This is a combination of a product disclosure statement and a policy document (PDS). In this document, Asteron Life & Superannuation Limited ABN 87 073 979 530, AFSL 229880 (Asteron), part of the TAL group of companies, is the insurer except for severance pay. AAI Limited ABN 48 005 297 807, AFSL 230859 (AAI), part of the Suncorp group of companies, is the indemnity insurer. Asteron is authorized to use the AAMI trademark. Date created: March 1, 2019
AAMI INCOME PROTECTION Product Disclosure Statement and Policy Document
Important information 1
1.0 Who can apply? 7
2.0 Your time to think 8
3.0 What we cover 9
4.0 When the cover starts on the 21st
5.0 When the lid stops 21
6.0 If we do not pay on the 22nd
7.0 Your premium on the 25th
8.0 Taxation 27
9.0 Risks 28
10.0 How can I apply? 29
11.0 How to reach us 29
12.0 Receivables 30
13.0 Your privacy and our data processing practices 33
14.0 Your Duty of Disclosure 39
15.0 What do we mean by that? 40
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Important information: This combined product disclosure statement and policy document (collectively the "PDS") is intended to help you make a decision about whether to buy or keep this product. This PDS contains important information about the purpose of our product, the main features and benefits available, as well as the costs, risks and other important aspects of our product. The information contained in this document is general in nature and does not take into account your personal goals, financial situation or needs. Therefore, before acting on this information, you should evaluate the suitability of our product taking these aspects into account and read this PDS carefully before making any decision about our product.
Asteron Life & Superannuation Limited ABN 87 073 979 530, AFSL 229880 ("Asteron", "my", "naš" or "nas") is owned by TAL Life Limited ABN 70 050 109 450, AFSL 237848 (TAL Life) distributes TAL Direct Pty Limited ABN 39,084,666,017, AFSL 243260 (TAL Direct). Asteron, TAL Life and TAL Direct acquired its TAL group subsidiary Dai-ichi Life Australia Pty Limited (TAL).
This PDS covers two separate financial products:
Asteron is an insurer of life insurance products and assumes only obligations related to it;
AAI Limited ABN 48 005 297 807 AFSL 230859 trading as AAMI (AAI) is an insurer of general insurance products ( Severance Pay ) and only undertakes liabilities relating to Severance Pay.
In this PDS, AAI is responsible for the text related to severance pay. Asteron is not
is responsible for the insurance provided by AAI under this PDS and AAI is not responsible for the insurance provided by Asteron under this PDS.
Asteron is the publisher of this PDS and is authorized to publish this PDS under the AAMI brand.
If you have been issued with an AAMI Income Protection Policy, this PDS, together with the information you have provided in your application and schedule, constitutes your insurance policy and is evidence of your insurance contract with us. You should read this document together with the schedule because together they provide important information about your policy. Keep this PDS and your schedule in a safe place. Your schedule will be provided to you based on the information you provided us with in your insurance application.
AAMI Income Protection is not a savings plan. The primary purpose is to provide a benefit in accordance with the terms of the policy upon the occurrence of a qualifying event.
All information contained in this PDS is current at the time of publication. We may change or update the information in this PDS from time to time. If the change is not materially adverse, we may notify you of this change by preparing an update on the www.aami.com.au/income website. You can also get a free hard copy of this by contacting us (see back for details). If the change is material or significant, we will notify you within 3 months of the change.
We can also improve your policy without increasing your premium. If we make a change to your policy that you think was unfavorable to you, if you make a claim, we will check your claim against the terms of the policy before the change.
If you have been issued with an AAMI Income Protection policy, you are the sole policyholder and the insured person named in the plan. You are covered 24 hours a day, 365 days a year according to the terms of your policy. When the premiums payable under the policy have been paid (see Section 7 "Your premium") your policy will continue until your 65th birthday unless your policy expires earlier (see Section 5 "When cover ends").
As you read this PDS, look at section 15. What do we mean by that? which consistently shows the meaning of different terms.
Before purchasing this insurance, please read this PDS carefully, including Section 6 “When We Will Not Pay”.
See back cover for contact details.
AAMI Income Protection Quick Facts Sometimes it's tempting not to read insurance documents cover to cover. We appreciate this, but we encourage you to read the entire document as it is important to understand your AAMI Income Protection Policy. To help you further, here are some quick facts about the benefits we offer. We have also included instructions in this document where you can find more details.
Disability pension (see section 3.1 for more details) If you are unable to work due to illness or injury, you may be entitled to your disability pension. This gives you income so you can focus on getting well and getting back to work. When applying for income protection, you should consider the following:
The monthly allowance you can claim can be up to 75% of your monthly income (including regular bonuses, commissions and retirement savings) up to a maximum of $10,000 (see section 3.7).
No medical examinations are required at the time of registration.
You can choose a benefit period of 1 or 2 years. At the end of the selected benefit period, all benefits will cease, regardless of whether you have fully recovered or returned to work.
Your policy has a 30-day waiting period, which means we will not pay your disability pension until you have been able to work for at least 30 days.
Severance pay (additional details section 3.2)
If you are entitled to severance pay, you may be entitled to claim if you are forced to lose your job. This insurance is intended to provide you with a certain income while you are looking for a job.
The monthly benefit you can claim can be up to 75% of your monthly income (including regular bonuses, commissions and retirement savings) up to a maximum of $4,000 (see also section 3.7).
The maximum duration of compensation for one request is 3 months.
Your policy has a 30-day waiting period, which means we won't pay severance pay until you've been off work for at least 30 days.
The right to severance pay starts 6 months from the date of joining the insurance. This is known as the claim period.
Recovery support plan (see section 3.3 for more details) If you are eligible, making the right plan can help you regain control of your life during illness or injury during your disability.
At your doctor's recommendation, we will work with you and your doctor to develop a recovery support plan to help you get the right support and rehabilitation services to help you on your road to recovery.
Requirements (see section 12 for more details) If you are claiming a disability pension or severance pay, you must provide proof of your health, employment and income. It is important to know:
As we cannot pay more than 75% of your annual earnings, you should ensure that your insured monthly benefit never exceeds this amount.
If you receive another type of insurance or benefits for your illness or injury, we can reduce your disability benefits.
Summary of benefits
Age at submission of application (§ 1.)
Minimum monthly fee (sections 3.1 and 3.2)
$1,000 a month
Maximum Monthly Fee (Sections 3.8)
$10,000 per month (plus indexing)
$4000 per month (plus indexing)
There is no deadline for claiming (section 3.2)
Not 6 months
Waiting time (section 3.9)
30 Take it
Duration of maximum effect (sections 3.1 and 3.2)
Choose 1 or 2 years
Expiration Date (Section 5)
Benefit of premium break (section 3.4)
Now that you have the basic facts, read on for more details about your coverage and other benefits available under your income protection policy.
1.0 Who can apply? If you're applying for AAMI Income Protection, you can choose to be covered only by disability benefits or you can also choose optional severance pay.
You can apply for AAMI Income Protection if you:
are between 18 and 60 years old (inclusive);
are Australian or New Zealand citizens or permanent residents of Australia at the time of application;
Work an average of at least 20 hours per week at your job for the last three consecutive months immediately prior to the insurance start date. AND
I got this PDS in Australia.
When applying for a disability pension, we take into account various factors (such as your health condition and professional responsibilities) to decide whether to accept or reject your claim for insurance. No medical examinations are required for registration. We will use the information you provide on your application to assess whether cover may be subject to the special conditions that apply to your policy.
Once we accept your application and receive accurate payment information, you are covered 24 hours a day, 365 days a year for the benefits listed in your plan as long as your policy is active and subject to your terms and conditions.
AAMI Income Protection is only an individual life insurance policy. As the only insured, you are also the only insured person.
If we agree, you can make a claim for compensation after this policy first came into effect.
2.0 Your Consideration Period: You have 30 days from the date you first take out this policy to assess whether this cover will meet your needs. This is the time to think.
If you wish, you can cancel your policy during the cooling off period by contacting us. If you notify us verbally, you will be asked to answer certain questions to verify your identity. If you have not submitted a claim, you will receive a full refund of the amount already paid.
2.1 Cancellation of the policy after the expiry of the cancellation period You can cancel the policy at any time after the expiry of the cancellation period. If you pay premiums monthly, your coverage will continue until the policy payment date.
If you pay premiums annually and your request is to cancel before the next policy anniversary date (for example, if you cancel mid-year), any unused premiums will be refunded to you. We will confirm the cancellation of your policy immediately from the date of your request.
You may wish to discuss other financing options by contacting us.
3.0 What we cover This section explains the benefits available under AAMI Income Protection.
3.1 Disability pension
When do we pay the disability allowance? The monthly benefit is paid from the end of the waiting period if, solely due to illness or injury:
you cannot perform all the main income-generating duties of your main job;
idleness, whether paid or not (including voluntary work);
they are regularly monitored and treated by a doctor and follow his advice; AND
You must be unable to work for the entire waiting period and have not had any work (paid or unpaid) during that period.
If the monthly benefit is paid for less than one month, payments will be calculated as 1/30 of the monthly benefit for each day of your disability.
Unless coverage ends earlier (see Section 5 "When Coverage Ends"), monthly benefit payments will end at the earliest of the following times:
Your performance period ends;
You are no longer disabled;
your 65th birthday; or
you are dying
In certain circumstances we do not pay. See Section 6 “When We Don't Pay” for more information.
What happens if you are on holiday or unemployed while on disability? If you were unemployed or on leave eg B. If you are on annual, senior, parental, sabbatical or annual leave for less than 12 months at the time of your disability, your annual earnings will be calculated based on the 12 consecutive months immediately before the start of your annual leave vacation or unemployment leave.
If you were unemployed or on annual leave, for example if you were on annual, seniority, parental, vacation or annual leave for more than 12 months at the time of disability, the monthly allowance is not paid.
What happens if you are abroad while on disability? If you are abroad at the time of your disability or at any time during your disability, your monthly benefit will only be paid for a maximum of two months while you are abroad. However, it will start again when you return to Australia, as long as you are still unable to work and your monthly benefit has not stopped (unless you are overseas).
Benefit limits Income protection replaces up to 75% of your monthly income lost due to your disability. However, in certain circumstances, the monthly benefit paid to you may change or be reduced.
The monthly benefit amount paid to you will be recalculated if you receive "other payments" related to the illness or injury that caused your disability in the form of:
other disability, group, medical or accident insurance, including through a mortgage replacement policy or through a pension fund;
workers' compensation schemes;
accident compensation schemes; or
other statutory insurances that pay for loss of income.
If any of the above payments are received in the form of a lump-sum loss of earnings allowance, we will convert that portion of the compensation into income based on the 1% portion of the loss of earnings and reduce the monthly amount of compensation paid to you through that component.
In case of damage, the amount of compensation paid monthly is the lower of the following two amounts:
75% of your annual income (minus any "other payments"); or
Recurring disability If you suffer from the same or related illness or injury within 6 months of the payment of the last monthly benefit, your insurance is still active and you remain disabled, we will consider your disability as recurrent and therefore we will continue to pay benefits without Recurrence start applying a new waiting period .
All benefit payments will be added to the remaining benefit period to ensure that the maximum benefit period payment is not exceeded.
If you do not fully recover, you will not be paid a monthly benefit for the same or related illness or injury for which the previous claim was paid in full; i.e. for the entire service period.
Choosing a monthly disability pension You can choose to insure up to 75% of your monthly income; from as little as $1,000 per month to $10,000 per month. The monthly fee that applies to you is listed in your schedule.
What is your monthly income? This is the income you earn each month through your own personal effort. This is your total reward package and includes:
fringe benefits that can be reported;
overtime payments; AND
If you are self-employed and have an interest in the business, operate as a sole trader or as part of a partnership, corporation and/or trust structure (even if you are an employee of your own company or trust), monthly income You can confirm that your share of the company's net income before tax (your share of business income less business expenses) can be directly attributed to your personal efforts. Operating costs include vehicle costs and depreciation.
The monthly income you can provide does not include:
Income you continue to receive from your company even when you are unable to work, including any ongoing profits made by other employees of the company;
other unearned income such as dividends, interest, rental income or proceeds from the sale of property; or
current commissions or royalties.
Your Benefit Period The Benefit Period is the maximum period we will pay your monthly benefit while you are unable to work due to the same or related illness or injury. When registering, you can choose between 1 and 2 years. The service period that applies to you is listed in your schedule.
3.2 Severance Pay Severance Pay is available as an optional cover and is only offered if you have worked an average of 20 hours per week or more at your job for an average of 3 consecutive months at the time of application. You are only entitled to severance pay if it is included in your schedule.
The severance pay is intended for monthly compensation in case of involuntary unemployment.
The right to severance pay begins 6 months after the start date of the contract - the first 6 months are called the period of non-exercise of rights. If you are involuntarily unemployed during the no-claims period, you are not entitled to severance pay. If the severance pay is renewed, the 6-month claim-free period will not start again.
After the end of the entitlement period, the monthly benefit is due from the end of the waiting period if you have been forced out of work for one of the following reasons:
Termination without own decision;
the company in which you have an economic interest has been placed under bankruptcy administration; or
Your fixed-term employment contract of 12 months or more ends before the agreed termination date without you having done so voluntarily;
and you are still unemployed after the waiting period has expired.
In case of damage, the amount of compensation paid monthly is the lower of the following two amounts:
75% of your annual income; AND
What happens if you are fired if you become involuntarily unemployed? If you were on leave, eg if you were on annual, long-term, parental, sabbatical or absence leave for less than 12 months at the time of your involuntary unemployment, your annual earnings will be calculated based on the 12 consecutive months immediately before your leave.
If you have been on leave, eg B. If you have been on annual, long-term, parental, sabbatical or sabbatical leave for at least 12 months at the time of your compulsory unemployment, the monthly allowance is not paid.
Your severance pay period The maximum period of severance pay is 3 months for each individual claim while you are involuntarily unemployed. The maximum total right to compensation for the same insured during the duration of the severance pay is 12 months; eg 4 lots for 3 months.
If the monthly allowance is paid for less than one month, the payments will be calculated as 1/30 of the monthly allowance for each day you are involuntarily unemployed.
Unless cover ends earlier (see section 5 "When cover ends" for information on when severance payments under this policy end), current monthly payments will end when:
You go back to work;
They are no longer looking for active employment;
Your performance period ends;
your 65th birthday; or
you are dying.
Choosing your monthly severance pay Your monthly severance pay does not have to be the same as your disability pay. You can insure yourself up to 75% of your monthly income; from as little as $1000 per month to $4000 per month. The monthly fee that applies to you will be set out in your plan and each year in your renewal notice.
If you have severance pay, before each anniversary of the contract, we will inform you whether:
offer an extension of severance pay;
offer to extend the severance pay, but under different conditions, or
not to extend the severance pay.
If we offer renewal and your premium continues, severance will automatically continue for an additional (1) year on each contract anniversary. Payment of your next reward payout will be considered acceptance of the renewal offer
this year. If the severance pay is renewed, the 6-month claim-free period will not start again.
In certain circumstances, we do not pay severance pay. See Section 6 “When We Don't Pay” for more information.
3.3 Recovery Assistance Plan If you are eligible, this plan can help you regain control of your life during illness or injury during disability. At your doctor's recommendation, we will work with you and your doctor to develop a recovery support plan to help you get the right support and rehabilitation services to help you on your way to recovery and a faster return to work.
The recovery support plan includes, but is not limited to:
setting goals and/or dates for return to work and
We help you receive optimal support, including rehabilitation, in line with best practice guidelines for condition management.
We are unable to participate in the cost of treatment or provide you with medical treatment. However, we have a range of rehabilitation services that may be available to you during your incapacity to work, as recommended by your doctor and approved by us, to help you return to work.
Examples of what we can support with your doctor's recommendation and agreement include:
transport service. This could cover the cost of transportation (such as a taxi) to get you to and from medical appointments.
rehabilitation service. We can contribute to fees and charges for vocational retraining and rehabilitation.
If you do not follow the advice, care and treatment recommended by your doctor and approved by me, your benefit payment may be suspended until you start receiving benefits again.
3.4 Premium Pause Benefit To improve affordability, the Premium Pause Benefit allows you to stop paying premiums for up to three months each year while you have the policy.
During this time your policy will continue (subject to further extension of your policy if you have severance pay) but your insurance will not cover disability pension or severance pay. This means that illness, injury or notification of involuntary unemployment that occurs during the Premium Break benefit period is not covered.
You must contact us to activate Premium Pause benefits. Premiums must be paid for the last 9 consecutive months and the policy must have no outstanding premium at the time of application.
After the Premium Break benefit expires and premiums resume, you will be entitled to all the benefits you have selected under the policy, subject to the Terms.
The Reward Break benefit cannot be claimed while you are eligible or while you are waiting.
3.5 Waiver of premium benefit If we pay you a monthly benefit while you are either unable to work or involuntarily unemployed, we will waive your income protection premiums for the period you are entitled to.
The award waiver does not apply to awards paid during the waiting period. Unless the insurance cover ends earlier (see section 5, if the insurance cover ends), the premium waiver ends at the earliest of the following times:
the end of your benefit period;
the date you are no longer disabled;
the date when you will no longer be unemployed;
the date when you are no longer actively looking for work; or
the expiry date of your policy.
While you are receiving premium benefit relief, you cannot claim an increase in benefit under your AAMI Income Protection policy.
3.6 Automatic indexation benefit In order to match your insurance to your income, we will automatically increase your monthly premium each year on the anniversary of your contract by the indexation factor or 5%, whichever is greater. Unless you refuse the increase, we will recalculate your premium to reflect the increase due to the indexation factor (and your disability age) and notify you of your new premium before your policy anniversary.
The increase will not apply if your policy anniversary occurs while you are receiving monthly benefits from us under this policy.
You can ask us not to apply an indexing factor to your monthly performance. If you ask for it, your monthly benefit will not change, but your premium will generally change every year, eg B. due to age.
Unless your insurance cover ends earlier (see section 5 "When insurance cover ends"), the auto-indexing benefit ends on your 65th birthday.
AAMI Income Protection replaces up to 75% of your annual income. You must confirm that the increase in your monthly premium, after applying the indexation factor, does not cause your insurance to exceed this maximum amount.
See Performance Limitations in Section 3.1.
3.7 Maximum Benefit The maximum amount we will pay under your AAMI Income Protection Insurance is the monthly benefit. The most we will pay for all income maintenance contracts we issue to the same insured person is:
$10,000 per month for disability benefits;
$4,000 per month for severance pay;
plus indexing – see section 3.6 Advantages of automatic indexing.
3.8 Concurrent benefits We will only pay one benefit at a time under your income maintenance policy. If you are entitled to both disability benefits and severance pay under this policy at the same time, we will pay the benefit at the highest monthly rate. For example, if your disability benefits are $4,000 per month and your severance benefits are $3,000 per month, you are entitled to disability benefits and
If you are also receiving severance pay, we will pay a higher monthly benefit, in this case your $4,000 disability benefit.
If the monthly benefits are the same, we will pay the benefit with the longest benefit duration, i.e. the disability benefit, as long as you are disabled.
3.9 Waiting period Your Income Protection insurance has a waiting period of 30 days. The waiting period is the time that must elapse before the payment of the monthly fee begins.
If you are entitled to compensation, payment will be made monthly after the waiting period. This means that your first benefit would be paid 60 days after the start of the waiting period.
No fees will be paid during the waiting period.
The waiting period for disability pension begins when both of the following events occur:
First consult a doctor about the illness or injury that is the cause of your claim. AND
stop any work as a result of this illness or injury.
You must be unable to work during the entire waiting period.
The waiting period for payment of severance pay begins when both of the following events occur:
become involuntarily unemployed; AND
actively looking for work.
You must be unemployed and actively looking for work throughout the waiting period.
No fees will be paid during the waiting period. In addition to the grace period, there is also a period of severance pay. See section 3.2 Severance Pay for further details.
4.0 Start of cover As long as you meet the eligibility requirements (see Section 1 Who can apply?), cover starts on the date we accept your application and receive correct payment information. This date will appear on your schedule as the start date of your policy.
Once we have accepted your application for insurance under AAMI Income Protection, we will send you a schedule confirming our acceptance and the start date of your insurance. If you take severance after the first policy start date, your severance date may have a different policy start date than the rest of your policy.
5.0 When Coverage Ends All coverage under this policy ends on the earliest of the following events:
your 65th birthday;
your request to cancel the policy;
the date your policy was canceled due to non-payment of remaining premiums;
your retirement date; or
the date of your death.
In addition to the points mentioned above, insurance under severance pay also ends at an earlier time when:
they received compensation for a total of 12 months; or
The insurer decides not to extend this benefit.
All benefit payments stop when coverage ends.
We will not consider any claims unless the event giving rise to the claim occurred while your policy was still active. The grace period applies to the payment of severance pay (see section 3.2). We may also terminate this policy for any reason permitted by law by giving written notice.
If you have severance pay, before each anniversary of the contract, we will inform you whether:
offer an extension of severance pay;
Offer to extend severance pay, but under different conditions; or
not to extend the severance pay.
If we offer renewal and your premium continues, severance will automatically continue for an additional (1) year on each contract anniversary. Payment of your next reward payment constitutes acceptance of the renewal offer for that year. If the severance pay is renewed, the 6-month claim-free period will not start again.
6.0 If we fail to pay a disability pension: We will not pay a disability pension or refund or waive any premium under your policy if the event giving rise to the claim is a direct or indirect consequence of:
your intentional self-inflicted act;
Work in the profession:
at heights above 15 meters; or
You want to participate or participate in:
Air traffic or air tracking activities except
as a paying passenger in a commercial airline on scheduled flights;
Drive or be driven in a self-powered vehicle participating in a race, speed or reliability test on a waterway, race track, dual carriageway or track;
hiking, abseiling, climbing or canyoning;
Diving to a depth of 45 meters or more, hole diving, wreck diving or cave diving.
taking any medications, except those prescribed by a doctor or healthcare professional and taken according to instructions;
you are under the influence of alcohol and the alcohol content in your blood is above the legal driving limit;
Pregnancy, miscarriage or childbirth, unless the disability lasts for more than three months from the later of the date the pregnancy ends or the disability begins (the later date is the date we consider your disability began). );
you do not comply with the recovery support plan (see section 3.3); or
They are engaged in criminal activities.
You will not be paid a disability pension for the duration of your imprisonment.
Also note the performance limitations in section 3.1.
Severance pay We do not pay severance pay or refund premiums if forced unemployment is directly or indirectly caused by:
your intentional self-inflicted act;
war or an act of war, whether war has been declared or not;
taking any medications other than those prescribed by a doctor and taken according to instructions;
voluntary departure, retirement or termination of employment;
misconduct, dishonesty or criminal activity;
poor performance at work documented by your employer;
strikes or industrial unrest involving you or your employer;
loss, currency or receipt of any license, permit or permit required for business, including loss of driver's license, trade or professional license;
the seasonal nature of your employment;
cancellation of a fixed-term employment contract on or after the agreed notice period;
illness or injury; or
We also do not pay any fee and do not reimburse the premium if:
Before the start of the contract, you were informed in writing, orally or in some other way about the impending forced unemployment;
your employer announced publicly or in the media before the regulation came into effect that it intends to reduce the number of employees through layoffs;
you have not been employed by an Australian company or have been self-employed in the last 3 months prior to commencement of insurance;
you did not work an average of at least 20 hours per week in the three consecutive months immediately before your involuntary unemployment;
you are involuntarily unemployed during the period of exemption from rights;
They are no longer looking for active employment; or
you are closed
7.0 Your premium Your premium covers your insurance, government fees and charges and administrative costs.
The premium you pay is determined by multiplying your monthly premium by the applicable premium rate (including any additional fees). Your disability pension premium rate depends on your age, gender, smoking status, monthly benefit, benefit duration and occupation. Your severance pay premium depends on your monthly performance.
Your disability premium will not change for 12 months from the date you became insured. After this period your premium will generally increase with age and due to the automatic indexing performance explained in section 3.6. We can also change the premium rate for all policies of the same policy
with written notice at least 30 days in advance. The new premium will be charged to you from the next anniversary of the contract. For severance pay, any change to your award for the next 12 months will be reflected in your renewal notice.
If your occupation or smoking status changes, please contact us.
The premiums received in connection with the disability pension are paid into our statutory fund No. 1. A policy issued in connection with AAMI Income Protection does not participate in any surplus in our statutory funds.
Prizes are subject to Commonwealth and State taxes and/or duties, including GST and stamp duty (if applicable). The amount of such taxes and/or fees (if any) will be shown in your plan and renewal notices.
For a quote, contact us on 13 22 44 or visit www.aami.com.au/income.
7.1 Are you entitled to a discount?
Big Discount on Monthly Benefit: The bigger discount on monthly benefit you choose, the bigger the discount will be applied to your disability pension premium. The table below shows how discounts are applied:
Scope of monthly disability allowance
$1,000 - $2,499 Zero
2.500 $ - 4.999 $ 10 %
5.000 $ - 6.999 $ 20 %
7.000 $ - 9.999 $ 25 %
$10,000 or more 30%
7.2 Payment of your premium You can choose whether you want to pay your premium monthly or annually through the financial institution or credit card you have provided. You have up to 14 days (or 30 days if you pay monthly) from the due date of the relevant prize to pay your prize.
If you do not pay the premium within the requested period, we will send you a notice to the last address given with the date on which we will cancel the policy without refund of the premium. We are no longer liable for claims after the date of cancellation.
If we cancel your policy for non-payment of premiums, you may request reinstatement of your policy by contacting us within 30 days of the policy cancellation date. In order to consider your return, we may ask for (but not limited to) information about your health and employment and you must pay any outstanding premiums. Reinstatement is not guaranteed and will be confirmed in writing if approved.
8.0 Taxation The tax treatment of income protection will depend on your personal circumstances. If you are employed, awards are generally tax deductible and any compensation received is generally taxable.
These comments are for guidance only and do not take into account changes in tax laws or your particular circumstances. Check your personal circumstances with your tax advisor or the Australian Taxation Commissioner
GST does not apply to disability pensions, but it does apply to severance pay. If the tax laws change, we will
We reserve the right to increase premiums in accordance with applicable GST or other government taxes and duties that may be imposed. Any increase would be in line with our legal obligations
9.0 Risks You should be aware of the risks before purchasing an insurance policy. Please read this PDS carefully before making any decisions about this policy or the level of coverage you need. The risks associated with purchasing this insurance policy include:
Your policy may not meet your needs.
Your monthly fee may be insufficient or excessive;
no monthly benefit can be paid in the event of a claim if there is an exclusion;
the monthly fee cannot be paid if, if requested, you have not disclosed all information as part of the application process; AND
The monthly invalidity pension can be reduced or completely omitted if you receive other benefits in case of application (see section 3.1).
It is important that the policy meets your current and future needs. You may need to seek the help of a financial advisor if the terms do not meet your needs or suit your personal circumstances.
10.0 How can I apply? Contact us at 13 22 44 and talk to one of our experts.
Visit www.aami.com.au/income and complete the online application.
No matter how you complete your application for AAMI Income Protection, you are not required to have any blood or medical tests. We evaluate your occupation, health and lifestyle based on the information you provide in your application.
11.0 How to contact us 11.1 Administrative questions and changes If you have any questions about your policy or want to change your policy, including a change of address or payment method, please contact us (see). Contact details are on the back). A change to this policy will only apply if we confirm the change in writing. You can request an increase or decrease in your monthly premium on an existing policy by contacting us.
If you wish to request an increase to your existing monthly benefit, the maximum monthly benefit limits will apply (see Section 3 “What we cover”).
If you add severance pay to your policy after the start of the contract, the severance pay coverage period will adjust to the contract anniversary date that applies to the remainder of your policy.
You may not transfer ownership of this policy to any other person or party during the term of this policy.
11.2 Complaints handling If you have a complaint about this product or our services, we have a complaints handling procedure in place and we aim to work with you to resolve your concerns. You can call us on 13 22 44 or contact the customer relations team on[emailprotected].
If the problem is not resolved to your satisfaction, you can lodge a complaint with the Australian Financial Complaints Authority (AFCA). AFCA provides a fair and independent resolution of complaints about financial services that is free for consumers.
AFCA can be contacted as follows:
Phone: 1800 931 678 (free call)
Schriftlich an: Australian Financial Appeals Authority, GPO Box 3, Melbourne VIC 3001
12.0 Claims If you need to make a claim, you can contact us on 13 22 44 as soon as possible after the event that gave rise to the claim. We will then conduct a tele-interview to obtain information about your claim or provide you with a claim packet to complete upon your return to our office.
In order to be able to exercise the right to compensation, we need application documentation proving the right to compensation. We may request additional information to ensure compliance with the policy terms set forth in this PDS.
Payment of compensation presupposes acceptance of your request by us. The monthly fee to be paid is
paid directly to you. All fees are paid in Australian currency.
We must be notified of any request as soon as possible. We may refuse or reduce the monthly fee payable for a claim if we suffer a disadvantage as a result of a delay in making a claim.
12.1 Application documentation The following documents are required for submitting an application:
Disability Pension initial claim form completed by you and your doctor, which contains evidence of the event or condition being claimed for and the time it occurred;
if the claim is pending, the monthly claim form completed by you and your doctor;
details of dangerous activities; I
Payroll or employer's statement confirming regular working hours and employment conditions.
Severance pay is the initial application form that you complete, detailing the involuntary unemployment you are claiming for and when it occurred;
Proof of your unemployment (certificate of termination, letter of resignation, letter of resignation);
Evidence that you are actively seeking employment (eg registration with Centrelink or a recognized recruitment or employment agency);
If you were employed, you must provide a certificate of termination from Centrelink or your immediate previous employer; or
If you were self-employed, you must provide a certificate from the administrator, receiver or trustee that the business of the company has ceased as a direct result of actual impending insolvency or bankruptcy.
Both for disability and severance pay
certified proof of your identity and age (birth certificate, driver's license or passport);
The power of attorney of your legal representative and a certified copy of the power of attorney (if any);
Proof of your employment and professional details, if applicable; I
any financial statements we reasonably require to assess your claim.
Unless we tell you otherwise, you will have to pay the costs of meeting the above eligibility conditions.
You must undergo, at our expense, any medical examinations carried out by a doctor or other healthcare professional appointed by us, if we deem it necessary.
We may, at our expense, employ an accountant of our choice to audit your income and/or expenses. This may include a financial audit of your company or your financial statements. You are required to comply with audit requirements if we arrange for a financial audit to be carried out.
Payment of benefits under this policy is subject to compliance with relevant legal requirements and
Depending on individual circumstances, we may require additional information.
In order to assess your claim in a timely manner, we need to ensure that the information you provide us at the time of application, such as your age, medical history and smoking status, is accurate. If we have received incorrect information, we may refuse the claim, cancel the contract, adjust the premiums you pay or the monthly fee we pay.
We will only consider a claim if the event giving rise to the claim occurred during the term of your policy. The grace period applies to the payment of severance pay, see section 3.2.
13.0 Your Privacy and Our Information Practices We understand that the privacy of your information is important to you, and we respect the confidentiality of the information you provide to us.
In this privacy section, all references to "we/us/our" refer to Asteron and its affiliates.
the types of personal data we collect and store;
how we collect and store personal data (including sensitive data such as health and lifestyle data);
the purposes for which we collect, hold, use and disclose personal information (including sensitive information);
how our customers can access the personal data we hold about them and how they can correct that data;
our approach to direct marketing and how you can opt out of receiving direct marketing communications; AND
how we deal with complaints from our customers about privacy issues.
Our information handling practices are based on relevant data protection laws and regulations including but not limited to the Privacy Act 1988 (Cth) and the 13 Australian Data Protection Principles.
For more information about relevant data protection laws and regulations and your privacy rights, visit the Australian Data Protection Commissioner's website at http://www.oaic.gov.au, including information on how to make a privacy complaint and reasonable steps that you can protect your data when dealing with organizations and when using modern technology.
Phone: 1300 209 088 E-mail:[emailprotected]Mail: GPO Box 5380 Sydney NSW 2001
Collection, Use and Disclosure of Information in Providing Our Products and Services Your personal information is collected, used and disclosed to facilitate the provision or delivery of our insurance products and services. Examples of why your personal information is collected, used and disclosed include the following:
to confirm your identity, for example for payments and changes to your policy;
to process new insurance policies, including underwriting and claims assessment;
to perform administrative and processing functions, including pre-sales, sales and ongoing customer care and support;
adjudicate claims against insurance conditions;
in accordance with legal and regulatory requirements; I
to review and further develop our products and services, including research and surveys, to meet ongoing customer expectations.
We may collect your information and share it with (and receive information from) third parties (including affiliated entities), such as:
affiliated product and service providers or distributors of our products or services, including other companies with whom we have a business, distribution or branding agreement or where otherwise permitted or permitted by law; AND
Organizations involved in corporate reorganization or involved in the transfer of all or part of the assets or operations of their organization and/or TAL organization.
Generally, in providing our products and services to you, we may collect and disclose information using online and paper forms, electronic data transmission, telephone and other available technology. We obtain your consent to collect, use and disclose information, including, but not limited to, your consent to cooperate with relevant health care providers, financial advisors and professionals such as your accountant and your doctors.
If you do not provide the requested information, we may not be able to provide the requested product or service or pay for the request.
Your personal information is managed and stored securely, and we take steps to protect your privacy. In processing and administering our products and services (including risk taking and claims assessment), we may need to share your personal information with other organizations and individuals. Examples of why your personal information is disclosed include the following:
with organizations that help us provide our products and services, such as those that provide mailing and information technology services;
with organizations that help us promote, market and sell our products and collect feedback such as surveys and research;
to our related entities and organizations with which we have a business alliance or contractual arrangement;
in response to inquiries, complaints and litigation, such as sharing with third-party complaint bodies and lawyers;
in accordance with our legal and regulatory requirements; I
respond to a request from a government or law enforcement agency.
We may also share your personal information with other entities, such as reinsurers, your financial advisor, health and rehabilitation providers, and claims adjusters.
In managing your insurance benefits and administering this product, your personal information may be shared with service providers in another country.
In general, we do not use or share user information for any purpose other than to provide our products and services, unless:
Our customer consents to the use or disclosure of user information; or
the use or disclosure is required or permitted by Australian law or court order; or
The purpose is related to the improvement of our products and services and the collection of user information, for example for market research. or
The use or disclosure of the information is necessary for one or more law enforcement actions by or on behalf of a law enforcement agency, e.g. B. the police.
Your personal information and our marketing practices. From time to time we, or our affiliated entities or organizations with whom we have a business arrangement, may wish to contact you
Unless you tell us otherwise, we will engage in marketing. If you do not wish to receive direct marketing communications from us, you can contact us at any time using the contact details above. If you contact us to opt out of receiving future direct marketing communications, you will be given the option to choose your ongoing marketing preferences.
Accuracy of information and access to information we hold. We rely on the accuracy of the information you provide. If you believe that we hold any information about you that is inaccurate, incomplete or out of date, please let us know using the above communication methods.
In accordance with applicable data protection laws and regulations, you generally have the right to access the personal information we hold about you. To access this data, simply submit a written request. This process allows us to verify your identity for security purposes and to protect your personal information from being viewed by anyone other than yourself. There are some limited exceptions where, in response to your request, we may not disclose the personal information we have about you.
If for any reason we refuse your request to access and/or update your information, we will explain the reasons in detail and, if applicable, list the documents that were not provided
straight to you. In certain circumstances it may be appropriate to provide you with access to the information you have requested through an intermediary, eg to provide medical information to a GP, rather than directly to you. If this is the case, we will let you know.
14.0 Your Disclosure Obligations Life Insurance - Disability Benefit Before you enter into a life insurance contract with us, the Insurance Contracts Act 1984 requires you to disclose to us all matters that you know or reasonably expect to know that are relevant to our decision will we take the insurance risk and if so, under what conditions.
However, it is your duty not to disclose the matter:
which reduces the risk we have to take;
it is common knowledge;
that we know or should know in the ordinary course of business; or
about what compliance with your obligations we waive.
Confidentiality If you fail to fulfill your obligation to provide information and we would not have entered into a contract without breach, we may challenge the contract within 3 years of entering into the contract.
If your confidentiality is false, we may refuse to pay any claim and withdraw from the contract at any time.
We may choose not to terminate your contract but to change it as follows:
A reduction in the sum insured according to a formula that takes into account the premium that would have been payable had you fulfilled your disclosure obligation; or
put us in the position we would be in if you had met your disclosure obligations.
The possibility of changing the contract is open to us during the duration of the contract.
This obligation remains in effect until the insurer notifies you of the assumption of risk. This also applies if you extend, change or reinstate a life insurance contract.
15.0 What do we mean by that? Where the following terms and words appear in this PDS, whether the first letter is uppercase or lowercase, their meanings are set forth below.
Where appropriate, given the definitions, the singular includes the plural and vice versa.
AAI: means AAI Limited ABN 48 005 297 807 AFSL
Asteron: pripada Asteron Life & Superannuation Limited, ABN 87 073 979 530 AFSL 229880.
Active job search means:
Registered as unemployed with Centrelink or the appropriate government agency;
job search through a recognized employment agency or employment agency;
looking for work on another continuous basis that you can prove; and or
You want to do continuous business with the new company and you can prove it.
That person cannot be you, your business partner or a member of your immediate family.
Annual earnings: means your average monthly earnings during the 12 consecutive months immediately before your disability or involuntary unemployment began.
Benefit: means the amount paid as part of severance pay or disability pay.
Execution Period: means the maximum period during which the payment will be paid.
Criminal activity: means any crime for which you have been convicted and for which you are liable to imprisonment, whether or not you actually receive a prison sentence for that crime.
Incapacitated, disabled or incapacitated: means that due to illness or injury only:
you are unable to perform all the main earning duties of your main job;
idleness, whether paid or unpaid, including voluntary work; AND
under the supervision, treatment and adherence to the doctor's advice.
Elective Surgery: Cosmetic surgery that changes or improves your appearance, unless recommended by a doctor, to improve your physical health related to an underlying disease or injury.
Expiry Date: means the date on which your Policy ends as set out in your Schedule or, in relation to Severance Pay (if applicable), in the renewal notice we send you.
Full recovery: means you have returned to work for an uninterrupted period of 6 months and have:
you have completed all the important tasks for generating the income of your main occupation;
you did not suffer from the illness or injury you previously claimed;
You do not need advice, care or treatment from a doctor for an illness or injury for which you previously submitted a claim; AND
have not received disability pension payments.
Gainful Employment: means employment in which you work as an employee for salary, wages or commission or employment in which you are self-employed and work in a business or profession in a manner suitable for generating income through business or professional practice.
Key Income Generating Duties: means those duties that can reasonably be considered key to generating your monthly income.
Indexation Factor: means the percentage change in the Consumer Price Index (CPI) which is a weighted average of the 8 Australian capital cities combined as published by the Australian Bureau of Statistics or any other report for the twelve month period ending 30 September.
The indexation factor will apply from March 1 of the following year, in accordance with the terms of your policy. If the CPI is not released by that date, the indexation factor will be calculated based on the retail price index that we believe is the closest substitute.
Injury: means physical damage to your body caused by a violent, external and visible impact while this coverage is active.
Insured Person: means a person accepted by us who is included in your insurance plan as an insured person under the policy. The insured is also the policyholder.
Involuntary unemployment or involuntary unemployment: means:
if you are an employee, you were fired without your own decision;
if you are an employee who had a fixed-term employment contract of 12 months or more that ended before the agreed termination date without your own decision; or
If you are self-employed and your business has an economic interest in paying your primary income, it has ceased to operate as a direct result of actual or threatened insolvency or bankruptcy.
Legal Personal Representative: means anyone legally authorized to act on your behalf.
Practitioner: means a practitioner who is legally qualified and duly registered in Australia. The doctor cannot be you or an immediate family member (ie partner, parent, sibling or child).
If the doctor is working outside of Australia, they must have qualifications that meet Australian standards and are approved by us.
A general practitioner can be your family doctor or your specialist.
Monthly Fee: means the amount shown in the table, which is subject to change under this Policy as agreed with us (eg if you request a reduction or increase under automatic indexation). Where we have agreed to a change to the monthly benefit, the new monthly benefit will be as set out in our last correspondence with you.
Monthly Income: Refers to the income you earn each month through your personal effort. For what is included and what is not, see section 3.1 "What is your monthly income?".
No claim period: means 6 months from the start date; how long you must have severance pay before you are entitled to it.
Policy: means the protection of your income, consisting of this Product Disclosure Statement, the Schedule, any referrals and information provided in your application.
Contract Anniversary: means the anniversary of the start of your cover (or an earlier start date of your contract).
Policy Commencement Date: means the date on which cover begins, as stated in your Insurance Plan. The contract start date in relation to severance pay is the date on which insurance first starts, as stated in your plan. If severance pay is added after the first insurance start date, the severance pay insurance start date will be the later severance pay start date as stated on the confirmation we send you.
Policy holder: means the person named in the Schedule as the holder of this policy.
Premium: means the amount you pay us for insurance.
Main occupation: refers to the occupation you were mainly engaged in immediately before disability or forced unemployment. If you were unemployed at the time of your incapacity for work, your main job is the job you were mainly engaged in immediately before you became unemployed.
Plan: means the most recent document issued by us which contains important information about your policy, including your policy number, your monthly benefit, your premium, any special conditions (if any), the start date of cover and the expiry date. If there are any changes to your policy, we will confirm the change to you in writing and send you a confirmation as part of your schedule.
Disease: means the disease or condition from which you suffer while this Policy is active.
Waiting period: means the period that must elapse before the monthly benefit can be paid.
War or act of war: means an armed attack by one country against the resistance of another country or organization.
We, Us and Ours: means Asteron or AAI (whichever is appropriate).
You and yours: means the policyholder who is also the insured and is identified in the Insurance Plan.
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We are here to help
13 22 44aami.com.au
AAMI Life Customer Service GPO Box 3950, Sydney, NSW, 2001.