Asgard Personal Protection Package

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1 Asgard Personal Protection Package Supplementary Product Disclosure Statement (SPDS) This SPDS is dated 1 February 2009 and relates to the Product Disclosure Statement (PDS) dated 18 February 2008 for the Asgard Personal Protection Package. This SPDS is issued by Asgard Capital Management Ltd ABN , AFSL and should be read together with the PDS and a previous SPDS dated 15 September From 1 February 2009, your financial adviser should provide you with the PDS dated 18 February 2008, the SPDS dated 15 September 2008 and this SPDS. If you do not receive all of these documents, please contact your financial adviser. You should read these documents before you make a decision in relation to the Asgard Personal Protection Package. This SPDS has been issued to outline changes resulting from the appointment of American International Assurance Company (Australia) Limited (trading as AIG Life) ABN AFSL of 549 St Kilda Road, Melbourne, Victoria 3004, as the provider of the insurance referred to in the PDS. AIG Life has consented to the inclusion in this SPDS of references to them and statements attributed to them and this consent has not been withdrawn before the date of this SPDS. PDS inside front cover fourth point under the heading In this PDS. This section is deleted. References to the Insurer and TOWER throughout the PDS. Throughout the PDS all references to the Insurer and TOWER must be read as references to AIG Life. PDS page 6 About TOWER the Insurer This section is replaced with the following text. About AIG Life the Insurer The Insurer is American International Assurance Company (Australia) Limited trading as AIG Life ABN AFSL AIG Life is an ultimate subsidiary of American International Group, Inc. (AIG) and has been providing risk insurance to Australians since AIG Life provides comprehensive, flexible life cover options that aim to protect the financial health and welfare of Australians. AIG Life combines its extensive international experience with local expertise to offer some of the country s most innovative life cover options. The AIG Life products and services are constantly under review to ensure they meet the changing needs of the Australian population. AIG Life offers risk protection life insurance products to help you protect the things that matter most to you your family, your health, your mortgage or your business. All insurance benefits are provided by the Insurer and not the Trustee or Administrator. Asgard Personal Protection package SPDS 1

2 PDS page 9 Life Protection premium rates The premium rate table on page 9 is replaced with the following table. Annual rates per $1,000 sum insured rates include maximum adviser commission, Asgard management fee and stamp duty. Age next birthday non- Life Protection only non Age next birthday non- Life Protection only non * * * * ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** Maximum entry age is 65 next birthday * Superannuation cover expires at age 70 ** Non-superannuation cover expires at age 99 2 Asgard Personal Protection package SPDS

3 PDS page 11 Total & Permanent Disablement (TPD) rates TPD Protection The premium rate table on page 11 is replaced with the following table. Annual rates per $1,000 sum insured rates include maximum adviser commission, Asgard management fee and stamp duty. Age next birthday non- TPD Protection non Age next birthday non- TPD Protection non- 61* * * * *TPD renewal only, as maximum entry age is 60 next birthday. For the Own Occupation definition, multiply the TPD premium rate by 1.5 (available to specific occupations including professionals, executives and senior management). PDS page 12 Total & Permanent Disablement (TPD) rates TPD Only The premium rate table on page 12 is replaced with the following table. Annual rates per $1,000 sum insured rates include maximum adviser commission, Asgard management fee and stamp duty. TPD Only Age next birthday non- non Asgard Personal Protection package SPDS 3

4 TPD Only Age next birthday non- non * * * * *TPD renewal only, as maximum entry age is 60 next birthday. For the Own Occupation definition, multiply the TPD premium rate by 1.5 (available to specific occupations including professionals, executives and senior management). PDS page 15 Trauma Protection rates (includes Life Protection cover) The premium rate table on page 15 is replaced with the following table. Annual rate per $1,000 sum insured rates include maximum adviser commission, Asgard management fee and stamp duty. Age next birthday non- Trauma Protection non Age next birthday non- Trauma Protection non * * * * * * * * * * Renewal only. 4 Asgard Personal Protection package SPDS

5 PDS page 18 Critical Trauma Protection rates (includes Life Protection cover) The premium rate table on page 18 is replaced with the following table. Annual rate per $1,000 sum insured rates include maximum adviser commission, Asgard management fee and stamp duty. Age next birthday non- Critical Trauma Protection non Age next birthday non- Critical Trauma Protection non * * * * * * * * * *Renewal only. PDS page 24 Salary Continuance rates two year benefit period 30 day waiting period The premium rates table on page 24 is replaced with the following table. Annual rate per $100 monthly benefit rates include maximum adviser commission, Asgard management fee and stamp duty. Age next birthday non- Salary Continuance non Asgard Personal Protection package SPDS 5

6 Age next birthday non- Salary Continuance non * * * * * * * * * *Renewal only PDS page 25 Salary Continuance rates two year benefit period 60 day waiting period The premium rate table on page 25 is replaced with the following table. Annual rate per $100 monthly benefit rates include maximum adviser commission, Asgard management fee and stamp duty. Age next birthday non- Salary Continuance non Age next birthday non- Salary Continuance non * * * * * * * * * *Renewal only PDS page 25 Salary Continuance rates two year benefit period 90 day waiting period The premium rate table on page 25 is replaced with the following table. Annual rate per $100 monthly benefit rates include maximum adviser commission, Asgard management fee and stamp duty. Age next birthday non- Salary Continuance non Asgard Personal Protection package SPDS

7 Age next birthday non- Salary Continuance non * * * * * * * * * *Renewal only PDS page 30 Examples The following text is added to the PDS on page 30 as examples of how to calculate a premium. Example 1 A male, non-, white collar worker is 35 next birthday and is applying for Life and TPD Protection cover. The monthly premium for a sum insured of $500,000 is calculated as follows. 1. Select the base rate: 0.55 (Life Protection) (TPD Protection) = Because the sum insured is $500,000, a 10% discount applies (see Large Cover Discount on page 40): 0.94 x 0.9 = Multiply the rate by the sum insured and divide by 1000: x 500,000 / 1000 = annual premium 4. Multiply this annual premium by 1.06 / 12: x 1.06 / 12 = monthly premium 5. Add the administration fee: * = $41.47 monthly premium * The monthly administration fee is $4.10 for cover under superannuation or $4.40 if under non-superannuation. Example 2 A male, white collar employee with an annual income of $45,000 is 35 next birthday and resides in NSW. The monthly premium for insuring 75% of his income under Salary Continuance with a 90 day waiting period and a two year benefit period is calculated as follows. 1. Select the base rate: Calculate the monthly sum insured: 75% x $45,000 / 12 = 2, Multiply the rate by the sum insured then divide by 100: 5.01 x 2812 / 100 = Multiply this annual premium by 1.06 / 12: x 1.06 / 12 = monthly premium 5. Add the administration fee: * = $16.54 monthly premium (including stamp duty) * The monthly administration fee is $4.10 as Salary Continuance is a product specific to cover under superannuation. Refer to the table on page 19 of the PDS. Asgard Personal Protection package SPDS 7

8 PDS pages 33 and 35 Are you eligible to apply for insurance The following text is added to the section headed Are you eligible to apply for insurance? on pages 33 and 35 of the PDS. Some occupations may not be eligible for cover or may attract a premium loading due to the nature of the duties required to be undertaken. Your adviser has access to an Occupation Categories guide and can assist you with any questions in determining your eligibility or whether any premium loadings are likely to apply. Please note that Entry Ages shown in the table headed Entry and expiry ages are your age next birthday. PDS page 36 Overseas or temporary residents The following text replaces the section headed Overseas or temporary residents on page 36 of the PDS. Your insurance cover provides worldwide cover, 24 hours a day, subject to any terms and conditions noted on your Policy Information Statement. The Insurer may require you to return to Australia at your own expense for assessment in the event of a claim. Usually, only permanent residents of Australia who have been residing in Australia for more than two years are eligible for cover. If you receive cover and then subsequently move overseas your cover will automatically continue under the same terms and conditions for three years (for Life Protection & TPD Protection) or two years (for Salary Continuance). If you wish the Insurer to consider an extension to this cover period please apply in writing to: Asgard Contact Centre PO Box 7490 Perth WA 6850 This extension will need to be approved by the Insurer prior to the expiry of the automatic three year (or two year for Salary Continuance) continuation period. It is important to note that failure to receive written agreement to extend the automatic continuation period will result in an inability for the Insurer to consider a claim for benefits under the policy. PDS page 39 Your Policy The following text is added to the Your Policy section commencing on page 39 of the PDS. Your Duty of Disclosure Before you enter into, or become insured under, a contract of insurance you have a duty, under the Insurance Contracts Act 1984 as amended, to disclose to the Insurer every matter that you know, or could reasonably be expected to know, that is relevant to the Insurer s decision whether to accept the risk of the insurance and, if so, on what terms. You have the same duty to disclose those matters to the Insurer before you extend, vary or reinstate a contract of insurance. Your duty, however, does not require disclosure of a matter: that diminishes the risk to be undertaken by the Insurer, that is of common knowledge, that your Insurer knows or, in the ordinary course of business, ought to know, or as to which compliance with your duty is expressly waived by the Insurer. Non-Disclosure If you fail to comply with your Duty of Disclosure and the Insurer would not have entered into the contract on any terms if the failure had not occurred, the Insurer may avoid the contract within three years of entering into it. If your non-disclosure is fraudulent, the Insurer may avoid the contract at any time. An Insurer who is entitled to avoid a contract of insurance may, within three years of entering into it, elect not to avoid it, but to reduce the sum that you have been insured for in accordance with a formula that takes into account the premium that would have been payable if you had disclosed all relevant matters to the Insurer. 8 Asgard Personal Protection package SPDS Asgard Capital Management Ltd ABN AFSL APJPPP11208_supp

9 Asgard Personal Protection Package Supplementary Product Disclosure Statement (SPDS) This SPDS is dated 15 September 2008 and relates to the Product Disclosure Statement (PDS) dated 18 February 2008 for the Asgard Personal Protection Package. This SPDS is issued by Asgard Capital Management Ltd ABN , AFSL and should be read together with the PDS. The purpose of this SPDS is twofold. The first is to provide the ABN of the superannuation fund that includes all of the following Asgard superannuation accounts mentioned in this PDS. The ABN for the Funds listed below is ABN : Asgard Managed Profiles Super Account Asgard Separately Managed Accounts Funds Super Account Asgard Employee Super Account Asgard Elements Super Account Asgard ewrap Super Account. The second purpose is to correct typographical errors within the PDS: Page 13 Cancer definition Reference is made to the cancer definition appearing on page 48. It should be page 45.

10 Page 19 Benefits The benefits available for Income Protection and Salary Continuance are summarised in the following table: Benefit Income Protection Total Disability Benefit while unemployed or on leave 3 3 Partial Disability Benefit while unemployed or on leave 3 3 Indemnity option 3 3 Recurrent Disability Benefit 3 3 Rehabilitation Benefit 3 7 Rehabilitation Expenses Benefit 3 7 Specific Injuries Benefit 3 7 Crisis Benefit 3 7 Accommodation Benefit 3 7 Family Support Benefit 3 7 Home Care Benefit 3 7 Bed Confinement Benefit 3 7 Transportation Benefit 3 7 Overseas Assist Benefit 3 7 Death Benefit 3 7 Waiver of premium 3 3 Elective surgery 3 7 Increasing Claim Benefit 3 3 Pages 23 & 24 Individual Disability Income Protection and Salary Continuance tables of premium rates The Age next birthday column in each of the 4 tables appearing on those pages should have * against each of the ages 56 to 60 inclusive indicating that the premium rates shown are renewal only. Salary Continuance Asgard Capital Management Ltd ABN AFSL APJPDS70708_supp

11 Personal Protection Package Issue date: 18 February 2008 Asgard Personal Protection Package

12 Product Disclosure Statement (PDS) Issue date: 18 February 2008 Life Protection Total & Permanent Disablement Trauma Protection Critical Trauma Protection Income Protection/Salary Continuance Business Expenses Protection In this PDS: Asgard, the trustee and administrator refer to Asgard Capital Management Limited ABN AFSL RSE L Level 38, Central Park, 152 St George s Terrace, Perth WA 6000 Telephone Facsimile Contact Centre Asgard Super Account means: an Asgard Managed Profiles Super Account an Asgard Separately Managed Accounts Funds Super Account an Asgard Employee Super Account an Asgard Elements Super Account an Asgard ewrap Super Account any other ewrap Super Account of which Asgard is the trustee. Asgard Investment Account means: an Asgard Managed Profiles Investment Account an Asgard Separately Managed Accounts Funds Investment Account an Asgard Elements Investment Account an ecash Account a CASH Connect Account an Asgard Trustee Funds Account. TOWER and the Insurer refer to: TOWER Australia Limited ABN AFSL Alfred Street, Milsons Point NSW 2061 (All correspondence should be directed to Asgard) we, us and our is a reference to TOWER Master Policies refer to the master policies of insurance issued by the Insurer to, and owned by, Asgard, under which all of the insurance offered by this PDS is provided TPD refers to Total & Permanent Disablement you means an applicant for insurance under the relevant Master Policies and your has a corresponding meaning, however, where the applicant is not the life insured, you and your are references to the life insured, where the context requires general and medical terms used throughout this PDS are defined in the glossary on pages 43 to 49. This PDS was prepared on 18 February Available from financial advisers across Australia. Who is this document for? For those people who consider that their most valuable asset is their health. For individuals who wish to protect themselves, their families and their assets if they suffer a serious sickness or injury, or in the event of their death. For self-employed and small business owners who want to know that they will be assisted with the reimbursement of certain business expenses if they become totally disabled. On the cover: In her roles of Office Manager and Business Development Support, Sharyn provides support to our Sales team.

13 What s inside Asgard Personal Protection Package 3 Asgard Personal Protection Package at a glance 5 Insurance with Asgard 7 Asgard Personal Protection Package products 7 Life Protection 10 Total & Permanent Disablement 13 Trauma Protection 16 Critical Trauma Protection 19 Income Protection/Salary Continuance 26 Business Expenses Protection 29 Premiums and charges 33 Stand-alone (non-superannuation) insurance 35 Insurance through an Asgard Super Account 39 Your Policy 41 Privacy statement 43 Glossary 51 Direct debit request service agreement 53 Interim Cover Certificate Application booklet Updating the information in this PDS This PDS is up to date at the time of preparation. From time to time we may change or update information in this PDS that is not materially adverse to your interests, provided we give you a means of finding out about these changes. You can do this by ringing the Contact Centre on or, if you re an existing investor, by checking Investor Online. You can also obtain a paper copy of the updated information free of charge by contacting your financial adviser or us. Important information Insurance benefits payable under the Master Policies are liabilities of the Insurer and the premiums for these insurance benefits are payable to the Insurer. They are not deposits in, nor liabilities of, and not guaranteed by, any bank or company whether related to the Insurer or not. All of the insurance offered by this PDS is provided under, and is subject to the terms and conditions in, the Master Policies. A copy of the relevant Master Policy for your chosen insurance can be obtained by calling the Contact Centre on or by contacting your financial adviser. Further terms and conditions may also be set out in the Policy Information Statements given to members. No benefit will be paid unless the Insurer accepts the claim. Asgard has been appointed by the Insurer to administer the insurance offered under the Master Policies. As administrator, Asgard performs certain functions in relation to the insurance, including receiving and processing applications and collecting premiums on behalf of the Insurer. Asgard is your point of contact and will advise you of any changes to your insurance cover including the fees, charges or benefits applying to that cover. TOWER has consented to the inclusion in this PDS of references to it and statements attributed to it and this consent has not been withdrawn before the date of this PDS. Asgard is a subsidiary of St.George Bank Limited ABN (St.George). St. George, its subsidiaries, Asgard Wealth Solutions Limited ABN , Asgard or any other subsidiary of St.George, are collectively referred to in this PDS as Asgard Wealth Solutions. Information in this PDS is based on the continuance of present taxation and superannuation laws. All applications for insurance must be received on an application taken from a current PDS. The information provided and statements made in this PDS should not be taken as the giving of financial product advice by either the Insurer or Asgard as they do not take into account your personal objectives, financial situation or needs. As a result, you should, before acting on the information, consider the appropriateness of the information having regard to these factors. The insurance types described in this document are not savings plans. The primary purpose of each type of cover is to provide a benefit upon specified events happening. If you terminate your cover (other than during the cooling-off period), your cover will cease and there will be no refund of any premiums paid. This PDS provides information in relation to insurance cover only. Further information concerning the superannuation and investment products it refers to may be obtained from your financial adviser. Any references to superannuation or investment products are not to be taken as an offer of those products. To the extent permitted by law, the Insurer does not accept any liability in connection with these superannuation and investment products. Product Disclosure Statement 1

14 As a Business Superannuation Consultant within our Distribution & Sales team, Euan helps advisers with all of their business superannuation needs.

15 Asgard Personal Protection Package at a glance This table outlines Asgard s personal protection products, the risk covered and the benefit payable. Further detailed descriptions of the personal protection products can be found on pages 7 to 28. Information on exclusions, premiums, fees and charges, taxation and cooling-off periods can also be found throughout this PDS. Product Risk covered Benefit (if this happens to a life insured) (what we pay) Life Protection Death Agreed lump sum Terminal illness Agreed lump sum (maximum $2,000,000) Total & Permanent Disablement (TPD) Option Permanent disability cannot work Agreed lump sum (maximum $3,000,000) Trauma Protection 1 Certain defined medical conditions Agreed lump sum (some events trigger a partial payment of the agreed lump sum) Terminal illness Death Agreed lump sum Agreed lump sum Critical Trauma Protection 1 Certain defined medical conditions Minimum 25% of agreed lump sum for localised cancer, myocardial infarction, or open chest surgery; or full agreed lump sum for all other medical condition definitions Income Protection 1 Professional, clerical and general occupations Salary Continuance 2 Terminal illness Death Permanent or temporary disability cannot work Permanent or temporary disability cannot work Agreed lump sum Agreed lump sum Monthly benefit to replace lost income, can be agreed value or indemnity Monthly benefit to replace lost income, can be agreed value or indemnity Business Expenses Protection 1 Total disability Reimbursement of business costs incurred while disabled, up to an agreed monthly benefit 1 Not available through an Asgard Super Account. 2 Only available through an Asgard Super Account. Product Disclosure Statement Asgard Personal Protection Package at a glance 3

16 The Asgard Personal Protection Package provides a means of protecting your family s lifestyle, their future and the assets you have worked hard for.

17 Insurance with Asgard Why do I need Asgard personal protection insurance? Your most valuable asset is your health. If you suffer a serious sickness or injury, the financial security and quality of life of you and your family will be dramatically affected. As a result, you may: be unable to care for your children disrupt your partner s work, as they support and care for you incur additional expenses, such as rehabilitation and hospital care jeopardise your retirement plans by cutting off your income prematurely. Serious accidents, trauma and disease are all unexpected events. The Asgard Personal Protection Package is a way to protect yourself and your family should the unforeseen happen. It provides a means of protecting your family s lifestyle, their future and the assets you ve worked hard for. The Asgard Personal Protection Package offers you a range of insurance products that can be tailored to your individual needs. The insurance cover detailed in this PDS is either available through an Asgard Super Account (where premiums are deducted from this account each month) or it can be purchased on a stand-alone (nonsuperannuation) basis (where premiums are deducted from a nominated Asgard Investment Account or paid separately). If you purchase insurance through an Asgard Super Account, there are significant differences in the way benefits may be paid. For more information, see pages 35 to 37. About Asgard the trustee and administrator Asgard currently administers superannuation, retirement and investment savings worth more than $40 billion for over 400,000 Australians. Asgard also offers insurance that can be tailored to your individual needs, a service which complements its investment and super accounts. With an Asgard account, it s easy for you to diversify your savings and manage all your investments and insurance needs. Product Disclosure Statement Insurance with Asgard 5

18 Asgard hall of fame Asgard has over 17 years experience in investment and superannuation administration. It has received the following awards in recognition of its ongoing commitment to providing service of the highest quality. 2006: Asgard ewrap Winner 2007: Asgard Elements 2nd Place Asgard products have been voted in the top 5 in the Assirt Service Level Survey in each of the six years prior to Top Performing Superannuation Master Trust Asgard Superannuation Account. Top Performing Property Fund Asgard Superannuation Account. 2007: Rainmaker Excellence Awards Finalist Asgard Employee Super Account. SelectingSuper Awards for Superannuation Product of the Year, Premium Choice. 2007/08: 5 Quality Stars The Heron Partnership Corporate Funds Asgard Employee Super. Retail Funds Asgard Elements Super-Pension. Asgard ewrap Super-Pension. 2007: Highly Commended Platform of the Year - Super for Asgard ewrap Super/Pension. 2006: Winner Platform of the Year Super for Asgard ewrap Super/Pension. 5 apples Chant West rating Small Plans for plans with less than $10m: Asgard Employee Superannuation Account. Medium Plans for plans with $10m-$50m: Asgard Employee Superannuation Account. Asgard Elements Superannuation Account. Asgard Elements Pension Account Asgard ewrap Pension Account Asgard Allocated Pension Account Best hybrid AdviserNETgain has been ranked number one in the hybrid category as judged by independent expert Investment Trends in their Competitive Analysis Reports for Independently Researched by Rainmaker Information Lic: AAA rating (highest possible) for the Asgard Employee Superannuation Account by Selecting Super, a division of Rainmaker Information. About TOWER the insurer The insurer is TOWER Australia Limited (TOWER) ABN TOWER is a specialist Australian life insurance company with well over 130 years experience and over $500 million of annual in-force premium. TOWER is one of the top five life insurance companies in Australia and an industry leader in the provision of life insurance arrangements to super funds and administration platforms. TOWER is widely acknowledged in the market as a provider of quality products with superior service. All insurance benefits described in this PDS are provided by TOWER and not Asgard. Retail Portfolio Platform of the Year Small Investors (Super): ewrap Super/Pension. Retail Portfolio Platform of the Year Large Investors (Super): ewrap Super/Pension. 6 Product Disclosure Statement Insurance with Asgard

19 Asgard Personal Protection Package products Life Protection What is Life Protection? Life Protection provides life cover for an agreed amount. If you hold Life Protection on a stand-alone (nonsuperannuation) basis and you re diagnosed with a terminal illness, the lump sum will be paid to you. If you die, a lump sum will be paid to your estate. Where cover is held through your Asgard Super Account, the benefit is paid to your account and access to the benefit is subject to superannuation preservation rules. See Insurance through an Asgard Super Account on pages 35 to 37 for more information. Benefits Death Benefit If you die, your sum insured (at the date of death) will be paid to your estate. Your Death Benefit is reduced by any benefits paid for Terminal Illness or TPD Protection prior to your death. See below. Terminal Illness Benefit A terminal illness is defined as any disease or condition that, in the opinion of an appropriate specialist medical practitioner approved by us and having regard to the current treatment or such treatment as you may reasonably be expected to receive, is likely to lead to your death within twelve months from the date you are diagnosed with of your condition. If you re diagnosed with a terminal illness, we ll pay your full Death Benefit up to a maximum of $2,000,000. If your Death Benefit exceeds $2,000,000, your insurance will continue at a reduced benefit with a reduced premium. Your remaining Death Benefit will be paid on your death. Your Terminal Illness Benefit will expire on the anniversary of the commencement date of insurance immediately prior to age 70 if taken through Asgard Superannuation Account, or 80 if stand alone (non super). Guaranteed Future Insurability Benefit Under the Guaranteed Future Insurability Benefit, you can increase the sum insured of the Death Benefit and TPD Benefit (if applicable) for a life insured, subject to: an application in writing for an increase being made within 30 days of an Allowable Event (as described below) or within 30 days of the policy anniversary following an Allowable Event; the life insured being less than age 55 at the time of an Allowable Event; the increase being up to the lesser of: - 25% of the original sum insured; - $200,000; - five times the annual amount of salary increase (if applicable); - the amount of mortgage being taken out or increased (if applicable); Product Disclosure Statement Asgard Personal Protection Package products 7

20 total death cover on the life insured, (including the cover with TOWER and any other organisation) being less than $3,000,000; total Total and Permanent Disablement cover on the life insured (including the cover with TOWER and any other organisation) being less than $3,000,000; and provision of evidence, satisfactory to us, of the Allowable Event. (The required evidence for each event is detailed in the application form for an increase under this benefit.) For all increases applied for under this benefit, the maximum amount by which you can increase the sum insured is the lower of: the original sum insured; or $1,000,000, subject to total cover (with TOWER and any other organisation) not exceeding $3,000,000 for death and $3,000,000 for Total and Permanent Disablement. If TPD Benefits are attached to Life Protection cover, the TPD cover cannot exceed the death cover. Only one Guaranteed Future Insurability Benefit increase may be exercised in any twelve month period. The premium for the new sum insured will be calculated in line with the plan conditions. If cover increases as a result of the Guaranteed Future Insurability Benefit, changes in the health, occupation or pastimes of the life insured will not be taken into account. Allowable Events are: the birth of a child where the life insured is a parent; the adoption of a child by the life insured; a dependent child of the life insured starts secondary school; a dependent child of the life insured starts university; marriage of the life insured; a change in employment status of the life insured where the life insured s salary increases by at least $10,000 a year; the taking out, or increasing of, a mortgage by the life insured (either alone or jointly with another person) on a home which is the primary residence of the life insured; and an increase in the life insured s value to the business where the life insured is a key person in that business. In this situation, the sum insured may be increased in the same proportion as the increase in the life insured s value, subject to the maximums described earlier. During the first six months after exercising the Guaranteed Future Insurability Benefit, the increased portion of the sum insured will only be paid in the event of the life insured suffering: Accidental Death (unless the cover is TPD); or TPD that is caused by Accident (if applicable). This benefit is not available if: a loading or an exclusion has been applied to your cover for the life insured. Exclusions A Death Benefit won t be paid where death is the result of: an intentional self-inflicted injury (whether you were sane or insane) within twelve months of the commencement or reinstatement of cover; or an exclusion which is specific to you and noted on your Policy Information Statement. If death is the result of an intentional, self-inflicted injury committed within twelve months after an increase in your cover (not including indexation), the amount of the increase in cover will not be paid. A Terminal Illness Benefit won t be paid where any intentional self-inflicted injury or attempt at suicide causes the terminal illness, directly or indirectly. Level of cover There s no maximum level of Death Benefit that you can apply for (subject to underwriting requirements). The minimum level of Death Benefit is $50,000. Minimum premium There s no minimum premium if paid through an Asgard Super Account. Otherwise, the minimum premium is $200 per annum (not including the Administration fee). How to calculate a premium To calculate a Life Protection premium, see page 30 and the Life Protection rates table on the following page. 8 Product Disclosure Statement Asgard Personal Protection Package products

21 Life Protection rates (these rates also apply for Life and TPD Protection through an Asgard Super Account) Annual rates per $1,000 sum insured rates include maximum adviser commission, Asgard Management fee and stamp duty. Age next birthday non- Death only non Age next birthday non- Death only non * * * * ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** Maximum entry age is 65 next birthday * Superannuation cover expires at age 70 ** Non-superannuation cover expires at age 99 Product Disclosure Statement Asgard Personal Protection Package products 9

22 Total & Permanent Disablement What is Total & Permanent Disablement (TPD)? If held on a stand-alone (nonsuperannuation basis), TPD pays a lump sum to you if, or when, you become totally and permanently disabled due to sickness or injury. Where cover is held through your Asgard Super Account, your TPD benefit is paid to your account and access to the benefit is subject to superannuation preservation rules. See Insurance through an Asgard Super Account on pages 35 to 37 for more information. There are two types of TPD Benefit available TPD Protection and TPD Only. The difference between the two TPD Benefits is the treatment of your death benefit, as explained in the following table. TPD benefit - TPD Protection The Death Benefit sum insured is reduced by the amount of TPD payment, with premiums adjusted appropriately. If the Death Benefit sum insured is reduced to nil, cover ceases. Benefits TPD Benefit Standard definition TPD benefit - TPD Only Any Death Benefit sum insured is not reduced. Premiums for the Death Benefit continue for the remaining life of the cover. Total and Permanent Disablement (TPD) means the life insured: (A) has suffered the permanent loss of: the use of two limbs (where limb is defined as the whole hand below the wrist or whole foot below the ankle); or the sight in both eyes; or the use of one limb and sight in one eye. OR (B) solely because of illness or injury, has: suffered at least 25% impairment of Whole Person Function; is not engaged in any occupation; and is disabled to such an extent as to render the life insured unlikely to ever be engaged in any occupation for which they are reasonably suited by education, training or experience. OR (C) is unable to perform at least two of the following Activities of Daily Living: Dressing the ability to put on and take off clothing without assistance; or Bathing the ability to wash or shower without assistance; or Toileting the ability use the toilet, including getting on and off, without assistance; or Mobility the ability to get in and out of bed and a chair without assistance; or Feeding the ability to get food from a plate into the mouth without assistance. Where assistance means the assistance of another person. OR (D)(i) where at the time of disablement, the life insured was employed 15 or more hours a week (averaged over the 13 week period prior to the date of disablement or such shorter period if employed for less than 13 weeks immediately prior to the date of disablement): has been absent from employment as a result of illness or injury for 3 consecutive months; and in TOWER s opinion, after consideration of all relevant evidence, the life insured is disabled to such an extent to render them unlikely to ever again be engaged in any occupation for which they are reasonably suited by their education, training or experience. OR (D)(ii) where at the time of disablement, the life insured was not employed and was engaged in unpaid domestic duties at home: is as a result of illness or injury under the care of a medical practitioner; and is unable to perform those domestic duties; and is unable to leave their home unaided; and has not engaged in any gainful employment for a period of 3 consecutive months after the occurrence of the illness or injury; and at the end of the period of 3 months is, in TOWER s opinion, and after consideration of all relevant evidence, disabled to such an extent as to render them unlikely to perform those domestic duties or engage in any gainful occupation. Own occupation definition Depending on your occupation, you have the option of applying for Own Occupation TPD. The Own Occupation definition of TPD is the same as the standard definition above, except clause (D) (i) is replaced with: has been absent as a result of illness or injury from employment for 3 consecutive months; and in TOWER s opinion, after consideration of all relevant evidence, the life insured is disabled to such an extent as to render them unlikely to ever again engage in their Own Occupation. Conditions The following conditions apply to TPD: this cover is only available until the anniversary of the commencement date of your insurance immediately prior to age 65; and your TPD Benefit is payable once only. If you take the TPD benefit TPD Protection: your TPD Benefit cannot exceed your Death Benefit; and the amount paid under your TPD Benefit will reduce the subsequent amount paid under your Death benefit or Terminal Illness Benefit by the amount of TPD Benefit paid. Exclusions A TPD Benefit won t be paid where your disability is: directly or indirectly caused by any intentional self-inflicted injury or any attempt at suicide; or due to an exclusion which is specific to you and noted on your Policy Information Statement. 10 Product Disclosure Statement Asgard Personal Protection Package products

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