Adviser use only. Easy access to retail insurance FirstWrap

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1 Adviser use only Easy access to retail insurance FirstWrap

2 We understand the important role insurance can play in your advice model. So we ve ensured that through FirstWrap you have easy access to a range of insurance products and cover options to suit your clients needs. Complementing our existing group insurance, we also support automatic rollovers and payments 1 from your client s FirstWrap account to cover premiums on two retail insurance products: CommInsure Protection Total Care Plan Super 2 and Complete. Total Care Plan Super Total Care Plan Super is offered through CommInsure Protection. It allows your clients to take out insurance cover for life, total and permanent disability (TPD) and income protection in the super environment. Insurance features at a glance Total Care Plan Super Available cover types FirstWrap product availability Adviser commission Premium options Premium frequency Renewal reward Online capability Acceptance Life Life and TPD Income protection Essential Cover (Accident only income protection) FirstWrap Super A variety of commission syndicate plan options including initial, hybrid and level Level or stepped Yearly By paying their Total Care Plan Super premiums with money rolled over from their FirstWrap Super account, your clients are eligible for a premium rebate of up to 15%. This renewal reward is applied annually, upon the following year s policy renewal Obtain a premium quote, apply for cover and easily manage submitted applications and active policies through CommInsure s CALQ, WriteAway and Client Portfolio Management tool Full underwriting How to make a claim What should you or your client do if they need to make a claim on their Total Care Plan Super policy? 1 Contact the CommInsure Claims Assist line on and notify them of the claim 2 Complete the claim forms provided and return them to CommInsure 3 CommInsure will assess the claim and decide whether to accept or decline the claim, and notify you promptly of their decision Contacting CommInsure For more information on CommInsure Protection, you can contact CommInsure on For more information about Total Care Plan Super, visit

3 How to apply for cover with Total Care Plan Super Create a FirstWrap account Login to FirstWrap and create your client s super account, if they don t already have one. Take note of the account number. Complete a quote You can login to the CommInsure adviser site and complete a quote using the CALQ tool. To login you will need a CommInsure adviser number. You can request one by visiting Complete an application and Superannuation Payment Rollover Authority Online applications WriteAway You can complete your client s application for insurance online using WriteAway, CommInsure s electronic application system. Access WriteAway via the CommInsure adviser site Download the CommInsure Protection Application from Important: To allow annual, automatic rollovers from your client s FirstWrap account to cover their Total Care Plan Super premium, you must complete the Superannuation Payment Rollover Authority located in the CommInsure Protection Application. Please ensure the form is signed by your client and includes their FirstWrap account number. CommInsure will not process any rollovers where the FirstWrap account number has not been provided. Submit the application and Superannuation Payment Rollover Authority Online applications Submit the completed application for insurance, including the Superannuation Payment Rollover Authority, via WriteAway. WriteAway will provide an underwriting decision on your client s application for insurance in minutes, rather than the six weeks it can take to process a paper application. Send the completed CommInsure Protection Application and Superannuation Payment Rollover Authority via: Post: CommInsure Life Insurance PO Box 319 Silverwater NSW LNBApplications@cba.com.au Fax: Receive a decision You can track the progress of your client s application for insurance online using CommInsure s Client Portfolio Management (CPM) tool available on their adviser site. Once accepted, a policy schedule will be issued to your client. Premiums will be automatically deducted from your client s FirstWrap account and appear in their transaction statement as a rollover out.

4 Complete Complete is provided by risk specialist Asteron Life, which is part of the Suncorp Group. It offers a wide range of insurance products to protect clients, their families and businesses. Insurance features at a glance Complete Available cover types FirstWrap product availability Adviser remuneration Premium options Premium frequency Premium rebate Online capability Acceptance Life Cover Linked TPD Cover TPD Stand Alone Cover (IDPS only) Income Protection Cover Linked Trauma Cover and Trauma Stand Alone Cover (IDPS only) Business Expenses Cover (IDPS only) FirstWrap Super and FirstWrap Investments Up to 116% initial commission on a basic annual premium and an ongoing commission of over 11% (hybrid, stepped hybrid and level options also available) Level or stepped Monthly, quarterly, half-yearly, yearly By paying their Complete premiums with money rolled over from their FirstWrap account, your clients are eligible for an annual premium rebate of up to 15% Create new client quotes, apply for cover, view quotes and applications in progress, track submitted applications and much more Full underwriting How to make a claim What should you or your client do if they need to make a claim on their Complete policy? 1 Contact s claims team on and notify them of the claim 2 Complete the claim forms provided and return to 3 will assess the claim and notify you of their decision Contacting For more information, you can contact the Adviser Assistance Line on For more information about Complete refer to the Product Disclosure Statement (PDS) and Policy Document available from

5 How to apply for cover with Complete Create a FirstWrap account Login to FirstWrap and create your client s account, if they don t already have one. Take note of the account number. Complete a quote Before beginning the insurance application process, you can generate a quote online at Complete an application Online applications E-application You can complete an E-application for insurance via the Adviser website lifeadviserconnect. If you are not registered to access this site please call The Complete insurance application form is available from the Adviser website. It should be noted in Section U of the application form that your client s FirstWrap account is to pay for the nominated policy/ies. Complete an Payment/Rollover Authority form To provide with the authority to draw down your client s insurance premium from their FirstWrap account, your client must complete an Payment/Rollover Authority form, available from: The Adviser website: or FirstWrap: Product support > Forms library > Retail insurance Please ensure the form is signed by your client and includes their nominated FirstWrap account number. Submit the application and Payment/Rollover Authority form Online applications Submit the completed E-application via the Adviser website, ensuring you attach the completed Payment/Rollover Authority form to the payment screen. It can often give you a decision about your clients cover on the spot. Send the completed application for insurance and Payment/Rollover Authority form to: GPO Box 4252 Sydney NSW 2001 Receive a decision When your client s cover is accepted, it will commence immediately (under Limited Acceptance) as long as acceptance occurs within 30 days of the fully completed application being received, and a completed rollover authority has been provided. Premiums will be automatically deducted from your client s FirstWrap account and appear in their transaction statement as a super rollover out or an IDPS payment.

6 How the rollover/payment facility works Once your client s insurance application has been accepted, we ll work with CommInsure and to ensure premiums are automatically drawn from their nominated FirstWrap account. 3 Step Completed by Action 1 You Submit completed application and payment/rollover authority form to CommInsure/ 2 CommInsure/ 3 CommInsure/ Assess application for insurance. Once accepted, sends your client a: Welcome pack, and Policy documents (CommInsure only) Request rollover/premium payment from FirstWrap 4 FirstWrap Process rollover/payment to insurer 5 CommInsure/ Issue client confirmation letter and Rollover Benefit Statement (for super accounts) Receive premium rollover/payment from FirstWrap Find out more about FirstWrap s insurance options If you would like any further information on FirstWrap, please contact your Business Development Manager or FirstWrap Service and Support on Rollover amounts to cover premiums are facilitated through super accounts; payment amounts are facilitated through IDPS accounts. Insurance premiums are only facilitated through IDPS with specific Complete products. Complete is issued by Suncorp Life & Superannuation Limited ABN , AFSL , with the exception of an interest in the Fund, Suncorp Master Trust RSE No R , ABN , which is issued by the trustee, Suncorp Portfolio Services Limited ABN , AFSL , RSE License No L , who will hold an Complete policy on your behalf, as a member of the Fund. 2 Total Care Plan Super is a superannuation product within the Colonial Super Retirement Fund ABN (the Fund). Colonial Mutual Superannuation Pty Ltd ABN AFSL is the trustee of the Fund. The Colonial Mutual Life Assurance Society Limited ABN AFSL (CMLA) is responsible for the administration of the Fund and provides insurance benefits to the Fund. CommInsure is a registered business name of CMLA. 3 Automated rollover/payment requires that enough funds are available in a client s account to pay the premium. If your client has received a UK pension payment into their FirstWrap Super account, rollover payments to fund insurance will be reported to Her Majesty s Revenue and Customs (HMRC) as required. This may affect the amount of tax your client will have to pay. This document has been prepared by Colonial First State Investments Limited ABN , AFS Licence (Colonial First State) based on its understanding of current regulatory requirements and laws as at 21 November While all care has been taken in the preparation of this document (using sources believed to be reliable and accurate), to the maximum extent permitted by law, no person including Colonial First State or any member of the Commonwealth Bank group of companies, accepts responsibility for any loss suffered by any person arising from reliance on this information. FirstWrap is issued and operated by Avanteos Investments Limited ABN , AFSL (AIL). AIL is the trustee of The Avanteos Superannuation Trust ABN All statements and information in this brochure that relate to FirstWrap have been provided by AIL. AIL is owned ultimately by Commonwealth Bank of Australia ABN Commonwealth Bank of Australia and its subsidiaries do not guarantee performance, or the repayment of capital of AIL /FS4601/1112 Adviser use only