WHAT IS FUNERAL INSURANCE?

Size: px
Start display at page:

Download "WHAT IS FUNERAL INSURANCE?"

Transcription

1 FUNERAL INSURANCE This fact sheet is for information only. It is recommended that you get legal advice about your situation. CASE STUDY CALL THE INSURANCE LAW SERVICE ON Financial Rights Legal Centre Inc. ABN Fact sheets are information only and should not be relied upon as legal advice. This information only applies to NSW FRLC FINANCIAL NSW. RIGHTS All rights reserved. In 2006 Grace took out a funeral insurance policy. She told the telephone salesman that she could afford premiums of $30.00 per fortnight. She was told that if she took a stepped premium the premiums would increase only by little amounts each year. She initially took out a policy for $7000 cover at premiums of $30.63 per fortnight. By 2013 the premiums had risen to $62.97 per fortnight (100% increase), but her cover is only $8500 (20% increase). Grace s only source of income was the aged pension. Her situation now is that after paying for her nursing home accommodation and funeral insurance, Grace has $10 per week to live on. The premiums are expected to rise again next year and the policy will soon require more to be paid in premiums than she has each month after nursing home care. When that happens Grace will be forced to cancel her insurance policy and all of her payments will be lost. WHAT IS FUNERAL INSURANCE? Funeral Insurance is a type of insurance that you take out to cover the cost of your funeral after you die. Sometimes it is called a Funeral Plan or Funeral Expenses Insurance. Depending on the type of funeral you would like to have, you can usually choose from $5,000 to $15,000 to cover the cost of a funeral. After you die this money will be paid to whichever friend or family member you have nominated. Planning for how you are going to pay for your funeral is a good idea, and will save your family money and stress when the time comes. However, funeral insurance may not be your best option. Like life insurance, as you get older the cost of funeral insurance will usually increase, so you need to think about whether you can afford funeral insurance over the next 10, 20 or more years. THINGS TO CONSIDER Before buying funeral insurance, check whether it is worth the money. Will you be paying more for the insurance than the funeral will actually cost? 1 FINANCIAL RIGHTS LEGAL CENTRE FINANCIAL FUNERAL INSURANCE

2 Will your premiums increase and will you be able to keep paying them? Ask what will my premiums be in 5 years? Think long-term and remember if you can t keep up the payments you are likely to lose all the money you have paid towards the insurance. To estimate how long you will live, visit the My Longevity website: As most insurers only cover accidental death in the first year (sometimes in the first 2 years), if you die from a terminal illness in this time you may not be covered. Check the policy s terms and conditions. Sometimes it can take a while for your family to receive the insurance payout to cover funeral costs. MAIN PROBLEMS: Most funeral plans are stepped policies and the Premiums for funeral insurance WILL INCREASE as you get older. Unless you die in the next 5-10 years you will end up paying more than the cost of the funeral you will receive. If you end up living on the Pension, you will probably not be able to afford the rising cost of this insurance product, and if you miss your payments your policy INCREASING PREMIUMS Not only will you need to keep making payments over the years, but premiums usually increase with age and grow over time. If the premium payments become unaffordable for you and you stop paying them, your policy is likely to be cancelled. You will not get back the money that you have paid towards your policy. Different insurers have different rules, so read the Product Disclosure Statement carefully before you sign up. FUNERAL INSURANCE CAN BE MISLEADING FOR CONSUMERS Marketing: There is almost saturation marketing of funeral insurance on daytime television. These advertisements target the elderly and the vulnerable with marketing slogans such as Don t be a burden on your loved ones. Point of Sale: In the cases we ve seen, vulnerable consumers are being misled about the costs of the premiums. In particular, when they enter these contracts over the phone, consumers aren t being told that the premiums will rise or are not being told the extent by which they will 2 FINANCIAL RIGHTS LEGAL CENTRE FUNERAL FINANCIAL INSURANCE

3 rise. Many of our clients have told us if they had known before they took out the insurance that their premiums would have almost doubled in five years, they never would have taken the insurance out. Once signed up: Many consumers are reluctant to withdraw from a contract once they ve signed up and some are even willing to go through significant hardship rather than fail to honour a contract they ve signed up to. CASE STUDY Nabil is a Disability Support Pensioner. He is from a non English speaking background whose cultural norm is that elaborate funerals are held upon the death of a parent. He cares for his elderly mother and worries about how he will pay for her funeral when she dies. In 2005 having seen a day time television advertisement promoting funeral insurance, Nabil rang the insurance company and arranged insurance for himself and his mother. The premiums were much more expensive that those in the advertisement but he was just able to afford them. The transcripts from the telephone conversations with the insurer reveal that when he asked about whether the premiums would rise, the following occurred: He was told that it would take 9 years of premiums to pay to equal the payout on the policy. This calculation was based on the premium at the time the policy was taken out, implying the premiums would not rise, and He was told that in the first year the premium for his policy would rise by less than $1.00 per fortnight. This hid the steep increase for his mother s premium. After five years the premiums had increased by 83%. Nabil says this possibility was never made clear to him at the time of the policy s inception. He says that had he known the premiums would rise in the way that they did he would never have taken out the policy. Nabil maintained the policy for as long as he could. Essentially he was throwing good money after bad. Eventually he could no longer afford the premiums and had to cancel the policy. He had paid over $16,000. WHEN CAN YOU CANCEL A FUNERAL INSURANCE POLICY? Under the law you are provided with a cooling-off period, normally around 14 days after you purchase a policy. You can cancel your policy in this period and get a full refund provided that you have not made a claim. Some insurers may charge an administration fee for the cancellation. You can cancel your funeral insurance policy at any time after the cooling off period by contacting your insurer. 3 FINANCIAL RIGHTS LEGAL CENTRE FUNERAL FINANCIAL INSURANCE

4 GETTING PREMIUMS BACK If you think you have been misled by an Insurance company when you signed-up for funeral insurance, there are some steps you can take. 1. Request any recordings of the phone conversation where you were told about your funeral insurance policy. 2. Once you have listened to the tapes, if the company did not adequately explain that your premiums would go up over time, call the Insurance Law Service. Our number is We are a free service. 3. You can raise a dispute with the insurer. If the dispute is not resolved you can lodge a dispute with the Financial Ombudsman Service. ALTERNATIVES TO FUNERAL INSURANCE Pre-paid funerals: can be a good option, particularly if no chance you ll move interstate before you die and the company is reputable. Read the fine print. Many companies will let you pay by instalments. Funeral bonds: an investment product that accrues interest. High-interest savings account: Opening a joint-bank account in your name, and the name of a family member can be a really simple and effective way to pay for your funeral for three reasons: First, you can put in a small payment every fortnight, depending on what is affordable to you at any one time Second, your family member can access those funds as soon as they are needed for your funeral, unlike insurance payments that can take time to be released Third, there is no risk that your payments will be lost if you miss a few payments, or even completely stop making payments. Your money is safe, and will continue to accrue interest. Super: If you have super, when you die your super fund will pay out your super balance and any associated life insurance to your family. Some of this money can be used to pay for a funeral, and requested urgently. Talk to your super fund to see what approach it takes. Getting Super released early: In some circumstances (like if you have a terminal illness) you may be able to get hold of your super early to cover funeral expenses. You may also be able to get your super early to pay funeral expenses of a dependent. Go to the Department of Human Services webpage on early release of superannuation or see getting super early for more details. 4 FINANCIAL RIGHTS LEGAL CENTRE FUNERAL FINANCIAL INSURANCE

5 If you are a Veteran: You may be entitled to funeral payments from the Department of Veterans Affairs (DVA), your trade union, or your state or territory government. See the publication DVA: What to do when someone dies ( for regional callers). If your family is on Centrelink: A bereavement payment may be available through the Department of Human Services. See their webpage on what to do following a death or call ( for TTY service). SUMMARY Take Care! Unless you die within 5 years of taking out the policy this is unlikely to be the best product for you. If you are on the pension, there is a very high probability that you will have to cancel the policy before you die because you ll be unable to afford the premiums. If you are on a higher income and can afford the rising premiums there s almost certainly a better product out there. IF YOU ALREADY HAVE FUNERAL INSURANCE The Insurance Law Service would be happy to talk to you about the possibility of getting some of your premiums back. Our number is We are a free service. You can lodge a dispute with the Financial Ombudsman Service. NEED SOME MORE HELP? See Fact Sheet: Getting Help for a list of additional resources. Last Updated: February FINANCIAL RIGHTS LEGAL CENTRE FUNERAL FINANCIAL INSURANCE

FUNERAL PLAN. Paying for funerals

FUNERAL PLAN. Paying for funerals FUNERAL PLAN Paying for funerals About ASIC and MoneySmart The Australian Securities and Investments Commission (ASIC) regulates financial products. ASIC s MoneySmart website gives people tips and tools

More information

Time to end the funeral insurance rip-off: a Consumer Strategy for a fairer deal

Time to end the funeral insurance rip-off: a Consumer Strategy for a fairer deal Time to end the funeral insurance rip-off: a Consumer Strategy for a fairer deal Consumers are increasingly keen to plan financially for all significant life events, including the first thing that happens

More information

Peace of mind from about the cost of a cup of coffee

Peace of mind from about the cost of a cup of coffee FUNERAL plan Product Disclosure Statement Peace of mind from about the cost of a cup of coffee Call now for a $6,000 Funeral Plan from just $3.41* a week InsuranceLine, a trading name of TAL Direct Pty

More information

COVER THOSE YOU LOVE A GUIDE TO LIFE INSURANCE SUNCORP LIFE PROTECT

COVER THOSE YOU LOVE A GUIDE TO LIFE INSURANCE SUNCORP LIFE PROTECT COVER THOSE YOU LOVE A GUIDE TO LIFE INSURANCE SUNCORP LIFE PROTECT THE EASY WAY TO PROTECT YOUR FAMILY You ve made the smart decision to learn about life insurance. Now we can make it easy for you to

More information

There s more to an estate plan than just funding your funeral costs

There s more to an estate plan than just funding your funeral costs There s more to an estate plan than just funding your funeral costs National Seniors Premium Funeral & Estate Plan is issued by MetLife Insurance Limited ABN 75 004 274 882 AFSL 238096 (MetLife). Product

More information

Insurance Law Service

Insurance Law Service April 2013 Submission to Good Shepherd Microfinance regarding its Microinsurance Discussion Paper by the Insurance Law Service (a project of the Consumer Credit Legal Centre (NSW) Inc) The Consumer Credit

More information

Funeral insurance: A snapshot

Funeral insurance: A snapshot REPORT 454 Funeral insurance: A snapshot October 2015 About this report This report is for providers of funeral insurance products, consumers of these products and other interested parties (e.g. consumer

More information

A simple, affordable way to give peace of mind to the people who matter most

A simple, affordable way to give peace of mind to the people who matter most GUARANTEED 50 PLUS LIFE COVER A simple, affordable way to give peace of mind to the people who matter most Want to know more? Please talk to your adviser The average cost of a burial in the UK is currently

More information

Funeral Plan. Product Disclosure Statement. Rewarding experience

Funeral Plan. Product Disclosure Statement. Rewarding experience Funeral Plan Product Disclosure Statement Rewarding experience This product and product disclosure statement are issued by Suncorp Life & Superannuation Limited ABN 87 073 979 530 AFSL 229880 under the

More information

Suncorp Funeral Plan. Product Disclosure Statement

Suncorp Funeral Plan. Product Disclosure Statement Suncorp Funeral Plan Product Disclosure Statement Prepared on: 14 February 2014 Effective date: 12 March 2014 Important information This is the Product Disclosure Statement (PDS) for Suncorp Funeral Plan.

More information

Making Sense of Prepaid Funerals

Making Sense of Prepaid Funerals Making Sense of Prepaid Funerals Thank you for enquiring about a prepaid funeral service with Stephen Baggs Funeral Directors. When people are first thinking of paying for a prepaid funeral we have often

More information

Suncorp Life Protect Product Disclosure Statement

Suncorp Life Protect Product Disclosure Statement Suncorp Life Protect Product Disclosure Statement Prepared on: 20 February 2015 Effective date: 30 March 2015 Important Information This is the Product Disclosure Statement (PDS) for Suncorp Life Protect.

More information

Product Disclosure Statement

Product Disclosure Statement GIO Funeral Plan Product Disclosure Statement This product and Product Disclosure Statement are issued by Suncorp Life & Superannuation Limited ABN 87 073 979 530 AFSL 229880 under the brand, GIO. Important

More information

Having to front up with the thousands needed is the last thing your family should have to worry about at a difficult time.

Having to front up with the thousands needed is the last thing your family should have to worry about at a difficult time. The Funeral Plan Death is one of the few predictable things in our lives. Another is that putting off planning for it won t prevent it or make it any easier on those you leave behind. Funerals don t come

More information

Personal Loan Protection. Product Disclosure Statement and policy wording

Personal Loan Protection. Product Disclosure Statement and policy wording Personal Loan Protection Product Disclosure Statement and policy wording Effective 13 July 2015 Introducing Personal Loan Protection. What is it? Personal Loan Protection is insurance designed to help

More information

WHAT IS REPOSSESSION?

WHAT IS REPOSSESSION? MORTGAGE STRESS This fact sheet is for information only. It is recommended that you get legal advice about your situation. This fact sheet should be read with the following fact sheets: 1. Fact Sheet:

More information

Do you know enough about long-term Insurance? Consumer rights and responsibilities

Do you know enough about long-term Insurance? Consumer rights and responsibilities Do you know enough about long-term Insurance? Consumer rights and responsibilities What is long-term insurance? Death, retirement and disability are life changing events that are covered by long-term insurance.

More information

This fact sheet explains your legal rights and options, as well as containing contact details for organisations that may be able to help you.

This fact sheet explains your legal rights and options, as well as containing contact details for organisations that may be able to help you. Insurance This fact sheet explains your legal rights and options, as well as containing contact details for organisations that may be able to help you. This fact sheet has been prepared as a guide only

More information

Super Saver Induction Booklet

Super Saver Induction Booklet VISION SUPER YOUR INDUSTRY SUPER FUND Super Saver Induction Booklet December 2013 99 Low fees and great value for money 99 Automatic Income Protection and Death & Disability cover 99 No commissions or

More information

Superannuation and cancer

Superannuation and cancer Many people with cancer have concerns about superannuation. This fact sheet explains how to access your superannuation and insurance benefits from your fund. Finding all of your superannuation It s common

More information

Understanding Superannuation

Understanding Superannuation Understanding Superannuation Client Fact Sheet July 2012 Superannuation is an investment vehicle designed to assist Australians save for retirement. The Federal Government encourages saving through superannuation

More information

Superannuation and cancer

Superannuation and cancer Many people with cancer have concerns about superannuation. This fact sheet explains how you may be able to access your superannuation and the insurance benefits attached to your fund. Finding all of your

More information

Buying a funeral plan

Buying a funeral plan April 2004 Buying a funeral plan Financial Services Authority This leaflet is for you if: you are thinking about buying a pre-paid funeral plan. It explains: what funeral plans are; and what to look for

More information

Credit Card Repayment Protection

Credit Card Repayment Protection Credit Card Repayment Protection Product Disclosure Statement and policy wording Effective 13 July 2015 1 Introducing Credit Card Repayment Protection. What is it? Credit Card Repayment Protection is insurance

More information

Flexi Loan Repayment Protection

Flexi Loan Repayment Protection Flexi Loan Repayment Protection Product Disclosure Statement and policy wording 1 Effective 13 July 2015 Introducing Flexi Loan Repayment Protection. What is it? Flexi Loan Repayment Protection is insurance

More information

LV= LIFE LV= LIFE INSURANCE. Policy Summary

LV= LIFE LV= LIFE INSURANCE. Policy Summary LV= LIFE LV= LIFE INSURANCE INSURANCE Policy Summary LV= Life Insurance Policy Summary In this summary, we try to help you by giving you the key facts of the plan. It doesn t set out the full terms and

More information

Insurance. Insurance. My home is insured. What should I do first?

Insurance. Insurance. My home is insured. What should I do first? Insurance This chapter has information for people with insurance queries who experienced loss because of the February 2009 Victorian bushfires. It also has information on financial and other help. My home

More information

Supplementary Product Disclosure Statement

Supplementary Product Disclosure Statement Supplementary Product Disclosure Statement 12 March 2014 This Supplementary Product Disclosure Statement (SPDS) is dated 12 March 2014, and supplements each Product Disclosure Statement and Policy (PDS)

More information

LIFE INSURANCE. Product Disclosure Statement

LIFE INSURANCE. Product Disclosure Statement LIFE INSURANCE Product Disclosure Statement This product and Product Disclosure Statement are issued by Suncorp Life & Superannuation Limited ABN 87 073 979 530 AFSL 229880 under the brand, AAMI. Contents

More information

Personal Insurance. Do I need Life cover and TPD cover? pr tect. their tomorrows

Personal Insurance. Do I need Life cover and TPD cover? pr tect. their tomorrows Personal Insurance Do I need Life cover and TPD cover? pr tect their tomorrows Life cover and Total and Permanent Disablement (TPD) cover provide you with the comfort of knowing that a lumpsum will be

More information

Unbreak my heart: The crippling effect of health struggles on your finances

Unbreak my heart: The crippling effect of health struggles on your finances April 10th, 2013 by Ardent Financial Group Unbreak my heart: The crippling effect of health struggles on your finances The critical role of critical illness insurance in protecting your finances during

More information

This fact sheet explains your legal rights and options, and provides contact details for organisations that may be able to help you.

This fact sheet explains your legal rights and options, and provides contact details for organisations that may be able to help you. Managing Debt This fact sheet explains your legal rights and options, and provides contact details for organisations that may be able to help you. This fact sheet has been prepared as a guide only and

More information

Repayment Protection Insurance. A helping hand when you need it most. Policy Document. All you need to know about insurance for your personal loan.

Repayment Protection Insurance. A helping hand when you need it most. Policy Document. All you need to know about insurance for your personal loan. Repayment Protection Insurance A helping hand when you need it most. Policy Document. All you need to know about insurance for your personal loan. DISCLOSURE STATEMENT FINANCIAL ADVISERS ACT 2008 The information

More information

BUYER S GUIDE TO FIXED DEFERRED ANNUITIES

BUYER S GUIDE TO FIXED DEFERRED ANNUITIES BUYER S GUIDE TO FIXED DEFERRED ANNUITIES Prepared by the National Association of Insurance Commissioners The National Association of Insurance Commissioners is an association of state insurance regulatory

More information

LV= LIFE LV= LIFE INSURANCE

LV= LIFE LV= LIFE INSURANCE LV= LIFE LV= LIFE INSURANCE INSURANCE Key features of the LV= Life Insurance plan The Financial Conduct Authority is a financial services regulator. It requires us, LV=, to give you this important information

More information

Funeral Plan. Rewarding experience

Funeral Plan. Rewarding experience Funeral Plan Policy Document Rewarding experience This product and policy document are issued by Suncorp Life & Superannuation Limited ABN 87 073 979 530 AFSL 229880 under the brand, Apia. Contents 1.0.

More information

FUNERALPLAN BOND DISCLOSURE DOCUMENT

FUNERALPLAN BOND DISCLOSURE DOCUMENT Dated 3 August 2015 FUNERALPLAN BOND DISCLOSURE DOCUMENT Incorporating Travel Protection Plan Issuer: Lifeplan Australia Friendly Society Limited ABN: 78 087 649 492, AFS Licence No. 237989 FuneralPlan

More information

GIO Funeral Insurance

GIO Funeral Insurance GIO Funeral Insurance Product Disclosure Statement and Policy Document Prepared on: 19 September 2014 Effective date: 20 October 2014 This product and combined Product Disclosure Statement and Policy Document

More information

What You Should Know About Buying. Life Insurance

What You Should Know About Buying. Life Insurance What You Should Know About Buying Life Insurance Life insurance is the foundation of financial security for you and your family. It protects your financial resources against the uncertainties of life so

More information

Your insurance options with Prime Super (Prime division)

Your insurance options with Prime Super (Prime division) FACT SHEET Your insurance options with Prime Super (Prime division) Now incorporating 1 May 2014 If something were to unexpectedly go wrong, life insurance is a vital safety net to protect your loved ones.

More information

First Home Saver Account Product Disclosure Statement (PDS)

First Home Saver Account Product Disclosure Statement (PDS) First Home Saver Account Product Disclosure Statement (PDS) Effective date: 31 March 2015 This booklet should be read in conjunction with the Terms and Conditions contained in the Financial Service Guide

More information

Superannuation & Disability Claims Securing your future

Superannuation & Disability Claims Securing your future Superannuation & Disability Claims Securing your future Great people Great results Great value Established 1952 Superannuation & Disability Claims When you are unable to work because of injury or illness,

More information

Fixed Deferred Annuities

Fixed Deferred Annuities Buyer s Guide to: Fixed Deferred Annuities National Association of Insurance Commissioners 2301 McGee St Suite 800 Kansas City, MO 64108-2604 (816) 842-3600 1999, 2007 National Association of Insurance

More information

BUYER S GUIDE TO FIXED DEFERRED ANNUITIES

BUYER S GUIDE TO FIXED DEFERRED ANNUITIES BUYER S GUIDE TO FIXED DEFERRED ANNUITIES IT IS IMPORTANT that you understand the differences among various annuities so you can choose the kind that best fits your needs. This guide focuses on fixed deferred

More information

COMMONWEALTH BANK FIRST HOME SAVER ACCOUNT. Product Disclosure Statement. (No longer available for sale)

COMMONWEALTH BANK FIRST HOME SAVER ACCOUNT. Product Disclosure Statement. (No longer available for sale) COMMONWEALTH BANK FIRST HOME SAVER ACCOUNT Product Disclosure Statement. (No longer available for sale) 29 January 2015 Contents 1. Who can have a First Home Saver Account 2. How the First Home Saver Account

More information

Life insurance and TPD cover. Protect their tomorrows

Life insurance and TPD cover. Protect their tomorrows Life insurance and TPD cover Protect their tomorrows Life cover and Total and Permanent Disablement (TPD) cover provide you with the comfort of knowing that a lump sum will be paid if you were to die,

More information

Repayment Protection Insurance. A helping hand when you need it most. Policy Document. All you need to know about insurance for your personal loan.

Repayment Protection Insurance. A helping hand when you need it most. Policy Document. All you need to know about insurance for your personal loan. Repayment Protection Insurance A helping hand when you need it most. Policy Document. All you need to know about insurance for your personal loan. The issuers are Hallmark Life Insurance Company Ltd. (Hallmark

More information

Deciphering Life Insurance Options: How Choosing the Right Policy Can Help Safeguard Your Earning Potential and Savings

Deciphering Life Insurance Options: How Choosing the Right Policy Can Help Safeguard Your Earning Potential and Savings How Choosing the Right Policy Can Help Safeguard Your Earning Potential and Savings 1 Many people think of life insurance as something they ll need when they get a bit older and want to ensure their loved

More information

SSS factsheet 14. exchanging your pension for a lump sum

SSS factsheet 14. exchanging your pension for a lump sum exchanging your pension for a lump sum Throughout this fact sheet: exchange is used to mean commutation of your pension to a lump sum apply or application are used to mean elect or election. Contents page

More information

Your Guide. to the Meridian. Personal. Super Plan. Product Disclosure Statement. Issued 1 January 2004 MPS 4

Your Guide. to the Meridian. Personal. Super Plan. Product Disclosure Statement. Issued 1 January 2004 MPS 4 Your Guide to the Meridian Product Disclosure Statement Issued 1 January 2004 Personal Super Plan MPS 4 What this Guide is about MPSuper Product Disclosure Statement This Guide was prepared and issued

More information

A CONSUMER GUIDE TO ANNUITIES INSURANCE ADMINISTRATION

A CONSUMER GUIDE TO ANNUITIES INSURANCE ADMINISTRATION A CONSUMER GUIDE TO ANNUITIES INSURANCE ADMINISTRATION TABLE OF CONTENTS Who We Are...1 How We Help Consumers....1 Resources For Consumers...2 What Is An Annuity?....2 Five Basic Questions For Understanding

More information

USING CREDIT WISELY AFTER BANKRUPTCY

USING CREDIT WISELY AFTER BANKRUPTCY USING CREDIT WISELY AFTER BANKRUPTCY Copyright April 2011, Legal Aid Society of Hawai`i All rights reserved. These materials may be reproduced. However, under no circumstances are persons receiving these

More information

Suncorp Funeral Plan. Policy Document

Suncorp Funeral Plan. Policy Document Suncorp Funeral Plan Policy Document Contents 1.0 Important information 3 2.0 Cooling off period 4 3.0 When does cover start and stop? 4 4.0 Benefits under this policy 5 5.0 Your premium 7 6.0 Claims 8

More information

Your guide to protecting yourself and your loved ones with Aviva

Your guide to protecting yourself and your loved ones with Aviva Your guide to protecting yourself and your loved ones with Aviva Protect what matters most What s the most precious thing in the world to you? There s really only one answer to that the people who are

More information

LIFE, DISABILITY AND INCOME PROTECTION

LIFE, DISABILITY AND INCOME PROTECTION This document forms part of the NGS Super Member Guide (Product Disclosure Statement) dated 14 August 2015 LIFE, DISABILITY AND INCOME PROTECTION * FACT SHEET 6 14 AUGUST 2015 It s vital that you re prepared

More information

Private Loan Guide. Apply for free, federal and state financial aid programs:

Private Loan Guide. Apply for free, federal and state financial aid programs: Private Loan Guide Private loan basics Private student loans are non-federal loans. You should only borrow private loans to fund your education as a last resort. Do all of the following before you consider

More information

Funeral Protection. Product Disclosure Statement and Policy Document. The Power of We. Version 1. Issued 15 August 2011 AIA.COM.AU

Funeral Protection. Product Disclosure Statement and Policy Document. The Power of We. Version 1. Issued 15 August 2011 AIA.COM.AU 1 Funeral Protection Product Disclosure Statement and Policy Document Version 1 Issued 15 August 2011 The Power of We AIA.COM.AU About this booklet We suggest that you keep this booklet in a safe place.

More information

LIFE COVER ARE YOU TAKING THE LEAD IN YOUR LIFE? WHAT IS LIFE COVER? WHAT DOES IT OFFER ME?

LIFE COVER ARE YOU TAKING THE LEAD IN YOUR LIFE? WHAT IS LIFE COVER? WHAT DOES IT OFFER ME? LIFE COVER ARE YOU TAKING THE LEAD IN YOUR LIFE? We may like to think it will never happen to us but the reality is that some of us will die, prematurely, leaving family and loved ones behind. So, have

More information

ASDA Over 50s Life Cover

ASDA Over 50s Life Cover ASDA Over 50s Life Cover Policy Summary and Plan Conditions Document Reference ASDAGWOL3 Provided by ASDA Over 50s Life Cover Policy Summary In this summary, we try to help you by giving you the key facts

More information

CODE OF PRACTICE March 2015

CODE OF PRACTICE March 2015 CODE OF PRACTICE March 2015 CODE OF PRACTICE INDEX 1. CONDUCT. 3 2. MARKETING AND ADVERTISING.. 4 3. INFORMATION.... 4 4. CONTRACTS AND DOCUMENTS..... 5 5. PLAN FUNDS.... 5 6. COMPLAINTS AND DISPUTES..

More information

Australian Communications Consumer Action Network

Australian Communications Consumer Action Network Australian Communications Consumer Action Network Website: www.accan.org.au E-mail: info@accan.org.au Telephone: +61 (0)2 9288 4000 TTY: +61 (0)2 9281 5322 ACCAN is the peak body that represents all consumers

More information

WA Super Insurance Guide

WA Super Insurance Guide MY SUPER APPROVED WA Super Insurance Guide The information in this document forms part of the WA Super Product Disclosure Statement, November 2013 You should read the PDS in conjunction with this Member

More information

PROTECT YOUR INCOME IF YOU CAN T WORK

PROTECT YOUR INCOME IF YOU CAN T WORK This document forms part of the NGS Super Member Guide (Product Disclosure Statement) dated 1 April 2014 PROTECT YOUR INCOME IF YOU CAN T WORK FACT SHEET 7 1 APRIL 2014 It s vital that you re prepared

More information

Using a lawyer as you get older: Ten top tips

Using a lawyer as you get older: Ten top tips Using a lawyer as you get older: Ten top tips www.legalombudsman.org.uk The information in this leaflet is useful for anyone who is considering using a lawyer but it may be particularly useful for people

More information

Life Insurance Buyer s Guide

Life Insurance Buyer s Guide Life Insurance Buyer s Guide This guide can help you when you shop for life insurance. It discusses how to: Find a policy That Meets Your Needs and Fits Your Budget Decide How Much Insurance You Need Make

More information

Superannuation And Insurance For. People With Cancer (NEW SOUTH WALES EDITION)

Superannuation And Insurance For. People With Cancer (NEW SOUTH WALES EDITION) Superannuation And Insurance For People With Cancer (NEW SOUTH WALES EDITION) Prepared by John Berrill John Berrill Maurice Blackburn Lawyers Level 20, 201 Elizabeth Street, Sydney Phone: 1800 810 812

More information

Funeral Cover. Life cover. Retirement annuity. Savings products. Other products from Assupol you can consider. Progress Accident Plan.

Funeral Cover. Life cover. Retirement annuity. Savings products. Other products from Assupol you can consider. Progress Accident Plan. Other products from Assupol you can consider Life cover Progress 4Sure Plan no blood test Progress Legacy Plan blood test Progress Accident Plan Savings products Maximumwealth Cash Provider Maximumwealth

More information

A basic guide to the Court of Protection

A basic guide to the Court of Protection 1 A basic guide to the Court of Protection 2 Table of contents Page Who is this guide for? 4 What is the Court of Protection? 4 What can the Court of Protection do? 5 What is the law that applies to the

More information

Going into hospital money matters

Going into hospital money matters Going into hospital money matters RET0403 Being admitted to hospital either voluntarily or under section can be a distressing experience. Often money may be the last thing on your mind. However if neither

More information

Redundancy A guide to the right choices

Redundancy A guide to the right choices 1 July 2007 Redundancy A guide to the right choices Inside this guide Introduction What benefits will you receive? How are these benefits taxed? What to consider when receiving an employment termination

More information

Understanding social security Version 5.0

Understanding social security Version 5.0 Understanding social security Version 5.0 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to social security.

More information

Get to know your options for protecting yourself and your family

Get to know your options for protecting yourself and your family Get to know your options for protecting yourself and your family LifeProtect Guide Allow us to introduce ourselves. We are Zurich. We are part of a global insurance group with Swiss roots. We are one of

More information

Trans$ure SM interest sensitive whole life insurance

Trans$ure SM interest sensitive whole life insurance YOUR FAMILY DESERVES A BETTER TOMORROW Trans$ure SM Underwritten by Transamerica Life Insurance Company, Cedar Rapids, Iowa. 4% guaranteed interest rate and coverage for your eligible family members. Now

More information

CLIENT FACT SHEET. If you are under age 65 you may make personal contributions to superannuation on your own behalf.

CLIENT FACT SHEET. If you are under age 65 you may make personal contributions to superannuation on your own behalf. CLIENT FACT SHEET July 2010 Understanding superannuation and superannuation contributions Superannuation is an investment vehicle designed to assist Australians in saving for their retirement. The Government

More information

CAR ACCIDENTS FREQUENTLY ASKED INSURANCE QUESTIONS

CAR ACCIDENTS FREQUENTLY ASKED INSURANCE QUESTIONS FREQUENTLY ASKED INSURANCE QUESTIONS MAKE SURE YOU HAVE A COPY OF YOUR INSURANCE CONTRACT (THIS IS COMPRISED OF YOUR PRODUCT DISCLOSURE STATEMENT (PDS) AND YOUR CERTIFICATE OF INSURANCE). CAR ACCIDENTS

More information

DECEMBER 2006 SIMPLIFIED DESCRIPTION OF POLICY FULL NAME AND CONTACT DETAILS OF INSURER/ LETTERHEAD TO BE SHOWN HERE HOW THE POLICY WORKS

DECEMBER 2006 SIMPLIFIED DESCRIPTION OF POLICY FULL NAME AND CONTACT DETAILS OF INSURER/ LETTERHEAD TO BE SHOWN HERE HOW THE POLICY WORKS DECEMBER 2006 SIMPLIFIED DESCRIPTION OF POLICY FULL NAME AND CONTACT DETAILS OF INSURER/ LETTERHEAD TO BE SHOWN HERE HOW THE POLICY WORKS Before you apply for the policy you must see how it works and be

More information

Complaint about your pension? Here s how we can help

Complaint about your pension? Here s how we can help Complaint about your pension? Here s how we can help When I retired I should have received my pension straightaway but it took months to organise. I m ill and unable to work. My pension scheme allows for

More information

Product Disclosure Statement

Product Disclosure Statement Product Disclosure Statement MYSUPER AUTHORISATION NUMBER 72229227691044 1 July 2014 NESS Super, the industry fund to power your financial future inside 1 About NESS Super 2 2 How super works 2 3 Benefits

More information

ACCESSING YOUR SUPERANNUATION EARLY. 1. Relief from current financial burden

ACCESSING YOUR SUPERANNUATION EARLY. 1. Relief from current financial burden ACCESSING YOUR ANNUATION EARLY This factsheet focuses on Accessing Superannuation Early. This fact sheet is for information only. It is recommended that you get legal advice about your situation. For more

More information

FAMILY PROTECTION MADE EASY. A guide to life assurance

FAMILY PROTECTION MADE EASY. A guide to life assurance FAMILY PROTECTION MADE EASY A guide to life assurance INTRODUCTION Your Health is your Wealth - I genuinely believe that to be true. I work in the A&E Department of a large hospital and every day I see

More information

Sanlam icover Funeral Plan

Sanlam icover Funeral Plan Sanlam icover Funeral Plan Policy Document Thank you for buying the Sanlam icover Funeral Plan Starter Pack. Choose one of the policies in the Starter Pack for you and your loved ones and take a step closer

More information

St.George Quick Cover

St.George Quick Cover St.George Quick Cover St.George Quick Cover is the fast and easy way to help protect the people you care about. Product Disclosure Statement and Policy Wording (PDS). Effective Date: 20 October 2014 Issued

More information

KEY FEATURES OF THE PROTECTED RETIREMENT PLAN

KEY FEATURES OF THE PROTECTED RETIREMENT PLAN KEY FEATURES OF THE PROTECTED RETIREMENT PLAN Customer version The Financial Conduct Authority is a financial services regulator. It requires us, LV=, to give you this important information to help you

More information

Key features of Tesco Bank Over 50 s Life Assurance

Key features of Tesco Bank Over 50 s Life Assurance Key features of Tesco Bank Over 50 s Life Assurance Key features of Tesco Bank Over 50 s Life Assurance Tesco Bank Over 50 s Life Assurance is provided by Aviva Life & Pensions UK Limited. Any references

More information

K.4 Using Credit Wisely After Bankruptcy

K.4 Using Credit Wisely After Bankruptcy Appx. K.4 K.4 Using Credit Wisely After Bankruptcy Beware of Credit Offers Aimed at Recent Bankruptcy Filers Disguised Reaffirmation Agreement Carefully read any credit card or other credit offer from

More information

Challenger Adviser support tools

Challenger Adviser support tools Adviser support tools Brochures Calculators Webcasts and animation Always ready to provide support. We offer a range of retirement tools, calculators and resources online to help you ensure your clients

More information

Insurance. Covered, just in case. - How much cover do we need? - Buying insurance - Types of insurance - Where to go for help

Insurance. Covered, just in case. - How much cover do we need? - Buying insurance - Types of insurance - Where to go for help Insurance Covered, just in case - How much cover do we need? - Buying insurance - Types of insurance - Where to go for help Sorted by the Commission for Financial Capability How much cover do we need?

More information

Thinking of using the equity in your home? An independent guide to using the equity in your home

Thinking of using the equity in your home? An independent guide to using the equity in your home Thinking of using the equity in your home? An independent guide to using the equity in your home About ASIC The Australian Securities and Investments Commission (ASIC) regulates financial advice and financial

More information

Funeral Plan. Product Disclosure Statement (PDS) Issue Date: 14 May 2012. Funeral Plan is issued by MetLife Insurance Limited

Funeral Plan. Product Disclosure Statement (PDS) Issue Date: 14 May 2012. Funeral Plan is issued by MetLife Insurance Limited Funeral Plan Product Disclosure Statement (PDS) Issue Date: 14 May 2012 Funeral Plan is issued by MetLife Insurance Limited What is a Product Disclosure Statement? A Product Disclosure Statement (PDS)

More information

Funeral Preplanning Options

Funeral Preplanning Options MH O ROURKE FUERAL SERVICES 1800 FUERAL (1800 386 372) 113 Crawford Street Queanbeyan SW 2620 P: (02) 6297 1052 E: webmail@orourkefunerals.com.au Funeral Preplanning Options A GUIDE TO THE OPTIOS AVAILABLE

More information

TROUBLESHOOTING TIPS AND INFORMATION

TROUBLESHOOTING TIPS AND INFORMATION TROUBLESHOOTING TIPS AND INFORMATION This document provides information about how to manage financial issues in a variety of areas and lists additional useful websites where you can obtain further assistance.

More information

Over 50s Life Cover. Policy Summary and Plan Conditions Document Reference ASDAGWOL3. Provided by

Over 50s Life Cover. Policy Summary and Plan Conditions Document Reference ASDAGWOL3. Provided by Over 50s Life Cover Policy Summary and Plan Conditions Document Reference ASDAGWOL3 Provided by ASDA Over 50s Life Cover Policy Summary In this summary, we try to help you by giving you the key facts of

More information

The Funeral Directors Association of New Zealand. Pre-arrange your. Funeral. Caring Funeral Professionals. The FDANZ Funeral Trust

The Funeral Directors Association of New Zealand. Pre-arrange your. Funeral. Caring Funeral Professionals. The FDANZ Funeral Trust Caring Funeral Professionals The FDANZ Funeral Trust The Funeral Directors Association of New Zealand Pre-arrange your Funeral The FDANZ Funeral Trust is a pre-arranged funeral plan available through members

More information

What You Should Know About Buying. Life Insurance

What You Should Know About Buying. Life Insurance What You Should Know About Buying Life Insurance Life insurance is the foundation of financial security for you and your family. It protects your financial resources against the uncertainties of life so

More information

Funeral Benefit Option

Funeral Benefit Option Provided by: Funeral Benefit Option Aviva, the provider of your Tesco Bank Over 50 s Life Assurance Policy, has teamed up with The Co-operative Funeralcare, the UK s leading funeral provider, to offer

More information

Credit cards & store cards

Credit cards & store cards Factsheet July 2012 Credit cards are a convenient form of shortterm finance. Store cards are credit cards issued by particular retail stores. Both types of card are easy to get and easy to use. With a

More information

Get to know your options for protecting you and your family from risk. Your guide to group life and disability cover for IMO members

Get to know your options for protecting you and your family from risk. Your guide to group life and disability cover for IMO members Get to know your options for protecting you and your family from risk Your guide to group life and disability cover for IMO members Welcome We can t predict what life has in store when it comes to things

More information

Chapter 12. Life Insurance: An Introduction. Chapter 12 Learning Objectives. Life Insurance

Chapter 12. Life Insurance: An Introduction. Chapter 12 Learning Objectives. Life Insurance Chapter 12 Life Insurance McGraw-Hill/Irwin Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved. 12-1 Chapter 12 Learning Objectives 1. Define Life insurance and describe its purpose

More information

HEARTS &MINDS. Consumer Study. Understanding Long-Term Care Buyers. Mutual of Omaha Insurance Company United of Omaha Life Insurance Company

HEARTS &MINDS. Consumer Study. Understanding Long-Term Care Buyers. Mutual of Omaha Insurance Company United of Omaha Life Insurance Company Consumer Study Understanding Long-Term Care Buyers Mutual of Omaha Insurance Company United of Omaha Life Insurance Company HEARTS &MINDS M28080 For producer use only. Not for use with the general public.

More information

Precision Engineered Protection

Precision Engineered Protection Precision Engineered Protection Essential protection for your Volkswagen Volkswagen has a reputation for thinking differently and Volkswagen Insurance is a little bit different too. Naturally, we ve designed

More information