Funeral Cover. Cover for final expenses

Transcription

1 Funeral Cover Cover for final expenses Product Disclosure Statement Issue 7: 13 February 2016

2 Let s Insure Funeral Cover Let s Insure Funeral Cover is distributed and promoted by Let s Insure which is a trading name of Select AFSL Pty Limited ABN , Australian Financial Services Licence (Select AFSL) of PO Box 1192, Chatswood NSW Let s Insure Funeral Cover is issued by St Andrew s Life Insurance Pty Ltd ABN , AFSL (St Andrew s) of PO Box 7395, Cloisters Square WA Let s Insure and St Andrew s Let s Insure is an Australian-based life insurance specialist, dedicated to distributing high quality life insurance products which are ethically designed, affordably priced and easily available to singles, couples and families all around Australia. St Andrew s is the insurer of Let s Insure Funeral Cover. Helping to protect Australians since 1998, St Andrew s is a leading provider of consumer credit insurance and life insurance products. Each Let s Insure Funeral Cover Policy is written out of St Andrew s statutory fund No.1. St Andrew s utilises Munich Reinsurance Company of Australasia Limited as their reinsurance partner for Let s Insure Funeral Cover. Munich Reinsurance Company of Australasia Limited is part of the Munich Re Group which is one of the world s largest reinsurers. Explaining this Product Disclosure Statement (PDS) This PDS has been designed to help you decide if Let s Insure Funeral Cover is right for you. It contains important information, including a description of the cover, terms and conditions of the Policy, information about how to make a claim and premium information. In this PDS, we, us and our refer to St Andrew s, the insurer of Let s Insure Funeral Cover and issuer of this PDS. You refers to the Policy Owner of a Let s Insure Funeral Cover Policy. In addition, some words have defined meanings and these are explained in the definitions on pages Let s Insure Funeral Cover is distributed by Let s Insure. Please note, Let s Insure does not guarantee the performance of, nor has any liability for the assessment or payment of claims under, a Let s Insure Funeral Cover Policy. This is the responsibility of St Andrew s as the insurer. Let s Insure has given its consent to being named in this PDS, and to the statements attributed to it, in the form and context in which they appear and has not withdrawn this consent before the date of this PDS. If your application for Let s Insure Funeral Cover insurance is accepted, you will be issued a Policy Schedule which provides details of the cover provided. Your Policy Schedule, your application, the PDS current at the time of your application, as well as any future applications accepted by us, form your insurance contract with us. These documents should be retained for future reference. Contents Protect tomorrow 2 Great reasons to choose Let s Insure Funeral Cover 2 Help when you and your family need it most 4 Flexible cover to suit your needs 4 Let s Insure Funeral Cover summary 6 Let s look at the fine details 10 Funeral Cover 10 Household Expenses Cover 11 Accidental Death Cover & Accidental Death Cover Booster 11 Accidental Serious Injury Cover 11 Cash Payout at age 85 Benefit 12 Premium and taxation information 15 Claims 17 Other information you should know 18 Definitions 23 Direct Debit Service Agreement 26 Nomination of Beneficiaries Form 28

3 Protect tomorrow Would you like your family to have the financial support they need, to cover your funeral, monthly household expenses or other final expenses? With Let s Insure Funeral Cover, a benefit is paid without delay. Your family can focus on saying goodbye, the way they want protecting their tomorrow. Great reasons to choose Let s Insure Funeral Cover Family cover available to protect your partner, dependent children and/or other relatives, for added peace of mind (there s no limit to the number of dependent children covered) A payout of up to $16,000 to assist your family in paying for your funeral and other final expenses Easy to apply for insurance - no health questions, medicals or blood tests Guaranteed Funeral Cover for all Australians aged years Optional Household Expenses Cover to help pay monthly expenses such as groceries and bills 2 Optional Accidental Death Cover up to $32,000 2 Optional Accidental Death Cover Booster up to $96,000 2 Fixed, Stepped or Capped Premium options No more premiums payable after age 85 Worldwide cover, 24 hours a day, 7 days a week - you re always protected, even when travelling Automatic cost of living increases - your benefits increase by 5% p.a. to help your cover retain its future value 3 Optional Accidental Serious Injury Cover up to $32, Optional Cash Payout of your Funeral and Household Expenses Cover Benefit Amount at age The maximum age of entry under the Capped Premium option is These benefits are not available under the Capped Premium option. 3 This benefit is only available under the Stepped Premium option. 4 Based on a female non smoker aged 50 under the Stepped Premium option. $10,000 cover costs from as little as 47 cents a day. 4

4 Help when you and your family need it most It can be difficult to think about the worst happening to you or your family. However, by taking the time to protect you and your loved ones financially in the event of a death or accidental serious injury, you can get on with your life, knowing you re covered. Being able to help your family focus on saying goodbye can ease their stress during this difficult time. Rather than worrying about finding the money to cover your Funeral, final expenses such as unpaid bills or outstanding loans and monthly household expenses such as groceries and petrol, they can say goodbye the way they want. Typical funeral costs A typical funeral can cost between $4,000 and $15,000 5, depending upon the service and options you choose. A typical funeral service includes: Coffin or casket Death certificate Transportation Flowers Catering Newspaper notice Order of service booklets Memorial attendance book Cremation or burial, including cremation permit or burial plot Professional fees including funeral director, clergy donations or celebrant Protect your tomorrow - a lump sum payout can help your loved ones cover your funeral and other final expenses. It s easy to get covered It only takes a few minutes to get protected with Let s Insure Funeral Cover. There are no health questions, medicals or blood tests and you re guaranteed acceptance if you re an Australian aged between 18 and 75 6 years. Flexible cover to suit your needs Let s Insure Funeral Cover is flexible to meet your and your family s needs, helping your family focus on what s important during a difficult time. Single and Family Policies are available, to suit your lifestyle. There s no limit to the number of dependent children you can cover under a Family Policy and you can cover your relatives as well. You can also choose from a Stepped Premium, Fixed Premium, or Capped Premium option to suit your budget and needs. Under the Stepped Premium option your premium rate will be determined 5 moneysmart.com.au, Paying for your Funeral, current as at 18/01/ The maximum age of entry under the Capped Premium option is each year at your Policy Anniversary, whereas under the Fixed Premium or Capped Premium option your premium rate will be determined by your age at the date of your Policy application and will remain fixed thereafter. Cover includes: Funeral Cover It s a difficult time when a loved one dies. To ease the financial worry, a lump sum benefit is paid to you or your family helping to arrange a funeral and meet final expenses such as unpaid bills and outstanding loans. You can select Funeral Cover for a Life Insured or Insured Child from $4,000 to $16,000 under the Stepped Premium option and limited to $15,000 under the Fixed Premium or Capped Premium options. You can spend the benefit as you choose, to help with your or your family s individual needs. If you select the Capped Premium option, the Benefit Amount for a Life Insured will be automatically doubled in the event of Accidental Death. For example, if you choose $15,000 Funeral Cover, the Life Insured is also provided at no additional cost with $15,000 Accidental Death Cover, providing a total benefit payable in the event of Accidental Death of $30,000. Cash Payout at age 85 benefit If you select the Stepped Premium option with the optional Cash Payout at age 85 benefit, you will receive a 100% Cash Payout of the Funeral Cover Benefit Amount and, if the Household Expenses Cover has been selected, a 100% Cash Payout of the Household Expenses Cover Benefit Amount on the Life Insured s 85th Birthday. You can remove this option from your cover at any time by contacting us. In addition to your Funeral Cover, under the Stepped Premium or Fixed Premium options, you can also take out optional: Household Expenses Cover To help cover monthly household expenses such as groceries, bills and petrol, an additional monthly lump sum benefit of $800 is paid to you or your family, if an insured adult dies. You can choose cover from 3 up to 20 months, helping to reduce the financial stress of managing the household expenses during a difficult time. So for example, if you choose 5 months of cover, then your Household Expenses Cover Benefit Amount would be $4,000 (5 monthly payments of $800). Your Household Expenses Cover Benefit Amount may not exceed the Funeral Cover Benefit Amount. If you select the Fixed Premium option, the combined Funeral Cover and Household Expenses Cover Benefit Amount at the Acceptance Date cannot exceed $15,000. 5

5 Accidental Death Cover Unfortunately accidents do happen - during the years 2001 to 2010, over 104,000 Australians died from accidents 7. A lump sum benefit can help you or your family with expenses such as mortgage or rent payments, car payments, children s school expenses or aged care facilities, if you or a family member die as a direct result of an Accident. You can select an Accidental Death Cover Benefit Amount up to $32,000 for a Life Insured or Insured Child. Accidental Death Cover Booster A lump sum Booster payment three times the Accidental Death Cover Amount up to $96,000 if the Life Insured dies as a direct result of an Accident. The Accidental Death Cover Booster is available if the Life Insured is between years of age and has selected the Accidental Death Cover option. Accidental Serious Injury Cover Accidental serious injuries affect many families every day alone 90 people are seriously injured on Australian roads 8. If you or your family are accidentally seriously injured, it could mean months off work and considerable medical bills, or difficulty paying for the mortgage, car payment or other household expenses. To ease the financial worry, a lump sum benefit is paid to you or your family, if the Life Insured or Insured Child are seriously injured as a direct result of an Accident. You can select an Accidental Serious Injury Cover Benefit Amount up to $32,000 for a Life Insured or Insured Child This benefit can provide cover until age 75. Let s Insure Funeral Cover summary Stepped Premium option Benefits Product feature Funeral Cover Household Expenses Cover (optional) Accidental Death Cover (optional) Accidental Death Booster Cover (optional and only where Accidental Death cover has been selected) Accidental Serious Injury Cover (optional) Cash Payout at age 85 (optional) Minimum cover level $4,000 $2,400 (3 monthly payments of $800) Maximum cover level per Life Insured at Acceptance Date: $16,000 $16,000 (20 monthly payments of $800 Cover may not exceed Funeral Cover selected) $4,000 $32,000 $12,000 $96,000 $4,000 $32, % Cash Payout of your Funeral Cover Benefit Amount and, if selected, Household Expenses Cover Benefit Amount Minimum and maximum age at entry Life Insured: years Insured Child: under 18 years Life Insured: years Insured Child: n/a Life Insured: years Insured Child: under 18 years Life Insured: years Insured Child: n/a Life Insured: years Insured Child: under 18 years Life Insured: years Events covered Death Death Accidental Death Accidental Death Blindness Coma Loss of Hearing Loss of Speech Loss of Use of Limbs Major Burns Major Head Trauma Paralysis Funeral Cover Benefit Amount and, if selected, Household Expenses Benefit Amount paid out on insured s 85th birthday Premium end Policy type No premiums are payable following the Life Insured s 85th birthday 9 Single or Family Policy Premium payments and cover cease from the Policy Anniversary following the Life Insured s 75th birthday Premium payments and cover cease on the Life Insured s 85th birthday 7 Australian Bureau of Statistics, Causes of Death Report Australian Transport Council, National Road Safety Strategy Premiums for any Insured Child are still payable. 6 7

6 Fixed Premium option Product feature Funeral Cover Benefits Household Expenses Cover (optional) Accidental Death Cover (optional) Accidental Death Booster Cover (optional and only where Accidental Death cover has been selected) Accidental Serious Injury Cover (optional) Minimum cover level $4,000 $2,400 (3 monthly payments of $800) $4,000 $12,000 $4,000 Maximum cover level per Life Insured at Acceptance Date: $15,000 Combined Household Expenses Cover and Funeral Cover level is $15,000 $30,000 $90,000 $30,000 Minimum and maximum age at entry Life Insured: years Insured Child: under 18 years Life Insured: years Insured Child: n/a Life Insured: years Insured Child: under 18 years Life Insured: years Insured Child: n/a Life Insured: years Insured Child: under 18 years Events covered Death Death Accidental Death Accidental Death Blindness Coma Loss of Hearing Loss of Speech Loss of Use of Limbs Major Burns Major Head Trauma Paralysis Premium end No premiums are payable following the Life Insured s 85th birthday 9 Premium payments and cover cease from the Policy Anniversary following the Life Insured s 75th birthday Policy type Single or Family Policy Capped Premium option Product feature Funeral Cover Benefits Accidental Death Cover (automatically included) Minimum cover level $4,000 $4,000 Maximum cover level per Life Insured at Acceptance Date: $15,000 $15,000 Minimum and maximum age at entry Life Insured: years Insured Child: n/a Life Insured: years Insured Child: n/a Events covered Death Accidental Death Premium end Policy type Premium payments end at the earliest of: the Life Insured s 85th birthday 9 ; or the point when the total amount of premiums paid under your Policy equals the Benefit Amount. Single or Family Policy 9 Premiums for any Insured Child are still payable. 8 9

7 Let s look at the fine details Let s Insure Funeral Cover provides insurance for: Funeral cover - funeral and final expenses; and optional (for Stepped and Fixed Premium options only) Household Expenses cover; Accidental Death cover and Accidental Death Cover Booster; and Accidental Serious Injury cover; plus optional (for Stepped Premium option only) Cash Payout at age 85. You can apply for a Single Policy or a Family Policy, which includes your Partner and/or any of you or your Partner s dependent children, and/or any of your relatives. The level of cover for each Life Insured and Insured Child will be shown in your Policy Schedule. To apply for cover, you and each Life Insured must be an Australian and be within the minimum and maximum age of entry as specified in the table on page 6. General limitations that apply to the Policy are explained on page 20. Funeral Cover You can apply for Funeral Cover from $4,000 to a maximum of $16,000 under the Stepped Premium option and $15,000 under the Fixed Premium or Capped Premium options, to suit your and your family s individual needs. You can spend the benefit however you choose. If you select Funeral Cover, we will pay the Funeral Cover Benefit Amount, as noted on your Policy Schedule in the event that a Life Insured or Insured Child dies, whilst the Policy is in force. First 12 months limitation During the first 12 months immediately following: the Acceptance Date; or the date cover starts for a family member added to your Policy (in relation to that person); or the date cover is reinstated after the cover or the Policy is cancelled; or the date that the Life Insured increases their Benefit Amount (but only in respect of the increase) we will only pay the Funeral Cover Benefit Amount if the applicable Life Insured or Insured Child to whom the cover relates dies as a direct result of an Accident. If the death of the Life Insured or Insured Child occurs within 12 months of the Acceptance Date of this cover and is not as a result of an Accident, no Benefit Amount will be paid and we will refund all premiums paid for this Policy in respect of that Life Insured or Insured Child. 10 Household Expenses Cover If you select the optional Household Expenses Cover and a Funeral Cover Benefit Amount is paid for a Life Insured, we will pay the monthly Household Expenses Cover Benefit Amount, as noted on your Policy Schedule in addition to the Funeral Cover Benefit Amount. Your Household Expenses Cover Benefit Amount can be between $2,400 (3 monthly payments of $800) up to $16,000 (20 monthly payments of $800) depending upon the level of cover you choose. If you select the Fixed Premium option, your combined Funeral Cover and Household Expenses Cover Benefit Amount at the Acceptance Date cannot exceed $15,000. The Household Expenses Cover Benefit Amount may not exceed your Funeral Cover Benefit Amount. Household Expenses Cover is not available to an Insured Child. You can spend the benefit however you choose. Accidental Death Cover and Accidental Death Cover Booster If you select the optional Accidental Death Cover, we will pay the Accidental Death Cover Benefit Amount (in addition to any Funeral Cover Benefit Amount and if applicable, Household Expenses Cover Benefit Amount payment/s), as noted on your Policy Schedule in the event that a Life Insured or Insured Child dies, whilst the Policy is in force, as a direct result of an Accident. If you also select the Accidental Death Cover Booster option, we will pay an additional Benefit Amount equal to three times the Accidental Death Cover Benefit Amount. You can spend the benefit however you choose Accidental Serious Injury Cover If you select the optional Accidental Serious Injury Cover, we will pay the Accidental Serious Injury Cover Benefit Amount, as noted on your Policy Schedule in the event that a Life Insured or Insured Child suffers an Accident whilst the Policy is in force that results in Accidental Serious Injury. You can spend the benefit how you choose. Where we pay an Accidental Serious Injury Cover Benefit Amount then we won t also pay an Accidental Death Cover or Accidental Death Cover Booster Benefit Amount and likewise if we have paid an Accidental Death Cover or Accidental Death Cover Booster Benefit Amount then we won t also pay an Accidental Serious Injury Cover Benefit Amount. The following serious injuries are covered under this benefit: Blindness Loss of Use of Limbs Coma Major Burns Loss of Hearing Major Head Trauma Loss of Speech Paralysis These medical conditions are defined on pages

8 When will we not pay an Accidental Serious Injury Cover Benefit Amount We will not pay an Accidental Serious Injury Cover Benefit Amount at any time, if the Accidental Serious Injury of the Life Insured or Insured Child occurs, directly or indirectly, as a result of: natural causes, illness, an intentionally self-inflicted injury or attempted suicide; war (whether declared or not), war-like activity or taking part in a riot or civil commotion; engaging in criminal activity or illegal acts; consumption of intoxicating liquor (including having a blood alcohol content over the prescribed legal limit whilst driving) or drugs (unless under the direction of a Medical Practitioner but not in connection with treatment for substance abuse, drug addiction or dependence); engagement in any professional sport (where livelihood is substantially dependent upon income received as a result of playing such sport) or any motor sport as a rider, driver or passenger; or being a pilot or crew member of any aircraft, or engaging in any aerial activity, except being a fare -paying passenger on a recognised airline which is not listed as an airline banned or restricted by the European Commission. Cash Payout at age 85 benefit If you select the Stepped Premium option with the optional Cash Payout at age 85 benefit you will automatically receive a 100% Cash Payout of your Funeral Cover Benefit Amount when the Life Insured turns 85, rather than on death and, if you ve selected the Household Expenses Cover, 100% Cash Payout of your Household Expense Cover Benefit Amount as a lump sum also. You can choose to opt out of this benefit, by removing this benefit at any time by advising Let s Insure in writing at PO BOX 1192, Chatswood NSW 2057 and you will be sent a replacement Policy Schedule. If you choose to remove this benefit at any time, after age 85 your Policy will continue (until your death) and you will no longer be charged any further premiums to maintain your Policy after age 85. You will not be entitled to opt back in to the Cash Payout at age 85 benefit at any point in the future. How cover works Choose the cover that s right for you and your family: select the level of Funeral Cover to help pay for a Funeral and final expenses; select which optional covers will suit your and your family s individual needs to meet ongoing household expenses and accident protection; select which premium option suits you best, Stepped Premium, Fixed Premium, or Capped Premium option; and select who you d like to cover yourself and/or any relatives. Let s look at an example for Stepped Premium option: Let s Insure Funeral Cover Funeral Cover Benefit Amount of $12,000, plus optional Household Expenses Cover for 12 months, Accidental Death Cover of $12,000 and Accidental Serious Injury Cover of $12,000. Funeral Cover Benefit Amount Household Expenses Cover Benefit Amount Accidental Death Cover Benefit Amount Accidental Serious Injury Cover Benefit Amount More examples Single Policy Family Policy Life Insured Life Insured Each Insured Child $12,000 $12,000 $12,000 $9,600 (12 monthly payments of $800) $9,600 (12 monthly payments of $800) n/a $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 John, a non smoker aged 55, takes out a $10,000 Funeral Cover Benefit Amount with a Stepped Premium option, costing jus 93 cents a day. John unfortunately dies from cancer 18 months later. A $10,000 benefit is paid to his mother, who he nominated as his beneficiary, helping her meet his funeral costs and final expenses. Greg, a non smoker aged 45, takes out a $12,000 Funeral Cover Benefit Amount and a 15 months optional Household Expenses Cover Benefit Amount with a Stepped Premium option, costing just 95 cents a day. Sadly Greg dies in a workplace accident 6 months later. A $12,000 Funeral Cover benefit is paid to his sister and nominated beneficiary, Anne, helping her meet Greg s funeral costs and final expenses. In addition, Anne receives a monthly Household Expenses Cover benefit of $800 for 15 months, totalling $12,000, helping her pay for important household expenses including groceries, petrol and bills. Sue, a smoker aged 44 takes out a $10,000 Funeral Cover Benefit Amount and a $20,000 optional Accidental Death Cover Benefit Amount with a Fixed Premium option, costing just 94 cents a day. Sadly, Sue dies in a tragic accident 6 months later. A $30,000 benefit (made up of $10,000 Funeral Cover benefit and $20,000 Accidental Death Cover benefit) is paid to her partner Paul to help cover her funeral costs and final expenses

9 Paul and Jill, both non smokers and aged 60 and 54 respectively, take out family cover with a $9,000 Funeral Cover Benefit Amount and an $18,000 optional Accidental Serious Injury Cover Benefit Amount with a Fixed Premium option, costing just $2.71 a day. They are unfortunately involved in a serious motor car accident 3 months later and both suffer Major Burns. Paul and Jill each receive an $18,000 benefit helping them meet their medical expenses. Belinda, a non-smoker age 50, takes out a $14,000 Funeral Cover Benefit Amount with a Capped Premium option, costing just $1.97 a day. Belinda tragically dies in an accident 11 months later. A $28,000 benefit (made up of $14,000 Funeral Cover benefit and $14,000 Accidental Death Cover benefit) is paid to her beneficiary. Premium and taxation information Premium calculation Premiums for each Life Insured and Insured Child are determined by up to 4 factors: the Benefit Amount chosen premiums increase as your level of cover increases; your age premiums are generally lower for younger lives insured; your gender premiums are generally lower for females; and whether you smoke premiums are lower if you do not smoke. An additional premium applies if optional Accidental Death Cover and/or Accidental Death Cover Booster and/or Household Expenses Cover and/or Accidental Serious Injury Cover and/or Cash Payout at age 85 benefit is included on your Policy. The total premium payable is the sum of each premium for each Life Insured and Insured Child on the Policy. You can obtain a quote for Let s Insure Funeral Cover within minutes by calling or by visiting Premium payment Your premium will be shown on your Policy Schedule. You must pay your premiums when due. To assist with your budgeting, you can choose to pay your premiums annually, monthly or fortnightly, at no additional cost to you. Your premium will be charged to your nominated credit card or bank or credit union account. Premium payments must be made in advance, in Australian dollars. You can change your nominated account at any time by calling Let s Insure on Premium options Stepped Premium option If you select the Stepped Premium option, your premium will be determined each year at your Policy Anniversary to reflect your age plus the 5% increase in your benefit level (Inflation-protection increase explained on page 20), unless you decline the inflationprotection increase. Generally, premiums increase each year as your age increases. No more premiums are payable following your 85th birthday. Fixed Premium option If you select the Fixed Premium option, your premium rate will be determined by your age at the date of your Policy application and will remain the same each year. No more premiums are payable following your 85th birthday. Capped Premium option If you select the Capped Premium option, your premium rate will be determined by your age at the date of your Policy application and will remain the same each year. Premium payments under the Capped Premium option will cease at the earliest of: your 85th birthday; or the point when the total amount of premiums paid under your Policy equals the Benefit Amount. 15

10 Premium rates under all options are not guaranteed. We may change the amount we charge for your cover under this Policy at any time, but only if we change the premium rate applying to all Let s Insure Funeral Cover Policy Owners (or all Let s Insure Funeral Cover Policy Owners in the same group). If we make a change to your premium rate we will send you written notice at least 30 days prior to the effective date of the change. If you select the Stepped Premium or Fixed Premium option, similar to other funeral insurance under these options; the total premiums paid over time may exceed your chosen cover. Under all premium options, in the event that the policy terminates beyond the 30 day cooling off period, there is no return of premiums and no cash value to be paid. Let s Insure aims to keep your fortnightly or monthly premiums as low as possible by excluding such benefits. Stamp Duty and Tax Your premium includes amounts for stamp duty and any other taxes that may be imposed by State, Territory or Federal Governments. GST is not charged on your premiums. In the event that any of these amounts are altered, we reserve the right to alter your premium amount to reflect this and will advise you of such in writing. Generally no tax is payable on benefits paid under this Policy and your premiums will not be tax deductible. Any tax information given is of a general nature only and is based on current tax laws and our interpretation of them. We recommend you consult a professional taxation adviser for information on your own tax situation or if you are purchasing this cover for business purposes. Claims How to make a claim Your Policy must be in force at the time the insured event occurs. If any Benefit Amount under the Policy becomes payable, any unpaid premium due to us will be deducted from the Benefit Amount paid to you. If you, your nominated beneficiary, or your legal representative need to make a claim under your Policy, you or they should contact Let s Insure by one of the following: Phone (Mon-Fri, 8am-6pm AEST) claims@letsinsure.com.au Mail Claims Manager, Let s Insure PO Box 1192, Chatswood NSW 2057 Fax Claims Manager, Let s Insure A claim form can be downloaded at letsinsure.com.au or if requested we will send one to the claimant. We may also require the following, at the claimant s expense, in support of the claim: the treating doctor or, if requested, specialist to complete a form; relevant medical information, including any tests or medical results that we request; and/or sufficient proof (to our satisfaction) of the claim, supported by appropriate certification eg. death certificate and/or a confirmed diagnosis of death/ injury by a Medical Practitioner who is a specialist in the field and approved by us. We reserve the right to require the Life Insured or Insured Child to undergo any medical tests or, in the event of a Life Insured or Insured Child s death, to request any additional information we may require. We will meet the cost of any of these requirements. Claims payment The Benefit Amount will be paid in Australian dollars to you, or in the event of your death, to your: nominated beneficiaries (where there is a valid nomination of beneficiaries see page 19); or personal legal representative or other person that we are permitted to pay under the Life Insurance Act 1995 (where there is no valid nomination of beneficiaries)

11 Other information you should know 30 day cooling-off period You have 30 days from the First Premium Payment Date of your Policy (your cooling-off period) to ensure the cover meets your insurance needs and to decide whether you want to keep your Policy. You can cancel your Policy during this time, if you have not made, and are not intending to make, a claim under the Policy, and receive a full refund of premiums paid. To cancel your Policy during the cooling-off period, please notify Let s Insure in writing within the 30-day cooling-off period requesting your Policy to be cancelled. Write to Let s Insure at PO Box 1192, Chatswood NSW When cover starts Your cover starts on the Acceptance Date. If your application is accepted, you will be notified in a Policy Schedule sent to you, which specifies: the type of cover; the amount of cover; the date that your cover starts (the Acceptance Date); and the date that your first premium is deducted (the First Premium Payment Date). Your Policy Schedule, your application, the PDS current at the time of your application, as well as any future applications accepted, form your insurance contract with us. These documents should be retained for future reference. When cover ends The Policy will end upon the earliest of the following events: the date you cancel your Policy; or the date we cancel your Policy, due to non-payment of premiums or when entitled to do so under the Insurance Contracts Act 1984 (Cth) and Life Insurance Act 1995 (Cth). Additionally, cover under the Policy will end: for a Life Insured on the earliest of the following events: - for optional Accidental Serious Injury Cover, if applicable, the Policy Anniversary following the Life Insured s 75th birthday; or - the date of payment of a Funeral Cover, Accidental Death Cover, Accidental Death Cover Booster, Accidental Serious Injury Cover claim or the final Household Expenses Cover payment for an Insured Child on the earliest of the following events: - the Policy Anniversary following that Insured Child s 18th birthday; or - the date of payment of a Funeral Cover, Accidental Death Cover or Accidental Serious Injury Cover claim. where the Cash Payout option at age 85 has been selected, the date the Life Insured attains age 85. In the event there is/are any surviving Life Insured/s under a Family Policy, we will issue a new Policy to a surviving Life Insured. 18 Nomination of beneficiaries When you apply for cover you will be asked to nominate a beneficiary or beneficiaries to receive the Funeral Cover Benefit Amount and, if applicable, the Household Expenses Cover Benefit Amount and/or the Accidental Death Cover Benefit Amount and Accidental Death Cover Booster Benefit Amount in the event of your death. The following conditions apply to your nomination: nominations can only be made in the initial application or by subsequently completing a Nomination of Beneficiaries Form; you can nominate a maximum of 5 beneficiaries (who must be natural persons); payment of the Funeral Cover Benefit Amount and/or Household Expenses Cover Benefit Amount and/or Accidental Death Cover Benefit Amount and Accidental Death Cover Booster Benefit Amount will be made on the basis of the latest valid nomination received and processed by Let s Insure; if a nominated beneficiary is a minor when the payment is made, it will be made to the minor s legal guardian; and if a nominated beneficiary pre-deceases the Policy Owner, their share is payable to the Policy Owner s legal representative, or such other person that we are permitted to pay under the Life Insurance Act You can make a new nomination at any time by completing the Nomination of Beneficiaries Form, on page 28 of this PDS, or downloading a form at or by calling , then sending it to Let s Insure at PO Box 1192, Chatswood NSW Your new nomination takes effect when a properly completed and signed Nomination of Beneficiaries Form is received and processed by Let s Insure. Changing your cover From time to time your insurance needs or budget may change. You can decrease your cover level (including opting out of the Cash Payout at age 85 benefit) at any time by calling Let s Insure on or writing to PO Box 1192, Chatswood NSW In the event that you want to increase your cover level (up to the maximum benefit level) or add additional family members to your Policy, you can call Let s Insure on Any increased or new cover in the Funeral Cover Benefit Amount and Household Expenses Cover Benefit Amount is subject to the Funeral Cover First 12 month limitation, specified on page 10. Cancelling your Policy You can cancel your Policy at any time by writing to Let s Insure and providing 30 days notice. Write to Let s Insure at PO Box 1192, Chatswood NSW It is important you consider your insurance needs before you do this, as you will need to reapply for cover if you change your mind at a later date. We can cancel your Policy if you don t pay your premium when it is due and it remains unpaid for more than one month. In this event we will notify you in writing of our intention to cancel and give you the opportunity to rectify this situation. 19

12 Additional insurance benefits From time to time we may give you the option to apply to add additional benefits to your Policy or to increase the amount of cover under your Policy. If your application for an additional benefit or increased cover is accepted you will be sent an updated Policy Schedule outlining the details of your new cover. Inflation-protection increases Under the Stepped Premium option, your premiums and benefit level will be automatically increased by 5% on each Policy Anniversary before you reach age 85, to assist you in maintaining the real value of your insurance. A new Policy Schedule will be issued prior to your Policy Anniversary outlining your new Benefit Amount and premium. You can choose not to accept an inflation-protection increase by advising Let s Insure in writing at PO Box 1192, Chatswood NSW You will be sent a replacement Policy Schedule. If you choose not to accept an increase in any given year, it will not affect your entitlement to inflation protection increases in the future. General limitations and conditions under the Policy The total Benefit Amount payable for each benefit under the Policy cannot exceed: - the maximum Benefit Amount for the Life Insured or Insured Child at the Policy Acceptance Date; plus - any inflation-protection Benefit Amount increases applied to the Policy. If a Life Insured or Insured Child is covered under more than one Let s Insure Funeral Cover product, we will apply this limit (determined by reference to the first Let s Insure Funeral Cover product) to the total of the benefits payable under all relevant Let s Insure Funeral Cover Policies. In this event we will refund any premiums paid which correspond with any reduction to the Benefit Amount. You may not transfer your rights under this Policy. The Policy has no prescribed minimum surrender value. Any notices we send to you regarding this Policy will be sent to the address you last notified to us. If you change your address you must notify Let s Insure by calling or writing to PO Box 1192, Chatswood NSW Some risks in taking out this cover When you take out cover under this Policy, please be aware that: your Policy may not suit your needs. You are responsible for ensuring you choose the appropriate type and amount of cover for your insurance needs; if you currently hold another insurance policy, you should carefully consider the terms and conditions of both policies before you replace it with this Policy; the type of cover or the Benefit Amount payable may be insufficient for your individual needs; a benefit may not be paid if, in the event of a claim, an exclusion applies (see Let s look at the fine details on page 10); 20 this Policy does not have any savings or investment value and is designed only as protection insurance; and If you cancel your Policy (other than during the cooling-off period) you will not receive anything back. Privacy In this section we refers to St Andrew s, St Andrew s Australia Services Pty Ltd ABN and Let s Insure. We collect personal information about you so that we can assess your application for insurance and administer any insurance products that we issue to you. For some applications or in relation to any claim made, we may collect sensitive information related to your health. We may use your personal information to let you know about some products and services provided by Let s Insure, which we think may be of interest to you. If you do not want your personal information to be used in this way, you can always let us know by contacting Let s Insure via the contact details below. Subject to the Privacy Act 1988 (Cth), you can have access to your personal information by using these same contact details. We also need to let you know that without your personal information we cannot process your application for insurance or a claim. By applying for Let s Insure Funeral Cover insurance, you consent to this. We may exchange your personal information with each other, third parties such as those that may assist with insurance administration, product development and marketing of our products and services. Those third parties may include agents, representatives, organisations or contractors who provide services to us in connection with the marketing and administration of products or services and for the purpose of customer satisfaction surveys. We do not send your personal information offshore. The St Andrew s Privacy Policy (also applicable to St Andrew s Australia Services Pty Ltd) is available at If you have any query in relation to your privacy please contact St Andrew s on , or PO Box 7395, Cloisters Square WA The Let s Insure Privacy Policy is available at These Privacy Policies contain information about how you can have access to your personal information and seek the correction of your personal information, and how you can complain about a breach of the privacy laws that bind us and how your complaint will be handled. If you have any query in relation to your privacy please contact Let s Insure by one of the following: Phone (Mon-Fri, 8am-6pm AEST) customerservice@letsinsure.com.au Mail Customer Service, Let s Insure PO Box 1192, Chatswood NSW

13 Complaints If you need to make a complaint, please contact Let s Insure s Customer Service Manager, who will work with you to resolve your concerns by one of the following: Phone (Mon-Fri, 8am-6pm AEST) complaints@letsinsure.com.au Mail Customer Service Manager, Let s Insure PO Box 1192, Chatswood NSW 2057 Receipt of your complaint will be acknowledged within 2 business days. If additional information is required, it will be requested in writing. If your complaint remains unresolved within 45 business days, you can contact the Financial Ombudsman Service (FOS) by one of the following: Phone info@fos.org.au Mail GPO Box 3, Melbourne VIC 3001 Web The FOS is a free service to you and its independent assessment of your complaint is binding on St Andrew s and Let s Insure. Governing Law Your Policy, including this PDS, is governed by the law that applies in the State of Western Australia, Australia. Definitions In this PDS and the Policy some words have defined meanings as explained below: Acceptance Date means the date your application is accepted and your cover begins as set out in the Policy Schedule. Accident means an event resulting in bodily injury occurring while this Policy is in force, where the injury is directly and solely caused by accidental, violent, external and visible means without any other contributing causes and where the injury is not self-inflicted. Accidental Death means death that occurs as a direct result of an Accident, and within 90 days of that Accident. Australian means a person who currently resides in Australia and holds either an Australian or New Zealand citizenship, an Australian permanent residency visa or has been in Australia continuously for 6 months or more on a temporary work visa. Accidental Serious Injury means any of the following serious injuries which occur as a direct result of, and within 12 months of, an Accident: Blindness Coma Loss of Hearing Loss of Speech Loss of Use of Limbs Major Burns Major Head Trauma Paralysis Benefit Amount means the amount payable on the applicable insured event covered under this Policy and is shown in the Policy Schedule. Blindness means the complete and irrecoverable loss of sight in both eyes. Coma means a state of unconsciousness with no reaction to external stimuli or internal needs, persisting continuously with the use of a life support system for at least 4 days, but excluding comas which are medically induced or resulting from alcohol or drug abuse. Family Policy means a Policy which covers a Life Insured and/or a Partner Life Insured and/or each Insured Child. First Premium Payment Date means the date on which your first premium payment is deducted for your cover and is set out in your Policy Schedule. Insured Child means a child insured under a Family Policy, as noted on the Policy Schedule

14 Life Insured means the person/s who is/are not an Insured Child and who is/are accepted for cover under the Policy and who is/are named as such on the Policy Schedule. Loss of Hearing means complete and irrecoverable loss of hearing, both natural and assisted, from both ears as measured by an audiogram. Loss of Speech means damage to the larynx or its nerve supply, or to the speech centres of the brain, that results in the total and permanent loss of the ability to produce intelligible speech confirmed by a Medical Practitioner. Loss of Use of Limbs means total and irrecoverable loss of any of the following: (a) Use of both hands; (b) Use of both feet; or (c) Use of one hand and one foot. Major Burns means third degree burns to 20% or more of the body surface, or to the whole of the face or the whole of both hands requiring surgical debridement and/or grafting. Major Head Trauma means cerebral injury leading to neurological deficit causing permanent impairment of at least 25% whole person function (as defined in the American Medical Association publication Guides to the Evaluation of Permanent Impairment, 5th Edition). Medical Practitioner means a qualified, practicing medical specialist, licensed to practice their medical specialty within Australia or New Zealand, and whose specialty qualifies them to diagnose an injury covered under this Policy. The Medical Practitioner must not be you or your Partner, or your relative or business associate. Paralysis means any of the following: (a) Diplegia which means the total and permanent loss of function of both sides of the body; (b) Hemiplegia which means the total and permanent loss of function of one side of the body; (c) Paraplegia which means the total and permanent loss of use of both legs; (d) Quadriplegia which means the total and permanent loss of use of both arms and both legs; or (e) Tetraplegia which means the total and permanent loss of use of both arms and both legs, together with loss of head movement, due to brain injury or spinal cord injury. Partner means a legal husband or wife, or someone living with you as your de-facto spouse, as noted on the Policy Schedule. Your Partner may be of the same gender as you. Policy means the legal contract between you (the Policy Owner) and us. The PDS current at the time you applied, your application, any future application accepted, the current Policy Schedule, and any special conditions, amendments or endorsements make up the Policy. Policy Anniversary means the anniversary of the First Premium Payment Date of your Policy. Policy Owner means the person noted on the Policy Schedule as the Policy Owner. Policy Schedule means the Schedule issued with this Policy and any replacement Schedules that are issued to you throughout the life of your Policy. A new Schedule will be issued when the details of the cover provided under your Policy change. A new Schedule replaces any previous Schedule issued from the date specified on the Schedule. Relative means a person who is: (a) The parent; grandparent, brother, sister, uncle, aunt, nephew, niece, lineal descendant or adopted child of the Policy Owner or of the Policy Owner s spouse; or (b) The spouse of the person referred to in (a)

15 Direct Debit Service Agreement 1. St Andrew s Australia Services Pty Ltd ABN ( Debit User ) will initiate direct premium debit payments in the manner referred to in the Schedule (contained in the Direct Debit Request). 2. Debit payments will be made when due. The Debit User will not issue individual confirmation of payments made. 11. If a debit payment is returned unpaid, you may be charged a fee by the financial institution nominated in the Policy Schedule for each returned item. 12. If you wish to cancel the Direct Debit Request or to stop individual payments you must give at least 7 days written notice to the Debit User at PO Box 1192, Chatswood NSW Except to the extent that disclosure is necessary in order to process debit payments, investigate and resolve disputed transactions or is otherwise required by law, the Debit User and its service providers will keep details of your account and debit payments confidential. 3. The Debit User will give you at least 14 days written notice if the Debit User proposes to vary details of this arrangement, including the amount and frequency of debit payments. 4. If you wish to defer any payment or alter any of the details referred to in the Policy Schedule, you must either contact the Debit User on or write to the Debit User at PO Box 1192, Chatswood NSW Queries concerning disputed debit payments must be directed to the Debit User in the first instance. Details of the dispute resolution process that applies to the Debit User are described in this PDS on page 22. Queries about claims in regards to disputed debit payments should also be directed to the Debit User and may also be directed to your financial institution nominated in the Schedule. 6. Direct payment debiting is not available on the full range of accounts at all financial institutions. If in doubt, you should check with your financial institution before completing the Direct Debit Request. 7. You should ensure that your account details given in the Policy Schedule are correct by checking against a recent statement from your financial institution at which your account is held. 8. It is your responsibility to have sufficient cleared funds available, by the premium due date, in the account to be debited to enable debit payments to be made in accordance with the Direct Debit Request. 9. By authorising the Direct Debit Request, you warrant and represent that you are duly authorised to request and instruct the debiting of premium payments from the account described in the Policy Schedule. 10. If a debit payment falls due on any day which is not a business day, the payment will be made on the next business day. If you are uncertain as to when a debit payment will be processed to your account, you should make enquiries directly with the financial institution nominated in the Policy Schedule

16 Nomination of Beneficiaries Form As the Policy Owner, you have the option to nominate a beneficiary or beneficiaries to receive benefits payable under your Policy, upon your death. The option to nominate a beneficiary is subject to the completion and return of this Nomination of Beneficiaries Form to Let s Insure and to the conditions listed below. Conditions The following conditions apply: Nominations must be in writing on a Nomination of Beneficiaries Form; There can be up to 5 nominees and nominations must be of a natural person; You may vary the nomination at any time by completing and signing a new Nomination of Beneficiaries Form and forwarding it to Let s Insure at PO Box 1192, Chatswood NSW The variation takes effect when it is received and processed by Let s Insure; Payment of benefits will be made on the basis of the latest valid nomination received and processed by Let s Insure; If a nominated beneficiary is a minor when the payment is made, it will be made to the minor s legal guardian; and If a nominee pre-deceases the Policy Owner, that nominee s share is payable to the Policy Owner s legal personal representative, or such other person that we are permitted to pay under the Life Insurance Act Where no valid nomination applies: Benefit payments will be made to you, the Policy Owner; or If you (the Policy Owner) die, the Benefit Amount will be paid to your legal personal representative, or other person that we are permitted to pay under the Life Insurance Act Detach, fill in and send the form attached here. Please return your completed form to Let s Insure. You can: 1. Scan and (with your name and Policy Number as the subject line) to customerservice@letsinsure.com.au 2. Mail to PO Box 1192, Chatswood NSW Fax to detach and send Name of Policy Owner Policy number Nomination of Beneficiaries Form Proportion of Benefit Amount Relationship to Policy Owner Full name of Beneficiary Address Date of birth Total = 100% of Benefit Amount Signature of Policy Owner Date / / This cover is issued by St Andrew s Life Insurance Pty Ltd ABN , AFSL and is subject to the terms and conditions as set out in the Product Disclosure Statement which was current at the Acceptance Date.

17 Please return your completed form to Let s Insure. You can: 1. Scan and (with your name and Policy Number as the subject line) to customerservice@letsinsure.com.au 2. Mail to PO Box 1192, Chatswood NSW Fax to This page is left blank deliberately

18 Apply now for immediate cover, it only takes a few minutes go to letsinsure.com.au and click on Get a quote or call and apply for cover over the phone with a Let s Insure customer service representative (Monday-Friday, 8am-6pm AEST) Protect tomorrow 2413-LIFCpds