Asteron Lifeguard Enhancements Total and Permanent Disablement (TPD) Stand Alone

Transcription

1 Enhancements Total and Permanent Disablement (TPD) Stand Alone

2 Contents 1.0 Summary of changes Improved Included Benefits New Permanent Disability Increase Benefit New Trigger Events New Lifestyle Conversion Benefit Improved Future Cover Benefit Improved Limited Death Benefit Improved Definition Own Occupation TPD (choice of occupation) Improved Single Loss of Limb or Eye Benefit New Own Occupation Definition for Part Time Professionals Improved TPD Waiting Period Improved Definition TPD Waiting Period Eligibility Improved Optional Benefits Improved Sum Insured Needlestick Option New Business Security Option Improved Definitions Cancer Cover Option Improved Definition Cancer Cover Option (Prostatic Cancer) Improved Definition Cancer Cover Option (Cancer) Improved Partial Cancer Cover Benefit (Early Stage Melanoma) New Partial Cancer Cover Benefit (Carcinoma in situ of the Corpus Uteri) Improved Definition Waiting Period for Cancer Cover Option Contact us 8

3 Enhancements Total and Permanent Disablement (TPD) Stand Alone 1 At Life, we regularly review our policies to ensure that they are at the forefront of industry developments and will continue to meet the financial challenges which may occur as a result of sickness or injury. Providing regular updates is an integral part of our service philosophy at Life. As a result, we have automatically upgraded your policy to reflect some of the innovations we have made to our Total and Permanent Disablement product. This ensures that your policy remains at the leading edge of insurance and gives you and your family even better value protection at no extra cost. In this brochure you will find a summary of both the automatic enhancements we have made to your policy plus a series of new optional enhancements that you can apply to have added to your existing Life policy. These improvements offer you an increased number of benefits, improved definitions on benefits and the opportunity to add additional features to your policy. Automatic Enhancements We will enhance your policy without any further cost to you. You will not need to undergo any further medical assessments to benefit from these automatic enhancements, so you can start enjoying your new improved cover today. In the event of a claim, you will be assessed against the most recent, upgraded version of the policy. If, in your opinion, the improvements are less favourable, we will assess you against your previous policy terms. We will work with you and your adviser to ensure that the cover you have is most appropriate to your needs. Optional Benefits Some optional benefits have also been improved. Any optional benefits that you already have will also be upgraded from the effective date of upgrade. We understand that, over time, your needs may change so we have also created some new optional benefits that you may be eligible to have added to your policy. Adding some or all of these options to your policy may result in an increased premium and may also require additional underwriting. We can work with you and your adviser to explain these. Changes to Policy Terms Included within this brochure is a summary of changes to the policy terms. If you have any questions or need any further information on these please contact your adviser or our Life Customer Service on where one of our team will be delighted to help you.

4 2 Enhancements Total and Permanent Disablement (TPD) Stand Alone 1.0 Summary of changes This brochure includes a summary of the upgraded benefits for Total and Permanent Disablement Cover. Depending on the PDS issue number you applied with, some or all of these upgraded terms will already be included in your policy. Included benefits are automatically provided as at the effective date listed below. Where an upgrade: has been applied to your policy the field below will include 3. was already included in your policy terms the field below will note INC (included). issue 1 issue 2 issue 3 issue 4 issue 5 Enhancements Included Benefits Effective Date of upgrade 17 April April August May 2010) 15 November 2010) Improved Permanent Disability Increase Benefit New Trigger Events New Lifestyle Conversion Benefit Improved Future Cover Benefit Improved Limited Death Benefit Improved Definition Own Occupation TPD (choice of occupation) Improved Single Loss of Limb or Eye Benefit New Own Occupation TPD definition for part-time professionals Improved TPD Waiting Period New TPD Waiting Period Eligibility 15 April INC INC INC INC 15 April INC INC INC INC 15 April INC INC INC INC 15 April INC INC INC INC 15 April INC INC INC INC 19 August INC INC INC 24 May INC INC 15 November INC 15 November INC

5 Enhancements Total and Permanent Disablement (TPD) Stand Alone 3 issue 1 issue 2 issue 3 issue 4 issue 5 Enhancements Optional Benefits Effective Date of upgrade 17 April April August May 2010) 15 November 2010) Improved Needlestick Option New Business Security Option Improved Definition Cancer Cover Option (Prostatic Cancer) Improved Waiting Period for Cancer Cover Option Improved Definition Partial Cancer Cover Benefit (Early Stage Melanoma) New Definition Partial Cancer Cover Benefit (Carcinoma in situ of the Corpus Uteri) Improved Definition Cancer Cover Option (Cancer) 19 August INC INC INC 19 August INC INC INC 19 August INC INC INC 24 May INC INC 24 May INC INC 15 November INC 15 November INC

6 4 Enhancements Total and Permanent Disablement (TPD) Stand Alone 2.0 Improved Included Benefits Below is a summary of changes to included benefits each with a simple description of how it affects you. Some of the terms and expressions used in the policy wording quick reference below have specific meaning and the meaning of these words and expressions can be found in the glossary of our current Product Disclosure Statement (PDS). A copy of our latest PDS is available on our website, by contacting Life Customer Service on In the event of a claim, you will be assessed against the most recent, upgraded version of the policy. If, in your opinion, the improvements are less favourable, we will assess you against your previous policy terms. We will work with you and your adviser to ensure that the cover you have is most appropriate to your needs. Please note that if you are suffering a pre-existing condition before the effective date that the upgrade is applied to your policy, it will not apply when assessing any claim affected by that pre-existing condition. The effective date for each upgrade is denoted in the summary of changes. 2.1 New Permanent Disability Increase Benefit New Trigger Events Your policy already allows you to increase your cover without any further medical assessment when there are certain changes in your personal circumstances, such as marriage, the birth of a child or an increase in your salary. The range of such events where you can increase your cover without any further medical assessment has now been extended to include: commencement of a domestic relationship with a spouse, which continues for 12 months and began within the previous 18 months; or an increase in your value to a business, where you are a key person to that business, and the business owns the policy. 2.2 New Lifestyle Conversion Benefit To keep your policy flexible to major changes in lifestyle, such as marriage or childbirth, you now have the option to convert a TPD Stand Alone product to a Life Cover with Single TPD payout. This allows you to obtain cover that is more relevant to your changing needs without having to be re-underwritten. If the Total and Permanent Disablement Benefit has not become payable and: the Policy Owner is not entitled to make a claim; we have not accepted a claim; and you are aged 40 or under, the Policy Owner can convert part of or all of this policy to a policy which also includes cover in the event of death if one of the following life events occurs to you. The following evidence required must be provided: you get married; or you have commenced a domestic relationship with a spouse which continues for 12 months. The relationship must have commenced within the previous 18 months; or you or your spouse gives birth to or adopts a child. the benefit can be exercised by the Policy Owner providing written notice to us (including the evidence required for the life event) within: 60 days of the event; or 30 days either side of the anniversary of the commencement date if the event occurred within the previous 12 months. We will convert this policy to the policy we are issuing at that time, which, in our opinion, is most like our Life Cover (including total permanent disablement) policies, increased by any loading factors applying under this policy. If we reduce the sum insured available under the new Life Cover policy because you are the insured person for Death Benefits under the other policies, this policy will continue with the sum insured reduced by the conversion amount, and premiums will be adjusted to reflect the reduced sum insured. For the first 12 consecutive months after the new policy starts no Terminal Illness Benefit will be paid and a Death Benefit is only payable in the event of your accidental death. The Lifestyle Conversion Benefit can be exercised once only. The life trigger events that allow this option to be taken are specified below along with some limitations that are necessary to make this conversion option possible.

7 Enhancements Total and Permanent Disablement (TPD) Stand Alone Improved Future Cover Benefit Your policy has always given you the option to convert from a TPD Stand Alone policy to a Life Cover policy when the TPD Stand Alone expires. The maximum amount of cover you can convert, however, has now increased from $50,000 to $200,000. If the Total and Permanent Disablement Benefit has not become payable before the expiry date, this policy will automatically convert to the policy we are issuing at that time which, in our opinion, is most like our Life Cover policy (with death and terminal illness cover) and the Total and Permanent Disablement Option. The sum insured for the new Life Cover policy will be the lesser of: the sum insured for the Total and Permanent Disablement Benefit under this policy at the expiry date; and $200,000. Premiums will be calculated using the rates then applying for Life Cover (including single payout modified Total and Permanent Disablement) stepped premium policies, increased by any loading factors applying under this policy. We will notify the Policy Owner within 30 days of this conversion taking place and send the Policy Owner a new policy document and schedule. Cover under the new policy will commence once we have received the first premium. The terms of the Life Cover policy will be the same as those offered under our Life Cover (including total and permanent disablement cover) policies at that time. 2.4 Improved Limited Death Benefit In recognition of your loyalty to us, we have increased the Limited Death Benefit from $15,000 to $20,000 if you held a TPD Stand Alone policy with us for 5 years or more. If you die while covered under this policy and a Recovery Benefit is not payable, we will pay a Limited Death Benefit. The amount we will pay depends on the length of time this policy has been in force. We will pay: $10,000 during the first 2 years following the commencement date; $12,500 during the 3rd or 4th year following the commencement date; or $20,000 during the 5th or a later year following the commencement date. 2.5 Improved Definition Own Occupation TPD (choice of occupation) Qualification criteria for Total and Permanent Disablement claims have been improved to cover situations where TPD occurs within 3 months of changing employment or if you become unemployed. You now have the freedom to choose to have your disability assessed against either your current occupation or the occupation you were in at the time of application, whichever is more favourable to you. If you were engaged in your current occupation for less than 3 months immediately before suffering the sickness or injury directly related to the claim event, we will assess you against either: the occupation you were engaged in at commencement date; or the occupation you were last engaged in before becoming unable to work; whichever is more favourable for you. 2.6 Improved Single Loss of Limb or Eye Benefit To more fully reflect the impact that the loss of a limb or eye can have on your future financial security, a lump sum payment of 25% of the sum insured is payable, and the previous maximum cap of $250,000 has now been increased to $500,000. If the schedule states single payout or single payout : no buy back total and permanent disablement applies, we will pay the Single Loss of Limb or Eye Benefit single payout if you suffer single loss of limb or eye, while covered under this policy. The minimum we will pay is $10,000. The maximum we will pay is the lesser of: 25% of the sum insured for total and permanent disablement; and $500,000. We will pay the Single Loss of Limb or Eye Benefit single payout only once. The sum insured for the Total and Permanent Disablement Option and Life Cover will be reduced by the Single Loss of Limb or Eye Benefit single payout payment and premiums changed accordingly. If the schedule states the Cancer Cover Option applies, the sum insured for the Cancer Cover Option will be reduced (if required) to be no greater than the Life Cover sum insured and premiums changed accordingly.

8 6 Enhancements Total and Permanent Disablement (TPD) Stand Alone 2.7 New Own Occupation Definition for Part Time Professionals The benefit of an own occupation TPD definition is now available to professional clients who work less than 20 hours per week or are not working. Own Occupation is also available to all clients working more than 20 hours per week. If your occupation class is AA, AP, LP or MP at the commencement date and you were working 20 hours or less per week when you applied for total and permanent disablement and you were working more than 20 hours per week immediately before suffering the sickness or injury directly related to the claim event, we will pay the sum insured if you satisfy the criteria for own occupation total and permanent disablement. If your occupation class is AA, AP, LP or MP at the commencement date and you were working 20 hours or less per week when you applied for total and permanent disablement and you were working; and were working 20 hours or less per week immediately before suffering the sickness or injury directly related to the claim event, we will pay the sum insured if you satisfy the criteria for any occupation total and permanent disablement. 2.8 Improved TPD Waiting Period In recognition of the significant impact that a serious illness or severe disablement can have on your finances and your lifestyle, we have reduced the waiting period for TPD claims from 6 months to 3 months. This means less delay in lodging a TPD claim and faster decision times in making an assessment. 2.9 Improved Definition TPD Waiting Period Eligibility TPD Benefit payments have a standard waiting period of 3 months before benefits are released to ensure that all evidence is gathered and validity of claims is established. However, if you suffer one of the conditions listed below and you can provide the required medical evidence, we will reduce the waiting period from 3 months to 14 days: 3.0 Improved Optional Benefits Below is a summary of changes to optional benefits each with a simple description of how it affects you. Some of the terms and expressions used in the policy wording quick reference below have specific meaning and the meaning of these words and expressions can be found in the glossary of our current Product Disclosure Statement (PDS). A copy of our latest PDS is available on our website, or by contacting Life Customer Service on Some or all of these options may be limited to certain occupations only. Where you already have an optional benefit applied to your policy any improvements to that optional benefit will be automatically applied to your policy. All other new options can be applied for and will require underwriting. In the event of a claim, you will be assessed against the most recent, upgraded version of the policy. If, in your opinion, the improvements are less favourable, we will assess you against your previous policy terms. We will work with you and your adviser to ensure that the cover you have is most appropriate to your needs. Please note that if you are suffering a pre-existing condition before the effective date that the upgrade is applied to your policy, it will not apply when assessing any claim affected by that pre-existing condition. The effective date for each upgrade is denoted in the summary of changes. 3.1 Improved Sum Insured Needlestick Option If you work as a health professional, you may find the Needlestick Option provides you with added security. It offers a lump sum payment for needlestick injury occurring in the course of your normal occupation that results in HIV or Hepatitis B or C. The impact this benefit can have on quality of life has now been massively boosted with a doubling of the maximum payout from $500,000 to $1,000,000, making it worthwhile to have this included in the policy. Blindness Cardiomyopathy Chronic lung failure Loss of Speech Major head trauma Motor Neurone Disease Paralysis Primary pulmonary hypertension.

9 Enhancements Total and Permanent Disablement (TPD) Stand Alone New Business Security Option If you are a business owner, you may want the flexibility of changing the level of your cover so you can meet your business needs. This Business Security Option gives you the option to increase your cover in line with the value of your business without the need for additional medical underwriting. In addition, we have increased the maximum limits to which you can increase your cover without medical underwriting to 3 times the initial sum insured subject to a maximum limit as shown below. Product TPD Stand Alone Reason for increase Loan Cover, Buy/Sell, Key Person Maximum cover limit + $5,000,000* + In all cases, the maximum limit to which the sum insured can be increased without medical underwriting is 3 times the initial sum insured. * For TPD cover, the maximum payment limit of $5,000,000 includes $3,000,000 of any/own occupation TPD and $2,000,000 of modified TPD. 3.3 Improved Definitions Cancer Cover Option The Cancer Cover Option offers a practical and cost effective way to extend your TPD Stand Alone protection to provide financial security against the threat of certain common and debilitating cancers. Now we have further extended the reach of this cover by improving and clarifying the definitions of certain existing conditions and adding a new cancer condition that provides a partial payment of the sum insured. This means that you have a greater scope to claim without any increase in the cost of this option. These changes include: Improved Definition Cancer Cover Option (Prostatic Cancer) We have enhanced our definition for removal of early stage prostatic cancer to major treatment of early stage prostatic cancer. Definition means that the tumour requires treatment by surgery, radiotherapy, chemotherapy, biological response modifiers or any other major treatment to arrest the spread of the malignancy and the treatment is the appropriate and necessary treatment. Early stage prostatic cancer means a prostate cancer tumour that is histologically described as having: a TNM Classification T1 (or any equivalent classification); or a Gleason score of 5 or less; or a TNM Classification Tis (or any equivalent classification) Improved Definition Cancer Cover Option (Cancer) The definition of cancer under the Cancer Cover Option has been modified to include multiple myeloma as well as including ulceration as a criterion to determine the severity of a melanoma (in line with medical advances). Definition means the presence of one or more malignant tumours including malignant lymphoma, Hodgkin s disease, leukaemia, multiple myeloma, malignant bone marrow disorders and melanomas greater than or equal to Clark Level 3 or greater than or equal to 1.5mm depth of invasion or where the melanoma is showing signs of ulceration as determined by histological examination. The tumour must be characterised by: the uncontrolled growth and spread of malignant cells; and the invasion and destruction of normal tissue. The tumour must also: require treatment by surgery, radiotherapy, chemotherapy, biological response modifiers, or any other major treatment; or be totally incurable. The following tumours are excluded: a) tumours which are histologically described as pre-malignant or show the malignant changes of carcinoma in situ ; carcinoma in situ of the breast is not excluded if the entire breast is removed specifically to arrest the spread of malignancy, and this procedure is the appropriate and necessary treatment as a recommended by a registered doctor b) melanomas which: have no evidence of ulceration; and are less than Clark Level 3; and are less than 1.5mm depth of invasion as determined by histological examination; c) all other types of skin cancers unless they have metastasised; and d) prostatic cancers which are both histologically described as TNM Classification T1 or lesser (or any other equivalent or lesser classification) and have a Gleason score of 5 or less.

10 8 Enhancements Total and Permanent Disablement (TPD) Stand Alone Improved Partial Cancer Cover Benefit (Early Stage Melanoma) You can receive a partial payment of the Cancer Cover sum insured if you are diagnosed with early stage melanoma. Definition means the presence of one or more malignant melanomas. The melanoma is less than Clark 3 or less than 1.5mm depth of invasion as determined by histological examination. The malignancy must be characterised by the uncontrollable growth and spread of malignant cells and the invasion and destruction of normal tissue. Tumours which are histologically described as pre-malignant are excluded. Important note This information is general advice and doesn t take into account a person s objectives, financial situation or needs. A person should consider the Product Disclosure Statement (PDS) available at and consider obtaining financial advice before making any decision about this product. This product is not a bank deposit or other bank liability. Products and services are provided by different entities in the Suncorp Group and each entity is not responsible for, does not guarantee and is not liable in any respect for products or services of other Suncorp entities. is issued jointly by Suncorp Life & Superannuation Limited ABN AFSL and Suncorp Portfolio Services Limited ABN AFSL RSE Licence No L New Partial Cancer Cover Benefit (Carcinoma in situ of the Corpus Uteri) You can receive a partial payment of the Cancer Cover sum insured if you are diagnosed with carcinoma in situ of the corpus uteri. Definition means a focal autonomous new growth of carcinomatous cells within the corpus-uteri which has not yet resulted in the invasion of normal tissues. `Invasion means an infiltration and/or active destruction of normal tissue beyond the basement membrane. The tumour must be classified as Tis according to the TNM staging method or FIGO* Stage 0. * FIGO refers to the staging method of the International Federation of Gynaecology and Obstetrics Improved Definition Waiting Period for Cancer Cover Option The 90 day waiting period applicable under the Cancer Cover option previously started on the commencement date of the policy. It will now commence from the date a fully completed application form was received by us. 4.0 Contact us If you have any queries about the automatic enhancements to your policy, or want to find out more about the various optional benefits, contact your adviser, visit our website or call our Life Customer Service team on

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12 Contact Life or the Trustee Mail Life Customer Service GPO Box 68 Sydney NSW 2001 Fax Phone (outside Sydney) Web Life state offices NSW/ACT Level Kent Street Sydney NSW 2000 GPO Box 4252 Sydney NSW 2001 T F NSW callers outside Sydney VIC/TAS Level 8 15 William Street Melbourne Vic 3000 PO Box Collins St West Melbourne VIC 8007 T F Vic callers outside Melbourne & Tasmanian callers QLD Level 4 50 McDougall Street Milton QLD 4064 PO Box 5229 West End QLD 4101 T F QLD callers outside Brisbane SA/NT Level Grenfell Street Adelaide SA 5000 PO Box 429 Unley Business Centre Unley SA 5061 T F SA callers outside Adelaide WA Level 3 37 St Georges Terrace Perth WA 6000 PO Box 444 West Perth WA 6872 T F WA callers outside Perth Suncorp Life & Superannuation Limited ABN AFS Licence No Level Kent Street Sydney NSW 2000 Suncorp Portfolio Services Limited ABN AFS Licence No RSE Licence No. L Level 18 Suncorp Centre 36 Wickham Terrace Brisbane QLD 4000 AS /01/12 B