Bill Cover. Product Disclosure Statement and Policy Wording (PDS) Stay one step ahead of your expenses when the unexpected happens.

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1 Westpac Bill Cover Stay one step ahead of your expenses when the unexpected happens. Product Disclosure Statement and Policy Wording (PDS) i Effective Date: 20 October 2014 This PDS and Policy Wording is issued by: Westpac Life Insurance Services Limited ABN AFSL No (Westpac Life)

2 Who s responsible for Westpac Bill Cover Westpac Bill Cover is issued by Westpac Life, located at: Level 20, Westpac Place, 275 Kent Street, Sydney, NSW Westpac Life is a wholly owned subsidiary of Westpac Banking Corporation (the Bank) ABN This product is distributed by the Bank. Westpac Bill Cover is not a deposit with or liability of the Bank. Neither the Bank, nor any other member of the Westpac Group* (other than Westpac Life) stands behind or is otherwise responsible for the insurance or the payment of any claims. This Westpac Bill Cover Product Disclosure Statement and Policy Wording (PDS) has been prepared and issued solely by Westpac Life. Westpac Life is the insurer and all references to we, us and our in this PDS are references to Westpac Life, not the Bank, except where otherwise indicated. The policy wording in this PDS together with the Policy Schedule we send you after we accept your application will be the terms and conditions of your policy. They describe the insurance we ll provide for you in return for you paying your premium as required. Make sure you keep a copy of these documents in a safe place so you can refer to them if you have questions or need to make a claim. Please ensure you carefully read this PDS and understand the extent of cover before completing your application. We are happy to explain the benefits of this insurance. If you require further information please contact us on , 8am to 6.30pm (Sydney time), Monday to Friday. *The Westpac Group means Westpac Banking Corporation and its related bodies corporate.

3 IMPORTANT INFORMATION Changes to the PDS: The information in this PDS is current at the date of preparation and may change. If we become aware of any change that is materially adverse to potential policy holders, we will issue a supplementary or replacement PDS. Updates of information that is not materially adverse to potential policy holders are available at any time on our website at: westpac.com.au (search for Bill Cover ) or by calling us on for a free paper copy. General advice: The information in this PDS is general in nature and does not take into account your personal objectives, financial situation or needs. So in deciding whether this insurance is right for you, you should consider the information in this PDS carefully, having regard to your own personal circumstances. Your Duty of Disclosure: In applying for this insurance, it is important that you comply with your Duty of Disclosure. Please refer to page 8 of the PDS to ensure you understand this important duty. Some words have particular meanings: In this PDS, words that have a particular meaning use italics and Capitalised First Letters you can check their meaning in the Glossary Section. When we say you or your in this PDS, depending on the context, we mean either the person applying for cover, or the person who is named as the Life Insured in the Policy Schedule and who we agree to insure. We, us and our means Westpac Life. iii

4 Table of Contents Introducing Westpac Bill Cover 1 Knowing what you are getting...1 We focus on the good stuff...1 Choosing the right protection...1 Making the choice easy...2 Your policy Understanding your cover 3 What is included...3 What isn t included (exclusions)...4 Level of cover 6 Total Disability Benefit...6 Total Disability that recurs...7 Your policy From start to finish 8 1. Applying for a policy Commencing and maintaining your policy Your costs How and when to make a claim When does your policy end? Other important information 16 We are here for you along the way 17 Resolving your complaints We respect your privacy 18 Why we collect your personal information Disclosing your personal information Other important information about privacy Communications from us Glossary 20 iv

5 Introducing Westpac Bill Cover The terms and conditions of your cover are set out in the next few sections of this PDS and the Policy Schedule we send you. But before that, we wanted to say a little about the cover we provide and about life insurance more generally. Before you read any further Westpac Bill Cover is available to persons permanently residing in, and receiving this PDS, within Australia, employed in Australia and working 15 hours or more a week in paid employment. You can only have one Westpac Bill Cover policy in place at any one time. You cannot transfer ownership of this policy. For people who do not meet these eligibility criteria, please call us on , 8am to 6.30pm (Sydney time), Monday to Friday, to discuss other solutions that we may be able to offer. Knowing what you are getting Yes, this PDS is about insurance, but we promise you it won t be a tough read. This PDS gives you the plain-speak overview of Westpac Bill Cover whilst detailing the full terms and conditions you need to know about this insurance product. We focus on the good stuff Sure, insurance only comes into play when something unforeseen happens, but nobody wants to talk about that. What we will say is that insurance can help make a bad situation a whole lot better. Choosing the right protection Unfortunately, bad things do happen. You have limited control over that. What you do have control over is which path you take ignore or insure. Ignoring the possibility means you and your family could be left in financial difficulty. Insuring yourself means you and the people you care about are supported financially if an Injury or Sickness meant you were no longer able to work. 1

6 Making the choice easy We ve done our best to design an easy life insurance package to suit a broad range of customers. We asked loads of our customers what they wanted from life insurance. Simplicity was a key theme in their responses. With so much else going on in your life, we understand that you don t want to waste time on complicated matters. That s why we ve made Westpac Bill Cover all very simple. It s easy to understand what is included (and what s not). It s easy to apply. It s easy to update your cover levels to keep up with your changing requirements. And it s easy to make a claim. 2

7 Your policy Understanding your cover What is included It is important to us that you understand exactly what Westpac Bill Cover offers you. Please read this section carefully. We will pay you a monthly benefit for the Benefit Period (up to two years), if you are Totally Disabled and unable to work as a result of Injury or Sickness, subject to a 30 day Waiting Period and the other terms and conditions of this policy. You can apply between ages 17 to 59. You are covered right up to the Review Date immediately after you turn age 64, as long as premiums have been paid on time, and you do not permanently retire or cease gainful employment for more than 6 months (except where you become Totally Disabled). You cease gainful employment if, for example, you become unemployed or take leave without pay, parental or sabbatical leave. You have a choice with the level of monthly cover: $800, $1,000, $1,500, $2,000, $2,500 or $3,000 to suit your financial situation. Monthly cover of $2500 and $3000 is subject to financial confirmation as shown in the table on page 6. No health checks or medical exams required to apply. Guaranteed to renew each year even if there is a change in your health, occupation or pastimes, as long as premiums are paid when due. Your benefit will automatically increase annually by 3% on each Review Date to keep pace with Consumer Price Index (CPI) changes unless you write to us requesting us not to. Receive a 10% discount on your partner s cover, when you and your partner apply together. You are covered worldwide, 24 hours a day (please see Claims outside Australia ). 3

8 What isn t included (exclusions) We ve told you about what is included. Now, we would like to tell you what isn t covered. Please read this section carefully. This policy does not pay a benefit on your death. We will not pay you a benefit if the Injury or Sickness giving rise to the claim is caused directly or indirectly by: a pre-existing sickness, injury or medical condition (see below) existing before this policy commences, or is re instated; an act of war (whether declared or not); attempted suicide or intentional self-inflicted injury (while sane or insane at the time); you being under the influence of alcohol or non-prescribed drugs or drugs taken in excess of prescribed amounts; you driving a motor vehicle whilst having a percentage of alcohol in your breath or blood in excess of that permitted by law or while having an illegal substance in your system; normal and uncomplicated pregnancy or childbirth; a Mental Disorder (including but not limited to, any form of anxiety, stress, depression, psychosis or neurosis); unemployment or redundancy; or you participating in any Hazardous Pursuit. For the purposes of this policy, a pre-existing sickness, injury or medical condition exists if: you were aware of, or a reasonable person in your position should have been aware of it; you should have sought advice or treatment (conventional or alternative) from a Doctor or other health professional for it (in circumstances where a reasonable person in your position would have sought advice or treatment); or you had a medical consultation for, or were prescribed medication or therapy for it. 4

9 What happens to this policy if you become unemployed or take leave? If you become unemployed for reasons other than Total Disability or take leave without pay, parental leave or sabbatical leave for more than 6 months, and benefits are not being paid under this policy, your policy will automatically terminate. No further premiums will be due and no benefits will be payable. If you are being paid a benefit at this time, we will cancel this policy once your benefit ceases to be payable. Unemployment does not include retiring permanently from the workforce (see When does your policy end on page 15). We may let you re-instate this policy if you return to work. However, we may also ask for more information about your health, occupation, Personal Exertion Income or pastimes before we do so. If any of these have changed, we may not let you re-instate this policy. 5

10 Level of cover This section provides a detailed breakdown of Westpac Bill Cover benefit levels and other important features so you know exactly what you are covered for. Westpac Bill Cover allows you to choose a level cover of $800, $1,000, $1,500, $2,000, $2,500 or $3,000 to suit your financial situation. Monthly cover of $2500 and $3000 is subject to financial confirmation. The amount of minimum annual Personal Exertion Income required for monthly cover of $2500 and $3000 (at the time of application and claim) is shown in the table below. Levels of cover requiring financial confirmation $2,500 $40,000 $3,000 $48,000 Level of annual Personal Exertion Income required You must declare your level of Personal Exertion Income for monthly cover of $2500 and $3000 at the time of application. Your benefit amount payable at claim time will be subject to financial confirmation. If your level of annual Personal Exertion Income permanently reduces below the relevant amount in the table above, you must tell us. We will then reduce your level of cover and your premium. Total Disability Benefit We will pay you the Insured Monthly Total Disability Benefit if you are Totally Disabled after the Waiting Period. The benefit accrues from the first day of Total Disability after the Waiting Period and is payable monthly in arrears. The benefit will continue to accrue until: the end of your Total Disability; the time when the aggregate of the period for which an Insured Monthly Total Disability Benefit was payable to you is equal to the Benefit Period; you return to work; or your policy ends, whichever occurs first. 6

11 Total Disability that recurs Total Disability recurring within 6 months The Waiting Period will not apply if: you suffer a Total Disability from the same or a related Injury or Sickness; this occurs within 6 months after the Total Disability Benefit ceases to be payable; and the Total Disability Benefit ceased because you were no longer Totally Disabled. The successive periods when benefits are payable in relation to the initial Injury or Sickness and any related Injury or Sickness will be added together to determine when the Benefit Period expires. Total Disability recurring after 6 months A new Waiting Period and a new Benefit Period will apply in relation to an Injury or Sickness if: you suffer Total Disability from the same or a related Injury or Sickness 6 months or more after a Total Disability Benefit ceases to be payable; and either: the Benefit Period for the previous period of Total Disability had not ended; or you had returned to and performed the full duties of your Usual Occupation for at least 6 consecutive months after the Total Disability Benefit ceased to be payable, otherwise, no benefit is payable. We will limit the benefits we pay in some circumstances We will not pay a benefit after: the Benefit Period expires; or this policy ends. If a Sickness or Injury occurs within 3 months of an increase in the Insured Monthly Total Disability Benefit, we will only pay the benefit at the rate applicable before the increase. (This does not include automatic annual increases). If Total Disability is caused by more than one Injury or Sickness, we will only pay benefits in respect of one Injury or Sickness at any one time. We will not pay an Insured Monthly Total Disability Benefit of $2,500 or $3,000 if your Personal Exertion Income does not match the required level of Personal Exertion Income in the table on page 6 either: at the time of your application; or for the financial year prior to lodging the claim. 7

12 Your policy From start to finish We understand that insurance can be a little overwhelming. This is why we ve broken it down into these 5 simple steps. Just follow these easy steps to getting covered, maintaining your cover and making a claim. 1. Applying for a policy Read this PDS Make sure you understand the Westpac Bill Cover offer. This PDS should help you decide whether the insurance is right for you. Your level of cover You have a choice with the level of monthly cover: $800, $1,000, $1,500, $2,000, $2,500 or $3,000. You don t need to wait for our call. You can phone us on , 8am to 6.30pm (Sydney time), Monday to Friday, and tell us the benefits you want to be covered for. Please note that we are not bound to accept your application. The cover is subject to us accepting your application for insurance and receipt of the required premium. Your Duty of Disclosure You have a duty, under the Insurance Contracts Act 1984, to tell us every matter that you know, or could reasonably be expected to know, is relevant to our decision whether to insure you and, if so, on what terms. The Duty of Disclosure applies before you enter into, extend, vary or re-instate a policy, and applies until the time when we issue a Policy Schedule or other written confirmation of the issue, extension, variation or re-instatement. If any information provided to us changes (including any change to your health, occupation or pastimes) before we send the Policy Schedule or other written confirmation of cover to you, you must tell us. The duty does not require disclosure of any matter: that diminishes the risk to be undertaken; or that is of common knowledge; or that we know or, in the ordinary course of our business, ought to know; or as to which compliance with your duty is waived by us. 8

13 Non-disclosure If you fail to comply with your duty and we would not have entered into the policy if the failure had not occurred, we may: vary the policy to reduce the sum insured or to reflect the terms that would have applied if you had complied with your duty; or treat the policy as never having existed if it is within 3 years of entering into the policy or your non-disclosure was fraudulent. 2. Commencing and maintaining your policy Your policy starts Cover under this policy starts on the Commencement Date shown in the Policy Schedule. Each year, we review the premium that you pay. We do this on the anniversary of the Commencement Date. We call this anniversary the Review Date. Who is insured? This is the person who we agree to insure and whose name is shown in the Policy Schedule as the Life Insured. Who do we pay? We will pay any eligible claims to the Life Insured. Cooling-off period Cancelling during the cooling-off period After we issue your Policy Schedule, you have 30 days from the Commencement Date to check that the policy meets your needs. This is known as the cooling-off period. If you are not satisfied within the cooling-off period, you can cancel the policy by calling us on , 8am to 6.30pm (Sydney time), Monday to Friday, or by writing to us at Westpac Life Insurance Services Limited, GPO Box 524, Sydney NSW If you decide to cancel your policy within the cooling-off period, we will cancel your policy once we have received your request and will refund any premiums you have paid (less any amounts of tax or duties which we are unable to recover). Please note that you cannot exercise your right of cooling-off if you have made a claim under the policy. Cancelling after the cooling-off period You may cancel the policy at any time by notifying us in writing. You will not be entitled to a full refund. 9

14 While you hold a policy You can increase or decrease your level of cover as your needs change. Your premium may change to reflect these changes. To make any changes call Customer Relations on , 8am to 6.30pm (Sydney time), Monday to Friday. Change of circumstances You must notify us if: you change address; you become unemployed for a consecutive period of more than 6 months; your earnings permanently reduce below the minimum Personal Exertion Income for monthly cover of $2500 and $3000 as shown in the table on page 6; or you are going overseas for greater than a period of 6 months. You can decide not to have automatic annual increases You can tell us in writing to the below address, at least 30 days prior to a Review Date not to increase the amount of your benefit, either for the particular year or for the remaining time of your policy. Westpac Life Insurance Limited GPO Box 524, Sydney NSW 2001 Please note that you will lose your automatic right to increase your benefit if you tell us not to apply the automatic annual increase for two years in a row. However, if you ask us to increase at any Review Date after this, we may restart the automatic annual increase, but may ask you for more information about your health, occupation or pastimes before we do so. If any of these have changed, we may refuse to restart the automatic annual increase. 10

15 3. Your costs Premium We calculate your premium when your policy begins and at each Review Date. Your premium may change on your Review Date, as it depends on: your age and gender (premiums usually increase with age); the amount of the Insured Monthly Total Disability Benefit as at the Review Date, including any automatic annual increases; your smoker or non-smoker classification; the occupation category specified in your Policy Schedule; the relevant scale of premium rates and discount factors at the Review Date; and the annual policy fee. The premium includes all taxes and stamp duty. Westpac Bill Cover is a stepped premium policy which adjusts the value of your benefit against CPI to protect your cover from being eroded by inflation. On the Review Date each year your premium will increase and we will inform you of your new premium in an anniversary letter one month prior to the new premium taking effect. Policy fee We charge an annual policy fee which equates to $8.19 per month or $7.37 per month for a partner s policy (current as at the effective date of this PDS). This fee will be increased by 3% each year and will be applied to your policy on the next Review Date. Changes to your premium rates, discount factors and policy fee Premiums, discount factors and the annual policy fees are not guaranteed. These can only be changed after we have given 3 months written notice to all policy holders who have this version of the policy. In the event of war or invasion involving Australia, we may give immediate notice of premium change. When will you have to pay premiums? Premiums are payable effective from the policy Commencement Date. Premiums are charged monthly once the cover has commenced. You can pay by MasterCard, Visa, automatic debit from your bank account, or by any other method that we may make available. Periodic payments In addition to the premium, we may recover other charges that we 11

16 incur for direct debit or credit card payments that you make. What happens if you don t pay your premiums when they are due? We will write and tell you if your premiums are overdue. We will give you the time specified in the notice to pay this amount. If you do not pay your premium by the due date, we may cancel your policy by giving you 30 days written notice of cancellation. Re-instatement We may let you re-instate this policy within 28 days provided you pay all of the outstanding premiums. Any request for reinstatement after this time is subject to underwriting and our acceptance of your completed re-instatement form. When you do not have to pay We will waive the premium payable for the days that we are paying you a Total Disability Benefit. 12

17 4. How and when to make a claim To make a claim you must call us on , 8am to 6.30pm (Sydney time), Monday to Friday. You must tell us within 30 days after the commencement of Total Disability, or as soon as possible thereafter. If you do not tell us within 90 days of the commencement of Total Disability then a benefit may only be payable to you from the later of the date you tell us of your claim and the end of your Waiting Period. The earlier you contact us, the sooner we can help which is why you have insurance in the first place. When you make a claim you authorise us to obtain further information from another source. Supporting evidence Before we pay a benefit, you must provide satisfactory evidence and the authorities we require for us to obtain further information which we deem relevant to the claim. From time to time we will require you to provide reports or certificates from the Doctor(s) providing treatment to you about your continuing disability. You must do so at your own expense. We may also require you to provide: financial information that your level of Personal Exertion Income for the financial year prior to lodging the claim was as per the requirements in the table shown on page 6 and as declared at the time of your application; evidence that you were working 15 hours per week at the time of your application; your medical history up to the time of your policy application. We may also require you to undergo medical examinations or tests by a Doctor whom we choose. We will pay the reasonable costs of such examinations or tests. If you re unable to meet the minimum level of Personal Exertion Income for monthly cover of $2500 and $3000 for the financial year prior to lodging the claim, the monthly cover will reduce to the highest level of cover that does not require any financial confirmation. If you did not tell us that your Personal Exertion Income had reduced (see Level of cover on page 6) you will not be entitled to any refund of premiums. 13

18 Misstatement of age We can ask for proof of your age. You must give us that information. If, when you applied for insurance, you incorrectly stated your age, we will either (as applicable): refund to you any premium you have paid above what you should have paid plus interest; or reduce your benefit to what it would have been if the premium you paid us was based on your true age. Payment of claims The amount we will pay is: the benefit shown in the Policy Schedule we sent you or the latest notice that we have provided to you, whichever is later; plus any increase to the benefit as a result of the automatic annual increase. No benefit is payable on or after the Review Date after the Life Insured turns age 64. We will pay benefits to you monthly in arrears. Should we accept liability to pay a claim, we may cease payment of the benefit at any time where we are of the opinion that you are not Totally Disabled. This right exists irrespective of whether your condition has changed. Claims outside Australia We will pay a claim in respect of any Injury or Sickness occurring anywhere in the world at any time. However, we will not pay a claim for more than 6 months while you are outside Australia or New Zealand. If you return to Australia or New Zealand, claim payments may recommence if you remain eligible and continue to remain in Australia or New Zealand. Failure to Disclose If you fail to comply with your Duty of Disclosure, or make a misrepresentation before the policy is issued, we may reduce or refuse to pay a claim, or cancel the policy. If you answer our questions fraudulently, we may refuse to pay a claim and will treat your policy as having never existed. 14

19 5. When does your policy end? This policy ends on the date that is the earliest of the following: your death; you retire or cease gainful employment (unless you intend to return to gainful employment); for any reason other than Total Disability you become unemployed, take leave without pay, parental or sabbatical leave for more than 6 months; you ask us to cancel this policy; we lapse or cancel this policy because you have not paid your premium; the Review Date immediately after your 64th birthday; or we cancel the policy as permitted by relevant legislation. We issue this policy on the condition that we have not already issued a Westpac Bill Cover policy to you. If another Westpac Bill Cover policy is already in place, we will void from the Commencement Date the policy/ies entered into after the initial policy. We will refund all premiums if we void your policy (less any tax or duties that may apply to your premium that we are unable to recover), and it will be as if the policy never existed. 15

20 Other important information Notices We will send notices to the last address that you give to us. If you move, you need to tell us your new address. If you fail to advise us of your change of address and we issue notices, we will say that you receive a notice on the date that you would have received it in the ordinary course of the mail and at the last address that you gave us. Currency All dollar ($) amounts referred to are in Australian currency. Claims and premiums are payable in Australian dollars. Where we put your money We pay your premiums into a statutory fund called the Westpac Life Insurance Services Limited Statutory Fund Number 4, and benefits under your policy are paid out from that fund. The Life Insurance Act 1995 (Cth) contains rules designed to protect the money in the fund. No cash value This is not a savings plan or investment policy. This product does not allow you to share in any profit or surplus and your policy does not have surrender or cash value. If you cancel your insurance at any time except within the cooling-off period, you will not be entitled to any refund of premium or payment. Taxation Generally, premiums are tax deductible and the benefits are taxable. This is a general statement only and is based on present tax laws and our interpretation of those laws. Your individual situation may differ and you should seek professional advice. Governing laws This policy is governed by the laws of NSW. 16

21 We are here for you along the way Resolving your complaints We re constantly striving to provide our customers with the best possible service, and we ll do our best to resolve any complaint you have quickly and fairly. So if you do have a complaint about your policy, our service, the way the policy was sold to you, or the way your claim is being handled, here s what you should do. Step one We ask that you first contact one of our Customer Relations Consultants on , 8am to 6.30pm (Sydney time), Monday to Friday to discuss your complaint. If our Customer Relations Consultant is unable to resolve the matter, they ll refer it to a Senior Officer or Manager. The Senior Officer or Manager will aim to resolve your complaint within 10 business days. However, if we consider that further information, assessment or investigation of the complaint is required, we will agree reasonable alternative timeframes with you. Step two If you re still not satisfied after the Senior Officer or Manager has investigated the issue, you may ask for us to refer the dispute to our Internal Dispute Resolution Officer who will review the matter. The Internal Dispute Resolution Officer s contact details are: Internal Dispute Resolution Officer Westpac Life Insurance Limited Mail GPO Box 524, Sydney NSW 2001 Phone The Internal Dispute Resolution Officer will provide you with a response within 15 business days of you contacting them. With both of steps one and two, we ll do our best to resolve your complaint quickly and fairly. However, in cases where further information, assessment or investigation is required, we ll agree reasonable alternative timeframes with you. Step three If 45 days have passed since you first told us about your complaint and you haven t heard back from us, or if you are not satisfied with the decision made, or we cannot otherwise reach an agreement, you can refer your dispute to the Financial Ombudsman Service. This is a free independent dispute resolution service for customers who have a life insurance dispute. The Financial Ombudsman Service s contact details are: Financial Ombudsman Service Mail GPO Box 3 Melbourne VIC 3001 Phone Fax (03)

22 We respect your privacy In this section, we also refers to Westpac Bank and other companies in the Westpac Group. We are committed to protecting and maintaining the privacy, accuracy and security of your personal information. Why we collect your personal information We collect personal information from you to process your application, provide you with your product or service, calculate your premium, assess any claims made by you and manage your product or service. We may also use your information to comply with legislative or regulatory requirements in any jurisdiction, prevent fraud, crime or other activity that may cause harm in relation to our products or services, and help us run our business. We may also use your information to tell you about products or services we think may interest you. If you do not provide all the information we request, we may need to reject your application or claim, or we may no longer be able to provide a product or service to you. Disclosing your personal information We may disclose your personal information to other members of the Westpac Group and its reinsurers, anyone we engage to do something on our behalf such as a service provider, and other organisations that assist us with our business. We may disclose your personal information to an entity which is located outside Australia. Details of the countries where the overseas recipients are likely to be located are in the Westpac Privacy Policy (please see page 19 for details). As a provider of financial services, we have obligations to disclose some personal information to government agencies and regulators in Australia, and in some cases offshore. We are not able to ensure that foreign government agencies or regulators will comply with Australian privacy laws, although they may have their own privacy laws. By using our products or services, you consent to these disclosures. 18

23 Other important information about privacy We are authorised to collect personal information from you by certain laws. Details of these laws are in the Westpac Privacy Policy. The Westpac Privacy Policy is available at westpac.com.au (search privacy policy ) or by calling It covers: how you can access the personal information we hold about you and ask for it to be corrected; how you may complain about a breach of the Australian Privacy Principles, or a registered privacy code and how we will deal with your complaint; how we collect, hold, use and disclose your personal information in more detail. The Westpac Privacy Policy will be updated from time to time. Where you have provided information about another individual, you must make them aware of that fact and the contents of this Privacy Statement. We may use your personal information to contact you or send you information about other products and services offered by the Westpac Group or its preferred suppliers. If you do not wish to receive marketing communications from us please call us on or visit any of our branches. Communications from us If you do not wish to receive any further marketing communication from any member of the Westpac Group about products and services, please: Call Visit any Westpac branch 19

24 Glossary In this PDS, some words and terms have special meanings: Benefit Period means the period of two years commencing at the end of the Waiting Period, in respect of any one Injury or Sickness subject to recurrent disability. Commencement Date means the commencement date shown in your Policy Schedule. Doctor means a person who: is a registered medical practitioner in Australia or New Zealand (or is a medical practitioner of another country with qualifications acceptable to us); and is not: you; nor your spouse, de-facto partner (including a same sex partner), business partner or any family member. Hazardous Pursuit means practise for, participation or engagement in any of the following pursuits: boxing, caving, motor racing including trail bike riding, mountain climbing, outdoor rock climbing, potholing, rodeo, or scuba diving. Injury means an accidental bodily injury that is sustained by you after the later of: the policy Commencement Date while your policy is in force; or if your policy is re-instated, the date this policy was last re instated but before this policy ends. Insured Monthly Total Disability Benefit is the insured monthly benefit shown in your Policy Schedule or the latest notice we have provided to you, whichever is later. Important Duties means the duties of your Usual Occupation which we reasonably consider are essential for you to undertake to be able to work 15 hours or more per week in paid employment. Life Insured means the person whose life is insured. There may only be one Life Insured. We also refer to this person as you or your. Mental Disorder means any disorder listed in the most current version of the Diagnostic and Statistical Manual of Mental Disorders (DSM) published by the American Psychiatric Association (APA) at the start of the period of Total Disability. Such disorders include, but are not limited to: stress (including post traumatic stress); physical symptoms of a psychiatric illness; mental disorders due to a general medical condition; anxiety; depression; psychoneurotic, psychotic, personality, emotional or behavioural disorders; or disorders related to substance abuse and dependency which includes alcohol, drug or chemical abuse dependency. If the DSM is discontinued, we will use any manual we believe is an appropriate replacement for the DSM. 20

25 Personal Exertion Income: For an employee, means the normal value of the remuneration package paid to the Life Insured by their employer, including salary, superannuation, bonuses, overtime, and packaged fringe benefits. Income which is not derived from the Life Insured s personal exertion or activities, such as interest or dividend payments are excluded. For a self employed person, means the normal income earned by the Life Insured s business, practice or partnership due to the Life Insured s personal exertion or activities, less the Life Insured s share of the expenses of the business, practice or partnership that were necessarily incurred in producing the normal income and fringe benefits before the deduction of income tax. Income which is not derived from the Life Insured s personal exertion or activities, such as interest or dividend payments are excluded. Policy Schedule means the most recent document that we issue to you which sets out the details of the insurance you have chosen with Westpac Life and we have agreed to provide to you, confirming your cover, policy Commencement Date and any subsequent endorsements. Regular Care of a Doctor means you are: seeking advice, care and treatment from a Doctor in relation to your Injury or Sickness at such times as is reasonable in the circumstances; following the advice, care and treatment of the Doctor; and taking all other reasonable measures to avert or minimise the effects of any disabling Injury or Sickness. Review Date is the anniversary of the date insurance cover under your policy started. Sickness means a sickness or disease suffered by you which first becomes apparent after the later of: the policy Commencement Date while your policy is in force; or if your policy is re-instated, the date this policy was last re instated but before this policy ends. A Sickness is taken to have first become apparent from the earlier of when: a Doctor first gave you advice, care or treatment for the Sickness or recommended that you seek advice, care or treatment for the Sickness; or you first had symptoms of the Sickness for which a reasonable person in the same circumstances would have sought advice, care or treatment from a Doctor. 21

26 Total Disability and Totally Disabled means that, because of Injury or Sickness, you are: unable to perform your Usual Occupation; and not working; and under the Regular Care of a Doctor. We will consider you to be unable to perform your Usual Occupation if you cannot do one or more of the Important Duties of your Usual Occupation. Total Disability Benefit means the benefit provided under this policy. Usual Occupation means the occupation(s) in which you were last engaged before becoming Totally Disabled. Waiting Period means the 30-day period which must elapse from the commencement of Total Disability before any disability benefit entitlement may accrue. You must be Totally Disabled on a continuous basis throughout the Waiting Period in order to qualify for a Total Disability Benefit. If you cease to be Totally Disabled at any time, the Waiting Period stops running and if you again become Totally Disabled, you then must be Totally Disabled on a continuous basis throughout a further 30-day Waiting Period. We, us and our means Westpac Life. Westpac Life means Westpac Life Insurance Services Limited ABN AFSL No You and Your depending on the context means either the person applying for cover before Westpac Bill Cover is purchased or the Life Insured named in the Policy Schedule and who we agree to insure. 22

27 To apply for cover or find out more Call us on am to 6.30pm (Sydney time) Monday to Friday (Search for Bill Cover ) 20 October Westpac Life Insurance Services Limited ABN AFSL No BCL002 (07/14)

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