life insurance policy document

7/27/2019 Life Insurance Policy Document

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This product and policy document are issued by Suncorp Life & Superannuation LimitedABN 87 073 979 530 AFSL 229880 under the brand, AAMI.

LIFE INSURANCEPolicy Document


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Contents

1.0 Important in ormation 1

2.0 Cooling o period 2

3.0 When cover starts and stops 2

4.0 What we cover 3

5.0 AAMI Rewards 7

6.0 Your premium 8

7.0 Claims 10

8.0 How to contact us 13

9.0 Important general in ormation or you 14

10.0 Privacy statement 15

11.0 What do we mean by that? 19


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1.0 Important in ormationThis policy document, together with the schedule,constitutes your insurance policy and is evidence o

your insurance with us. You should read this document

in conjunction with the schedule because together theycontain important in ormation relating to your policy.Please keep this policy document and the schedule ina sa e place. We have issued this policy to you basedon the in ormation provided by you, to us on your

application or insurance.AAI Limited ABN 48 005 297 807, AFSL 230859trading as AAMI does not provide any nancialproduct advice in relation to AAMI Li e Insurance.This policy document and the schedule are issued by

Suncorp Li e & Superannuation Limited ABN 87 073979 530, AFSL 229 880 (Suncorp). AAMI does notissue, guarantee or underwrite AAMI Li e Insurance orany policy issued in relation to it.

AAMI Li e Insurance is not a savings plan. The

primary purpose is to provide a bene t under theterms and conditions o the policy in the event o aclaimable event.

When reading this policy document, pleasere er to the What do we mean by that? on

pages 19-21 which shows the meaning o various terms used throughout.

For details on how to contact us, please re er topage 13.


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2.0 Cooling o periodYou have 30 days rom the policy commencementdate to check that this insurance meets your needs. Thisis the cooling o period.

I you wish, you can cancel your policy during thiscooling o period by noti ying us in writing or verbally.I you noti y us verbally, you will need to answercertain questions to con rm your identity. Provided youhave not made a claim, you will receive a re und in ullo any money you have paid.

3.0 When cover startsand stopsYour policy will start on the policy commencement dateshown on the schedule, subject to us having receivedcorrect payment details.

Your cover will stop on your 99th birthday. Coverwill also stop under this policy on the earliest o theollowing events:

you ask us to cancel your policy;the date your policy is cancelled due to non-payment o outstanding premiums;

the date the Terminal Illness Bene t is paid in ull;or

the date you die.

We will not consider any claim, unless the event givingrise to the claim occurred while your policy was still inorce. We may also cancel this policy on any groundspermitted under relevant law by telling you in writing.


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4.0 What we coverThis section outlines the bene ts payable under yourAAMI Li e Insurance policy. You are entitled to all thebene ts under AAMI Li e Insurance.

Payment o a bene t is subject to our acceptance o your claim, please re er to Claims on page 10.The most we will pay under this AAMI Li e Insurancepolicy is the sum insured. The maximum amount wewill pay across all Li e Insurance policies issued byus or the same insured person is $1,000,000 (plusindexation please re er to Automatic IndexationBene t on page 6).

No bene t will be paid under this policy i the eventgiving rise to the claim is, directly or indirectly, as aresult o an intentional sel -inficted act within 13 monthso the policy commencement date or the date wecon rm reinstatement. Please note that i we acceptan increase to your sum insured, the 13 monthsintentional sel -inficted act exclusion will apply or the

increased portion.4.1 Death Beneft I you die during the li e o your policy, we will paythe sum insured as a lump sum to your nominated

bene ciary (i applicable), otherwise to the legalpersonal representative o your estate.

We must receive notice o any claim or payment o aDeath Bene t as soon as reasonably possible.

The Death Bene t stops on your 99th birthday, unlesscover stops earlier, please re er to When cover startsand stops on page 2.


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4.2 Terminal Illness Beneft I you are diagnosed with a terminal illness by aregistered doctor during the li e o your policy, we willadvance your ull Death Bene t.

We must receive notice o any claim or payment o aTerminal Illness Bene t as soon as reasonably possiblea ter you have been diagnosed with a terminal illness.

The Terminal Illness Bene t stops on your 99th birthday,unless cover stops earlier, please re er to When coverstarts and stops on page 2.

4.3 Funeral Advancement Beneft I you die during the li e o your policy, we willadvance $10,000 o the Death Bene t to your primarynominated bene ciary (i applicable), otherwise to thelegal personal representative o your estate.

This payment will usually be made within 24 hours ous receiving the necessary claim requirements, pleasere er to Claims on page 10.

The Funeral Advancement Bene t is an advanceon your Death Bene t and will there ore reduce theamount o your nal Death Bene t payable to yourprimary nominated bene ciary by $10,000. Thepayment o this Bene t is not an admission o anyliability to pay the balance o the Death Bene t.

The Funeral Advancement Bene t stops on your 99thbirthday, unless cover stops earlier, please re er toWhen cover starts and stops on page 2.


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4.4 Li estyle Increase Beneft You can increase your sum insured each year by$100,000, without having to provide any medicalin ormation i you are under the age o 60 and you:

get married;or your partner give birth to or adopt a child;

have a child starting high school or the rst time;

purchase a home (owner occupied); and/or

su er the death o your partner.

You can also increase your sum insured under thisbene t on your second policy anniversary.

4.4.1 How to apply or this beneft Simply contact us or a Li estyle Increase Bene tApplication Form or download the orm romwww.aami.com.au/li e-insurance.

Subject to the maximum sum insured limits on

page 3, you can increase your sum insuredusing this Bene t up to the value o your original suminsured. For example, i your original sum insured was$400,000, you can increase your sum insured by aurther $400,000.

4.4.2 When to apply or this beneft Increases to your sum insured using this bene t mustoccur within 30 days o your policy anniversaryollowing the event and they will be o ered on thesame terms as your original insurance with us. The

13 months intentional sel -inficted act exclusion willapply rom the date we accept your increase or theincreased portion, please re er to What we coveron page 3.


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Once we accept your application, we will con rm your increased sum insured and we will advise you o your new premium.

This Li estyle Increase Bene t stops on your 60thbirthday, unless cover stops earlier, please re er toWhen cover starts and stops on page 2.

4.5 Premium Pause Beneft I you are unable to pay your premiums, you can

contact us and request your premium be paused or upto 3 months over the li e o the policy.

4.5.1 When you can activate your beneft To activate the Premium Pause Bene t, you must havepaid premiums or the previous 12 consecutive monthsand your policy must have no outstanding premiumpayable at the time o your request.

4.5.2 What is covered during the premiumpause?

During the period your premiums are paused, yourpolicy will only cover you in the event you die as aresult o an accident. A ter the premium pause hasended and you have started paying your premiums,

you will be entitled to all the bene ts under your policy.The Premium Pause Bene t stops on your 99th birthday,unless cover stops earlier, please re er to When coverstarts and stops on page 2.

4.6 Automatic Indexation Beneft We will automatically increase your sum insured oneach policy anniversary by the greater o the indexationactor or 5%. We will recalculate your premium each

year to refect the increase in the sum insured in linewith the indexation actor (and your age) and we willadvise you o your new premium prior to your policyanniversary each year.


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You can ask us not to apply the indexation actor to your sum insured. I you request this, your sum insuredwill not change.

The Automatic Indexation Bene t stops on your 99thbirthday, unless cover stops earlier, please re er toWhen cover starts and stops on page 2.

4.7 Premium Freeze Beneft You can ask us not to increase the cost o your

premium, in which case your uture premiums willremain the same as the amount you roze them atresulting in your sum insured decreasing as you getolder. We will advise you o your reduced sum insuredprior to each policy anniversary. You can ask us to endthe premium reeze at any time by contacting us.

The Premium Freeze Bene t stops on your 99thbirthday, unless cover stops earlier, please re er toWhen cover starts and stops on page 2.

5.0 AAMI Rewards5.1 13th month reeA ter you have paid your rst 12 months premium inull we will waive the premium or your 13th month o

cover.I you pay monthly, your nominated nancial institutionaccount will not be debited or the 13th month ocover.

I you pay annually, your rst renewal notice willshow a reduced annual premium which represents 11months premium.

Full cover continues to be maintained during the periodo time where your premium is being waived.


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5.2 Financial Planning Beneft I you have continuously held your policy or 3 years,

your policy will be automatically upgraded to includethe Financial Planning Bene t on the 3rd policy

anniversary. You will be noti ed o this upgrade inwriting at your 3rd policy anniversary.

The Financial Planning Bene t allows or areimbursement o up to $2,000 or nancial planningadvice received within 12 months o an accepted

claim or either the Death Bene t or the Terminal IllnessBene t. The advice must be provided by a licensednancial planner and be provided within 12 months othe claim payment being received.

The Financial Planning Bene t will be payable to you in the event o a Terminal Illness Bene t beingpaid or to your legal personal representative, primarynominated bene ciary or estate in the event o a DeathBene t being paid.

We do not take any responsibility or the nancialadvice provided or the implementation o that advice.

The Financial Planning Bene t stops on your 99thbirthday, unless cover stops earlier, please re erto When cover starts and stops on page 2.This bene t is only payable once per policy.

6.0 Your premiumYour premium pays or your cover, government eesand charges and administration costs.

The premium you pay is determined by multiplying your sum insured by the applicable premium rate. Yourpremium rate is based on the ollowing actors: yourage, gender, smoking status and health. Discounts mayalso be applied. The premium stated in the scheduleapplies during the rst 12 months a ter your policy

commencement date.


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Your premium rate is guaranteed not to change or 12months rom your policy commencement date. A terthis period, your premium will generally increase each

year with age and increases in the sum insured orexample, as a result o the Automatic Indexation Bene t(explained on page 6). We will send you anotice prior to each policy anniversary con rming yourpremium. We can also change the premium rate orall policies o the same kind at any time. In the eventwe apply an increase to policies o the same kind,

we will provide you with at least 30 days notice and you will be charged the new premium rom your nextpolicy anniversary.

Premiums received are paid into our No. 1 statutoryund. They are not eligible to participate in any surplus

arising in our statutory und.6.1 Paying your premiumYour premiums are payable rom the nancialinstitution account or credit card you nominate. Your

premium and the requency (monthly or annually) youhave chosen to pay your premium are detailed onthe schedule.You have up to 30 days rom the date each premiumis due to pay your premiums. This period is called the

days o grace. I you are entitled to claim within thedays o grace, we will pay the bene t i otherwisepayable on the terms explained in this policydocument, less the amount o any unpaid premium.I your premium remains unpaid during the days ograce, we will send a notice to you speci ying thedate we will cancel the policy without any re und opremium. I the premium remains unpaid, we will alsoprovide written notice o cancellation to you at theaddress last advised to us. We will not be liable orany claims a ter the date o cancellation.


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I we cancel your policy due to non-payment opremiums, you can complete an Application orReinstatement and return it to us or consideration within12 months o the policys cancellation date. In orderor us to process your Application or Reinstatement, wecan ask or in ormation relating to (but not limited to)

your health and all outstanding premiums must be paidby you. I we accept your reinstatement, the 13 monthsintentional sel -inficted act exclusion will apply rom thedate o reinstatement.

7.0 ClaimsI you are entitled to make a claim, you, yournominated bene ciary or legal personal representativecan contact us on 13 22 44 and we will then senda claim pack that needs to be completed to oursatis action and returned to us.

I you have made a valid nomination, which wewill con rm with you in writing, we will pay anybene t payable as a consequence o your deathin accordance with your nomination, subject to anyrelevant terms and conditions which may apply asexplained on your Nomination o Bene ciaries orm.

We may ask or in ormation we might reasonablyneed and obtain medical and other records to ensurethat the terms and conditions o the policy as set out inthis policy document are satis ed.

To make a claim under the Death Bene t, your legalpersonal representative or nominated bene ciaries arerequired to noti y us as soon as reasonably possiblea ter the date o your death. The ollowing in ormationwill be required:

claim orm completed by your legal personalrepresentative or nominated bene ciaries;


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certi ed copy o the death certi cate or otherevidence satis actory to us;

a certi ed copy o your will to con rm the executoro the estate;

certi ed proo o identity (birth certi cate, driverslicence or passport); and

i you did not make a valid bene ciarynomination, a certi ed copy o Probate or Letterso Administration (whichever is applicable).

To make a claim under the Terminal Illness Bene t, you are required to noti y us as soon as reasonablypossible a ter the date you are diagnosed with aterminal illness. The ollowing in ormation will berequired:

claim orm completed by you and your treatingspecialist; and

certi ed proo o identity (birth certi cate, driverslicence or passport).

To make a claim under the Funeral AdvancementBene t, your legal personal representative or primarynominated bene ciary is required to noti y us as soonas reasonably possible a ter the date o your death.The ollowing in ormation will be required:

claim orm completed by your primary nominatedbene ciary or legal personal representative; and

certi ed copy o the death certi cate or otherevidence satis actory to us.


To make a claim under the Financial Planning Bene t, you, your legal personal representative or nominatedbene ciaries are required to noti y us within 12 months


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o receiving a claim payment under the TerminalIllness or Death Bene t. The ollowing in ormation willbe required:

a completed Financial Planning Bene t claim orm;

certi ed proo o payment or the nancial advicerom a licensed nancial planner; and


Payment o bene ts under this policy will be subject torelevant legislative requirements being adhered to anddepending upon individual circumstances, additionalin ormation may be required by us.

You or your legal personal representative will berequired to pay or the cost o satis ying these claimrequirements, unless we noti y you otherwise.

To assess your claim promptly, we need to ensure thein ormation provided to us at the time o application iscorrect, or example your age and smoking status. Iwe have received any alse or misleading in ormation,we may re use the claim, adjust the premiums paid by

you or the bene t payable by us.

We may re use the claim i we are disadvantaged byany delay in noti ying us o a claim.

All payments are made as a lump sum inAustralian currency.

We will only consider a claim, i the event givingrise to the claim occurred while your policy was stillin orce.


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8.0 How to contact us8.1 Administration queriesand changesI you have any questions about your policy or youwould like to make any changes to your policy,including a change to your address or to your paymenttype, please contact us, re er to the back page orcontact details. A change to this policy will only apply

i we con rm the change in writing. You can apply toincrease or decrease your sum insured on an existingpolicy by contacting us.

During the li e o this policy, you cannot assignownership o this policy to any other person or party.

I you wish to apply or an increase to your existingsum insured, the maximum sum insured limits will applyplease re er to What we cover under this policy onpage 3 and the 13 months intentional sel -infictedact exclusion will apply rom the date o increase or

the increased amount. You will receive an updatedschedule showing your updated policy in ormation.

8.2 ComplaintsI you have a complaint about this product or ourservices, you can contact us, please re er to the back page or contact details.

I you are dissatis ed with our decision or the waywe handled your complaint, you can also contactthe Financial Ombudsman Service Limited (FOS)(ABN 67 131 124 448). FOS is an external disputeresolution scheme that provides ree services tocustomers, and is a totally independent and impartialbody who will deal with your complaint directly, orollow up the matter on your behal in accordance with

its terms o re erence.


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You can contact FOS by:phoning 1300 780 808

( or the cost o a local call*) or03 9613 7366

axing 03 9613 6399emailing in o@ os.org.au

writing to Financial Ombudsman Service LimitedGPO Box 3Melbourne VIC 3001

visiting www. os.org.au

*A higher charge may apply or public telephonesand mobile phones.

9.0 Important generalin ormation or youYou are the sole policy owner and insured personlisted on the schedule. You are covered or the insured

events under your policy 24 hours a day, 365 days a year. I premiums payable under this policy are paid,please re er to Your premium on page 8, yourpolicy will continue until your 99th birthday, unless yourpolicy stops earlier, please re er to When cover startsand stops on page 2.

From time to time we may also make improvements to your policy with no resulting increase to your premium.I we make a change to your policy which, in youropinion was adverse to you, we will, i you make a

claim, assess your claim on the terms o the policy inexistence be ore the change took place.


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10.0 Privacy statement AAMI and Suncorp are members o the SuncorpGroup Limited ABN 66 145 290 124 (SuncorpGroup). The Privacy Act 1988 (Cth) requires us to

in orm you that:

Purpose o collectionPersonal in ormation is in ormation about an identi ableindividual and includes acts or an opinion about youwhich identi es you or by which your identity can bereasonably determined. We collect your personalin ormation so we can conduct our business and o erand provide you with our range o nancial productsand services.

We collect personal in ormation or the purposes o :identi ying you when you do business with us;

protecting your personal in ormation romunauthorised access;

establishing your requirements and providing,administering and managing the products orservices you request;

determining eligibility or a amily discount;

assessing and investigating, and i acceptedmanaging a claim made by you under one ormore o our products; and

understanding your circumstances and improvingour nancial products and related services.

We may be required by taxation and other relevantlaws to collect your personal in ormation.


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Consequences i personal in ormationis not providedI we request personal in ormation about you and

you dont provide it, we wont be able to provide you

with and manage the nancial product or service yourequest, or manage and pay any bene t or insuranceclaim you make.

DisclosureWe use and disclose your personal in ormation orthe purposes we collected it. We may also use anddisclose your personal in ormation or a secondarypurpose related to the purpose or which we collectedit, where you would reasonably expect us to use ordisclose your personal in ormation or that secondarypurpose. In the case o sensitive in ormation, anysecondary purpose, use or disclosure will be directlyrelated to the purpose o collection.

When necessary and in connection with purposeslisted above, we may disclose your personalin ormation to and/or collect your personalin ormation rom:

hospitals, medical or health pro essionals orvarious pro essional advisers who assist;

mail service organisations who create anddespatch our documentation and correspondence,including our direct marketing material;

document storage acility providers;

in ormation technology providers, includinghardware and so tware vendors and consultantssuch as programmers;

reinsurers, policy administrators, claims re erenceproviders and investigative service providers;

customer research organisations;


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where required or authorised under our relationshipwith our joint venture partners; and

other companies within the Suncorp Group.

Disclosure overseasThere are also instances where we may have to send your personal in ormation overseas or collect personalin ormation rom overseas. These instances include:

when you have asked us to do so;

when it is necessary in order to acilitate atransaction on your behal ;when we are authorised or required by law todo so;

when we have outsourced a business activity orunction to an overseas service provider with whomwe have a contractual arrangement;certain electronic transactions; orsending your personal in ormation to companies in

the Suncorp Group.We will only send your personal in ormation overseasor collect personal in ormation about you rom overseasor the purposes in this statement and in compliancewith the privacy regime.

AccessYou can ask us to provide you with the personalin ormation we hold about you. In some circumstances,we can deny your request or access. I we deny your

request, we will tell you why. I it will take us time toaccess and supply your personal in ormation, we willin orm you o the likely delay. More detailed accessrequests, e.g. access to in ormation held in archives,may incur a ee to cover our costs.


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MarketingWe would like to use and disclose your personalin ormation to keep you up to date with the rangeo products and services available rom the Suncorp

Group. Generally, the companies in our Group will useand disclose your personal in ormation or Suncorpsmarketing purposes.

I you do not want us to use and disclose your personalin ormation or these marketing purposes please

contact us and tell us.

Contact Please contact us i you change your mind at anytime about receiving marketing material or you want

to request access to the personal in ormation we holdabout you. I you would like more in ormation aboutour privacy practices, please ask us or a copy oour Privacy Policy. You can contact us by calling 1322 44. Our Privacy Policy can also be ound on ourwebsite at www.aami.com.au/li e-insurance.


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11.0 What do we meanby that?Where any words appear in this policy document,

whether the rst letter is in upper or lower case, theirmeanings are listed below.

Where applicable, with respect to the de nitions,singular includes the plural and vice versa.

accident means an event which solely and directlycauses injury as a result o violent, external andvisible means.

expiry date means the date your policy ends as statedon the schedule.

immediate amily membersmeans your partner,parents, siblings or children.

indexation actormeans the percentage changein the consumer price index which is the weightedaverage o the 8 Australian capital cities combined as

published by the Australian Bureau o Statistics or anybody which succeeds it and in respect o the 12 monthperiod nishing on 30 September. The indexationactor will be applied rom 1 March the ollowing year.I the CPI is not published by this date, the indexationactor will be calculated upon a retail price indexwhich we consider most nearly replaces it.injury means physical damage to your body whichoccurs while cover or the applicable bene t was inorce under this policy.

insured personmeans the person who has beenaccepted by us and is listed on the schedule as theinsured person under this policy.


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legal personal representativemeans the executoror administrator o your estate or any other person(s)who is authorised by law to administer and distribute

your estate.nominated benefciary means the person(s) younominate using the Nomination o Bene ciaries orm toreceive the Death and Funeral Advancement Bene tsunder this policy.partner means your spouse or a person living with youas your spouse on a domestic basis in good aith. Heor she can be the same sex as you.policy means your AAMI Li e Insurance, which consistso this policy document, schedule and in ormationprovided in your application.

policy anniversary means the anniversary o yourpolicy commencement date.policy commencement datemeans the date weaccept your application or cover as shown onthe schedule.

policy ownermeans the person listed on the scheduleas the owner o this policy.premiummeans the amount you pay us orthe insurance.primary nominated benefciary means the person

you list rst on your Nomination o Bene ciaries orm.registered doctormeans a doctor who is legallyquali ed and properly registered. The doctor cannotbe you or a member o your amily. I practising outsideAustralia, the doctor must have quali cations equivalentto Australian Standards.schedulemeans a document issued by us which showsimportant in ormation about your policy, including

your policy number, premium, special conditions (iapplicable) and policy commencement date.


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sicknessmeans an illness or disease you su er whilecover or the applicable bene t was in orce under thispolicy.

sum insuredmeans the amount you apply or andwe accept as varied ( or example i you apply or adecrease or through increases under the AutomaticIndexation Bene t) by agreement.

terminal illnessmeans a sickness which you havebeen diagnosed with, that in our opinion, havingconsidered any evidence we may require, means that

your li e expectancy is not greater than 12 months,regardless o any available treatment.

we, us and our means Suncorp Li e & SuperannuationLimited, ABN 87 073 979 530 AFSL 229880.

you and your means the policy owner who is also theinsured person who has been accepted by us and isshown on the schedule.


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Were here to help you24 hours a day 7 days a week

13 22 44aami.com.au

1300 850 394

AAMI Life Customer ServiceGPO Box 3950 Sydney NSW 2001

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