SAMPLE. Westpac Loan Cover

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1 Westpac Loan Cover This is an important document detailing the terms of your Westpac Loan Cover. Please read this document carefully and keep it in a safe place.

2 Contents Things to note 02 Who is the Insurer? 02 Am I eligible for Westpac Loan Cover? 02 What s covered? 02 What s not covered? 02 The cost of Westpac Loan Cover 03 Cancelling your cover 03 How to make a claim 03 Enquiries and complaints 03

3 Westpac Loan Cover Introduction to your cover This document sets out the full terms, conditions and exclusions of your cover under Master Policy NZWP1035 for your protection in the event of: death; total disability; redundancy; bankruptcy. Your rights and benefits under the Master Policy are personal to you and cannot be assigned or charged to any other person. Westpac Loan Cover 01

4 Things to note What s covered: Please note that the information in this document does not take into Where total disability continues beyond seven (7) consecutive days, we account your personal objectives, financial situation or needs. In will pay your Westpac personal loan instalments as outlined in the loan deciding whether this cover is right for you, you should consider the agreement up to a maximum of $1,500 per month for any period of total information in this document having regard to your own personal disability due to injury or sickness. No benefit will be paid for the first seven circumstances. (7) consecutive days of total disability. Terms, conditions, exclusions and limits apply to your cover under the Master Policy. Please ensure you read the What s covered? and Redundancy What s not covered? sections. Redundancy is the loss of employment, on or after the commencement Any injury, sickness or disease which existed at the commencement date date, other than by voluntary redundancy, resignation or dismissal, or any sickness or disease which first makes itself known within 28 days resulting from your position becoming superfluous to the needs of your after the commencement date is excluded from cover. employer. Cover What s covered: Only one benefit is payable for a total disability or redundancy claim during the same period for the same event. Where unemployment resulting from redundancy continues beyond 30 consecutive days, we will pay your Westpac personal loan instalments as outlined in the loan agreement up to a maximum of $1,500 per month for Who is the insurer? up to four (4) months while you remain unemployed. No benefit will be paid Westpac Loan Cover is underwritten by Westpac Life-NZ-Limited for the first 30 consecutive days of redundancy. ( Westpac Life ). Westpac New Zealand Limited ( Westpac NZ ) has been appointed by Westpac Life as agent for Westpac Loan Cover. Bankruptcy All claims and enquiries are handled by Westpac Life. Bankruptcy is when you have been declared bankrupt as a result of your creditor(s) applying to a New Zealand Court to do so. How to contact us What s covered: You can contact us by: If you are self-employed and you are declared bankrupt, on or after the calling , or commencement date, we will pay your Westpac personal loan instalments writing to Westpac Life, PO Box 27031, Wellington, as outlined in the loan agreement up to a maximum of $1,500 per month for up to four (4) months while you remain bankrupt. No benefit will be paid for 30 day free look the first 30 consecutive days of bankruptcy. If the cover does not appear to meet your needs you may cancel your cover within 30 days of the commencement date and receive a full refund of the What s not covered? single premium paid. Where the single premium has been paid from your There are some exclusions that apply to your cover. Westpac personal loan account, the refund will be credited to that account. Interest charged on the premium amount is not refundable. You cannot Life Insurance exercise your rights under the free-look period if you have already made a claim under your cover. We will not cover you for death which is the result of: suicide within the first 13 months of the commencement date, or an Am I eligible for Westpac Loan Cover? intentionally self-inflicted injury, or To be eligible for this cover you must be aged between 18 and 59 years of any injury, sickness or disease which existed whether or not age inclusive at the commencement of your Westpac personal loan and the diagnosed at the commencement date. term of your loan must expire on or before your 61st birthday. If this cover replaces existing Westpac Loan Cover, the above exclusions will only apply to the increase in the loan amount and/or Up to two borrowers on the one Westpac personal loan can apply for cover. the extension of the loan term of the varied loan. No benefit will be paid where death is the result of: What s covered? war or any act of war. Cover under your Westpac Loan Cover will begin on the commencement date. AIDS, or death which is, in the opinion of Westpac Life, contributed to by AIDS or an AIDS related condition. It s important to understand how and when we ll pay benefits under your Westpac Loan Cover if you need to make a claim. Please refer to the Total Disability sections What s covered? and What s not covered? for the full terms, conditions, exclusions and limits that apply to your cover under the Master No benefit will be paid for the first seven (7) consecutive days of total Policy. disability. No benefit will be paid where total disability is the result of: Life Insurance any injury, sickness or disease which existed whether or not What s covered: diagnosed at the commencement date, or We will pay the balance you owe on your Westpac personal loan as at any sickness or disease which first made itself known within 28 days the date of your death, less any outstanding arrears, up to a maximum after the commencement date. of $80,000 plus accrued interest and any amount advanced to pay the If this cover replaces existing Westpac Loan Cover, the above premium. exclusions will only apply to the increase in the loan amount and/or the extension of the loan term of the varied loan. Total Disability No benefit will be paid where total disability is the result of: Total disability is any disability starting on or after the commencement intentionally self-inflicted injury, or date, caused by an injury or illness which directly and independently of any war or any act of war, or other cause wholly prevents you from engaging in your normal occupation AIDS or any cause which is, in the opinion of Westpac Life, (or normal household duties if you are primarily engaged in these duties). contributed to by AIDS or an AIDS related condition, or You will NOT be disabled if you would be able to engage in any other the taking or use of alcohol, poison or drugs other than a drug taken occupation, business or type of work for which you would be reasonably on the advice of a legally qualified medical practitioner. suited by knowledge or experience - given appropriate training if necessary. Pregnancy, childbirth and abortion are not disabilities and no benefits are payable in respect of absence from work due to these circumstances. 02 Westpac Loan

5 Redundancy No benefit will be paid for the first 30 consecutive days of redundancy. No benefit will be paid for any redundancy that occurs, or that you become aware of, or ought to have been aware of, within 60 days from the commencement date of this cover. If this cover replaces existing Westpac Loan Cover, this exclusion will only apply to the increase in the loan amount and/or the extension of the loan term of the varied loan. No Redundancy benefit will be paid if: your employment is not paid by salary or wages, or you are self-employed, or in seasonal or contract work, or in temporary or casual work, or you are a director where you have control over your employment, or if you are employed by a direct member of your family (spouse, parents or children). Bankruptcy No benefit will be paid for the first 30 consecutive days of bankruptcy. There is no cover under the Bankruptcy benefit if: you knew at the commencement date that it was likely or possible that a bankruptcy notice would be issued against you or that a creditor s application for bankruptcy would be made to the Court, or at or before the commencement date, you had received a bankruptcy notice or committed an act of bankruptcy. If this cover replaces existing Westpac Loan Cover, the exclusions above only apply to the increase in the loan amount and/or the extension of the loan term of the varied loan. No Bankruptcy benefit will be paid if: you are not self-employed, or you take voluntary bankruptcy. Multiple personal loans If you have more than one Westpac personal loan covered by Westpac Loan Cover, the instalments of those loans will be added together and the following maximum benefit amounts will apply: $1,500 per month for total disability and redundancy; and $80,000 plus accrued interest and any amount advanced to pay the premium for death. The cost of Westpac Loan Cover Your premium is based on the term of your Westpac personal loan and the amount you borrow. If you choose to include the cost of this cover in the amount of credit financed under your Westpac personal loan, additional interest will be charged on the premium amount. This interest is calculated using your personal loan interest rate. Cancelling your cover You can cancel your cover at any time by giving written notice to Westpac Life. When can we cancel or amend your cover? We can amend or cancel the cover at any time by giving you at least 60 days notice in writing. Examples of when we may exercise this right to amend include: if our legal or regulatory requirements change, or to allow us to respond to market changes or medical advances, or to enable changes that are reasonably necessary for Westpac Life s other legitimate business purposes. When will your cover terminate automatically? The cover will terminate immediately if: your loan is fully repaid, discharged or refinanced, or you default payment due under the loan agreement and Westpac NZ starts proceedings against you. Rebate of premium If your Westpac personal loan is repaid in full before the due date or you vary your Westpac personal loan during the term by way of varied loan, a rebate of your premium will be paid. This will be calculated using the procedure prescribed by the Credit Contracts and Consumer Finance Regulations 2004 or any replacement legislation. We will pay any rebate directly to your Westpac personal loan account. No rebate will be given if your Westpac personal loan is repaid in full as a result of a claim. The table below illustrates, by way of example only, the percentages of initial premiums that may be rebated where loans are repaid in full before the due date: Original Term of Loan (months) Repaid at end of 12 months Repaid at end of 24 months Repaid at end of 36 months Repaid at end of 60 months Repaid at end of 90 months Repaid at end of 120 months (The table is intended for illustration purposes. The exact amount of the rebate will be calculated in accordance with applicable legislation). How to make a claim If you wish to make a claim, you must notify Westpac Life within 30 days of the event that prompted the claim (although in some circumstances Westpac Life may accept a claim after this time). You will need to provide us copies of medical reports or other information that we ask for, at your expense. We will work with you to obtain this information. All proceeds of approved claims will be paid to your loan account. To make a claim, call , Monday to Friday 8:30am 5:00pm. Enquiries and Complaints If at any time you have an enquiry or complaint about your cover, you should contact us in writing at Westpac Life, PO Box 27031, Wellington 6141, or call us on and we will deal with your enquiry or complaint. Westpac Life is a member of the Banking Ombudsman Dispute Resolution Scheme. If you are not satisfied with the way we resolve this, we can advise you how to contact the Banking Ombudsman. Notices Any notices may be made by ordinary post (to the last postal address notified by you to us) or by facsimile or electronic means (to the facsimile/ address provided by you to us). You are responsible for promptly informing us of any change to your personal details (including your name, address, telephone, mobile or facsimile numbers and address). Westpac NZ s Rights The rights and powers of Westpac NZ under your loan agreement or other agreements with you are not affected by this cover. Law Any legal action concerning this document and the cover under the Master Policy must be conducted in New Zealand and is governed by New Zealand law. Westpac Loan Cover 03

6 Underwriter Westpac Loan Cover is arranged by Westpac NZ and underwritten by Westpac Life-NZ-Limited, which is a wholly owned subsidiary of Westpac Financial Services Group-NZ-Limited. Westpac Financial Services Group- NZ-Limited is a wholly owned subsidiary of Westpac Banking Corporation ABN , incorporated in Australia. Neither Westpac Banking Corporation, Westpac NZ, nor any other member of the Westpac Group guarantees the obligations of, or any products issued by Westpac Life- NZ-Limited. Westpac NZ employs salaried employees whose remuneration is influenced in the long term by the arrangement of Westpac Life- NZ-Limited insurance policies. Westpac NZ will receive commission payments as a result of the arrangement of Westpac Life-NZ-Limited policies. The Master Policy will be included in the Westpac Life-NZ-Limited Statutory Fund No.1. Westpac Life-NZ-Limited will pay your benefits from this fund. Statutory funds are regulated pursuant to the Insurance (Prudential Supervision) Act Definitions commencement date is the date of draw-down of your Westpac personal loan (or part of it) under the loan agreement or the date on which we accept your Westpac Loan Cover application, whichever was the later. existing Westpac Loan Cover is the existing cover that will be replaced by this cover and which relates to the same loan account. loan account means the loan account as specified on your Westpac Loan Cover application. loan agreement means the personal loan agreement entered into between Westpac NZ and you, for the loan amount and may include a loan variation agreement (if any). loan amount means the amount of your Westpac personal loan as specified in your Westpac Loan Cover application which may include your varied loan (if any). loan variation agreement means the loan agreement documenting the varied loan (if any). Master Policy means Master Policy NZWP1035 issued by Westpac Life- NZ-Limited. you/your means the person specified in the application and who we have accepted for this cover. varied loan means a variation to the terms of your current Westpac loan by way of increase in the amount of your loan and/or extension of the term as agreed in writing in the loan variation agreement. we/our/us means Westpac Life-NZ-Limited. Westpac personal loan means the personal loan you have with Westpac NZ for the loan amount specified in your Westpac Loan Cover application, and may include your varied loan (if any). Westpac NZ means Westpac New Zealand Limited.

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8 Westpac Life 318 Lambton Quay PO Box 27031, Wellington Telephone or Facsimile JN

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