BT Lifetime Personal Super

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1 BT Lifetime Personal Super Additional Information Booklet Part 3 Insurance Dated 24 December 2015 Things you should know The information in this document forms part of the Product Disclosure Statement (PDS) for BT Lifetime Personal Super (BT Super) dated 1 July 2014 and is issued by BT Funds Management Limited ABN , AFSL (BTFM, Trustee, our, we or us), the trustee of BT Lifetime Super ABN This Additional Information Booklet Part 3 Insurance will be updated from time to time. You should read the latest edition of this document, together with the PDS, before making a decision to invest in BT Super. Visit bt.com.au or call us on to obtain the current edition, free of charge.

2 Table of contents Insurance in your super 3 Your insurance choices 3 Understanding your insurance options 5 Life Stage Insurance 7 How to estimate the cost of your insurance 9 Other important insurance information 11 Other insurance Terms and Conditions 13 The information in this Additional Information Booklet Part 3 Insurance is general information only and does not take into account your personal financial situation or needs. You should consult a financial adviser to obtain financial advice tailored to suit your personal circumstances. The PDS and this Additional Information Booklet Part 3 Insurance can only be used by persons receiving it (electronically or otherwise) in Australia and applications from outside Australia will not be accepted. We may accept or reject an application without giving reasons. Any statements given by third parties in this Additional Information Booklet Part 3 Insurance have been given with their consent which has not been withdrawn at the time of issuing this Additional Information Booklet Part 3 Insurance. An investment in BT Super is not an investment in, deposit with, or any other liability of, Westpac Banking Corporation ABN (Westpac), or any other company in the Westpac Group. It is subject to investment risk, including possible delays in repayment or loss of income and principal invested. Except as expressly disclosed in the PDS or an Additional Information Booklet, Westpac and its related entities (including the Trustee) do not stand behind or otherwise guarantee the capital value or investment performance of any investment options or any related assets of BT Super. The Unique Superannuation Identifier (USI) for BT Super is BTA0137AU. Information in the PDS and this Additional Information Booklet Part 3 Insurance is subject to change from time to time and may be updated by us. Updated information, if it is not materially adverse, can be obtained by going to our website at bt.com.au, contacting the financial adviser for your BT Super account or by calling Customer Relations. You can request a paper copy of the PDS, this Additional Information Booklet Part 3 Insurance or any updated information at any time and this will be provided free of charge at bt.com.au or by calling us on

3 Insurance in your super Like most people, you probably don t think twice about insuring your car, home and valuables. But if your ability to work is your major source of income, insuring your life or taking out protection for total & permanent disablement means you re protecting yourself and your family against the unexpected. To help you receive competitive insurance rates and terms and conditions, BT Super provides insurance through a group policy with an external insurer. The cover under this group policy (the Policy) is provided by AIA Australia Limited ABN , AFSL (the Insurer). The Insurer is located at 553 St. Kilda Road, Melbourne, Victoria, Phone Your insurance choices There are two types of insurance available in BT Super. Death Only cover If you die or suffer a Terminal Illness, a lump sum benefit will be paid by the Insurer. If you die, a Death benefit will be paid to your beneficiaries or your estate. If you suffer a Terminal Illness, a Terminal Illness benefit will be paid by the Insurer to you. Death and Total & Permanent Disablement (TPD) cover Death and TPD cover provides for a lump sum benefit to be paid if you become Totally and Permanently Disabled (Refer to How and when are Death and TPD benefits paid? ) or in the event of your death or Terminal Illness (as described under Death Only cover ). We will pay the benefit to you (in the case of a TPD or Terminal Illness benefit), or to your dependant(s) or Legal Personal Representative (in the case of a Death benefit), provided the conditions of the Trust Deed and superannuation law are met. TPD cover is only available as an additional benefit to Death cover at an additional cost, and cannot be held on its own. TPD cover cannot exceed the Death cover, and is only payable once. Insurance features Death Only TPD 1 (only available in conjunction with Death cover) Eligibility 2 BT Super members who are aged between 17 and BT Super members who are aged between 17 and 69 and 69 and who are either self-employed, unemployed or who are either self-employed or employed on a full-time, employed on a full-time, part-time or casual basis. part-time or casual basis. Minimum cover 3 Nil Nil Maximum cover 3 Death cover: No predetermined limit (the limit is approved by the Insurer). Terminal Illness cover: $3 million For renewal of existing cover in respect of a Member: $3 million. For applications for new cover or an increase in cover: (a) for Members aged less than sixty-five (65): $3 million (b) for Members ages sixty-five (65) to sixty-nine (69): the lesser of $1 million and the amount of Death cover. TPD cover cannot be greater than the Death cover provided to the Member. Worldwide cover Both insurance cover types provide worldwide cover, 24 hours a day. 2 Inflation indexed Your cover will be automatically increased (without having to provide evidence of insurability) each year in line with the lower of the Consumer Price Index increase and 7.5% per year, unless you request in writing that indexation is removed. Indexation will occur on the anniversary of the date your insurance cover commenced or, where your insurance cover has been amended, the anniversary of the date your insurance cover was last amended. If you have requested for indexation to be removed and subsequently request for indexation to be reinstated, you will be required to submit underwriting evidence. The Insurer may, at its discretion, agree to restart indexation. 1_ Members working in Special Risk occupations may be eligible for cover under the total and irrecoverable loss definition and the activities of daily living definition of TPD. Please refer to the Definitions section of this booklet for further details. 2_ Cover is only available to Australian residents and valid Australian Visa holders and is subject to the terms and conditions of the Policy; see -Australian Residents in the Other important insurance information section of this booklet. 3_ Subject to approval by the Insurer. bt.com.au 3

4 Insurance in your super (Continued) Important information about your insurance options The type and level of cover is dependent on medical assessment and acceptance by the Insurer, and disclosure by you to us of relevant circumstances. The Insurer may offer cover subject to exclusions or premium loadings, or may decline an application at its sole discretion. It is important to assess and review the information in this Booklet to understand the terms, conditions and exclusions applicable to you. A quick how to guide on insurance Tailor your level of Death Only or Death and TPD cover Nominate your beneficiaries in the event of death Making a Death insurance claim Making a TPD insurance claim Where are the forms? Complete the application form, filling out the Insurance section. You may be required to complete the Personal Statement form located with the application form or on our website, and provide additional documentation or undergo medical tests. Complete the Nomination of Beneficiaries section of the application form. Remember that if you make a binding nomination, it needs to be renewed or confirmed every three years. See Nominating your beneficiary in the Additional Information Booklet Part 1 General Information for more details. The payment of any claim will be subject to the assessment of evidence required by us or the Insurer. In the event of death, the Insurer will (within a reasonable timeframe) need copies certified by a legal practitioner, attorney or Justice of the Peace of the relevant: birth certificate, and death certificate. If the name on the birth certificate is different from the death certificate, a document such as marriage certificate or deed poll confirming the name change is also required. We may also need certified copies of Probate or Letters of Administration for the estate. To make a Death insurance claim, please mail the required documents to us. In order for a TPD claim to be payable, the claim must be made within two years of you first becoming absent from active work with your employer or as soon as reasonably practicable. The Insurer will determine TPD from the date the Medical Practitioner certifies the member as being TPD (provided the Insurer agrees with the assessment) or from the last day worked whichever is the later. To claim a TPD benefit, you must have ceased working due to a sickness or injury or where unemployed, were incapable of working due to a sickness or injury. No benefits will be payable by the Insurer until the relevant waiting period has expired and the Insurer has determined that you re entitled to the benefit(s). For a TPD claim to be assessed, information will be requested from you, your employer (if applicable) and your attending doctor(s). The Insurer reserves the right to require that a claimant returns to Australia (at the claimant s expense) for claim assessment and examination prior to payment of any TPD benefit. The Insurer may not pay a benefit where a claimant does not return to Australia. The application form and Personal Statement form are available: with the PDS on our website at bt.com.au by contacting Customer Relations on Other insurance forms are available on our website bt.com.au or by calling us on

5 How are insurance premiums paid? Premiums are deducted monthly from your BT Super account so, in effect, you may be able to use your employer super contributions to pay for your insurance premiums. Alternatively, you can contribute additional before-tax dollars via a regular salary sacrifice arrangement (if your employer allows), or after-tax dollars, to ensure your insurance premiums do not erode the value of your BT Super investment. In addition, insurance premiums are generally tax deductible to BT Super the benefit of this deduction is passed back to you in the form of a reduced fee or cost where applicable. Costs of insurance cover The amount you pay for insurance is called an insurance fee, commonly referred to as insurance premiums. Your insurance premium will usually depend on a number of factors including: the level and type of insurance cover, your age, your gender, whether you smoke, and your occupation classification. You must advise us when you cease active continuous employment or you change employment status, so your premiums and cover can be reviewed and adjusted as appropriate. The current insurance premium rates are set out in How to estimate the cost of your insurance. Your insurance premium and amount of cover, if applicable, is calculated on commencement, on notification of certain changes to your membership details (eg occupation), and as at the 1st of your insurance anniversary month each year. The insurance premium rates may alter depending on the Insurer s assessment of your circumstances. The Insurer reserves the right to revise insured amounts or premiums in certain circumstances such as in the event of war or changes in tax legislation. Premium rates are non-participating and inclusive of stamp duty and an administration fee of 20.5% (inclusive of GST). If your stated age proves to have been incorrect, then: where your stated age means that insufficient insurance premiums have been paid, the amount payable and every benefit accruing under the Policy will be such as the insurance premiums paid would have purchased on the basis of the correct age; where your stated age means that excess insurance premiums have been paid, the premium not required in respect of the Plan Year shall be refunded; and any corrections will be treated as part of the normal premium adjustment. Understanding your insurance options When your cover starts Insurance cover will only start on the date the Insurer accepts your application for insurance by formally notifying you in writing. The Insurer can accept or reject an application for cover at its discretion. This is subject to the receipt and assessment of requested medical evidence, other particulars and your acceptance of any special terms. You must have enough funds in your BT Super account to pay the insurance premium for your insurance cover to continue see Making sure your cover continues below for more information. Interim accident cover Once the Insurer has received a fully completed application and is assessing the application, the applicant will receive Accidental Death or Accidental Death and Accidental TPD cover (depending on the type of cover applied for). Accidental Death or Accidental Death and Accidental TPD interim cover will be equal to the lesser of the insured amount that has been applied for or $1 million. The cover will apply from the date the Insurer receives the application until the earlier of: the date cover is accepted or declined, 180 days from the date the application was signed for the amount sought, or the date you cancel or withdraw your application. Making sure your cover continues Each year your cover is renewed without additional medical declarations being required, subject to the Policy continuing to be in place and you still meeting the eligibility requirements. The Insurer may decline to offer cover. Continued cover also depends on ongoing payment of insurance premiums. Once your cover ceases, you will need to reapply for cover and new underwriting requirements (for example, medical evidence) as well as new terms of cover may apply. If you re an existing member and the balance of your BT Super account is insufficient to pay the bt.com.au 5

6 Insurance in your super (Continued) insurance premiums, you will be notified and will have a two calendar months grace period from when the last insurance premium was deducted from your account to make a sufficient contribution to your account before cover is discontinued. If a sufficient contribution is not received within this period, cover will be cancelled with effect from the date the grace period expires. Cover remains in force during the grace period, however, any unpaid premium after the expiry of the grace period will cause the cover to lapse. If you die or are disabled during the grace period and a benefit is payable by the Insurer, the amount insured will be adjusted for any outstanding insurance premiums. If you wish the cover to start again after being cancelled, you will need to reapply for cover. Medical evidence may need to be submitted, assessed and accepted by the Insurer before cover is re-established. Please note, we are not responsible for monitoring or notifying you if your insurance cover has lapsed or will lapse. Consolidating your other insurance You can easily apply to consolidate Death Only or Death and TPD cover held within other super funds or held outside super into your BT Super account by completing an Individual Insurance Consolidation Application form, available on our website at bt.com.au, and supplying the required evidence. The maximum sum insured that can be consolidated with your current cover (if any) within BT Super is $2 million for Death Only, or Death and TPD cover. Insurance consolidation is subject to certain conditions and approval by the Insurer. The total amount of Death Only, or Death and TPD cover you hold within BT Super after consolidation must not exceed the maximums for the relevant cover set out in the Insurance features table in this document. When your cover ends Your cover will cease at midnight on the earliest of: you turning age 70 (provided that this may be altered to such earlier or later date as agreed in writing between the Insurer and us), 30 days from the date that you leave BT Super (for Death cover), the date that you leave BT Super (for TPD cover), the date a Death, Terminal Illness or TPD benefit under the Policy is paid with respect to you (where a Terminal Illness or TPD benefit under the Policy is paid and your Death cover is greater than the amount of the Terminal Illness or TPD benefit paid, any residual Death cover will continue after payment of the Terminal Illness or TPD benefit subject to the other criteria continuing to be met), the date of termination of the Policy, the date you effect a continuation option with the Insurer, where insurance premiums have not been paid, the date the two calendar months grace period expires (see Making sure your cover continues ), where you ask us to cancel your cover, the date your written request to cancel cover has been received by us, and for non-australian Residents, the date you are no longer permanently in Australia except in the case of trips of 3 months or less, or you are not eligible to work in Australia. On termination of cover for any member who is absent from work on that day through illness, accident or injury, the Insurer s liability with respect to a potential claim for TPD shall continue until the earlier of the member resuming work or a claim for TPD being advised. In all other respects, cover ceases on the termination of the cover. Option to continue your cover when you leave BT Super If you are an Insured Member and you leave BT Super before reaching age 60, provided you have not lodged, and are not expected to lodge, a TPD claim under the Policy, you generally have the option of continuing your Death cover by purchasing an individual policy directly from the Insurer for Death Only cover, without having to provide any evidence of insurability other than evidence of health regarding HIV/AIDS (including blood tests) as shall be acceptable to the Insurer and, where the premium of the policy selected is subject to reduction based on your smoking habits, such declaration as the Insurer may determine. However, the premium rates may be different and any special acceptance terms (such as premium loadings or specific exclusions) that applied under your current insurance arrangement will continue to apply under the individual policy with the Insurer

7 The cover applied for under the continuation option may not exceed your cover under the Policy as at the date you ceased to have any entitlement under the Policy (other than pursuant to the continuation option). Any continued cover will be subject to the yearly renewable term issue ages and standard policy conditions and provisions. You have 30 days from leaving BT Super to apply for continued Death cover with the Insurer by completing an application form, which can be obtained by calling the Insurer on During the 30 day continuation option period, your existing Death cover will continue at no extra cost and will cease upon the expiry of the option period if the option is not exercised. Increasing your insurance cover You can apply for increased or additional types of insurance cover by completing a new Life Insurance application form. To apply for increased insurance cover as a result of certain personal or business events, you can apply for Life Stage Insurance cover by completing a Life Stage Insurance application form. You can easily consolidate Death Only or Death and TPD cover held within other super funds or held outside super refer to Consolidating your other insurance above. You can obtain forms from our website at bt.com.au or by contacting Customer Relations on Increased insurance cover is subject to approval by the Insurer. Life Stage Insurance With our Life Stage Insurance option, if your situation changes as a result of the occurrence of a personal or business event outlined below, you can easily apply for increases in Death Only or Death and TPD cover to help cover the risk without having to supply any additional evidence of health. The Life Stage Insurance option can only be exercised prior to your 65th birthday and is subject to the following conditions: Your current Death Only or Death and TPD cover was accepted by the Insurer on standard terms without any exclusions, restrictions or premium loadings. At the date of the application for a Life Stage increase, you must not have made and must not be eligible to make a claim under the Policy. An application for a Life Stage increase must occur within 60 days after the occurrence of a personal event or within 60 days after your receipt of evidence following the occurrence of a business event. Increases will be approved under this option upon the Insurer s receipt of proof, satisfactory to the Insurer, of the occurrence and the date of the personal or business event. bt.com.au 7

8 Insurance in your super (Continued) The personal and business events covered and conditions applying are outlined below. Life Stage Insurance cover increases Personal events Marriage Divorce Birth or adoption of a child Effecting a first mortgage on the purchase of a home, or increasing an existing first mortgage for the purposes of building or renovation works on the home. The mortgage must be on your principal place of residence with a licensed mortgage provider. Business events Where you re a key person in a business (eg working partner, director or significant shareholder), and your value or financial interest in the business, averaged over the last three years has increased. Additional cover you may apply for For marriage, divorce and birth or adoption of a child events, you may apply to increase your cover by the lesser of: 25% of your current Death Only or Death and TPD cover, or ` ` $200,000. For the effecting a first mortgage on the purchase of a home, or increasing an existing first mortgage event, you may apply to increase your cover by the lesser of: 50% of your current Death Only or Death and TPD cover the amount of the first mortgage the amount of the increase of the first mortgage, or ` ` $200,000. Additional cover you may apply for For a business event, you may apply to increase your cover by the lesser of: 25% of your current Death Only or Death and TPD cover the increase in the value of your financial interest in the business or of your value to the business (whichever is appropriate), averaged over the last three years, or ` ` $200,000. Limits Total increases made under this option cannot exceed the lesser of the original Death Only or Death and TPD cover and $1 million over the duration of cover. There is a maximum of two increases in any 12-month period and a maximum of 10 increases in total over the duration of cover. If you die or become TPD within six months after a Life Stage increase has been provided, the increased amount will only be paid if death or TPD occurs as a result of Accidental Death or Accidental TPD respectively. No benefit will be payable on the increased amount insured if the claim is caused by or as a result of an intentional, self-inflicted act, whether sane or insane, within a period of 13 months from the date of any Life Stage increase. You can apply for a Life Stage increase by supplying the relevant supporting documentation with your completed Life Stage application form, which is available on our website bt.com.au or by calling Customer Relations on

9 How to estimate the cost of your insurance Male annual premium rate per $1,000 sum insured To calculate the annual cost of your insurance cover, find the annual premium rate applying to your situation at your age next birthday. Then, perform the following equation: Cost per year = (annual premium rate x $amount of cover required) / $1,000 Premium rates are non-participating and inclusive of stamp duty and an administration fee of 20.5% (inclusive of GST). The precise rates applicable to you may vary, depending on a number of factors please see Costs of insurance cover on page 5. Death Only Death and TPD Age All Occupations White Collar Light Blue Collar Blue Collar Heavy Blue Collar next birthday Smoker Smoker Smoker Smoker Smoker Smoker Smoker Smoker Smoker Smoker bt.com.au 9

10 Insurance in your super (Continued) Female annual premium rate per $1,000 sum insured To calculate the annual cost of your insurance cover, find the annual premium rate applying to your situation at your age next birthday. Then, perform the following equation: Cost per year = (annual premium rate x $amount of cover required) / $1,000 Premium rates are non-participating and inclusive of stamp duty and an administration fee of 20.5% (inclusive of GST). The precise rates applicable to you may vary, depending on a number of factors - please see Costs of insurance cover on page 5. Death Only Death and TPD Age All Occupations White Collar Light Blue Collar Blue Collar Heavy Blue Collar next birthday Smoker Smoker Smoker Smoker Smoker Smoker Smoker Smoker Smoker Smoker

11 Other important insurance information Duty of disclosure We have a duty of disclosure when entering into the Policy with the Insurer. As a condition of participation in BT Super, before you enter into a contract of life insurance with an insurer, you have a duty, under the Insurance Contracts Act 1984, to disclose to the Insurer every matter that you know, or could reasonably be expected to know, that is relevant to the Insurer s decision whether to accept the risk of insurance and if so, on what terms. You have the same duty to disclose these matters to the Insurer before you extend, vary or reinstate a contract of life insurance. However, your duty does not require disclosure of a matter: that diminishes the risk to be undertaken by the Insurer, that is common knowledge, that your Insurer knows, or ought to know, in the ordinary course of its business, or as to which compliance with your duty is waived by the Insurer. References in the Life Insurance Application form or insurance Personal Statement to you, the investor or the member therefore encompass your application to us for insured benefits under BT Super. -disclosure If you fail to comply with your duty of disclosure and the Insurer would not have entered into the contract on any terms if the failure had not occurred, the Insurer may avoid the contract within three years of entering into it. If your non-disclosure is fraudulent, the Insurer may avoid the contract at any time. An insurer who is entitled to avoid a contract of life insurance may, within three years of entering into it, elect not to avoid it but to reduce the sum that you have been insured for, in accordance with a formula that takes into account the insurance premium that would have been payable if you had disclosed all relevant matters to the Insurer. Do you need to provide medical evidence? For information on what medical information may be required, please contact Customer Relations on _ See definitions at the back of this booklet. The type and level of cover may be dependent on medical assessment and acceptance by the Insurer. Generally, the cost of any required medical evidence and/or reports will be met by the Insurer. You should not arrange for any medical evidence and/or reports before being instructed by the Insurer as you will not be reimbursed for the expense of any particular medical evidence and/or reports which the Insurer does not require. The Insurer can request additional medical evidence and/or reports at its discretion to enable assessment of the application. Exclusions Various exclusions apply to both Death Only and Death and TPD cover so please consider these carefully. Insurance benefits will not be payable for: claims in respect of a Death benefit as a result of an intentional, self-inflicted act, whether sane or insane, within a period of 13 calendar months from the date of joining or rejoining BT Super or, in the event of an increase in cover, within a period of 13 calendar months from the date of the increase (in respect of the increase only), claims in respect of a Death or TPD benefit which are caused by, or as a result from, Active Service 1, or claims in respect of any other underwriting exclusion imposed by the Insurer. -Australian Residents Cover for non-australian Residents will only be provided to a member who holds a Visa and permanently resides in Australia. All cover provided to non-australian Residents will cease immediately upon the Insured Member departing Australia, except in the case of trips of three months or less. For the purposes of this Booklet, Visa means a current and valid visa issued in accordance with the Migration Act 1958 (Cth) or any amending or replacing Act. Examples are: Subclass 457 working visa; Subclass 457 working visa (with an 8107 condition); or Spouse visa (spouse of a permanent Australian resident on a two-year temporary stay visa) without a no work condition. Australian Resident means an Australian citizen, New Zealand citizen or Australian Permanent Resident who holds a Visa to live and work in Australia. bt.com.au 11

12 Insurance in your super (Continued) How and when are Death and TPD benefits paid? The payment of any insurance benefit is conditional on the Insurer accepting the claim and paying the benefit to us as the Trustee. Generally, both Death and TPD benefits are first paid as a lump sum to us. The benefit is payable in addition to the value of your investment in BT Super. Any insurance benefit paid to us will be held in a non-interest bearing account which will not be subject to investment earnings or losses, and will be paid as part of the final Death or TPD benefit if allowed under superannuation law. Your investment choices will continue to apply until the benefit payment is processed. Payment of Death benefits We ll generally pay Death benefits to your dependant(s) or to your estate provided the conditions of the Trust Deed and Australian superannuation law are met. For information about nominating beneficiaries and payment of Death benefits, refer to Nominating your beneficiary and Accessing your super in the Additional Information Booklet Part 1 General Information. Payment of TPD benefits Refer to the Total and Permanent Disablement definition below for details of the TPD definition under which a lump sum TPD benefit may be paid to you. As there are restrictions about when members can access their super, we will only be able to release the TPD benefit if you meet a condition of release under superannuation law. Refer to Eligibility rules for accessing super in the Frequently Asked Questions at bt.com.au for information about conditions of release. Terminal Illness benefit If you have Death cover and are Terminally Ill, the Insurer will pay a Terminal Illness benefit. This Terminal Illness benefit is a pre-payment of the insured benefit you would ordinarily receive upon death. If you receive a Terminal Illness benefit, any death benefit paid to your beneficiaries will be reduced by the amount paid to you as a Terminal Illness benefit. The Terminal Illness benefit will be limited to the lower amount of either your Death insurance cover amount or $3 million. Where your Death cover is greater than $3 million, the remaining Death cover will remain within BT Super until you attain the age of 70 or cover ceases under one of the other conditions of cessation of cover set out in the When your cover ends section, provided premiums continue to be paid. If death occurs prior to you attaining the age of 70 or cover otherwise ceasing, the remaining Death cover will be paid at that time to your beneficiaries or to your estate consistent with the terms of the Trust Deed. If you re diagnosed with suffering from a Terminal Medical Condition (as defined under superannuation law) you may be able to access your preserved super benefits, and any benefit payment you receive because of this condition may be exempt from tax. For more information refer to Taking a cash lump sum as a result of a terminal medical condition in the Additional Information Booklet Part 1 General Information. Please note: To be eligible for a Terminal Illness benefit, you must be certified by two registered Medical Practitioners that you are likely to die within a period of no more than 12 months after the date of the certification (please see the Definitions and interpretation of insurance terms section of this booklet for the full definition of Terminal Illness ). However, the definition of Terminal Medical Condition under superannuation law has a different certification period of up to 24 months. This means that you may not be eligible for a Terminal Illness insured benefit even if you can access your superannuation on grounds of suffering a Terminal Medical Condition. If you withdraw your entire superannuation benefit you will lose any insurance you currently have. If you want your insurance to continue you will need to leave sufficient balance in your account to fund future premiums. This information is intended as a guide only and does not constitute advice. Before making a withdrawal you should speak to your financial adviser about the impacts this could have on your insurance entitlements

13 Other insurance Terms and Conditions The insurance information outlined in the PDS and this document is subject to the Insurer remaining the Insurer and continuing to offer the insurance under the terms and conditions contained in the Policy. In this document, a term or expression in relation to insurance with a capital letter, which is defined in the Policy, has the meaning given to it by the Policy. The Insurer may accept or reject any request for insurance or impose different terms and conditions based on their assessment of your health and occupation. The Insurer will assess all claims based on their criteria and in accordance with the terms and conditions of the Policy. We re only liable to pay a claim into your BT Super account upon acceptance of the claim by the Insurer and on receipt of the insurance amount from the Insurer. We ll advise you of any significant alteration in the terms and conditions of the insurance cover or if the Insurer ceases to be the insurer (refer to Keeping you informed in the Additional Information Booklet Part 1 General Information for details of how we may provide you with this information). If the Insurer ceases to be the insurer or we change the insurer, we shall seek to obtain another insurer to provide insurance benefits for BT Super. Neither we, nor any of our associated entities, guarantee the Insurer s performance under the life insurance contract. All insurance is subject to written acceptance by the Insurer. The availability of insurance is also subject to the Insurer s standard underwriting procedures. The insurance cover does not have an investment element, and therefore has no surrender value. Please note, while every effort has been made to ensure that the information contained in the PDS and this document is accurate, the terms and conditions of the Policy will prevail to the extent that they are inconsistent with the information contained in the PDS and this document. The Insurer may, with our agreement, vary the terms and conditions of the Policy. You can obtain a copy of the Policy by contacting Customer Relations on Definitions and interpretation of insurance terms Accidental Death means death caused directly and independently of any other cause, from an unforeseen and unintended accident happening to the member and caused by violent, external and visible means. Accidental Total and Permanent Disablement or Accidental TPD means Total and Permanent Disablement caused directly and independently of any other cause, from an unforeseen and unintended accident happening to the member and caused by violent, external and visible means. Active Service means direct participation in military operations as a member of the armed forces. In the case of Insured Members who are enrolled in the Australian Defence Force Reserves this means operational deployment and does not apply to training activities. Casual employee means a person who is engaged by an employer to perform identifiable duties and who is not entitled to be paid annual leave or sick leave. Consumer Price Index (CPI) Increase - means the percentage increase in the average Consumer Price Index (All Groups) for the eight capital cities published by the Australian Bureau of Statistics and covering the most recent period of 12 months for which figures are available at the date the amount insured is to be increased. In the event of any suspension or discontinuance of the Consumer Price Index as defined above, such other index as the Insurer shall consider appropriate shall be adopted. Contractor means a person who has been provided a written contract of employment for a specified period by an employer to perform identifiable duties and who may be entitled to be paid annual leave or sick leave as per their written contract of employment. Insured Member - means a member of BT Super who has been accepted for insurance cover, or remains covered, under the Policy and whose cover has neither been terminated nor ceased. Medical Practitioner means a legally qualified Medical Practitioner other than the Insured Member, the Insured Member s immediate family member or the Insured Member s business partner. The Medical Practitioner must be registered in Australia or have qualifications equivalent to Australian standards. bt.com.au 13

14 Insurance in your super (Continued) Special Risk (also referred to as hazardous ) means occupations classified as Special Risk for Death or ADL for TPD in the BT Occupational Rating Guide (see bt.com.au), and includes: occupations that are skilled or semi-skilled manual labour, heavy machine operators who are exposed to high risk accidents or health hazards, any unskilled workers and labourers, specialist occupations examples include model, actor and pilot, occupations with additional hazards examples include miner, seafarer and professional sportsperson, and highly repetitive occupations examples include process worker and long haul driver. Terminal Illness or Terminally Ill means: two registered Medical Practitioners have certified, jointly or separately, and approved by the Insurer, that you suffer from a sickness, or have incurred an injury, that is likely to result in your death within a period (the certification period) that ends no more than 12 months after the date of the certification; at least one of the Medical Practitioners is a specialist practicing in an area related to the sickness or injury suffered by you; and for each of the certificates, the certification period has not ended. Total and Permanent Disablement (for new cover obtained on or after 1 July 2014) means you have suffered the total and irrecoverable loss of the use of: (i) both hands; or (ii) both feet; or (iii) one hand and one foot; or (iv) the sight of both eyes; or (v) one hand and the sight of one eye; or (vi) one foot and the sight of one eye; and in the opinion of the Insurer, (after consideration of medical and other evidence satisfactory to it), you are unlikely ever to be able to follow your usual occupation and any other occupation for which you are reasonably suited by education, training or experience. OR If you are under age 65 and are working at least 15 hours per week (including as a Casual employee or Contractor) other than where you are working in a Special Risk occupation: you re unable to follow your usual occupation by reason of an illness, accident or injury for a period of six consecutive months after the occurrence of the illness, accident or injury, and in the opinion of the Insurer (after consideration of medical and other evidence satisfactory to it), you re unlikely ever to be able to follow your usual occupation and any other occupation for which you re reasonably suited by education, training or experience. OR Where you are aged 65 and above, or are under age 65 and are working less than fifteen (15) hours per week (including as a Casual employee or Contractor), or are a non-working member, or are working in a Special Risk Occupation, and in the opinion of the Insurer are continuously and totally unable to perform at least two (2) of the following activities of daily living as certified by a qualified Medical Practitioner, appointed by the Insurer: Bathing the ability to wash oneself either in the bath or shower or by sponge bath without the assistance of another person. Dressing the ability to put on and take off all garments and medically necessary braces or artificial limbs usually worn, and to fasten and unfasten them without the assistance of another person. Eating the ability to feed oneself once food has been prepared and made available without the assistance of another person. Toileting the ability to get to and from and on and off the toilet, without the assistance of another person and ability to manage bowel and bladder functions through the use of protective undergarments or surgical appliances, if appropriate. Transferring the ability to move in and out of a chair without the assistance of another person; and in the opinion of the Insurer, (after consideration of medical and other evidence satisfactory to it), you are unlikely ever to be able to follow your usual occupation and any other occupation for which you are reasonably suited by education, training or experience

15 This page has been left intentionally blank.

16 Like to know more? If you have any questions or would like more information about BT Lifetime Personal Super or a copy of any material that is incorporated into the PDS by reference, you can contact us in the following ways BT Financial Group GPO Box 2675 Sydney NSW 2001 bt.com.au BT px

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