Product Disclosure Statement

Transcription

1 Free Parent Cover Product Disclosure Statement Call or visit coles.com.au/insurance Issue Date: 1 February 2015 Issued by: MetLife Insurance Limited

2 Who is the Insurer of Coles Life Insurance Free Parent Cover? Coles Life Insurance Free Parent Cover is issued by MetLife Insurance Limited (MetLife) ABN , Australian Financial Services Licence No , Level 9, 2 Park Street, Sydney NSW MetLife has sole responsibility for the Product Disclosure Statement along with the assessment and payment of claims, and only MetLife as the Insurer can issue Coles life insurance policies. What is the role of Coles Financial Services in relation to Coles Life Insurance Free Parent Cover? Coles Life Insurance Free Parent Cover is promoted and distributed by Coles Supermarkets Australia Pty Ltd (Coles) ABN , Authorised Representative No , 800 Toorak Road, Hawthorn East, Melbourne VIC Coles has been appointed as an authorised representative of MetLife Australian Financial Services Licence No and is the Policy Owner of the Master Policy CGL Coles is a wholly owned subsidiary of Wesfarmers Limited ABN Coles is a trademark of Coles Supermarkets Australia Pty Ltd used by MetLife Insurance Limited under licence.

3 Welcome to Free Parent Cover Welcome to Coles Life Insurance Free Parent Cover. Free Parent Cover allows You to start protecting Your loved ones for free. Plus, Your cover is backed by MetLife, one of the world s largest insurers with over 90 million customers worldwide, so rest assured that You and Your loved ones are in safe hands. Please read through this Product Disclosure Statement (PDS) carefully and if You have any questions about Your cover please call , and We ll be happy to help You. About the insurer MetLife MetLife Insurance Limited (MetLife), an affiliate of MetLife, Inc., is a specialist provider of life insurance to affinity partners, superannuation trustees and employers in Australia. MetLife has expertise in designing and executing both direct insurance programs for partners customers and insurance solutions to meet the needs of specific member groups. MetLife has been a specialist provider of life risk insurance products in Australia since MetLife, Inc. (NYSE: MET) is a leading global provider of insurance, annuities and employee benefit programs, servicing 90 million customers. Through its subsidiaries and affiliates MetLife, Inc. holds leading market positions in the United States, Japan, Latin America, Asia Pacific, Europe and the Middle East.

4 Contents Explaining the Product Disclosure Statement 2 What documents make up my Cover? 2 Updating our PDS 2 Introducing Free Parent cover 2 Who can apply? 2 Policy Owner & Insured Person 2 The Benefits 3 Term Life Benefit 3 Terminal Illness Benefit 3 When will my cover commence? 3 When will my cover end? 3 What isn t covered under my cover 3 Choosing my beneficiary 3 How do I make a claim? 3 Your Privacy 3 Customer Service and Dispute Resolution 4 Statutory funds 4 Australian currency 4 No cash value 4 Worldwide cover 4 Applicable law 4 Is Parent Cover taxed? 4 Glossary 5 Coles Life Insurance Free Parent Cover 1

5 Explaining the Product Disclosure Statement This Product Disclosure Statement (PDS) is designed to help You decide if Free Parent Cover is right for You. Any advice given in this PDS is general advice and does not take into account Your individual objectives, financial situation or needs. You should read this PDS and consider if Coles Life Insurance Free Parent Cover is right for You. Some words or expressions have special meaning. They begin with capital letters and their meaning is explained in the Glossary (page 5) section of this PDS. What documents make up my Cover? If You decide to apply for Free Parent Cover, Your Cover will consist of the following documents: this PDS and any Supplementary Product Disclosure Statement (SPDS) We may subsequently provide to You; Your Certificate of Insurance; Your Cover Schedule; Your application; and any other endorsements or other notices We may give You in writing. Please keep these documents in a safe place. Updating our PDS All the information contained in this PDS is current at the time of issue. We may change or update any information from time to time. If the change is not materially adverse, We may notify You about the change by preparing an update on the website If We make a change to Your Cover which in Your opinion was adverse to You, We will, if You make a claim, assess Your claim on the terms of the cover before the change took place. A printed copy of the information may also be obtained free of charge by contacting Us on Introducing Free Parent Cover Free Parent Cover can assist You with making a start to protecting Your family s financial future. The cover: is a life insurance cover from MetLife; and provides $10,000 if you die or become terminally ill during the term of the cover. Who can apply? To apply for Free Parent Cover, You must: be aged between 18 and 55; have received this PDS in Australia; have a Child who is under the age of 5, at the time of applying; be the named person for the Child on the birth certificate, adoption certificate or special guardianship order; not have previously held Free Parent Cover; and be an Australian or New Zealand citizen or permanent resident and residing in Australia at the time of applying. Policy Owner & Insured Person The owner of the Policy will be Coles Supermarkets Australia Pty Ltd (Coles). Coles will also cover the cost of this insurance cover for the Insured Person. The Insured Person is You, the same person who is listed on the Cover Schedule which we ll send to You, once We have accepted Your application for Free Parent Cover. The Cover Level is fixed at $10,000 and cannot be altered. You can cancel your Free Parent Cover at any time by writing to us or contacting Coles Life Insurance on Coles Life Insurance Free Parent Cover 2

6 The Benefits Term Life Benefit This benefit will provide a lump sum payment of $10,000 if You die during the term of the cover. Terminal Illness Benefit If You are diagnosed with a Terminal Illness by a Registered Doctor after Your cover starts, We ll advance your Term Life Benefit to You to provide You with financial support. Payment of the Term Life Benefit, as a result of a Terminal Illness claim, will end Your Cover. Terminal illness: means a sickness which You have been diagnosed with, that in Our opinion, having considered any evidence We may require, means that Your life expectancy is not greater than 12 months, regardless of any available treatment. If a claim for a Terminal Illness Benefit is made and You die before the benefit is paid, a claim for a Term Life Benefit will instead be assessed. When will my cover commence? Your cover will commence once Your application has been accepted by Us. You will receive a Cover Schedule and Certificate of Insurance detailing the cover. When will my cover end? Your cover will end on the earliest of the following events: You asking us to cancel the cover; the Expiry Date which is 12 months from the Cover Start Date; the date the Terminal Illness Benefit is paid; or the date You die. What isn t covered under my cover? It s important to let You know what isn t covered. We will not pay any benefit if the event giving rise to the claim is as a result of: Your intentional self-inflicted act; or Your consumption of alcohol or drugs, other than those prescribed by a Registered Doctor and taken as directed. Choosing my beneficiary You can nominate one beneficiary who will receive the benefit payment in the event of Your death. You re able to nominate Your beneficiary when You apply for this cover. You can change Your nomination at any time. The Nomination of Beneficiary form will set out the terms that apply to Your nomination including who You can nominate (for example, your Partner or Child). If You choose not to nominate a beneficiary, payment of Your benefit will be paid to the Legal Personal Representative of Your estate. A Nomination of Beneficiary form is available by calling Us on , just complete the form and return it to Us. A nomination isn t binding until We have confirmed it to You in writing. How do I make a claim? If You, Your beneficiary, family or Your estate needs to make a claim, You/they should contact Us as soon as possible on We ll send out a claims pack, which sets out in detail the information that is required by Us to assess and complete a claim. All amounts payable will be paid to You (in the event of a Terminal Illness Benefit), your Nominated Beneficiary or Your Legal Personal Representative. Payment of a benefit under this cover will depend on the evidence to support the claim, to Our satisfaction, as We may reasonably require. To ensure We are able to assess the claim quickly and accurately, please ensure We are provided with all the requirements set-out in the claims pack We provide. Your Privacy We collect, use and retain personal information in accordance with the Australian Privacy Principles and the Privacy Act 1988 (Cth). We collect, use, process and store personal information and, in some cases, sensitive information about You in order to comply with our legal obligations, to assess Your application for insurance cover, to administer the insurance cover provided, to enhance customer service or products and to manage claims. If You do not agree to provide Us with the information, We may not be able to process Your application, administer Your cover or assess Your claims. Coles Life Insurance Free Parent Cover 3

7 In dealing with Us, You agree to Us using and disclosing Your personal information as set out in this section and in our Privacy Policy. For further information about how We and Coles Financial Services handle Your personal information, details of how You can access or correct the information We hold about You or make a complaint, please refer to Our Privacy Policy at or contact us Customer Service and Dispute Resolution If You have an enquiry, wish to notify Us of a change to your personal details (i.e. contact details), or if You have a complaint, please contact Coles Life Insurance on , [email protected], or write to Coles Life Insurance, GPO Box 4217, Sydney NSW We ll strive to achieve the highest standard of customer service. If You have a complaint and You re not satisfied with Our response, the Financial Ombudsman Service (FOS), an independent and impartial body, offers a free dispute resolution service. FOS can be contacted on , or write to The Executive Officer, Financial Ombudsman Service, GPO Box 3, Melbourne VIC 3001, or to [email protected] Applicable law This cover is governed by the law that applies within the state of New South Wales. Is Parent Cover taxed? Under current laws, benefits paid for the Term Life and Terminal Illness Benefits are not assessed for income tax purposes. Further there is no Goods and Services Tax (GST) applicable. This information is based on current interpretation of the tax law. If You have any concerns, We recommend You seek advice from a qualified professional in relation to Your circumstances. Statutory funds Legislation requires that life insurance companies in Australia divide their life insurance business between one or more statutory funds. Premiums for this Coles Life Insurance Free Parent Cover will be paid into MetLife s No. 1 Statutory Fund and any claims paid under this cover will be paid from this fund. Australian currency All benefits payable under Your Free Parent Cover will be paid in Australian currency. No cash value Free Parent Cover is not a savings plan and does not have investment cash or surrender value, it provides insurance cover only. Worldwide cover Free Parent Cover provides worldwide insurance cover 24 hours a day, 365 days a year. Coles Life Insurance Free Parent Cover 4

8 GLOSSARY What our words mean This PDS uses words that have special meanings. To make sure You are aware of these words and their meanings, please see the below for more information. Certificate of Insurance: means a certificate issued to You which shows important information about Your insurance cover, including Your certificate number. Child/Children: means Your birth, adopted, step child, or someone who is Your child within the meaning of the Family Law Act Coles: means Coles Supermarket Australia Pty Ltd ABN and also is the policy owner. Cover Level: means the amount that You re insured for, which is $10,000. Cover Schedule: means a schedule issued by Us to You which shows important information about Your cover, including the Certificate of Insurance certificate number, Your details, details of Your child/children and Cover Start Date. Cover Start Date: is the date Your cover starts and is shown on Your Free Parent Cover Schedule. Expiry Date: is the date Your cover ends as stated on the Cover Schedule. Free Parent Cover: means the insurance cover that has been applied for and accepted by Us in respect of an Insured Person as shown in the Cover Schedule and the Certificate of Insurance. Insured Person: means the person who has been accepted by Us and is listed on the Certificate of Insurance as the Insured Person. Legal Personal Representative: is the executor or administrator of Your estate, or any other person(s) who is authorised by law to administer and distribute Your estate. Nominated Beneficiary: is the person You nominate during your application or using the Nomination of Beneficiary Form to receive the Term Life Benefit under Your cover. Master Policy: means the master insurance policy issued by MetLife to Coles, and which comprises the policy wording, the Cover Schedule, Your application and the Certificate of Insurance. Registered Doctor: a medical practitioner who is legally qualified and properly registered. The doctor cannot be yourself or a member of your family. If practising outside Australia, the doctor must have qualifications equivalent to Australian Standards. We, Us and Our: means MetLife Insurance Limited ABN AFSL You and Your: means the Insured Person. Coles Life Insurance Free Parent Cover 5

9 COLES LIFE INSURANCE FREE PARENT COVER Product Disclosure Statement FREE PARENT COVER Issue Date: 1 February 2015 Issued by: MetLife Insurance Limited MET /14