Personal. Personal insurance. Protection for all life stages. Financial solutions. For life.

Transcription

1 Personal Personal insurance Protection for all life stages Financial solutions. For life.

2 Contents Protecting your well-being and your family s 3 Why leave anything to chance? 4 Making it easier for you to do business 10 Protecting your National loan repayments 11 Choosing the best insurance for you 12 Other ways we can help 14 Footnotes 15 Important information 16 2 Important information Please refer to the Footnotes and Important information sections at the back of this brochure for information you should know before acquiring any of the products detailed in this brochure.

3 Protecting your well-being and your family s How are you going with your life goals? Maybe you and your partner have just bought a house, or possibly you ve done it on your own. Perhaps you re finally starting up your own business, or you could be at the stage where all your hard work is paying off and you re enjoying a more leisurely lifestyle. Wherever you re at, one sure thing is life keeps you guessing. There are happy surprises, little twists of good fortune and, every so often, an unexpected turn of bad luck. You need to be able to ride out the difficulties and avoid serious financial repercussions for you and your family. You may have already spoken to a financial planner about ways to protect your livelihood and quality of life. There s no doubt you ll rest easier once you have a plan in place, but what should that plan be? MLC Limited and MLC Nominees Pty Limited, part of the National Group of companies, provide a range of awardwinning life insurance solutions. Which of these may be right for you depends on a range of different factors, including for example your occupation, age, dependants and assets, as well as your goals in life. No one has the same set of needs. This brochure outlines some of these personal insurance solutions. 3

4 Why leave anything to chance? MLC Personal Protection Portfolio and MasterKey Protection Essentials There are lots of different policies and packages on the market, so how do you choose? The advice of someone you trust is important, since wealth protection is one of the cornerstones of wealth creation. Maybe you already have a good relationship with a financial planner? If not, a National Financial Planner 1 can take you through your options based on your personal insurance needs. MLC Personal Protection Portfolio can provide a range of life insurance options in a single package. The following types of insurance are available within the MLC Personal Protection Portfolio: Life Cover Total and Permanent Disability (as an extension of Life Cover) Critical Illness (as an extension of Life Cover or as stand-alone cover) Income Protection Business Expenses 4

5 MasterKey Protection Essentials offers you a streamlined application process and the fundamental components of protection, including: a maximum amount of insurance on application of $750,000 for Life Cover*; and a maximum monthly benefit of $6,000 for Income Protection. * The sum of the Total and Permanent Disability and the Critical Illness benefit under MasterKey Protection Essentials can be no more than the amount of the Life Cover benefit. The Life Cover benefit is reduced by any amount paid for Total and Permanent Disability or Critical Illness. Critical Illness is not available as a stand-alone policy with MasterKey Protection Essentials. In 2004, for the third year running, Personal Investor Magazine named MLC Insurance Company of the Year in the Personal Investor Magazine Awards for Excellence in Financial Services. Insurance Company of the Year - MLC 2002 / 2003 /

6 It s never something you like to think about, but what if the worst happened? Life, disability and critical illness cover Serious injury and illness even death can and do happen, and the last thing anyone wants at such a time is financial worry. How do you protect against the financial impact for you and your family in such a situation? Life Cover 2 Under this type of insurance, an agreed lump sum payment is paid if the life insured dies while the policy is in force. If the life insured is diagnosed with a terminal illness as defined in the policy, the full life cover benefit is paid, up to a maximum of $2 million under MLC Personal Protection Portfolio and $750,000 under MasterKey Protection Essentials. Total and Permanent Disability 3 For an extra premium, Total and Permanent Disability can be added to Life Cover. You can choose to have all or part of your life cover benefit paid if you become disabled or lose your independence in any way which meets the definitions set out in your policy. Critical Illness 4 Critical Illness cover can help soften the financial blow of a critical illness. Under this type of insurance, a lump sum will be paid if you contract a specified critical condition as defined in your policy. This insurance can be an extension of Life Cover or can be a stand-alone solution for Critical Illness Plus under MLC Personal Protection Portfolio. MLC offers a choice of Critical Illness insurance plans to suit your needs and budget: cover that incorporates a broad range of benefits and options; or more limited cover for a lower premium. 6

7 What about protecting your income? Income Protection 5 What if injury or sickness prevents you from working for a few months? Again, not things you want to think about, but they can and do happen. Your expenses won t stop. What s already a stressful time might only get worse. Under Income Protection, benefits are payable for each month that you are totally or partially disabled or under rehabilitation, as defined in the policy. The benefit (which can be up to 75% of your earnings) is usually payable monthly in arrears from the end of the waiting period that you select. There is a choice of Income Protection plans to suit your needs and budget: cover that incorporates a broad range of benefits and options; or more limited cover for a lower premium Business Expenses 6 Business Expenses is only available under MLC Personal Protection Portfolio. If you run your own business, you know that generally your expenses come straight out of the income you receive. Many expenses will keep on coming if you re unable to work due to injury or sickness. To protect your business and keep it running while you re totally disabled, as defined in the policy, Business Expenses insurance can provide cover to reimburse you for certain business expenses during the period of your total disability. The benefit is payable for expenses arising after the waiting period you select has expired. 7

8 More ways MLC Personal Protection Portfolio and MasterKey Protection Essentials can meet your needs In accordance with the MLC Guarantee of Upgrade, whenever MLC improves the benefits of a type of insurance that you have chosen as part of MLC Personal Protection Portfolio, or MasterKey Protection Essentials, MLC will add these improvements to your policy for future claims and future health conditions and events. Flexibility now, and in the future Is your life simple and straightforward, or is your network of relationships and dependants a little more complex? With MLC Personal Protection Portfolio or MasterKey Protection Essentials, you can cover yourself and up to five other lives insured all under the same policy with just one policy fee. Will the benefits you choose now still be adequate in 10 years time? Your insurance may be inflation-linked, so that the sum insured increases in line with any increases in the Consumer Price Index. An additional premium will be payable for this feature. 8

9 Financial planning for more effective personal insurance strategies If you choose solutions that provide for nominated beneficiaries to receive a lump sum payment, they may automatically receive a free Financial Planning Benefit. The payment is likely to be a lot of money, after all, so how it s invested or used is important. When a lump sum benefit of at least $100,000 is paid to a beneficiary, MLC will cover the reasonable cost, up to $2,000, of a fully documented financial plan prepared by a qualified Financial Adviser for the beneficiary. Where there is more than one beneficiary of a lump sum benefit, the right to the above financial planning benefit (and the $2,000 benefit limit) will be divided equally between those beneficiaries who each receive a benefit of at least $100,000. 9

10 Making it easier for you to do business MLC Life Cover Super If you are self-employed or a business owner, as well as needing to plan for the risk of death or disability, you also have the added responsibility of looking after your own superannuation and business insurance needs. MLC Life Cover Super 7 makes it easy by providing life insurance which can be tailored to fit in with your superannuation needs. Life Cover Super provides: Life Cover Total and Permanent Disability Tax benefits may make your insurance cover significantly cheaper on an after-tax basis. You may be able to save on the cost of life insurance premiums by buying insurance cover through a superannuation fund. 10

11 Protecting your National loan repayments National LoanCover Are you considering taking out a home loan or personal loan with the National? You might want to consider protection to assist in covering your loan repayments should you suffer the trauma of death, disablement or critical illness. Subject to the terms and conditions of the policy, National LoanCover can meet monthly mortgage repayments of up to $5,000 if you are disabled, or pay the outstanding balance of your loan up to $250,000 (depending on your age) if you die or suffer a specified serious illness. What do you have to do to arrange this cover? Nothing too hard. There are no blood tests, examinations, or lengthy medical questionnaires. You simply complete an application form at the same time you are applying for the loan. Premiums are then deducted from a National savings or transaction account, or funded through the loan itself. For more information on National LoanCover, talk to your National banker. 11

12 Choosing the best insurance for you What risks can you be covered for? Which insurances offer the benefits you might need? When considering how to best protect your wealth and livelihood, it s essential you take into account the inevitable changes in your circumstances further down the track. That s why it s so important to seek advice, and that s where a National Financial Planner 8 can help. To make an appointment, call Insurance solutions available through the National 1 MLC Personal Protection Portfolio Life Cover (Plus or Standard) Provides for the payment of an agreed lump sum on death or terminal illness. Total and Permanent Disability Provides an agreed lump sum if you suffer total and permanent disability and are unable to work again. Available only with Life Cover. Critical Illness (Plus or Standard) Pays an agreed lump sum benefit on the occurrence of a specified medical event as described in the policy. (Critical Illness Standard is available only with Life Cover, while Critical Illness Plus is available with Life Cover or as stand-alone cover.) Income Protection (Plus or Standard) Covers you for a monthly benefit to help replace lost earnings if you are disabled and cannot work. Business Expenses Covers you for the reimbursement of certain business costs (for self-employed and small partnerships) up to an agreed monthly benefit when a disability renders you unable to work. 12

13 2 MLC MasterKey Protection Essentials Life Cover Provides for the payment of an agreed lump sum on death or terminal illness, to a maximum of $750,000. Total and Permanent Disability Provides an agreed lump sum if you suffer total and permanent disability and are unable to work again, to a maximum of $750,000. Available only with Life Cover. Critical lllness Pays an agreed lump sum benefit on the occurrence of a specified medical event as described in the policy, to a maximum of $750,000. Available only with Life Cover. Income Protection Covers you for a monthly benefit to help replace lost earnings if you are disabled and cannot work, to a maximum monthly benefit of $6,000. Note that the sum of the Total and Permanent Disability benefit and the Critical Illness benefit under MasterKey Protection Essentials can be no more than the amount of the Life Cover benefit. 3 MLC Life Cover Super 9 Life Cover (Plus or Standard) Provides for the payment of an agreed lump sum on death or terminal illness and tailored to fit your superannuation needs. Total and Permanent Disability Provides an agreed lump sum if you suffer total and permanent disability and are unable to work again. Available only with Life Cover. 4 National LoanCover Protects your National home loan and National personal loan repayments should you die, become disabled or suffer a specified critical illness, to a maximum of $5,000 a month or $250,000 a loan. 13

14 Other ways we can help As you consider your options for personal insurance, it may be you re also thinking about other financial matters in your life. For advice about the bigger picture, you might want to meet with a National Financial Planner 10. For more information, visit national.com.au or call You may want to reassess your general insurance cover as well. Through the National you can arrange protection solutions for specific needs, including for your home, residential investment property and car. For more information on the general insurances outlined below, pick up a copy of our General Insurance brochure from a National branch or call General insurance solutions available through the National National Home Insurance offers you quality cover for your building and its contents against insured events. National Car Insurance offers you three levels of quality cover for your car; Comprehensive, Third Party Property Damage, and Third Party Property Damage, Fire and Theft. National Residential Investor Insurance can protect the rental income a property generates as well as the property itself in a single, competitively priced policy. We also have a series of free Information Guides on major life events including investment, retirement, family, and starting a business. You can download them from national.com.au, call or ask for a copy at any National branch. Whenever you want to know your options, we re here. Ready when you are. 14

15 Footnotes 1,8,10 National Financial Planners are representatives of National Australia Bank Limited, Australian Financial Services Licensee ,3,4,5,6 The insurance cover is subject to terms and conditions and exclusions may apply. Please refer to the policy document for the full terms, conditions and exclusions. 7,9 MLC Life Cover Super (LCS) is issued by MLC Nominees Pty Limited ABN MLC Life Cover Super forms part of The Universal Super Scheme of which MLC Nominees Pty Limited is Trustee. MLC Life Cover Super (LCS) is subject to Government regulations which restricts payments from superannuation funds. This means that payments are subject to preservation rules, and the Trustee may not pass benefits to you until it has satisfactory proof that you will never be able to work again in any occupation you are reasonably suited to by education, experience or training or until you satisfy one of the other conditions of release prescribed by law. If you do not satisfy a condition of release the Trustee must preserve the benefit in the Scheme until it is allowed to release it. More information about MLC LCS is contained in the Important information section. 15

16 Important information The information in this document is of a general nature and has been prepared by National Australia Bank Limited ABN (National) for information purposes only. The information in this document is current as at the time of printing (February 2005) but may change without notice. The products and services described are available only to approved customers. Terms and conditions and fees and charges apply. Any advice contained in this brochure has been prepared without taking into account your objectives, financial situation or needs. As such, before acting on any advice in this brochure, the National recommends that you consider whether it is appropriate for your objectives, financial situation and needs. You should obtain a copy of the Product Disclosure Statement (PDS) for the products in this brochure and you should consider the information in each PDS before making any decision about whether to acquire or continue to hold any of the products. The National recommends you obtain financial advice specific to your situation before making any financial investment or insurance decision. MLC Personal Protection Portfolio (PPP) and MasterKey Protection Essentials (MPE) are issued by MLC Limited ABN (MLC), AFSL of Miller Street, North Sydney NSW 2060, a member of the National group of companies. MLC Life Cover Super (LCS) is issued by MLC Nominees Pty Limited ABN , AFSL of Miller Street, North Sydney NSW MLC Life Cover Super forms part of The Universal Super Scheme of which MLC Nominees Pty Limited is Trustee. The life insurance cover referred to in this brochure for MLC LCS is issued by MLC Limited to MLC Nominees Pty Limited. Information about MLC PPP, MLC MPE and MLC LCS is contained in the respective current PDS for each of these, copies of which are available by phoning or visiting the MLC website at mlc.com.au. Applications for MLC PPP, MLC MPE and MLC LCS are subject to acceptance by MLC or the Trustee and must be made on an application form accompanying or attached to the current PDS. Please note that there is no separate PDS available for the underlying life insurance policy referred to in the MLC Life Cover Super PDS. An MLC PPP, MLC MPE policy or an interest in MLC LCS held through The Universal Super Scheme does not represent a 16

17 deposit with or a liability of National Australia Bank Limited or any other member of the National group of companies (other than a liability of MLC Limited as insurer). Neither National Australia Bank Limited nor any other member of the National group of companies (other than MLC Limited as insurer) guarantees or accepts liability in respect of MLC PPP, MLC MPE or MLC LCS. National LoanCover (LoanCover) is issued by National Australia Financial Management Limited ABN (NAFM) AFSL of 800 Bourke Street, Docklands VIC 3008, a member of the National group of companies. Information about LoanCover is contained in the current PDS which is available by phoning Applications for LoanCover must be made on an application form accompanying or attached to the current PDS. A LoanCover policy does not represent a deposit with or a liability of National Australia Bank Limited or any other member of the National group of companies (other than a liability of NAFM as insurer). Neither National Australia Bank Limited, nor any other member of the National group of companies (other than NAFM as insurer) guarantees or accepts liability in respect of LoanCover. National Home Insurance, National Car Insurance and National Residential Investor Insurance are issued by Allianz Australia Insurance Limited ABN (Allianz), 2 Market Street, Sydney NSW 2000, Australian Financial Services Licensee These insurances are arranged by National Australia Financial Management Limited ABN (NAFM), a member of the National group of companies, as agent of Allianz. NAFM receives a commission for arranging these insurances. Information about each of these products is found in the relevant Policy Document (Product Disclosure Statement) each of which is available by phoning the Insurance Hotline on Neither the National nor any other member of the National group of companies (including NAFM) guarantees or accepts liability in respect of these insurances issued by Allianz. Applications for insurance are subject to eligibility. Conditions apply to all insurances mentioned in this brochure, and exclusions may apply. Please refer to the relevant policy document and PDS for the full terms and conditions of cover. 17

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19 Other useful titles Personal Personal Home loans Helping you choose the one that s right for you General insurance Protecting the things you value Financial solutions. For life. Financial solutions. For life. Personal Personal Investment loans Smart steps to financial growth Financial planning Reaching your goals sooner Financial solutions. For life. Financial solutions. For life. 19

20 Want more information? Just call am 8pm EST, Monday to Friday or visit us at national.com.au Hearing impaired customers with telephone typewriters can contact us on National Australia Bank Limited ABN NAB02635 (02/05)