summary of each benefit, as well as a few ideas on the difference the money could make if you ever need to make a claim. We have also included a page reference to the Policy Document where you will find the full terms and conditions for each benefit. s payable under this policy are subject to limitations and exclusions. Please refer to the Policy Document and to the exclusions contained within this PDS. For a copy of the Policy Document, free of charge, please go online to westpac.com.au or call us on , 8am to 6.30pm (Sydney time), Monday to Friday. * Only available if you qualify for the full Death. ^ Only applies if premium is paid monthly 2 3

5 Summary of benefits When is the benefit paid? + Who is it paid to? What difference can it make? Policy doc ref. Death # If you die, we will pay your full Death, reduced by any Disability or Funeral paid or payable under your policy. You can apply for a full Death between $50,000 and $1,000,000. Your estate Your family may be able to stay in their home because they can continue paying the rent or mortgage. It can help them look forward to a secure future where they will be able to make real life choices based on needs and wants rather than affordability. Page 5 Core s ESTATE PLANNING Terminal Illness Funeral If you suffer a Terminal Illness, which means that you have been diagnosed as suffering from an Injury or Illness with less than 12 months to live, we will pay your full Death, reduced by the amount of any Disability paid or payable under your policy. If you receive a Terminal Illness payment, you will not be entitled to a Death payment. We will pay an Advancement of $10,000 of your full Death if you die, for funeral expenses and other immediate costs, within 48 hours of receiving all necessary claim information, including funeral invoices. You Reimbursed to the payer, or paid directly to the funeral service provider (if advised) with any residual amount to your estate. Rather than wasting your limited time counting your pennies, you can count your blessings that your loved ones will be able to continue on the path you had planned for them. You have the choice to source better treatments to make you more comfortable. Perhaps your partner can take time off work to spend with you. Maybe you ll even feel up to ticking some things off your one day I will list. The last thing you want to leave behind is a big funeral bill. This benefit will help to take the heat off until your estate is settled by helping to pay any immediate funeral costs. Page 9 Page 10 Optional s DISABILITY AND INJURY Final Affairs Disability Injury Protect and Injury Protect Plus s We will pay $10,000, in addition to your full Death or Terminal Illness, if you die or suffer a Terminal Illness. We will pay an Advancement of your full Death of up to $75,000, if you suffer a Loss of Limbs, Sight, or Loss of Independent Existence (in summary, meaning that you are physically unable to look after yourself without assistance). If you suffer one of the listed fractures or burns in the Policy Document, we will pay the amount specified for that fracture or burn, which range from $1,000 up to $200,000. Specific exclusions apply, including for certain high risk sporting activities. Any amount payable is in addition to the payment of any Terminal Illness or full Death. Your estate if you die. You if you suffer a Terminal Illness. You You Pay your own way to the end. This benefit could help cover the costs of settling your estate and wrapping up your final matters. Maintain some independence by helping to pay your own medical and rehabilitation costs, employing home care or making necessary adjustments to your home. Aside from helping to cover medical expenses, this benefit could help you minimise the impact an injury can have on your lifestyle by allowing you time to recover properly, rather than rushing back to work because there are bills to pay. Page 11 Page 12 Page 14 + Exclusions may apply. Please refer to the Policy Document for full details. # Please refer to Accidental Death on pages 6 and

6 Summary of benefits When is the benefit paid? + Who is it paid to? What difference can it make? Policy doc ref. Child Care We will pay $500 once per year (up to a maximum of $3,500 in total over the life of this benefit) if your Nominated Child(ren), who is aged from 0-7 years, suffers one of the illnesses or injuries (fractures and burns) specified in the Policy Document. Examples of illnesses that are covered are Chickenpox and Meningococcal infection. You While you soothe their aches and pains, this benefit might ease your financial woes by helping you cover: medical expenses; lost day care costs; a babysitter or carer if you can t get time off work. Page 17 Optional s FAMILY Education Guardian We will pay a one-off benefit amount of $30,000, in addition to your full Death or Terminal Illness, if you die or suffer a Terminal Illness. We will pay $50,000, in addition to your full Death or Terminal Illness, if you die or suffer a Terminal Illness. Your estate if you die. You, if you suffer a Terminal Illness. Your estate if you die. You, if you suffer a Terminal Illness. This benefit might be the difference between your child(ren) receiving the education you had planned for, and whatever the family can afford when you are no longer around to support them. This money could financially help the guardian/carer of your child(ren). It might allow them to cut back their work hours or perhaps relocate so they can be there for your child(ren). Page 19 Page 21 Family Cover We will pay $20,000, in addition to your Terminal Illness, if you suffer a Terminal Illness. You You can dedicate this money to meeting the costs associated with treating a Terminal Illness. Page 22 Financial Hardship If you are experiencing Financial Hardship, we can waive your premium for up to 3 continuous months. You will not be eligible to claim for any benefit due to any Illness, Injury, death or other event that first occurred whilst the Financial Hardship is in effect. N/A Being short of cash for a little while shouldn t mean you lose your safety net altogether. Let us know and we ll put your cover on hold while you get your finances sorted. Page 23 Bonus Features^ Spouse We will pay you a benefit on the Accidental Death of your Nominated Spouse whilst the policy is in force. We will give you information about whether the benefit is available, and the amount of the benefit, at the time you apply for your policy. You, or your estate (if you and your Nominated Spouse die as a result of the same accident). This benefit is provided to you at no extra cost. This can help give you some peace of mind that your loved ones are also protected against the unexpected. Page 24 Premium Relief If you are paying monthly premiums, you can select one month each year where we will not deduct a premium. N/A Being relieved of one bill in a big spending month can take a lot of pressure off. For example, you could choose December if you want to spend a little extra on presents. Page 26 Accidental Death We will pay your estate the Accidental Death if you die solely as a result of an accident while your policy is in force. You can apply for an Accidental Death between $50,000 and $1,000,000. The Accidental Death is only available if your application for the full Death under Westpac Lifetime Protect policy is declined. Your estate Your family may be able to continue living their current lifestyle. It can help them look forward to a secure future where they will be able to make real life choices based on needs and wants rather than affordability. Page 7 + Exclusions may apply. Please refer to the Policy Document for full details. ^ Bonus Features are offered at the discretion of Westpac Life. 6 7

7 What is included It is important to us that you understand exactly what Westpac Lifetime Protect offers you. Please read this section carefully. Westpac Lifetime Protect provides a lump sum benefit amount to you or your estate should you suffer a Terminal Illness or die #. You can apply between the ages of 18 and 69. No medical examination is required to apply only a simple health declaration is needed. You can choose a level of cover from $50,000 up to a maximum amount of $1,000,000. You can choose to add or remove additional Optional s # to keep your policy in line with your life stage (additional charges may apply). You are covered right up to the Review Date prior to when you turn age 100^, as long as premiums have been paid on time. Your policy is guaranteed renewable to age 100, even if there is a change in your health, occupation or pastimes, as long as premiums are paid when due. Your benefit will automatically increase annually by 3% on each Review Date to keep pace with the Consumer Price Index (CPI) changes unless you write to us requesting us not to. Accidental Death * cover will be offered if you do not qualify for a Westpac Lifetime Protect full Death. You are covered worldwide, 24 hours a day. What isn t included (exclusions) We ve told you about what is included. Now, we would like to tell you what isn t covered. Please read this section carefully. You are not covered: for suicide or attempted suicide (whether sane or insane) within 13 months of the latter of: the Policy Commencement Date; the date we increase the full Death or the Accidental Death, for the increased portion of the benefit (other than for automatic annual increases); or the date your policy was last re-instated, if your policy has lapsed. This exclusion does not apply to the Child Care, Premium Relief and Financial Hardship s; if any of the specific exclusions relevant to the Accidental Death or the Optional s apply, as set out in the Policy Document; for any Optional s if your full Death is declined and you continue with the Accidental Death only; or once the policy expires at the policy Review Date preceding your 100th birthday. For the Accidental Death, Optional s and Bonus Features, the individual conditions such as age restrictions or exclusions are explained in the Policy Document. To obtain a copy, call , 8am to 6.30pm (Sydney time), Monday to Friday or visit westpac.com.au # Only applies if you are accepted for the full Death. ^ Expiry age for Optional s may differ. Please refer to Policy Document for further details. * Accidental Death is only available if your application for the full Death under Westpac Lifetime Protect policy is declined. 8 9

8 Making Westpac Lifetime Protect relevant to you Westpac Lifetime Protect offers benefits that you may find more beneficial at different stages of your life. The table below highlights some benefits that may fit within your life stage. Life stage The single life Aahh, life is good and relatively simple. No ties, no responsibilities. We don t want to burst your bubble, but bad things aren t reserved for the old and weary. They can and do happen to the young and carefree as well. I do Congratulations! Getting married or being in a committed relationship is an exciting time. When you are planning how you are going to share the best years of your lives together, don t forget to prepare for the worst times as well. Whether you tie the knot or commit to a life partner, you also bring together your finances including debts, assets, expenses, etc. Family time From the moment your child is born, you can t help but have hopes and dreams for their future. To protect your children s future, you need to consider insuring both parents, regardless of whether you both earn an income or not. structure Death & Terminal Illness s Disability Injury Protect Death & Terminal Illness s Funeral Disability Injury Protect Death & Terminal Illness s Funeral Disability Child Care Education Guardian Family Cover Financial security Whether you are in a relationship, a single parent, or divorced, you want to enjoy a comfortable lifestyle, own your own home or have a few extra dollars in the bank. You ve reached a point in your life where you want to protect your financial security and to make sure you have protected everything that you ve worked hard for. It would be heartbreaking to lose it all because you weren t insured. Empty nesters Your kids have moved out peace at last! Now that the kids are more independent, your financial commitments are probably a lot easier to manage. However, if you have debts, are employed or building a retirement fund, insurance is still a valuable investment. Death & Terminal Illness s Funeral Final Affairs Disability Injury Protect Death & Terminal Illness s Funeral Final Affairs Disability Injury Protect Education Guardian Family Cover Retirees We seem to spend a lot of our lives dreaming about and planning for retirement. Whether your plans include a sea change, a big holiday, or just enjoying every day as it comes, make sure you have planned your insurance to cover your funeral and estate settlement costs. Death & Terminal Illness s Funeral Final Affairs This table is a guide only and does not take into account your personal objectives, financial situation or needs. Please consider this information with regard to your own personal circumstances before acting on it. Colour Guide Estate Planning s Disability and Injury s Family s 10 11

9 Your policy from start to finish We understand that insurance can be a little overwhelming. This is why we ve broken it down into these 5 simple steps. Just follow these easy steps to getting covered, maintaining your cover and making a claim. 1. Applying for a policy Read this PDS Make sure you understand the Westpac Lifetime Protect offer. This PDS should help you decide whether the insurance is right for you. If we accept your application for insurance, we will send you a Policy Document, together with your Policy Schedule. Together, the Policy Document and your Policy Schedule will set out the terms and conditions of your contract of insurance. For a copy of the Policy Document, free of charge, please go online to westpac.com.au or call us on , 8am to 6.30pm (Sydney time), Monday to Friday. Your level of cover You can choose the amount of the Core * from $50,000 up to a maximum of $1,000,000 and add any Optional (s) to suit your life stage. How to apply? You don t need to wait for our call. You can phone us on , 8am to 6.30pm (Sydney time), Monday to Friday, and tell us the benefits you want to be covered for. The duty does not require disclosure of any matter: that diminishes the risk to be undertaken by us; or that is of common knowledge; or that we know or, in the ordinary course of our business, ought to know; or as to which compliance with your duty is waived by us. Non-disclosure If you fail to comply with your duty and we would not have entered into the policy if the failure had not occurred, we may: vary the policy to reduce the sum insured or to reflect the terms that would have applied if you had complied with your duty; or treat the policy as never having existed if it is within 3 years of entering into the policy or your non-disclosure was fraudulent. 2. Commencing and maintaining your policy Confirming your cover We require you to answer a range of health questions which will determine if you qualify for a full Death under the Westpac Lifetime Protect policy. In many cases we will provide the cover as per your application. However, if your application for a full Death is declined, we may offer you an Accidental Death, usually at a lower cost. After we accept your application, we will send you the Policy Document and the Policy Schedule. Please note that we are not bound to accept your application. The cover is subject to us accepting your application for insurance and receipt of the required premium. * You can choose the amount of the Accidental Death from $50,000 up to a maximum of $1,000,000 if you get declined for a full Death. Your policy starts Cover under this policy starts on the Policy Commencement Date shown in the Policy Schedule. Each year, we review the premium that you pay. We do this on the anniversary of the Policy Commencement Date. We call this anniversary the Review Date. Who is insured? Your Duty of Disclosure This is the person who we agree to insure and whose name is You have a duty, under the Insurance Contracts Act 1984, to tell us shown in the Policy Schedule as the Life Insured. every matter that you know, or could reasonably be expected to know, is relevant to our decision whether to insure you and, if so, Who do we pay? on what terms. We will pay any eligible claims (except for a Funeral ) to you or, in the case of your death, to your estate. The Duty of Disclosure applies before you enter into, extend, We will pay any eligible claims for a Funeral as either a vary or re-instate a policy, and applies until the time when we reimbursement of funeral expenses to the payer of this service or issue a Policy Schedule or other written confirmation of the pay the funeral service provider direct, on receipt of satisfactory issue, extension, variation or re-instatement. proof. Any residual benefit amount will be made payable to If any information provided to us changes (including any your estate. change to your health, occupation or pastimes) before we We will pay any eligible Spouse to you on the death of send the Policy Schedule or other written confirmation of your Nominated Spouse. If you and your Nominated Spouse die cover to you, you must tell us. as a result of the same accident, the Spouse will be paid to your estate

10 Cooling-off period Cancelling during the cooling-off period After we issue your Policy Schedule, you have 30 days from the Policy Commencement Date to check that the policy meets your needs. This is known as the cooling-off period. You can cancel the policy within the cooling-off period for any reason by calling us on , 8am to 6.30pm (Sydney time), Monday to Friday, or by writing to us at Westpac Life Insurance Services Limited, GPO Box 524, Sydney NSW If you decide to cancel your policy within the cooling-off period, we will cancel your policy once we have received your request and will refund any premiums you have paid (less any amounts of tax or duties which we are unable to recover). Please note that you cannot exercise your right of cooling-off if a claim has been made under the policy. Cancelling after the cooling-off period You may cancel the policy at any time after the cooling-off period by notifying us in writing. You will not be entitled to a refund for cover already provided. While you hold a policy If you hold a full Death, you can apply to increase or decrease your Core cover and add or remove Optional s as your needs change. Your premium may change to reflect these changes. If you hold an Accidental Death only, you can apply to increase or decrease your Accidental Death as your needs change. Your premium may change to reflect these changes. To make any changes call Customer Relations on , 8am to 6.30pm (Sydney time), Monday to Friday. Consumer Price Indexation (CPI) We will increase the amount of your full Death, Accidental Death and Terminal Illness by the automatic annual increase on each Review Date of this policy to keep pace with the Consumer Price Index (CPI) changes. The automatic annual increase is 3%. We will notify you of the increase 30 days prior to the policy Review Date. You can decide not to have automatic annual increases You can tell us by writing to the below address, at least 30 days prior to a Review Date, not to increase the amount of your benefit, either for the particular year or for the remaining time of your policy. Westpac Life Insurance Services Limited GPO Box 524, Sydney NSW 2001 Please note that you will lose your automatic right to increase your benefit if you tell us not to apply the automatic annual increase for 2 years in a row. However, if you ask us to automatically increase at any Review Date after this, we may restart the automatic annual increase, but we may ask you for more information about your health, occupation or pastimes before we do so. If any of these have changed, we may refuse to restart the automatic annual increase. 3. Your costs Premium We calculate your premium when your policy begins. Your premium depends on a number of factors, including: the amount of your full Death or the amount of the Accidental Death (for example, as a general rule, the higher your benefit level, the higher your premium); the Optional (s) you have selected (available if you qualify for the full Death only) (for example, as a general rule, the more Optional s you have, the higher your premium); your age; your gender; smoking status (for example, smokers will pay a higher premium); whether the Premium Relief has been applied; the frequency at which you choose to pay your premium; and the annual policy fee. Your premium includes all current taxes and stamp duty. Westpac Lifetime Protect is a stepped premium policy. On the Review Date each year your premium will increase with age and automatic annual increases. We will inform you of your new premium in an anniversary letter 30 days prior to the new premium taking effect

11 Calculating your premium To calculate your premium, we add together the premium for each benefit on your policy and then add the policy fee. You can pay premiums monthly or annually. If you increase an existing benefit or add a new benefit between Review Dates and you are paying annually, the additional premium that you have to pay will be the additional annual premium, multiplied by the number of months from the date this benefit or increase started to the next Review Date, divided by 12. If you increase an existing benefit or add a new benefit between Review Dates and you are paying monthly, your monthly premiums will increase from the next monthly premium that is payable after the benefit or increase started. If you reduce or remove an existing benefit and you are paying annually, any surplus premium paid for that benefit from the date of cancellation to the next Review Date will be refunded to your nominated bank account. If you reduce or remove an existing benefit and you are paying monthly, your monthly premiums will reduce from the next monthly premium that is payable after the benefit is reduced or cancelled. Policy fee We charge a policy fee which is included in your premium. If you pay annually the policy fee is $78 or if you choose to pay monthly, the policy fee is $6.50 per month. When a Premium Relief * applies, your policy fee will be $7.10 per month (based on your premium being paid over 11 months, instead of 12 months). The policy fee is not subject to automatic annual increases. Changes to your premium rates, discount factors and policy fee Premiums, discount factors and the annual policy fees are not guaranteed. These can only be changed after we have given 3 months written notice to all policy holders who have this version of the policy. In the event of war or invasion involving Australia, we may give immediate notice of a premium change. Card Payment Fees In addition to the premium, we may recover other charges that we incur for direct debit or credit card payments that you make. What happens if you don t pay your premiums when they are due? We will write and tell you if your premiums are overdue. We will give you the time specified in the notice to pay this amount. If you do not pay your premium by the due date, we may cancel your policy by giving you 30 days written notice of cancellation. Re-instatement We may let you re-instate this policy within 28 days provided you pay all of the outstanding premiums. Any request for re instatement after this time is subject to underwriting and our acceptance of your completed re-instatement form. 4. If you need to make a claim To make a claim, you or your legal personal representative must call us on , 8am to 6.30pm (Sydney time), Monday to Friday within 6 months or as soon as reasonably possible after: the Life Insured s or Nominated Spouse s death; the diagnosis of a Terminal Illness; or the Illness or Injury giving rise to your claim begins and we will advise you or your legal personal representative of the required documents. In respect of the Child Care, you must tell us within 30 days of your Nominated Child(ren) s illness or injury. Please see Payable on page 18 of the Policy Document. The earlier you contact us, the sooner we can help which is why you have insurance in the first place. When you or your legal personal representative makes a claim, you or they authorise us to obtain more information from another source. When will you have to pay premiums? Premiums are payable effective from the Policy Commencement Date. Premiums are charged monthly or yearly once the cover has commenced. You can pay by MasterCard ^, Visa, automatic debit from your bank account, or by any other method that we may make available. *Premium Relief only applies if premium is paid monthly. ^ Mastercard is a registered trademark of Mastercard International Incorporated. legal personal representative is the person who acts as the executor of the will or is the administrator of the estate of the deceased Life Insured

12 Supporting Evidence In addition to claim forms, we may from time to time require you to provide reports or certificates from the Doctor(s) providing treatment to you about the continuing Illness, Injury or disability. If claims are based on overseas reports or certificates, they must be translated into English by a certified translator. You must do so at your own expense. We may also require proof of the Life Insured s age. Please note that we rely on the information provided during a claim. If you or your legal personal representative act fraudulently, we may cancel the policy or any of its benefits and not pay any benefits. Under the Disability, Injury Protect and Injury Protect Plus, we may also require you to undergo medical examinations or tests by a Doctor whom we choose. You must allow yourself to be examined at any reasonable time we request. We will pay the reasonable costs of such examinations or tests. No benefit will be paid until such completed documents that we may require have been delivered to us at our office in Sydney. At any time after we receive the claim forms, we may ask for more information. You or your legal personal representative must give us the information we need. We will pay the reasonable costs of getting the information that we ask for. Misstatement of age We can ask for proof of your age. You or your legal personal representative must give us that information. If, when you applied for insurance, you incorrectly stated your age, we will either (as applicable): refund to you any premium you have paid above what you should have paid plus interest; or reduce your benefit to what it would have been if the premium you paid us was based on your true age. 5. When does your policy end? Your policy ends on the date that is earliest of the following: we pay a full Death, Terminal Illness or Accidental Death ; your death, whereby only the Funeral is paid or no claim is valid; your full Death is reduced to zero as a result of an Advancement of your full Death payment; you ask us to cancel the policy; we cancel this policy because you have not paid your premium; the Review Date prior to you reaching age 100 years; or we cancel the policy as permitted by relevant legislation. We issue this policy on the condition that you only hold one policy from us insuring you against your death or conditions similar to those under Westpac Lifetime Protect. If another Westpac Lifetime Protect or similar policy covering the same conditions is already in place, we will void this policy from the Policy Commencement Date if it is entered into after the initial policy. We will refund all premiums if we void your policy (less any tax or duties that may apply to your premium that we are unable to recover), and it will be as if the policy never existed. Payment of claims We will assess and pay your claim in accordance with the Policy Document, based on: the benefit shown in the Policy Schedule we sent to you or the latest notice that we have provided to you, whichever is later; plus any increase to the benefit as a result of the automatic annual increases

13 Other important information Notices We will send notices to the last address that you give to us. If you move, you need to tell us your new address. If you fail to advise us of your change of address and we issue notices, we will say that you receive a notice on the date that you would have received it in the ordinary course of the mail and at the last address that you gave us. Currency All dollar ($) amounts referred to are in Australian currency. Claims and premiums are payable in Australian dollars. Where we put your money We pay your premiums into a statutory fund called the Westpac Life Insurance Services Limited Statutory Fund Number 1, and benefits under your policy are paid out from that fund. The Life Insurance Act 1995 (Cth) contains rules designed to protect the money in the fund. No cash value This is not a savings plan or investment policy. This product does not allow you to share in any profit or surplus and your policy does not have surrender or cash value. Taxation Generally, premiums are not tax deductible, nor are any benefits taxable. This is a general statement only and is based on present tax laws and our interpretation of those laws. Your individual situation may differ and you should seek professional advice. We will deduct from any benefit paid under the policy any tax, duties or levies we are required by law to deduct. Governing laws This policy is governed by the laws of NSW. We are here for you along the way Resolving your complaints We re constantly striving to provide our customers with the best possible service, and we ll do our best to resolve any complaint you have quickly and fairly. So if you do have a complaint about your policy, our service, the way the policy was sold to you, or the way your claim is being handled, here s what you should do. Step one We ask that you first contact one of our Customer Relations Consultants on , 8am to 6.30pm (Sydney time), Monday to Friday to discuss your complaint. If the Customer Relations Consultant is unable to resolve the matter, they ll refer it to a Senior Officer or Manager. The Senior Officer or Manager will aim to resolve your complaint within 10 business days. However, if we consider that further information, assessment or investigation of the complaint is required, we will agree reasonable alternative timeframes with you. Step two If you re still not satisfied after the Senior Officer or Manager has investigated the issue, you may ask for us to refer the dispute to our Internal Dispute Resolution Officer who will review the matter. The Internal Dispute Resolution Officer s contact details are: Internal Dispute Resolution Officer Westpac Life Insurance Services Limited Mail GPO Box 524, Sydney NSW 2001 Phone The Internal Dispute Resolution Officer will provide you with a response within 15 business days of contacting them. With both of steps one and two, we ll do our best to resolve your complaint quickly and fairly. However, in cases where further information, assessment or investigation is required, we ll agree reasonable alternative timeframes with you. Step three If we are unable to satisfactorily resolve your dispute, you can refer your dispute to the Financial Ombudsman Service (FOS) at any time. This is a free independent dispute resolution service for customers who have a life insurance dispute. The Financial Ombudsman Service s contact details are: Financial Ombudsman Service Mail GPO Box 3 Melbourne VIC 3001 Phone Fax (03) info@fos.org.au 20 21

14 We respect your privacy In this section, we also refers to Westpac Banking Corporation and other companies in the Westpac Group. We are committed to protecting and maintaining the privacy, accuracy and security of your personal information. Why we collect your personal information We collect personal information from you to process your application, provide you with your product or service, calculate your premium, assess any claims made by you and manage your product or service. We may also use your information to comply with legislative or regulatory requirements in any jurisdiction, prevent fraud, crime or other activity that may cause harm in relation to our products or services, and help us run our business. We may also use your information to tell you about products or services we think may interest you. If you do not provide all the information we request, we may need to reject your application or claim, or we may no longer be able to provide a product or service to you. Disclosing your personal information We may disclose your personal information to other members of the Westpac Group and its reinsurers, anyone we engage to do something on our behalf such as a service provider, and other organisations that assist us with our business. We may disclose your personal information to an entity which is located outside Australia. Details of the countries where the overseas recipients are likely to be located are in the Westpac Privacy Policy. As a provider of financial services, we have obligations to disclose some personal information to government agencies and regulators in Australia, and in some cases offshore. We are not able to ensure that foreign government agencies or regulators will comply with Australian privacy laws, although they may have their own privacy laws. By using our products or services, you consent to these disclosures. Other important information about privacy We are authorised to collect personal information from you by certain laws. Details of these laws are in the Westpac Privacy Policy. The Westpac Privacy Policy is available at westpac.com.au (search privacy policy ) or by calling It covers: how you can access the personal information we hold about you and ask for it to be corrected; how you may complain about a breach of the Australian Privacy Principles, or a registered privacy code and how we will deal with your complaint; and how we collect, hold, use and disclose your personal information in more detail. The Westpac Privacy Policy will be updated from time to time. Where you have provided information about another individual, you must make them aware of that fact and the contents of this Privacy Statement. We may use your personal information to contact you or send you information about other products and services offered by the Westpac Group or its preferred suppliers. Communications from us If you do not wish to receive any further marketing communication from any member of the Westpac Group about products and services, please: Call Visit any Westpac branch 22 23

15 Glossary In this policy, some words and terms have special meanings: Accidental Death means the Life Insured or their Nominated Spouse sustains physical damage (a bodily injury) to their body which is a result of a single, external and traumatic accident that is unexpected, and the event (the bodily injury) is the sole cause of the Life Insured s death or their Nominated Spouse s death within 12 months of the accident. Accidents that result directly or indirectly from Illness are not covered. Exclusions apply as specified on pages 7, 8 and 25 of the Policy Document. Advancement means a pre-defined amount of your full Death that is paid once your claim is validated by us. The payment reduces the full Death or Terminal Illness. Australian Resident means Australian residents that hold Australian citizenship, New Zealand citizenship or permanent Australian residency. De-facto Relationship means you and your partner (who may be of the same or opposite sex) have lived together for a minimum of 24 months on a continuous and bona fide domestic basis. Doctor means a person who: is a registered medical practitioner in Australia or New Zealand (or is a medical practitioner of another country with qualifications acceptable to us); and is not: the Life Insured; or a spouse, parent, child, sibling, or any other relative or business partner of the Life Insured. Endorsement Letter means a document that we issue to you which sets out any changes to your insurance details from the original Policy Schedule and forms part of your contract with Westpac Life. Financial Hardship means that during the relevant period you are experiencing financial hardship due to: being involuntarily unemployed; or being on sabbatical, maternity, paternity or unpaid long term leave from work. Illness means sickness or disease suffered by the Life Insured, including an abnormal condition of an organism that impairs bodily functions associated with specific signs and symptoms, which may be caused by external factors or by internal dysfunctions. Injury means a bodily injury which is sustained by the Life Insured. Life Insured means the person whose life is insured. There may only be one Life Insured. We also refer to this person as you or your. Nominated Child means your biological child, your step-child, your adopted child, or a child for whom you or your partner (including a De-Facto Relationship) are a legal guardian of and who is under your care, as nominated by you in your application for insurance. Nominated Spouse means your partner (who may be of the same or opposite sex) who you nominate for the Spouse and are either married to or in a De-facto Relationship with. There can only be 1 partner nominated at any one time during the policy. Policy Commencement Date means the date we accept your application for insurance and issue you with a Policy Schedule. Policy Document means the Westpac Lifetime Protect Policy Document dated 27 July Policy Schedule means the most recent document that we issue to you which sets out the details of the insurance you have chosen with Westpac Life and we have agreed to provide to you, confirming your cover, Policy Commencement Date and any subsequent endorsements. Review Date is the anniversary of the date insurance cover under your policy started. Terminal Illness means that you are diagnosed by a Doctor approved by us, as suffering from an Injury or Illness with a life expectancy of less than 12 months from notice of claim. We, us and our means Westpac Life, except where otherwise indicated. Westpac Life means Westpac Life Insurance Services Limited ABN AFSL No You and Your means depending on the context, either the person applying for cover before Westpac Lifetime Protect is purchased, or the Life Insured named in the Policy Schedule and who we agree to insure

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17 To apply for cover or find out more Call us on am to 6.30pm (Sydney time) Monday to Friday westpac.com.au (Search for Lifetime Protect ) Date: 27 July Westpac Life Insurance Services Limited ABN AFSL No WLP103 (06/15)