There s more to an estate plan than just funding your funeral costs

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1 There s more to an estate plan than just funding your funeral costs National Seniors Premium Funeral & Estate Plan is issued by MetLife Insurance Limited ABN AFSL (MetLife). Product Disclosure Statement (PDS) Issued 1 April 2013 Products are offered by MetLife Insurance Limited, which is an affiliate of MetLife, Inc. and operates under the MetLife brand.

2 Funerals can be expensive and we agree it is a sensible idea to plan ahead, but there is much more to a good estate plan than just covering your funeral costs. There may be other short term financial considerations such as medical and household expenses to take care of, credit card debt or other loans to repay. There are more complex issues too, such as writing a Will, perhaps a durable power of attorney in case you become incapacitated, possibly even a Living Will outlining what end-of-life care you d want if you weren t able to speak for yourself. The National Seniors Premium Funeral & Estate Plan won t take care of all the complex considerations for you but it is designed to provide funds on your death to help cover whatever costs or commitments apply to your particular circumstances. The funds can be used however you or your beneficiary decides, not just for funeral costs. But what makes the Premium Funeral & Estate Plan really stand out is that premiums are set for life so your policy won t suddenly become too expensive in a few years time and you stop paying altogether once the total paid equals your cover amount. So you will never pay more than you re covered for. 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 is a subsidiary of MetLife, Inc. (NYSE: MET), a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 50 countries. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia Pacific, Europe and the Middle East.

3 Guaranteed acceptance no age limit All National Seniors Australia members aged 50 to 75 are eligible, regardless of their health. There are no medical questions to answer and any health problems you already have will be covered. Your spouse or partner aged 40 to 75 can be insured too, even if they re not a National Seniors member themselves. Once you ve joined there is no age limit and, provided your premiums are up to date, you can keep the policy as long as you wish. Benefit payout or 100% refund In order to provide such wide access and still keep premiums affordable, in the first two years the estate benefit is only paid in the event of accidental death (which means death caused by violent, accidental, external and visible means). After two years you are covered for death by any cause no exceptions. If you die from any cause other than accidental death during the first two years, the policy doesn t pay out the estate benefit but it does pay out a 100% refund of the premiums you have paid.

4 Premiums are set for life Unlike many funeral plans, the Premium Funeral & Estate Plan premiums don t increase every year. They are fixed at the time you join and can only increase if there s a change to taxation or Government charges (and we ll give you at least 30 days written notice if that happens). Not only does this make budgeting easier, it could be the difference between being able to afford to keep the policy until it pays out or it becoming unaffordable in a few years time. Premiums for ages 50 to 75 are detailed on the acceptance form. For younger ages call us on Never pay more than you re covered for With the Premium Funeral & Estate Plan you ll never pay more in premiums than you get back in cover. You stop paying premiums as soon as the total paid equals your estate benefit and your cover then continues free of charge until the estate benefit is paid out. That s value for money - guaranteed. Easy enrolment Enrolling is easy. Just fill in and return the acceptance form, telling us which estate benefit amount you want and how you want to pay the premiums, and return it to us by the close date printed on your form. Alternatively you can enrol online at or call the customer service team on (8am to 6pm EST) to enrol over the phone.

5 Your cover starts as soon as your completed form, online or telephone enrolment is processed and accepted by MetLife. You ll be sent a policy document and schedule shortly after your cover starts (the start date will be printed on your schedule). What isn t covered? The only events not covered are death by illness, disease, suicide or attempted suicide in the first two years (but 100% of all premiums you have paid will be refunded if this occurs). After the first two years there are no exclusions. If you decide you don t want the policy After you receive your policy document you have a 30 day cooling off period during which you should check the policy carefully to ensure it meets your needs. If you wish, you can cancel your policy during this cooling off period by notifying MetLife in writing or verbally. If you notify MetLife verbally, you will need to answer certain questions to confirm your identity. Provided you have not made a claim, you will receive a refund in full of any money you have paid. If you cancel the policy As the Premium Funeral & Estate Plan is a risk product and not a savings plan, there is no cash payout or cash value if you decide to cancel your policy. If you cancel the policy after the 30 day cooling off period, only the unused portion of an annually paid premium will be refunded.

6 If you stop paying the premiums You must pay your premiums promptly when they are due in order for your cover to continue. If you don t pay the premiums by the due date MetLife will send a notice to you at the address last advised to MetLife specifying the date the policy will be cancelled. If you then don t pay your outstanding premium by the date specified in the notice, your policy will be cancelled and all cover will cease. MetLife will not be liable for any claims after the date of cancellation. Making a claim If your beneficiary or family need to make a claim, simply call MetLife on It is important that MetLife is notified within 30 days of an event which may give rise to a claim. If we are not notified within this time we may adjust the benefit payable if we have been prejudiced by the delay. A claim will only be paid once our claim requirements, which are explained in the policy document, have been satisfied. Who is the money paid to? Any benefit payable will be paid to your nominated beneficiary, or to your estate (where you did not make a nomination). Space is provided on your acceptance form to nominate a beneficiary. All claims will be paid in Australian dollars. Misstatement of age In the event your age has been misstated, the estate benefit may be adjusted and your policy varied in accordance with the applicable legislative provisions. Fees and charges The premiums you pay for your Premium Funeral & Estate Plan policy includes all fees and charges. No fees are payable in addition to your premium.

7 Taxation Generally the benefits paid under this policy will not be assessable for income tax purposes or subject to Capital Gains Tax (CGT), nor are the premiums tax deductible. Different tax treatment may apply if insuring for business related purposes. In any case, we suggest you seek advice from a professional tax advisor on the tax consequences of taking out this cover having regard to your particular circumstances. Customer service If you have an enquiry, wish to notify us of a change to your contact details, or if you have a complaint, please contact a customer service officer on (freecall) , weekdays between 8am and 6pm (EST), or write to: National Seniors Premium Funeral & Estate Plan, MetLife Insurance Limited, Reply Paid 1665, Sydney NSW We strive to achieve the highest standard of customer service and will ensure that any enquiry or matter is attended to quickly and to your satisfaction. If your complaint is not resolved to your satisfaction, the Financial Ombudsman Service offers a free dispute resolution service. Please address your complaint in writing to: The Manager, Financial Ombudsman Service, GPO Box 3, Melbourne VIC 3001, or you can telephone them on Your privacy We respect your privacy. We use our appointed agents to provide this service to you and everyone who handles your information is required to follow stringent standards of security and confidentiality. We collect and use your information to process your application and payments, manage any insurance provided to you and to assess, determine and investigate any claims made under this insurance. If you do not provide the information requested of you, we may not be able to assist you with your request. You have the right to access any personal information held about you. If you want to know more about MetLife s approach to privacy, please call us on or visit our website at

8 Alternative Remuneration Register All payments made or received by MetLife will be in accordance with the Financial Services Council (FSC) Industry Code of Practice. MetLife keeps a register of these payments which you can review by contacting MetLife on General information The Premium Funeral & Estate Plan has been designed especially for National Seniors Australia members and is issued by MetLife Insurance Limited, ABN , AFSL , Level 9, 2 Park Street, Sydney NSW Premiums for the Premium Funeral & Estate Plan will be paid to and benefits paid from MetLife Insurance Limited Statutory Fund No. 1. The Premium Funeral & Estate Plan is a nonparticipating policy which means that the policy confers no entitlement to any allocation of operating profits or distribution of retained profits of MetLife Limited Statutory Fund No. 1. National Seniors Australia Ltd does not provide issue or accept liability under the National Seniors Premium Funeral & Estate Plan but it does receive a commission from the premiums you pay. The Premium Funeral & Estate Plan is limited to one policy per person. The information provided in the PDS is general information only. MetLife has not taken into account your financial objectives, situation or needs. This means you should consider the appropriateness of the product, having regard to your individual financial circumstances, needs and objectives. You should consider this PDS before making a decision to acquire the product or acting on this information. This PDS and the National Seniors Premium Funeral & Estate Plan policy are subject to the laws of the State of New South Wales. Call us on If you have any questions about the Premium Funeral & Estate Plan that we haven t answered in this PDS, please call , 8am to 6pm (EST). DL /02/2013