Professionals Life and Living Benefits Plan

Transcription

1 Professionals Life and Living Benefits Plan Product Disclosure Statement 1 May 2009

2 Contact us ING Life Limited 347 Kent Street Sydney NSW 2000 Phone This Product Disclosure Statement (PDS) provides a summary of the significant features, benefits, risks and exclusions that we would like to bring to your attention. In this PDS you or your refers to the policy holder or the life insured, as the case may be, and we, our, us or ING refers to ING Life Limited (ABN , AFSL ), the insurance company issuing this PDS. The Policy Document contains the full terms and conditions of this insurance product. You can obtain a copy of the Policy Document free of charge upon request. If there is any inconsistency between this PDS and the policy terms, the policy terms will prevail to the extent of any inconsistency. Words in bold are defined at the end of this document. Applications for this policy of insurance are only available to persons receiving this PDS in Australia. No offer is made directly or indirectly to persons in any other country. 1

3 Features and Benefits Immediate cover Cover is immediate if the life insured meets the age, residency and eligibility requirements and we accept the application. Guaranteed renewable We guarantee that you can renew your policy until the policy anniversary date after your 75th birthday no questions asked. Life Benefit The Life Benefit pays a lump sum for valid claims where the life insured dies or is diagnosed as terminally ill. An advance payment of the Life Benefit will be paid if the life insured is diagnosed as terminally ill and not expected to live for more than 12 months. All benefit amounts will be paid to the policy holder or their estate. Critical Illness Benefit The Critical Illness Benefit pays a lump sum for valid claims where the life insured is diagnosed by a medical practitioner with one of the following covered critical illnesses: cancer* chronic kidney failure coronary artery by-pass surgery* heart attack* multiple sclerosis paralysis severe burns stroke* * These conditions are subject to a qualifying period for this benefit to be payable. These conditions require a specialist medical practitioner s diagnosis. Immediate Assistance Benefit Upon the death of the first life insured, an Immediate Assistance Benefit of $10,000 is payable to their partner. If they do not have a partner, the money will be paid to the estate. 2

4 Who can apply for cover? You can apply for cover if you, or your partner, are a member or employee of the professional organisation promoting this product, and you are: between the ages of 21 and 59; a holder of Australian or New Zealand Citizenship, or an Australian Permanent Residency Visa; and currently residing within Australia at the time of your application. How much cover can I apply for? The minimum amount of cover you can apply for is $50,000. The maximum cover amount you can apply for is based on your age at application. you can select a maximum of $1,500,000 to age 44 you can select a maximum of $1,000,000 from age 45 to 54 you can select a maximum of $500,000 from age 55 to 59. Increasing your level of cover The amount of cover is guaranteed never to decrease unless you choose to reduce it; however you cannot increase it after the end of the cooling-off period. ING may from time to time offer an increase in cover and may also increase the maximum level of cover offered to you. Qualifying period for the Critical Illness Benefit There is no cover and no benefit will be payable in respect of the critical illness conditions marked with an asterisk (*) if the condition first occurs, or is first diagnosed, or the symptoms leading to the condition occurring or being diagnosed first become reasonably apparent during the first 90 days after: the cover start date the date of the most recent reinstatement of the cover the date of an increase to the cover amount insured (in respect of the increased portion only). 3

5 Auto conversion The Critical Illness Benefit will convert to a loss of independent existence definition at the policy anniversary date after the life insured turns 70. The amount insured will stay the same after this event. Benefit reductions and cessations The Life Benefit amount insured may be reduced if you receive other benefits for that life insured under this policy. The Life Benefit lump sum amount insured will be reduced by any amount we pay under this policy for the: Terminal Illness Benefit Critical Illness Benefit. Area of cover The life insured is covered 24 hours a day, 365 days a year, anywhere in the world. Premiums The premium is calculated based on the life insured s age and smoker status at the time the insurance commences and is re-calculated and will increase on the policy anniversary date after their birthday as they enter the next five year age band. Premium rates are not guaranteed but can only be changed if premiums for all persons within the life insured s risk group (based on age and smoker status) are changed and three months written notice is given by ING. All other premium increases will only occur if premiums for all persons covered by this product are changed and three months written notice is given to you by ING. You need to pay the premiums when due to keep your policy in force. If you do not pay the premiums when required, we may cancel the policy. Premiums can be paid monthly by Direct Debit from a credit card or bank account. Please note, ING may incur a fee in operating the Direct Debit system and may pass this fee on to you. The premiums for this policy are paid into ING Life No. 1 Statutory Fund. 4

6 Monthly premiums Life Benefit Only Principal life insured only Non-smoker Age bands Life Benefit $50,000 $ 9.80 $10.35 $12.14 $15.92 $24.12 $41.05 $100,000 $14.61 $15.70 $19.27 $26.84 $ $77.10 $250,000 $29.01 $31.75 $40.68 $59.61 $ $ $500,000 $53.03 $58.51 $76.36 $ $ $ $750,000 $77.04 $85.26 $ $ $ $1,000,000 $ $ $ $ $ $1,500,000 $ $ $ Renewal premiums are available on request First life insured Smoker Age bands Life Benefit $50,000 $12.81 $16.04 $19.01 $29.03 $45.15 $70.68 $100,000 $20.61 $27.07 $33.02 $53.06 $85.30 $ $250,000 $44.04 $60.18 $75.04 $ $ $ $500,000 $83.07 $ $ $ $ $ $750,000 $ $ $ $ $ $1,000,000 $ $ $ $ $ $1,500,000 $ $ $ Renewal premiums are available on request 5 6

7 Second life insured Non-smoker Age bands Life Benefit $50,000 $4.56 $5.08 $6.78 $10.37 $18.17 $34.25 $100,000 $9.12 $10.17 $13.56 $20.75 $36.33 $68.49 $250,000 $22.81 $25.42 $33.90 $51.87 $90.83 $ $500,000 $45.62 $50.83 $67.79 $ $ $ $750,000 $68.44 $76.25 $ $ $ $1,000,000 $91.25 $ $ $ $ $1,500,000 $ $ $ Renewal premiums are available on request Second life insured Smoker Age bands Life Benefit $50,000 $7.42 $10.48 $13.31 $22.83 $38.14 $62.39 $100,000 $14.83 $20.97 $26.62 $45.66 $76.28 $ $250,000 $37.08 $52.42 $66.54 $ $ $ $500,000 $74.17 $ $ $ $ $ $750,000 $ $ $ $ $ $1,000,000 $ $ $ $ $ $1,500,000 $ $ $ Renewal premiums are available on request 7 8

8 Life Benefit and Critical Illness Benefit First life insured only Non-smoker Age bands Life Benefit Critical Illness Benefit $50,000 $25,000 $13.17 $15.42 $21.29 $32.53 $52.56 $86.43 $100,000 $50,000 $21.33 $25.83 $37.58 $60.06 $ $ $250,000 $125,000 $45.83 $57.08 $86.45 $ $ $ $500,000 $250,000 $86.67 $ $ $ $ $ $750,000 $375,000 $ $ $ $ $ $1,000,000 $500,000 $ $ $ $ $ $1,500,000 $750,000 $ $ $ Renewal premiums are available on request First life insured only Smoker Age bands Life Benefit Critical Illness Benefit $50,000 $25,000 $18.96 $26.57 $40.14 $65.56 $ $ $100,000 $50,000 $32.93 $48.15 $75.27 $ $ $ $250,000 $125,000 $74.82 $ $ $ $ $ $500,000 $250,000 $ $ $ $ $1, $1, $750,000 $375,000 $ $ $ $ $1, $1,000,000 $500,000 $ $ $ $1, $2, $1,500,000 $750,000 $ $ $1, Renewal premiums are available on request 9 10

9 Second life insured only Non-smoker Age bands Life Benefit Critical Illness Benefit $50,000 $25,000 $8.17 $10.42 $16.29 $27.53 $47.56 $81.43 $100,000 $50,000 $16.33 $20.83 $32.58 $55.06 $95.12 $ $250,000 $125,000 $40.83 $52.08 $81.45 $ $ $ $500,000 $250,000 $81.67 $ $ $ $ $ $750,000 $375,000 $ $ $ $ $ $1,000,000 $500,000 $ $ $ $ $ $1,500,000 $750,000 $ $ $ Renewal premiums are available on request Second life insured only Smoker Age bands Life Benefit Critical Illness Benefit $50,000 $25,000 $13.96 $21.57 $35.14 $60.56 $ $ $100,000 $50,000 $27.93 $43.15 $70.27 $ $ $ $250,000 $125,000 $69.82 $ $ $ $ $ $500,000 $250,000 $ $ $ $ $1, $1, $750,000 $375,000 $ $ $ $ $1, $1,000,000 $500,000 $ $ $ $1, $2, $1,500,000 $750,000 $ $ $1, Renewal premiums are available on request 11 12

10 Joint cover discount A joint cover discount is applicable as per the premium tables on the previous pages. Cooling-off period You have the right to cancel and return your policy at any time. If you choose to cancel your policy during the 21 day cooling-off period (which begins on the 5th day after the policy acceptance date), we will return to you any premium payments you have made, provided no claim has been made. After the cooling-off period, if you cancel the policy, we will not refund any premiums. This policy does not have a savings, investment, cash or surrender value and does not participate in the profits or share in any surplus of ING. When the cover ends Cover for the life insured ends when the earliest of the following events occur: the policy anniversary date after the life insured turns 75 cancellation of the policy by the policy holder the date we cancel or avoid the policy in accordance with our legal rights the date the policy lapses due to non-payment of premium upon the death of all lives insured. Risks There are a number of insurance risks you should be aware of including: the insurance cover you select may not provide the appropriate cover for your needs the maximum amount of insurance cover you select may not be sufficient to cover your needs 13

11 Misstatements If your application includes any misstatements, we may vary or avoid your policy or claim, or decline to pay your claim as allowed by law. Benefit limitations The total benefits payable per life insured under all ING life insurance policies cannot exceed the maximum sum insured for the life insured s age group at the time of application as shown on page 3. Where applicable, a pro rata refund will be made if premiums have been paid to be insured for more than the life insured should have been. Exclusions We will not pay your claim if the life insured s death, terminal illness or critical illness is caused directly or indirectly from: a pre-existing medical condition a pre-existing medical condition is an injury, illness, condition or related symptom that, in the five years prior to the policy acceptance date, the life insured, or a reasonable person in their position: was aware of; should have been aware of; or had a medical consultation for. suicide within the first 24 months of the start or reinstatement of the policy. their intentional or deliberate act or omission. Taxation In most cases benefits are free of personal income tax and premiums are not tax deductible. Taxation information in this material is based upon our interpretation and the continuation of legislation in place as at the date this PDS is issued. The information is of a general nature and may not apply to your individual circumstances. 14

12 Complaint resolution Please contact the Customer Services team on if you are dissatisfied with any matter relating to your policy. If you are unhappy with ING s response, you can contact the Financial Ombudsman Service, an independent body whose services are available to you at no cost, on , or info@fos.org.au. Privacy We are committed to ensuring the confidentiality and security of personal information. The ING s Privacy Policy details how we manage personal information. It is available without charge on request or may be downloaded from If you have any further questions you would like answered about privacy, please contact the Customer Services team on or privacy@ing.com.au Changes to the PDS The information in this PDS has been prepared by ING and is up to date at the time of its preparation but may be updated from time to time. If there is any omission of information or a materially adverse change to the information as disclosed in this document, we will issue a supplementary or replacement PDS. Should you require a copy of the supplementary or replacement PDS or any other notice published as a result of change, we will provide a copy without charge when you request it. If there is a change in information that is not materially adverse, these updated changes will be placed on the ING website at under Important notices. Alternative Form of Remuneration Register ING Australia Limited maintains an Alternative Form of Remuneration Register (Register) in accordance with the Investment and Financial Services Association (IFSA) Industry Code of Practice on Alternative Forms of Remuneration in the Wealth Management Industry. The Register outlines the alternative forms of remuneration which are paid and received from givers and receivers of such remuneration. The Register is publicly available 15

13 and can be accessed by contacting ING. This insurance product does not pay or receive any alternative remuneration. Any questions? If you have any questions or need further information, please call us on , weekdays between 9.00am and 6.00pm (Sydney time). Definitions Cancer: the presence of one or more malignant tumours including leukaemia, lymphomas and Hodgkin s disease characterised by the uncontrollable growth and spread of malignant cells and the invasion and destruction of normal tissue. The following cancers are not covered: tumours showing the malignant changes of carcinoma in situ (including cervical dysplasia CIN-1, CIN-2, and CIN- 3), or which are histologically described as pre-malignant. Carcinoma in situ of the breast is covered if it results directly in the removal of the entire breast. This procedure must be performed specifically to arrest the spread of malignancy and be considered the appropriate and necessary treatment. melanomas of less than 1.5mm maximum Breslow thickness and which are also less than Clark Level 3 depth of invasion as determined by histological examination. all hyperkeratoses or basal cell carcinomas of the skin all squamous cell carcinomas of the skin unless there has been spread to other organs Kaposi s sarcoma and other tumours associated with an HIV infection, AIDS or AIDS related complex prostatic cancers which are histologically described as TNM Classification T1 (or are of another equivalent or lesser classification) chronic lymphocytic leukaemia less than Rai Stage 1. Chronic kidney failure: : end stage renal disease which requires permanent dialysis or renal transplantation. 16

14 Coronary artery by-pass surgery: the undergoing of coronary artery by-pass surgery that is considered necessary to treat coronary artery disease causing inadequate myocardial blood supply. Surgery does not include angioplasty, intra-arterial procedures or non-surgical techniques. Heart attack: death of a portion of heart muscle arising from inadequate blood supply to the relevant area. The basis for diagnosis shall be supported by the following clinical features being present and consistent with myocardial infarction and not due to medical intervention): new electrocardiographic (ECG) changes and diagnostic elevation of cardiac enzymes or Troponin I greater than 2.0 µg/l or Troponin T greater than 0.6µg/LL If the above is inconclusive, then we will consider a claim based on conclusive evidence that the life insured has been diagnosed as having suffered a myocardial infarction, resulting in either one of the following: new pathological Q waves or a permanent left ventricular ejection fraction of 50% or less, measured three or more months after the event. Illness: an illness or disease which becomes reasonably apparent during the period of the cover. Immediate family member means: a partner a son, daughter, father, mother, father-in-law or mother-in-law, brother or sister a person who is in a bona fide domestic living arrangement and is financially interdependent. The policy holder must provide us with satisfactory evidence that there is an established and ongoing interdependency. Injury: a bodily injury which occurs during the period of cover. Life insured: the person who is named in the Policy Schedule. Loss of independent existence: means the life insured is totally and irreversibly unable to perform at least two of the five activities of daily living without the assistance of another adult person. 17

15 Activities of daily living are: bathing and/or showering dressing and undressing eating and drinking using a toilet to maintain personal hygiene getting in and out of bed, a chair or wheelchair, or moving from place to place by walking, wheelchair or with the assistance of a walking aid. Medical consultation: any activity undertaken for the detection, treatment or management of a medical condition or symptom, including but not limited to the application of prescribed drugs or therapy (whether conventional or alternative). Medical practitioner: a registered and qualified medical practitioner, approved by us, in Australia or in another country. We may require that the medical practitioner be an appropriate specialist. A medical practitioner cannot be the life insured or their partner, business partner or an immediate family member. Multiple Sclerosis: a disease characterised by demyelination of nervous tissue and more than one episode of well defined neurological deficit with persisting neurological abnormalities, and which results in a permanent impairment of at least 25% of whole person function as defined in the American Medical Association publication Guides to the Evaluation of Permanent Impairment, 4th edition, or an equivalent guide to impairment approved by us. The disease must be diagnosed by a specialist medical practitioner who is a consultant neurologist on the basis of confirmatory neurological investigation, e.g. lumbar puncture, evoked visual responses, evoked auditory responses and Magnetic Resonance Imaging (MRI) evidence of lesions of the central nervous system. 18

16 Paralysis: : the total and permanent loss of use or function, through accident or disease of: both sides of the body (Diplegia). Diplegia facialis is excluded. both legs or both arms resulting from injury to the spinal cord and/or to the brain. (Paraplegia) both arms and both legs (Quadriplegia) one side of the body (Hemiplegia). Partner: a spouse, de facto spouse or person living in a bona fide domestic living arrangement where one or each of them provides the other with financial support, domestic support and/ or personal care. Policy: the contract between the policy holder and ING, comprising the policy, Policy Schedule and any other notice we give the policy holder in writing. Policy acceptance date: the date we accept your application for insurance. Policy anniversary date: the anniversary date of the commencement of the policy. Policy holder: the owner of the policy, as referred to in the Policy Schedule. Policy Schedule: means the document entitled Policy Schedule issued by ING confirming the details of the life insured s cover. Severe burns: : tissue injury caused by thermal, electrical or chemical agents causing third degree burns to: 20% or more of the body surface area as measured by the Rule of Nines or the Lund and Browder Body Surface Chart or the whole of both hands, requiring surgical debridement and/ or grafting or the whole of the face, requiring surgical debridement and/or grafting. 19

17 Specialist medical practitioner: an appropriate specialist physician who is legally qualified and registered and approved by us. The specialist medical practitioner cannot be the life insured or a partner, business partner or an immediate family member of the life insured. Stroke: a cerebrovascular accident or event producing a neurological deficit lasting more than 24 hours. There must be clear evidence: of the onset of objective neurological deficit on a CT, MRI or similar scan that a stroke has occurred and of infarction of brain tissue, intracranial or subarachnoid haemorrhage or embolisation from an extracranial source. Transient ischaemic attacks, cerebral events due to reversible neurological deficits, migraine, hypoxia or trauma, and vascular disease affecting the eye, optic nerve or vestibular functions are excluded. Terminal illness/terminally ill: A specialist medical practitioner s diagnosis that the life insured is terminally ill and expected to live for no more than 12 months from the date the opinion is given to us. Any questions? If you have any questions or need further information, please call us on , weekdays between 9.00am and 6.00pm (Sydney time). 20

18 Direct Debit Request service agreement Our commitment to you We will: arrange for funds to be debited from your account as authorised in the Direct Debit Request give you at least 14 days notice in writing before changing the terms of the debiting arrangements, unless the changes are made at your request keep information relating to your Direct Debit Request private and confidential. If the date on which we usually debit your account falls on a weekend or public holiday, your account will be debited on the next working day. Your commitment to us It is your responsibility to: ensure your nominated account can accept Direct Debits and that all account holders on the nominated account agree to the debiting arrangements ensure that the account details that you have provided are correct by checking them against a recent account statement advise us if the nominated account is transferred or closed, or the account details have changed ensure there are sufficient funds available in the nominated account to meet each Direct Debit check with your financial institution before completing the Direct Debit Request, in the event that you have any queries about how to complete the Direct Debit Request. If there are insufficient funds in your account, you may be charged a fee by your financial institution. We will not charge a fee. 21

19 Your rights You may defer, alter or cancel the debiting arrangements you hold with us at any time by providing notice to us. Such notice should be received at least 14 days before the next debit is due. When you consider that a debit has been initiated incorrectly, you should contact ING directly. We will then investigate your query. If we find that your account has been incorrectly debited, we will arrange for your financial institution to adjust your account (including interest and charges) accordingly. We will also notify you in writing of the amount by which your account has been adjusted. If we find your account has not been incorrectly debited, we will provide you with reasons and any evidence for this finding. If we can not resolve this matter, you can still refer it to your financial institution, which may lodge a claim on your behalf. As part of ING s ongoing commitment to reducing our impact on the environment, the paper used in this document is Forest Stewardship Council (FSC) approved. 22

20 ING Life Limited ABN AFSL Kent Street Sydney NSW 2000 Phone L4011/0908 L4011/0509