Insurance Guide netwealth Superannuation Master Fund 7 September 2012

Insurance Guide
netwealth Superannuation Master Fund
7 September 2012
Gold Rating – Employer Sponsored, Standard Income
Stream and Personal Super*
SuperRatings does not issue, sell, guarantee or underwrite this product
Issuer/trustee details: netwealth Investments Limited
Level 8/52 Collins Street
MELBOURNE VIC 3000
ABN 85 090 569 109
AFSL 230975
Freecall 1800 888 223
Phone +61 3 9655 1300
+61 3 9655 1333
Fax
Email [email protected]
Fund details: netwealth Superannuation Master Fund
ABN 94 573 747 704
This Insurance Guide has been prepared and issued by
netwealth Investments Limited (ABN 85 090 569 109)
(netwealth), AFS Licence No. 230975 as Trustee of the
netwealth Superannuation Master Fund ABN 94 573 747
704 (the Fund). It is taken to be included in the Product
Disclosure Statements for netwealth Super Wrap dated
11 October 2011 and netwealth Super Accelerator
dated 23 April 2012.
netwealth contact details
Head office
Level 8/52 Collins Street
MELBOURNE VIC 3000
Postal address
netwealth Investments Limited
PO Box 336
SOUTH MELBOURNE VIC 3205
Freecall 1800 888 223 (within Australia)
Phone 03 9655 1300
Fax 03 9655 1333
Email [email protected]
Website www.netwealth.com.au
A note about general advice
This Insurance Guide may contain general advice, which
does not take into account your individual objectives,
financial situation or needs. You should assess whether
the advice is appropriate for you having regard to your
objectives, financial situation and needs, and consult a
financial adviser before making a decision about whether to
invest in any product of the Fund.
Important notice
Personal Super, Employer Sponsored Super, Standard
Income Stream, Transition to Retirement Income Stream
and Term Allocated Pension are available in netwealth
Super Wrap and netwealth Super Accelerator and
are issued by netwealth as Trustee of the netwealth
Superannuation Master Fund ABN 94 573 747 704, a
complying superannuation fund.
The Product Disclosure Statements (PDS) for these
products (of which this Insurance Guide forms a part) are
available from our website (www.netwealth.com.au) or by
calling us on Freecall 1800 888 223. You should consider all
of the parts of the PDS applicable to you before making a
decision to invest.
*SuperRatings, an independently owned superannuation research company, has completed its initial assessment and awarded
netwealth Super Accelerator an inaugural Gold Rating for 2012.
The netwealth Super Wrap – Personal Super, Standard Income Stream and Employer Super also hold for a fourth consecutive
year the Gold Ratings by SuperRatings. Go to www.superratings.com.au for details of its rating criteria.
Insurance Guide | netwealth Superannuation Master Fund
1
Contents
Contents
About this Insurance Guide 2
Technical terms
Information about Premium Rates
AIA Australia Limited
Important note about insurance benefits
2
2
2
2
Your insurance options
3
Personal Super Employer Sponsored Super Summary of insurance options
3
3
3
LifeWRAP Individual Policy
4
Group Policy
Transferring from Employer Sponsored Super
to Personal Super
Making a claim
22
23
Further information
23
5
Complaints
Your duty of disclosure
Consequences of non–disclosure
Privacy and your personal information
Risks associated with insurance
Policy details
Insurer’s Privacy Statement
Underwriting requirements
23
23
23
23
23
24
24
24
Glossary
25
Forms you need to complete
27
Forms
29
Types of insurance
5
1. Death Only Insurance Cover
2. Death and Total & Permanent Disability
Insurance (TPD) Cover
3.Income Protection Insurance Cover
Employer Sponsored Group Insurance Options Life Stage Cover
5
7
11
15
16
Premiums and fees
18
Premium rates
Fees and Adviser Remuneration
Employer Sponsored Super
Premium payment
Applying for cover
Interim cover – Death Only insurance or TPD insurance
Interim cover – Income Protection insurance
Changing your cover
Occupational loadings
Continuation option
Leaving the netwealth Superannuation Master Fund
18
18
19
20
20
20
21
21
22
22
22
Insurance Guide | netwealth Superannuation Master Fund
2
About this Insurance Guide
About this Insurance Guide
This Insurance Guide describes the insurance cover
available in Super Wrap Personal Super and Employer
Sponsored Super and in Super Accelerator Personal Super
and Employer Sponsored Super. It is in three parts:
• Your Insurance Options – this gives you a brief outline
of the insurance options available to you in netwealth
Super Wrap and netwealth Super Accelerator;
• LifeWRAP Individual Policy – this outlines the individual
life insurance (including Death & Total and Permanent
Disablement) and Income Protection insurance that
may be available to you in netwealth Super Wrap and
netwealth Super Accelerator; and
• Group Policy – this outlines the Group Life and Income
Protection insurance cover that may be available to you in
netwealth Super Wrap and netwealth Super Accelerator.
Technical terms
Insurance involves technical terms which you need to keep
in mind when reading about insurance products. Some
more general terms used in this Insurance Guide are
defined in Information Guide 1: Dictionary of terms used in
Information Guides 1 to 12 and other terms more specific
to insurance are defined in the glossary on page 25 and in
other sections of this Insurance Guide.
Technical terms are not always used in the same way in
other documents so, for terms relating to any individual
policy, you should see the latest version of the PDS for that
policy which is available on our website, from us or from
your financial adviser. In the event of a conflict between
the definition of a term in this Insurance Guide and any
other document forming part of the netwealth Super
Wrap PDS and the netwealth Super Accelerator PDS, the
term as defined in this Insurance Guide will prevail for the
purposes of interpreting a Group Policy. In other words, you
should rely on the term as defined in this Insurance Guide.
However, in the event of a conflict between any document
forming part of the netwealth Super Wrap PDS and the
netwealth Super Accelerator PDS (including this Insurance
Guide) and the PDS for an individual policy, the term as
defined in the PDS for the individual policy will prevail for
the purposes of interpreting that individual policy. In other
words, you should rely on the term as defined in the PDS for
the individual policy.
Information about Premium Rates
Premium Rates for Personal Insurance are available on our
website at www.netwealth.com.au or by calling us. Online
quoting for Personal Insurance is also available on the
website.
AIA Australia Limited
The Group Policy is issued by AIA Australia Limited (ABN 79
004 837 861, AFSL 230043). AIA Australia has given and
not withdrawn consent to this Insurance Guide containing
information referable to it in the form and context in which
that information appears. AIA Australia has not issued
or caused the issue of this Insurance Guide and is not
responsible for any statements in it which are not referable
to it.
Important note about insurance benefits
netwealth does not guarantee the payment of an insured
benefit as this is determined by the insurer under the terms
of the applicable policy.
Any insurance benefit will be paid to netwealth as Trustee
of the Fund. Insurance benefits received by the Trustee will
be credited to the member’s account or paid to the member
or their beneficiaries, subject to the Fund’s Trust Deed and
Superannuation Law.
Insurance Guide | netwealth Superannuation Master Fund
3
Your insurance options
Your insurance options
Life insurance should form an integral part of any financial plan. By providing yourself with adequate protection, you can help
minimise the financial strain on family members in the event that you die or become permanently or temporarily disabled.
Purchasing life insurance through your superannuation account may be tax effective, with most premium payments (or a
proportion of the premium depending on the type of TPD insurance policy) considered allowable deductions to the Fund.
These deductions are then passed on to your account. You should seek further advice regarding the deductibility of your
specific premiums.
The ideal amount of life insurance cover can vary significantly from person to person. Such factors as age, living expenses
and your family situation can determine the appropriate level of cover. In order to find the level of cover that is right for you,
we recommend that you discuss your situation with your financial adviser.
Insurance cover is available to all eligible members of the netwealth Superannuation Master Fund Personal Super and
Employer Sponsored Super.
Personal Super If you are a member of Personal Super you can apply for cover under two types of policies within the Fund, a LifeWRAP
Individual Policy or Personal Insurance under the Group Policy.
Employer Sponsored Super If you are a member of Employer Sponsored Super your employer may have entered into a group insurance plan
arrangement for its employees. In this case you will automatically have insurance cover based on standard terms when you
join the Fund, with no application or qualification process required (subject to eligibility criteria).
Where you wish to increase the level of cover above the automatic acceptance level applicable to your Employer Group
Plan you can apply for additional cover by applying for Personal Insurance under the Group Policy, or you can apply for
separate cover under a LifeWRAP Individual Policy.
If you are a member of Employer Sponsored Super and your employer has not entered into a group insurance plan
arrangement you can apply for cover either under a LifeWRAP Individual Policy or under the Group Policy.
Summary of insurance options
LifeWRAP Individual Policy
Personal Insurance under the Group Policy
Policies available for:
Insurance available for:
• Death Only insurance;
• Death Only insurance;
• Death and Total & Permanent Disablement insurance; and/or
• Death and Total & Permanent Disablement insurance; and/or
• Income Protection insurance.
• Income Protection insurance.
The insurance policy is taken out by netwealth specifically on
your behalf.
The insurance policy is taken out by netwealth for all the
members of the Fund who choose to participate under a Group
Policy issued by AIA Australia Limited.
You can choose from the available insurers and products listed on
our website.
Both options provide flexibility in tailoring insurance to your needs however the various features of the policies and the
premium rates differ. The LifeWRAP Individual Policy may give you greater choice. The Group Policy may have the
advantage of less onerous acceptance requirements in certain circumstances.
You should seek advice to determine which option is most appropriate for you.
Insurance Guide | netwealth Superannuation Master Fund
4
LifeWRAP Individual Policy
LifeWRAP Individual Policy
LifeWRAP is an insurance offering that enables members to
access individual Life insurance (including Death & Total and
Permanent Disablement insurance) and Income Protection
insurance through the netwealth Superannuation Master
Fund. LifeWRAP Individual Policies are issued by the
insurer and are subject to the terms and conditions of the
LifeWRAP Individual Policies taken out by netwealth on
behalf of each individual member with the insurer.
Under a LifeWRAP Individual Policy netwealth purchases
an individual policy on your behalf. Each policy is owned
by netwealth as Trustee of the netwealth Superannuation
Master Fund. In some cases you may be able to purchase
optional benefits available from the insurer that are offered
outside the netwealth Superannuation Master Fund
under separate or linked policies issued in your name.
These benefits will be owned by you directly rather than
by netwealth on your behalf.
The insurance products available under a LifeWRAP
Individual Policy are listed on our website. For more
information regarding the available products please refer
to the insurer’s PDSs, available on our website, from
netwealth or from your financial adviser.
Before considering a LifeWRAP Individual Policy netwealth
recommends that you seek advice from a licensed or
authorised financial adviser.
Payment of benefits
Under a LifeWRAP Individual Policy, if you satisfy
the conditions for the payment of an insured benefit, the
benefit will be paid to netwealth as Trustee of the Fund.
For example, under the terms of a life insurance policy, if
you die or if you become totally or permanently disabled,
netwealth will be paid a lump sum. Under the terms of
an income protection policy, netwealth will be paid the
income payments from the insurer. Provided you meet a
condition of release these amounts can then be on-paid
to you, otherwise they will be credited to your netwealth
Superannuation Master Fund account.
netwealth can only pay benefits, including any insurance
proceeds, to you from the netwealth Superannuation
Master Fund in accordance with the Fund’s Trust Deed,
Superannuation Law and if a condition of release is met.
The most relevant conditions of release are:
• death;
• permanent incapacity;
• temporary incapacity (income protection only); and
• terminal illness.
For more information regarding conditions of release and
payment of benefits, please refer to:
Information Guide 9: Preservation and Benefit Payments;
Information Guide 11: Death Benefits.
How to apply
A LifeWRAP Individual Policy is only available through an
adviser who is authorised by the insurance company who
provides the policy. If your adviser is authorised by the
insurance company, your adviser will provide you with a
quotation detailing the policy you wish to purchase and
assist you with the application process.
You will also need to complete, sign and send
to netwealth the “netwealth Superannuation Master Fund
LifeWRAP Individual Policy Consent” on page 29 of this
Insurance Guide and available on our website or by calling
us on Freecall 1800 888 223.
Insurance Guide | netwealth Superannuation Master Fund
5
Group Policy
Group Policy
Types of insurance
The remainder of this Insurance Guide describes the
Group Life and Income Protection insurance cover
available to members under the Group Policy taken out
by netwealth.
There are three types of Personal Insurance cover available
to members of the superannuation service (Personal Super
and Employer Sponsored Super) under the Group Policy:
If your application for cover is accepted on standard terms,
cover will commence on the date that the insurer notifies
netwealth in writing of its acceptance and you have an
active netwealth Superannuation Master Fund account.
If cover is offered only under special terms issued by the
insurer, then cover will not commence until the insurer has
received and accepted your completed Special Acceptance
Terms form confirming your acceptance of those terms.
Once your cover commences, you will be provided with
coverage 24 hours a day worldwide, subject to the terms
and conditions of the policy.
2. Death and Total & Permanent Disability (TPD) cover; and
Where your employer has established an Employer
Group Plan for insurance, your cover under the applicable
automatic acceptance limit will commence on the date
you join the Fund and commencement of cover is subject
to the terms and conditions of the policy. Once your cover
commences, you will be provided with coverage 24 hours
a day worldwide, subject to the terms and conditions of the
policy.
The netwealth Superannuation Master Fund’s Group Life
and Income Protection insurance policies are provided by
AIA Australia Limited (ABN 79 004 837 861, AFSL No.
230043) (“AIA Australia” or “the insurer”)”. The Group Life
and Income Protection insurance cover is subject to the
terms and conditions of the Group Policies issued by the
insurer and held by netwealth, effective 1 January 2009.
netwealth may consider other insurers for employer group
policies at its discretion. Please check with your employer
regarding your insurance arrangements as different terms
and conditions may apply to your Employer Group Plan.
1. Death Only insurance cover; and
3. Income Protection insurance cover.
The above types of insurance are also available where
an employer establishes an Employer Group Plan. This is
further explained at “Employer Sponsored Group Insurance
Options” on page 15.
1. Death Only Insurance Cover
Benefit description
In the event of your death prior to the age of 75, the
insurer will pay the insured amount to netwealth to credit
to your account in the netwealth Superannuation. In
accordance with the Trust Deed and Superannuation
Law, netwealth can then pay the balance of your account
(including the insurance proceeds) to a valid superannuation
dependant named under a binding death benefit direction,
your legal personal representative (usually the executor of
your estate), or if you haven’t made a binding nomination
and don’t have a legal personal representative, to your
dependants at netwealth’s discretion. For more information
regarding death benefits, please refer to:
Information Guide 11: Death Benefits.
Eligibility
New and existing members of the netwealth
Superannuation Master Fund – Personal Super and
Employer Sponsored Super who are permanent residents
of Australia and are aged between 15 and 75 can apply
for Death Only cover. You are able to nominate the sum for
which your life is insured.
Levels of cover
The maximum level of cover available is generally $10
million, but this is subject to individual consideration by the
insurer. The amount of information required by the insurer
during the underwriting process will depend on the level
of cover you apply for. Please refer to the section headed
‘Underwriting requirements’ on page 24 to see what
additional medical information may be required to process
your application.
Insurance Guide | netwealth Superannuation Master Fund
6
Types of insurance
Premium rates
Exclusions
Premium rates for Personal Insurance Death Only cover are
available on our website. The occupational loading factors
for the Death Only cover premium rates are as follows:
No Death benefit will be payable as a result of any of the
following:
Occupation Type
Loading Factor
• active service in the armed forces of any country or
international organisation, and
Professional
0.90
White Collar
1.00
• any intentional, self-inflicted act, whether sane or insane,
arising within 13 months of the cover commencing, being
reinstated or increased.
Light Blue Collar
1.15
Cessation of cover
Heavier Blue Collar
1.30
Your Death Only cover will cease in the Fund due to any of
the following occurring:
• you attain the age of 75;
Examples of how to estimate your annual Death Only
cover annual premium
1. Example: 39-year-old male accountant who is a nonsmoker and wishes to purchase an insured amount
of $200,000, with the Upfront Fee1 option. His annual
premium is calculated as:
• 120 days after you first join the netwealth
Superannuation Master Fund where premium payments
have not been paid;
• 60 days after the cessation of premium payments which
have fallen due;
= 0.73 × 200 × 0.90
• a Total & Permanent Disablement (TPD) benefit is paid to
you by netwealth (note that if your level of Death cover
is greater than your level of TPD cover, then your Death
cover will not cease but will be reduced by the amount of
the TPD benefit paid to you);
= $131.40 annual premium
• the policy is terminated;
Premium factor2 × (sum insured ÷ 1,000) × occupational
loading factor
= 0.73 × (200,000 ÷ 1,000) × 0.90
2. Example: 34-year-old male construction worker who is
a smoker and wishes to purchase an insured amount
of $175,000, with the Hybrid Fee1 option. His annual
premium is calculated as:
Premium factor × (sum insured ÷ 1,000) × occupational
loading factor
2
• the earlier of 60 days after leaving the netwealth
Superannuation Master Fund or from the date you effect
a continuation option;
• you do not return to work after the expiry of an agreed
period of approved leave;
= 1.18 × (175,000 ÷ 1,000) × 1.30
• you notify netwealth in writing that you wish to cancel
your cover;
= 1.18 × 175 x 1.30
• you die; or
= $268.45 annual premium
• you are an Employer Sponsored Super member and a
temporary resident and you cease employment with your
employer who has an Employer Group Plan.
The Upfront Fee option and Hybrid Fee option are described below in
the‘Premiums and Fees’ section on pages 18 to 19.
Personal Insurance premium rate tables can be found on our website
www.netwealth.com.au.
1
2
Your annual premium is re-calculated on 30 June each year,
based on your age next birthday.
netwealth will notify you if your policy lapses due to
premiums not being paid. netwealth is not required to
notify you if your cover is to cease for any other reason.
Insurance Guide | netwealth Superannuation Master Fund
7
Types of insurance
Special conditions
If the insurer deems you to be involved in a hazardous
occupation or pastime, or you have certain medical
conditions, the insurer reserves the right to decline or defer
cover, or to impose certain exclusions or additional premium
loadings on your policy. You will be notified of any special
conditions upon confirmation of your acceptance, and
will be required to agree to those conditions by signing a
Special Acceptance Terms form. You must agree to accept
these special conditions within 30 days, or the offer for
cover will be void.
Terminal illness benefit
2. Death and Total & Permanent Disability
Insurance (TPD) Cover
Benefit description
In the event of your death or you becoming totally and
permanently disabled, Death & TPD cover will provide a
lump sum benefit for the amount insured. Any Death or TPD
benefit paid by the insurer will be paid to netwealth, and
credited to your account in the netwealth Superannuation
Master Fund. The ability to pay a lump sum benefit from the
Fund is determined by the relevant terms in the Trust Deed
and in accordance with superannuation law.
The insurer may pay a terminal illness benefit comprising
an advance lump sum payment of 100% of the amount of
Death Only cover up to a maximum of $500,000, where
you have been diagnosed as terminally ill and in the opinion
of the insurer, you are not expected to live for 12 further
months from the date of diagnosis.
Eligibility
This benefit will only be payable where you are diagnosed
as terminally ill after the commencement of Death Only
cover, and you have ceased working as a result of
the diagnosed illness. The insurer will pay the insured
amount to netwealth to credit to your account in
the netwealth Superannuation Master Fund. We may then
be able to pay the insured amount and the balance of the
account to you as permitted under the Trust Deed and
superannuation law.
There are three types of TPD cover available:
Life Stage Cover
Life Stage Cover allows an insured member to apply for
an automatic increase to their Personal Insurance – Death
cover amount on the occurrence of certain life stage events.
See page 11 for further details.
New and existing members of the netwealth
Superannuation Master Fund – Personal Super and
Employer Sponsored Super who are permanent residents of
Australia and aged between 15 and 65 can apply for Death
& TPD cover.
A. Standard (any occupation): this cover is available if
you are a permanent resident of Australia, under the age
of 65 and are permanently and gainfully employed for
at least 15 hours per week, in each and every normal
working week; and
B.Own occupation: this cover may be available to you,
if you are a permanent resident of Australia, under the
age of 65 and are permanently and gainfully employed
as a Professional Worker or White Collar Worker for
at least 15 hours per week, in each and every normal
working week. The table below provides a guide to the
acceptable occupations, however, the insurer will assess
each application for eligibility.
Insurance Guide | netwealth Superannuation Master Fund
8
Types of insurance
Occupations that may be covered by an ‘own occupation’ definition for TPD
Accountant (registered CPA)
Consulting Engineer (office
only)
Lecturer (university and CAE,
full time)
Pharmacist (qualified)
Actuary
Coroner
Librarian (qualified)
Physician
Anaesthetist
Dental Surgeon
Management Consultant
Physicist
Analytical Chemist (not
explosives)
Dentist
Market Analyst (not
interviewing)
Physiotherapist
Architect
Dietician (qualified and
registered)
Medical Practitioner
Principal (school)
Astronomer
Doctor
Medical Registrar
Professor (university)
Auditor
Editor (office only)
Metallurgist (not underground)
Psychiatrist
Bank Manager
Engineer (civil – office only)
Meteorologist
Psychologist
Barrister
Engineer (electrical)
Mineralologist (office only)
Solicitor
Biochemist (not marine)
Engineer (consultant – office
only)
Minister of Religion
Surgeon
Chemist
Geologist (office only)
Optometrist
University Lecturer
Computer Analyst
Geophysicist
Ophthalmologist
University Professor
Computer Consultant
(qualified)
Judge
Orthodontist
Veterinary Surgeon (domestic
animals only)
Computer Programmer
(qualified)
Key Executive (administration)
Pathologist
Computer Systems Analyst
(qualified)
Lawyer
Peridontist
C. Activities of daily living: available if you are a permanent resident of Australia. This definition will apply if you meet any
of the following criteria immediately prior to claim:
• are aged 65 or over; or
• work less than 15 hours per week; or
• are a non-working spouse.
TPD Definitions
Standard (any occupation)
You will be deemed to be totally and permanently disabled if:
1. In the opinion of the insurer, you have suffered a disability through injury, sickness or disease which has:
• prevented you from performing any work for an uninterrupted period of at least six consecutive months solely due to the
same injury, sickness or disease; and
• you are attending and under the regular care and following the advice of a medical practitioner, and have undergone all
reasonable and usual treatment including rehabilitation for the injury, sickness or disease; and
• after consideration of all the medical evidence and such other evidence as the insurer may require have become, in
the insurer’s opinion, incapacitated to such an extent as to render you unlikely ever to be able to engage in your own
occupation and any occupation for which you are reasonably suited by education, training or experience.
Insurance Guide | netwealth Superannuation Master Fund
9
Types of insurance
OR
2. You have suffered the total and irrecoverable loss of use
of both hands, both feet, one hand and one foot, the sight
of both eyes, one hand and the sight of one eye or one foot
and the sight of one eye.
• Toileting: The ability to get to and from and on and
off the toilet, without the standby assistance of any
other person, and ability to manage bowel and bladder
functions through the use of protective undergarments or
surgical appliances, if appropriate.
Own occupation
• Mobility: The ability to move in and out of a chair without
the standby assistance of any other person.
You will be deemed to be totally and permanently disabled
if:
OR
1. In the opinion of the insurer, you have suffered a disability
through injury, sickness or disease which has:
• prevented you from performing any work for an
uninterrupted period of at least six consecutive months
solely due to the same injury, sickness or disease; and
• you are attending and under the regular care and
following the advice of a medical practitioner, and have
undergone all reasonable and usual treatment including
rehabilitation for the injury, sickness or disease; and
• after consideration of all the medical evidence and such
other evidence as the insurer may require have become,
in the insurer’s opinion, incapacitated to such an extent
as to render you unlikely ever to be able to engage in your
own occupation.
OR
2. You have suffered the total and irrecoverable loss of use
of both hands, both feet, one hand and one foot, the sight
of both eyes, one hand and the sight of one eye or one foot
and the sight of one eye.
Activities of daily living (ADL)
You will be deemed to be totally and permanently disabled
if:
1. For a period of six consecutive months after the
commencement of the sickness or injury you have been,
and remain continuously and totally unable to perform
at least three of the following activities of daily living, as
certified by a medical practitioner appointed by the insurer,
and provided such continued inability is irreversible as
certified by a medical practitioner.
The activities of daily living are:
• Bathing: the ability to wash oneself either in the bath or
shower or by sponge bath without the standby assistance
of any other person.
• Dressing: the ability to put on or take off all garments
and medically necessary braces or artificial limbs usually
worn and to fasten and unfasten them, without the
standby assistance of any other person.
• Eating: The ability to feed oneself once food has been
prepared and made available, without the standby
assistance of any other person.
2. You have suffered the total and irrecoverable loss of use
of both hands, both feet, one hand and one foot, the sight
of both eyes, one hand and the sight of one eye or one foot
and the sight of one eye.
Levels of cover
For members under the age of 65, the maximum level of
TPD cover available is the lesser of the Death cover sum
insured and $5 million for professional and white collar
occupations and $3 million for all other occupations (subject
to individual consideration by the insurer). The level of TPD
cover cannot be more than the level of Death cover. The
amount of information required by the insurer during the
underwriting process will depend on the level of cover
you apply for. Please refer to the section ‘Underwriting
requirements’ on page 24 of this Insurance Guide to see
what additional medical information may be required to
process your application.
Scale-back of TPD cover
Once you have attained the age of 61, your TPD cover will
be scaled back by 20% each year until the time you reach
age 64, where the remaining 20% of the amount insured is
fixed until you reach age 75 (which is when cover expires).
This 20% reduction in TPD cover will also apply if you apply
for Death and TPD cover after age 60. For example, if you
are age 61 and successfully apply for $100,000 Death &
TPD cover, you will get $100,000 Death cover and $80,000
TPD cover.
This does not apply to Employer Sponsored Group
insurance where your TPD cover is based on a formula that
automatically reduces the cover with age (e.g. future years’
service formula).
Insurance Guide | netwealth Superannuation Master Fund
10
Types of insurance
Example: Joe has $100,000 Death & TPD cover, with no
CPI indexation. His benefits will reduce each year, when
recalculated, once he reaches age 61. His insured benefits
will reduce as follows:
Age at
recalculation
Example of how to calculate your annual Death & TPD
cover premium
1. Example: 34-year-old female administrative clerk who
is a smoker and wishes to insure a sum of $400,000
Death and ‘standard’ definition TPD cover with the
Hybrid Fee option.
Death cover
TPD cover
Up to age 61
$100,000
$100,000
61
$100,000
$80,000
= 0.89 × (400,000 ÷ 1,000) × 1.00
62
$100,000
$60,000
= 0.89 × 400 × 1.00
63
$100,000
$40,000
64 to 75
$100,000
$20,000
Exclusions
(Death + TPD cover premium factor) × (sum insured ÷
1,000) × combined occupational loading
= $356.00 annual premium
2. Example: 41-year-old male surgeon (professional rates)
who is a non-smoker and wishes to insure a sum of
$800,000 Death and ‘own occupation’ TPD cover with
the Hybrid Fee option.
No TPD benefit will be payable as a result of any of the
following:
(Death cover premium factor x occupation loading) +
(TPD cover premium factor × occupation loading × ‘own
occupation’ loading) • active service in the armed forces of any country or
international organisation; or
= [(0.83 ×0.9) + (0.42 × 0.85 x 1.50)]
• any intentional, self-inflicted act, any attempted suicide or
self-destruction while either sane or insane.
= 1.2825
= 0.747 + 0.5355
Combined premium factor × (sum insured ÷ 1000) Premiums
= 1.2825 × 800 Personal Insurance premium rate tables can be found on
the website along with an annual premium quote calculator.
Occupational loading factors, may be applied to your Death
& TPD premium rates as follows:
= $1,026.00 annual premium
Occupation
type
Loading factors
Cessation of ‘standard’ or ‘own occupation’ TPD cover
Your ’standard’ or ‘own occupation’ TPD cover will cease
due to any of the following occurring:
• you are no longer permanently and gainfully employed for
at least 15 hours per week2;
Death
Only
TPD
Only
Death &
TPD1
Professional
0.90
0.85
0.875
White Collar
1.00
1.00
1.00
Light Blue Collar
1.15
1.85
1.50
• 120 days after you first join the netwealth
Superannuation Master Fund where premium payments
have not been paid;
Heavier Blue Collar
1.30
2.70
2.00
• you die;
• 60 days after the cessation of premium payments which
have fallen due;
• a TPD benefit is paid to you by netwealth;
Please refer to the website for current premium rates.
• the policy is terminated;
Important note: ‘Own occupation’ definition TPD cover is
subject to a loading factor of 1.50.
• you leave Personal Super or Employer Sponsored Super;
• you notify netwealth in writing that you wish for cover to
be cancelled; or
• you reach age 652.
netwealth is not required to notify you if your cover is to
cease.
1
A combined occupation loading is used only where cover level & loading is the same. Add Death Only & TPD premium factors together to obtain a Death
& TPD premium factor.
2
You may still be eligible for ‘activities of daily living’ TPD cover, which will cease as detailed below.
Insurance Guide | netwealth Superannuation Master Fund
11
Types of insurance
Cessation of ‘activities of daily living’ TPD cover
Eligibility
Your ‘activities of daily living’ TPD cover will cease due to
any of the following occurring:
New and existing members of
the netwealth Superannuation Master Fund – Personal
Super and Employer Sponsored Super can apply for
Income Protection insurance cover if they are:
• you reach age 75;
• 60 days after the cessation of premium payments which
have fallen due;
• 120 days after you first join
the netwealth Superannuation Master Fund where
premium payments have not been paid;
• permanent residents of Australia and aged between 15
and 65, and
• permanently and gainfully employed for at least 15 hours
per week, in each and every normal working week.
• you die;
Definition of disability
• a TPD benefit is paid to you by netwealth;
There are two categories of disability for Income Protection
insurance cover. They are defined as follows:
• the policy is terminated;
• you leave Personal Super or Employer Sponsored Super;
or
• you notify netwealth in writing that you wish for cover to
be cancelled.
netwealth will notify you if your policy lapses due to
premiums not being paid. netwealth is not required to notify
you if your cover is to cease for any other reason.
Special conditions
If the insurer deems you to be involved in a hazardous
occupation (including occupations where disability insurance
is not normally offered) or pastimes, or you have certain
medical conditions, the insurer reserves the right to decline
or defer cover, or impose certain exclusions or additional
loadings on your premiums.
You will be notified of any special conditions upon
confirmation of your acceptance. You must agree to accept
these special conditions within 30 days by signing the
Special Acceptance Terms form or the offer for cover will be
void.
Life Stage Cover
Life Stage Cover allows an insured member to apply for an
automatic increase in their Personal Insurance Death & TPD
cover on the occurrence of certain life stage events. See
page 16 for further details.
Total disability
Total disability or totally disabled means, in respect of any
insured member, disablement resulting solely from injury or
sickness which occurs while the member is insured and as
a result of that injury or sickness the insured member:
• is continuously unable to perform at least one important
duty* of his/her usual occupation necessary to producing
income; and
• remains under the regular care and attendance of, and is
following the advice of a registered medical practitioner in
relation to that injury or sickness; and
• is not engaged in any occupation (whether paid or
unpaid).
If you are a Personal Super member and have been
unemployed or if you are a Personal Super member or
an Employer Sponsored Super member on maternity or
paternity leave for less than three months at the time of
the event giving rise to a claim, then the total disability
definition as stated above will apply. If you are unemployed
or on maternity or paternity leave for three months or
more but less than twelve months immediately preceding
the occurrence of an event giving rise to a claim, then the
following total disability definition applies.
You will be deemed to be totally disabled if, by reason of
sickness or injury:
3.Income Protection Insurance Cover
• you are continuously unable to perform any occupation;
and
Benefit description
• you remain under the regular care and attendance and
following the advice of a Medical Practitioner in relation to
that sickness or injury; and
Income Protection insurance cover can provide you with
an ongoing monthly income in the event that you become
totally disabled (either temporarily or permanently) and are
unable to work due to sickness or injury.
• you are not engaged in any occupation (whether paid or
unpaid).
If you have been unemployed or on maternity or paternity
leave for twelve months or more, cover ceases and you will
need to reapply for cover if it is still required.
* An important duty is defined as involving 20% or more of occupational tasks responsible for generating at least 20% or more of the insurer member's
pre-disability income.
Insurance Guide | netwealth Superannuation Master Fund
12
Types of insurance
Partial disability
Partial disability means immediately following a period of
total disability for at least fourteen (14) consecutive days
and solely because of the injury or sickness which directly
caused the total disability, the insured member is:
• able to perform one or more duties of his/her usual
occupation but is unable to perform all of the duties of
his/her usual occupation; and
• remains under the regular care and attendance of, and is
following the advice of a registered Medical Practitioner in
relation to that injury or sickness; and
• solely due to that injury or sickness is earning an income
at a monthly rate of less than his/her pre-disability income.
Definition of income
Depending on whether or not you are self-employed,
‘income’ is defined as follows for the purposes of Income
Protection insurance cover:
Self-employed
If you are self-employed, a working director or a partner
in a partnership, your income will be considered to be
the income generated by the business or practice due
to your share of personal exertion or activity, less your
share of the necessarily incurred business expenses and
investment income.
Non self-employed
If you are not self-employed, the total value of remuneration
paid to you by your employer will be considered as
your income. The income includes salary, fees, regular
commission, regular bonuses, regular overtime, fringe
benefits and salary sacrifice superannuation contributions
but excluding mandated superannuation contributions
(that is superannuation guarantee contributions). For
the purposes of defining your income where a claim is
being assessed, ‘pre-disability income’ is the average
gross monthly income earned by you over the 12 months
immediately before becoming disabled. Where you have
been employed for less than 12 months, this income is
averaged over the period of employment.
Level of cover
The maximum level of monthly income you can receive in
the event of claim is, the least of:
• 75% of your income (plus an additional 10% to be paid
directly to your superannuation account as contributions);
or
• $30,000 per month; or
• the amount insured.
The insurer reserves the right to limit increases in the
amount insured per insured member to 30% in any 12
month period.
Agreed value
If you are a member of Personal Super, you can apply
for an Agreed value benefit provided you are not in a
heavy manual occupation. Agreed value cover is subject
to a 20% premium loading and financial underwriting. In
the event of an approved claim being paid, if the agreed
amount is greater than 75% of your income at the time of
claim (or greater than 85% if you are also insured for the
superannuation benefit), the higher Agreed value will be
paid. The monthly benefit in the event of claim is the lesser
of:
• the Agreed value amount insured; or
• $30,000 per month.
Details of the financial underwriting requirements can be
found on page 24.
Important note: If the Agreed value is greater than your
pre-disability income, the excess will be retained in the Fund
until you meet another Condition of Release.
Increases in cover
The insurer reserves the right to limit increases to your
amount insured to 30% of the current amount insured in any
12-month period. The amount of information required by the
insurer during the underwriting process will depend on the
level of cover you apply for. Please refer to the section under
the heading ‘Underwriting requirements’ on page 24 of this
Insurance Guide to see what additional medical information
may be required to process your application.
Waiting period
Indemnity value
Your monthly Income Protection insurance benefit will
commence after a waiting period. You can choose to have
a waiting period of 30, 60 or 90 days. The longer the waiting
period you choose, the lower your premium payments will
be.
You can apply to receive an indemnity value benefit of up
to 75% of your annual income (plus an additional 10%
to be paid directly to your superannuation account as
contributions).
The waiting period commences from the date that you are
first examined and certified by a medical practitioner as
totally disabled in relation to a condition that gave rise to a
claim and you ceased work, due to that condition.
You can apply for Income Protection insurance cover up
until your 65th birthday.
Insurance Guide | netwealth Superannuation Master Fund
13
Types of insurance
Benefit period
You can choose whether to have a benefit paid for a period
of two years or up to age 65, subject to you meeting the
ongoing eligibility requirements for benefit payment for
these periods.
11%
NT
10%
WA
10%
ACT
10%
These rates are subject to change from time to time.
Example of how to calculate your annual Income
Protection insurance cover premium
Other considerations
Superannuation Contributions
In addition to the maximum insured amount of 75% of your
income, you can elect to have an additional amount of up to
10% paid to your superannuation account as contributions.
Benefit escalation
Where you select Income Protection insurance benefits
payable up to age 65, you can choose to have these
benefits indexed as follows:
• your Income Protection insurance benefit payment is
indexed at a rate of the lower of CPI and 5% per annum
which is applied to the monthly benefit after you have
continued to receive Income Protection insurance benefits
for twelve consecutive months and every twelve months
thereafter; or
• no indexation applied to your Income Protection
insurance benefit payment.
Selecting benefit escalation will increase your premium.
Premiums
Personal Insurance premium rate tables can be found on
our website at www.netwealth.com.au, along with an
annual premium quote calculator. The occupational loading
factors that may be applied to Income Protection insurance
premium rates are as follows:
Occupation Type
SA
Loading Factor
Professional
0.90
White Collar
1.00
Light Blue Collar
1.75
Heavier Blue Collar
3.50
Premium rates shown for Income Protection insurance
cover do not include stamp duty. The level of stamp duty
imposed varies between State and Territories. The rate of
stamp duty that you are charged will depend on the State or
Territory location of your residential address. The stamp duty
rates (current at the date of this Insurance Guide) are set out
below:
NSW
5%
TAS 8%
VIC 10% QLD 7.5%
1. Example: 34-year-old female clerical worker residing
in NSW who is a non-smoker. She earns $5,000 per
month and would like to receive 75% of this amount
after a 30-day waiting period for a two year benefit
period with no indexation of a benefit in payment. She
has elected the Flat fee* option. Her annual premium is
calculated as follows:
Premium factor × 0.75 × (monthly income ÷ 100) ×
occupational loading × state stamp duty factor
= 8.30 × 0.75 × (5000 ÷ 100) × 1.00 × 1.05
= $326.81 annual premium *
The Flat Fee option is described below in the ‘Premiums and fees’
section on page 19.
2. Example: 41-year-old male professional worker residing
in Victoria who is a smoker. He earns $10,000 per
month and would like to receive 75% of this amount
with benefit escalation after a 90-day waiting period until
he reaches age 65. He has agreed on the Upfront fee
option with his adviser. His annual premium is calculated
as follows:
Premium factor × 0.75 × (monthly income ÷ 100) ×
occupational loading × state stamp duty factor
= 12.60 × 0.75 × (10000 ÷ 100) × 0.90 × 1.10
= $935.55 annual premium
Tax
If you receive an income stream under Income Protection
insurance cover, that income stream will be taxed in the
same way as your salary or wages, as the income is
intended to be direct compensation for salary and wages
during the period that you are considered temporarily
disabled. Any amounts paid into your superannuation
account will be treated as concessional contributions.
Please refer to Information Guide 10: Tax and Social
Security for further information about tax on contributions.
Benefits and offset benefits
Total disability benefit
Where a benefit payment commences it will be paid monthly
in arrears, calculated from the first day following the end of
the waiting period until the benefit ceases to be paid. This
means that you will receive your first payment one month
after the end of the waiting period. Where payment to age
65 with benefit escalation has been selected, this escalation
Insurance Guide | netwealth Superannuation Master Fund
14
Types of insurance
will be applied where you have been in receipt of claim
benefits for one full year and after every full year thereafter.
• any other payments made under any disability income
type insurance policy; or
Partial disability benefit
• any other lump sum* payments (other than a TPD benefit
paid by the insurer); or
A partial disability benefit will only be paid provided you
return to work with the same employer or another employer
and are earning less than you would have been earning had
you not suffered from partial disability.
Where a benefit payment is commencing it will be paid
monthly in arrears, provided you have been totally disabled
for a period of at least 14 consecutive days during the
waiting period. This means that you will receive your first
payment one month after the end of the waiting period.
Where payment to age 65 with benefit escalation has been
selected, this escalation will be applied where you have
been in receipt of claim benefits for one full year and after
every full year thereafter.
Recurrent disability
• continued income from your employer or ongoing income
generated from ownership of a business or practice.
Exclusions
No Income Protection insurance benefits will be payable as
a result of any of the following:
• any intentional self-inflicted injury or sickness, or attempt
at suicide or self-destruction while either sane or insane;
or
• an uncomplicated pregnancy, childbirth or miscarriage; or
• declared or undeclared war or any act of war, or
• active service in the armed forces of any country or
international organisation.
If you have made a claim and a further claim is made arising
from the same or related cause as the first claim, the further
claim:
Cessation of cover
• will be treated as a separate claim if it occurred after you
have returned to work for at least six months; or
• you attain the age of 65; or
• will be deemed to be a continuation of the original claim
if made within six months of payments ceasing from the
earlier claim. A further waiting period will not apply in this
case, but the maximum benefit period (for a two-year
benefit period) will be adjusted to take into account prior
claim payments.
Rehabilitation expenses
Rehabilitation expenses approved by the insurer will be
reimbursed up to an amount equivalent to 6 monthly
Income Protection insurance benefit payments, provided
the expenses relate to rehabilitation programs designed
to rehabilitate the disability of the member or to return the
member to work.
Offsets
Any Income Protection insurance benefits which are payable
will be reduced by the following other benefits you may be
receiving, where the total amount you are receiving exceeds
75% of your pre-disability income (or where cover has
been provided under Agreed value where the total amount
you are receiving exceeds the higher of 75% of your predisability income or the amount insured).
Your Income Protection insurance cover will cease due to
any of the following occurring:
• 30 days after your expected return to work date if you are
on approved leave with your employer; or
• you are no longer permanently and gainfully employed for
at least 15 hours per week (Employer Sponsored Super
member); or
• 60 days after the cessation of premium payments which
have fallen due; or
• 120 days after you first join the netwealth
Superannuation Master Fund where premium payments
have not been paid; or
• 12 months after you have been unemployed (Personal
Insurance only); or
• the date you cease to be employed with your employer
who has an Employer Group Plan, where you are an
Employer Sponsored Super member; or
• you die; or
• the policy is terminated; or
• upon leaving the netwealth Superannuation Master
Fund, or
• you notify netwealth in writing that you wish for cover to
be cancelled.
• Workers’ Compensation, Motor Accident Compensation,
Social Security or similar benefits as a result of the injury
or sickness of the member; or
*
Any lump sum payments will be converted to a monthly amount, at the rate of 1/60th of the lump sum per month over a period of 60 months from the
payment of the lump sum benefit, for the purposes of calculating any offset amounts.
Insurance Guide | netwealth Superannuation Master Fund
15
Types of insurance
Cessation of Income Protection insurance benefit
payments
Where you are receiving Income Protection insurance
benefit payments, they will cease upon the earliest of any of
the following events:
• on your death; or
• you attaining age 65; or
• the expiry of the two-year benefit period (where
applicable); or
• you no longer satisfy the total disability or partial disability
definition.
Special conditions
If the insurer deems you to be involved in a hazardous
occupation or pastime, or you have certain medical
conditions, the insurer reserves the right to decline or defer
cover or impose certain exclusions or additional loadings on
your premium. You will be notified of any special conditions
upon confirmation of your acceptance. You must agree to
accept these special conditions within 30 days by signing
the Special Acceptance Terms form or the offer for cover will
be void.
Employer Sponsored Group Insurance
Options Default Cover
For employer groups with 5 or more members under Choice
of Fund, the insurer offers, on application, Death Only and
Death & TPD automatic acceptance cover.
Death Only cover
The first option is cover that may be purchased for 50¢ per
week and will purchase the amount of Death Only cover
shown in the table below.
Death & TPD cover
Death and ‘standard’ or ‘activities of daily living’ definition
TPD cover will also be provided. Cover that may be
purchased for $1.00 per week and the amount of cover
purchased is also shown in the table below.
Note that for one of the above options to apply, netwealth
Superannuation Master Fund – Employer Sponsored Super
must be the default fund for the employer group and only
one type of cover (Death Only or Death & TPD) can be
chosen for any single Employer Group Plan.
Conditions apply to eligibility for automatic acceptance.
Levels of cover purchased
Age
Fixed cover
16 to 34
$50,000
35 to 39
$35,000
40 to 44
$20,000
45 to 49
$14,000
50 to 55
$7,000
5 or more members
For employer sponsored groups of members of not less
than five, automatic acceptance is available for, Death and
‘standard’ or ‘activities of daily living’ definition TPD and
Income Protection insurance cover. A Group Proposal form
is required to be completed by the employer.
Premium loading factors for the Employer Group Plan will
be calculated by the insurer based on their assessment of
the risk rating of the Employer Group Plan. These loading
factors will apply to all members in that Employer Group
Plan.
The Employer Group Plan will meet the eligibility
requirements if the following conditions are met:
• the employer must nominate their plan within the
netwealth Superannuation Master Fund as their ‘default’
superannuation fund for ‘super choice’; and
• the employer must have at least five eligible employees
within their Employer Group Plan and more than 75% of
eligible employees must be insured under the Employer
Group Plan; and
• new members of the Employer Group Plan must join
when they commence employment with the employer;
and
• suitable eligibility conditions and clear benefit terms are
specified for membership of the Employer Group Plan;
and
• the sum insured for each member is established using a
consistent and accepted basis.
In addition, for an employee to be eligible the following
conditions must be also satisfied:
• the employer must notify the Trustee of the new
employee’s details within 120 days of the employee
commencing employment with the employer; and
• members must be aged under 65 at commencement of
cover; and
• the employer has confirmed on the date of application of
membership that the employee was ‘at work’ on the date
of commencement of membership/employment. If the
person was absent from work due to sickness or injury,
Insurance Guide | netwealth Superannuation Master Fund
16
Types of insurance
such person will be provided with New Events cover for
TPD, Terminal Illness and Income Protection insurance
cover (where applicable) until the insured member is ‘at
work’ for one day at which time full cover under the policy
will be provided.
Death and Total & Permanent Disability cover
The automatic acceptance limits available to Employer
Group Plans which meet the above criteria, are as follows:
Number of employees
Automatic
acceptance limit
5 to 9
$350,000
10 to 19
$400,000
20 to 29
$450,000
30 to 49
$550,000
50 to 99
$600,000
100 to 199
$850,000
200 to 299
$950,000
300 to 499
$1,000,000
500 to 749
$1,100,000
750+
Individual consideration
Income Protection insurance cover
Automatic acceptance is available for Income Protection
insurance cover with the following additional conditions
applicable to the Employer Group Plan:
• the employer must specify a waiting period that is
applicable to all eligible members; and
• the employer must specify a benefit period that is
applicable to all eligible members.
An employee is eligible if:
• the member is permanently and gainfully employed
for at least 15 hours per week (excluding casuals) in
each and every normal working week at the date of
commencement of employment/membership; and
The automatic acceptance limits available to Employer
Group Plans which meet the shown criteria, are as follows:
Number of employees
Automatic
acceptance limit
5 to 9
$5,000 per month
10 to 19
$6,000 per month
20 to 29
$7,000 per month
30 to 49
$8,000 per month
50 to 99
$9,000 per month
100 to 199
$11,000 per month
200 to 299
$11,500 per month
300 to 499
$12,000 per month
500 to 749
$12,500 per month
750+
Individual consideration
The Employer Group Plan will be separately underwritten by
the insurer to determine eligibility for automatic acceptance
limits for Income Protection insurance cover.
Cancelling your cover
You may cancel any cover provided under an automatic
acceptance limit applicable to your Employer Group Plan by
written notice to netwealth at any time.
Life Stage Cover
Life Stage Cover allows you to apply for an automatic
increase in your Personal Insurance Death & TPD Cover
on the occurrence of certain life stage events including
‘personal’ and ‘business’ events without the requirement of
underwriting. Events include the following.
Personal
• Birth or adoption of a child;
• Marriage;
• Divorce;
• Child turning 12;
• the member is aged under 65.
• Child commencing education at a private school;
Agreed value cannot be selected under automatic
acceptance.
• Turning 30;
Important note: Premium rates applicable for members of
Employer Group Plans are not included in this Insurance
Guide. Please contact netwealth on Freecall 1800 888 223
for a premium quote.
• Effecting a first mortgage on the purchase of a home or
increasing an existing first mortgage for the purposes of
building or renovation works on the home. The mortgage
must be on the insured member’s principal place of
residence and arranged with a licensed mortgage
provider.
• Significant salary increase; and
Insurance Guide | netwealth Superannuation Master Fund
17
Types of insurance
Business
Where you are a key person in a business (working partner,
director or significant shareholder) and your value or financial
interest in the business, averaged over the last three years
has increased.
Life Stage Cover benefit design
increased Death or TPD cover amount will only be paid if
death or disablement occurs as a result of an accident;
• no benefit will be payable on the increased amount
insured if the claim is caused as a result of an intentional,
self-inflicted act, whether sane or insane, within a period
of thirteen (13) months from the date of any increase
under this provision;
Life stage event
Death/TPD cover may
be increased by the
lesser of:
• your current Death/TPD cover must have been accepted
by the insurer on standard terms without any exclusions,
restrictions or premium loadings;
Personal event
• 25% of your current Death/
TPD amount insured;
• ‘at work’ conditions apply. If not ‘at work’, New Events
cover will apply until such time as you return to work;
Birth or adoption of a child,
marriage, divorce, child
turning 12, child commencing
education at a private school,
you turning 30 or a significant
salary increase.
Personal event
First mortgage or increase in
an existing first mortgage.
and
• $200,000.
• 50% of your current Death/
TPD amount insured;
• the amount of the first
mortgage;
• the amount of the increase
of the first mortgage; and
• $200,000.
Business event
• 25% of your current Death/
TPD amount insured;
• the increase in the value
of your financial interest in
the business or the value to
the business, whichever is
appropriate, averaged over
the last three years; and
• $200,000.
The following terms and conditions apply to Life Stage
cover:
• application for a life stage increase must occur within sixty
days after the occurrence of a personal event or after your
receipt of proof of a business event;
• satisfactory proof of the personal or business event,
as required by the insurer must be provided for
consideration;
• a ‘significant salary increase’ is a salary increase of
over $10,000 (self-employed members are not eligible for
the ‘significant salary increase’ event);
• applications for more than one event per year are allowed,
subject to overall increases not exceeding more than
$200,000 in any twelve month period;
• total increases made under this provision cannot exceed
$1,000,000 over the duration of a member’s cover;
• if you die or become disabled within six (6) months after
being provided an increase under this provision, the
• you must not have made and must not be eligible to
make a claim under this policy or any other life insurance
policy issued by the insurer; and
• you must be aged less than 65 years at date
of application.
To apply for an increase of cover based on any of the
applicable events, a Life Stage Cover form must be
completed and certified documentary evidence must be
supplied to support your application.
Important note: any increase to TPD cover is restricted to
the increase in the level of Death cover. Insurance Guide | netwealth Superannuation Master Fund
18
Premiums and fees
Premiums and fees
There are three fee options available to you where you have
Personal Insurance. The options are as follows:
Premium rates
1. Flat fee
Premium Rates for Personal Insurance are available anytime
on our website at www.netwealth.com.au or by calling our
Investor Services Team on Freecall 1800 888 223. These
premium rates are based on such factors as age, gender,
occupation and whether or not you are a smoker.
Where this option is selected your adviser will receive
adviser remuneration of 20% p.a. of your gross calculated
annual premium each year, or an amount less than this, as
negotiated with your adviser. netwealth will receive 6.5%
p.a. of the gross calculated annual premium each year as
an administration fee.
Each 30 June, we will adjust your premium (if any) according
to your age next birthday.
You can obtain the current Personal Insurance premium
rates or a Personal Insurance premium quote at any time on
our website.
If you are a member of Employer Sponsored Super, your
premium rates may be different to the Personal Insurance
rates. Please contact us for a premium quote on Freecall
1800 888 223.
At the date of this document, the insurer has guaranteed
that the premium rates provided for Death and Total &
Permanent Disability cover and Income Protection cover will
apply until 30 June 2013. The insurer reserves the right to
alter the premium rates under the policy in the event of any
war or invasion in which the Commonwealth of Australia’s
armed forces becomes involved or if there are changes to
taxation provisions impacting the insurer.
Fees and Adviser Remuneration
Your financial adviser will normally be paid ongoing
remuneration in relation to insurance. Where you have
Personal Insurance, you may also agree with your adviser to
pay adviser remuneration on commencement of your cover
(Year 1 remuneration). The amounts of Year 1 and ongoing
remuneration are negotiable with your financial adviser.
The level of remuneration that you negotiate for Year 1 will
also determine the level of ongoing remuneration that your
adviser receives after the first year.
If you do not have an adviser you will not be charged any
fees relating to adviser remuneration. You may terminate the
appointment of your financial adviser at any time by written
notice to netwealth.
The premium rates include the effect of GST. The
netwealth Superannuation Master Fund is entitled to
receive a reduced input tax credit (RITC) on the goods and
services tax (GST) payable on fees and on remuneration
paid to advisers in relation to your insurance cover. The
value of the RITC is passed on to you by reducing the fee or
premium by the amount of the RITC. RITCs are not applied
until the premium or fee is actually deducted from your
account. As a result, the premiums deducted from your
account may be slightly lower than the gross calculated
premium.
Example of remuneration
If your gross annual premium each year is
$250.00
Your adviser will receive 20% remuneration each year
$50.00
netwealth will retain an administration fee
of 6.5% each year
$16.25
The insurer will receive
$183.75
The ongoing adviser remuneration will be calculated and
paid on a monthly basis as part of the monthly premium
deduction.
If you have no adviser, or have negotiated ’nil’ adviser
remuneration, the premium charged to your account
will comprise the amounts paid to the insurer and
to netwealth only. Based on the above example:
Your gross annual premium will be
$200.00
netwealth will retain an administration fee
of 6.5% each year
$13.00
The insurer will receive
$187.00
The amount deducted from your cash account will be
less than the gross annual premium once the effect of
RITC is taken into account. The adviser remuneration and
netwealth administration fee are included in the premium
and are not deducted separately from your account.
2. Upfront fee
Where this option is selected a total amount of 100%
of your gross calculated annual premium will be paid to
your adviser as year 1 remuneration when your insurance
cover commences. Ongoing remuneration will be paid to
your adviser in year two (and annually after that) of 14% of
the premium at the time of calculation and netwealth will
receive 7.5% p.a. of the premium in year two (and annually
after that) as an administration fee. The premium will be
subject to a loading of 12.06%.
Example of remuneration in the first year
Gross initial annual premium including 12.06% loading $280.15
Your adviser will receive 100% as year 1 remuneration
$280.15
netwealth will retain an administration fee of 0%
$0.00
The insurer will receive
$0.00
Insurance Guide | netwealth Superannuation Master Fund
19
Premiums and fees
Example of ongoing remuneration from year 2
If your gross annual premium is
$288.551
Your adviser will receive 14%
$40.40
netwealth will retain an administration fee of 7.5%
$21.64
The insurer will receive
$226.52
The premium amount deducted from your cash account
will be less than the gross annual premium once the
effect of RITC is taken into account. The ongoing adviser
remuneration will be calculated and paid on a monthly basis
as part of the monthly premium deduction. The adviser
remuneration and netwealth administration fee are included
in the premium and are not deducted separately from your
account.
Where you leave the Fund or otherwise cease your
insurance cover in the Fund during the first 12 months, the
full amount of the remuneration that has been paid in year 1
to your adviser will be recouped from your adviser.
3. Hybrid fee
Where this option is selected, remuneration will be paid to
your adviser, and fees to netwealth, based on the gross
calculated premium at that date and the premium will be
subject to a loading of 14.74%, as follows:
netwealth
adviser
Year 1
7.5%
74%
Year 2
7.5%
24%
Year 3
7.5%
26%
Year 4 and after
7.5%
28%
The amount deducted from your cash account will be less
than the gross annual premium once the effect of RITC is
taken into account. The ongoing adviser remuneration will
be calculated and paid on a monthly basis as part of the
monthly premium deduction. The adviser remuneration and
netwealth administration fee are included in the premium
and are not deducted separately from your account.
Where you leave the Fund or otherwise cease your
insurance cover in the Fund during the first 12 months, the
full amount of the remuneration that has been paid in Year 1
to your adviser will be recouped from your adviser.
Employer Sponsored Super
Where your employer has an Employer Group Plan and
has negotiated to pay remuneration to their adviser, the fee
structure applicable to Employer Group Plans is the same
as the Flat Fee option described above. Full details of the
premium rates applicable to your Employer Group Plan can
be obtained from your financial adviser or us. The premium
rates are made up as follows:
73.5%
Premium payable to insurer
6.5%
Administration fee charged by netwealth
20%
Remuneration payable to your adviser
Your employer may negotiate a lower remuneration rate
with their adviser, and if there is no adviser, your premium
rate will be adjusted to reduce the ongoing remuneration
payable to zero.
Example of remuneration
Where adviser remuneration of 20% p.a. is negotiated with
your Employer Group Plan adviser – with a gross calculated
premium of $250.
Example of remuneration in the first year
Gross initial annual premium including 14.74% loading $286.85
If your gross annual premium each year is
$250.00
Your adviser will receive 74% as year 1 remuneration
$212.27
Your adviser will receive
$50.00
netwealth will retain an administration fee of 7.5%
$21.51
netwealth will retain an administration fee of 6.5%
$16.25
The insurer will receive
$53.07
The insurer will receive
$183.75
Example of ongoing remuneration from Year 2
Year 2
Year 3
Gross annual premium2
$295.46
$304.32
Your adviser will receive
$70.91
$79.12
$87.77
We will receive
$22.16
$22.82
$23.51
$202.39
$202.37
$202.17
The insurer will receive
Year 4 etc
$313.45
Where ‘nil’ remuneration is negotiated with your Employer
Group Plan adviser the premium charged will comprise the
amounts paid to the insurer and netwealth only. Based on
the above example:
Your gross annual premium will be
$200.00
netwealth will retain an administration fee
of 6.5% each year
$13.00
The insurer will receive
$187.00
1
Assumes that your premium increases by 3% based on your age and any CPI increases.
2
Assumes that your premium increases by 3% each year based on your age next birthday and any CPI increases.
Insurance Guide | netwealth Superannuation Master Fund
20
Premiums and fees
For details of the premium rates applicable to your Employer
Group Plan, please contact your financial adviser or us.
Important note: Where you are an Employer Sponsored
Super member and your employer does not have an
Employer Group Plan and you wish to purchase insurance
cover, you will be insured under Personal Insurance. The
Personal Insurance fees and adviser remuneration will apply.
You can therefore negotiate with your financial adviser which
fee option will apply to your cover from the upfront, hybrid or
flat fee options as previously described.
Premium payment
The monthly premium payments for your Death, Total
& Permanent Disability (TPD) and/or Income Protection
insurance cover will be deducted in arrears from your
cash account. For the first month you are covered, your
premium will be charged pro-rata from the day the cover
commenced until the end of that month, and will be added
to the next advance monthly premium charge. If you are a
new member, your cover will be terminated 120 days after
you became a member of the netwealth Superannuation
Master Fund if your premiums have not been paid during
that time.
Your premium payments will continue to be deducted
until you provide us with written notification that cover is
no longer required. If there are insufficient funds in your
account to pay premiums, your cover will be terminated
60 days after the day on which your premium was last
due. It is therefore important that you ensure you have
sufficient funds in your account to provide for your premium
payments as they fall due.
As premiums are deducted from your cash account, you
should ensure that there is sufficient available cash to cover
these premiums as they fall due. Please refer to Information
Guide 2: Operating your account for further information
about your cash account.
A word of warning
As with any insurance policy, continuing cover is dependent
on premiums being paid and up to date. It is important
to note that the netwealth Superannuation Master Fund
insurance cover only applies if you have a sufficient balance
in your account to cover the cost of your premiums – see
‘Premiums and fees’ on pages 18 to 20. If you do not have
a sufficient account balance to cover your premiums, you
will not have the netwealth Superannuation Master Fund
Insurance.
As detailed above, your insurance cover will lapse 60 days
after the day on which your last premium was due.
If required, you can make extra contributions directly (or
via your employer) to your account to maintain a sufficient
account balance to pay your premiums.
Please refer to Information Guide 5: Contributions to
Superannuation or contact netwealth to find out how to
make additional contributions.
If your insurance cover lapses, a Personal Statement and
possibly medical evidence will be required to reinstate any
cover.
Applying for cover
If you are:
• a Personal Super member;
• an Employer Sponsored Super member and your
employer does not have an Employer Group Plan (or the
type of insurance cover you want); or
• an Employer Sponsored Super member and you want to
apply for more cover than available under the automatic
acceptance limit applicable to your Employer Group Plan;
you can apply for cover or additional cover by completing
an Application Form and Personal Statement at the back of
this Insurance Guide.
Depending on the type and level of cover you apply for,
you may be required to complete further documentation
and/or undergo medical examinations. Please refer to the
section headed ‘Underwriting requirements’ on page 24,
which details the level of medical and/or financial information
we will require when processing your application. The
insurance quote available at www.netwealth.com.au will
also indicate any additional underwriting requirements
that may be necessary when applying for cover in
the netwealth Superannuation Master Fund.
Interim cover – Death Only insurance or TPD
insurance
While your application for Death Only insurance or TPD
insurance is being assessed, you will be provided with
interim Accidental Injury cover. The interim cover will apply
until the earliest of:
• 90 days after the insurer receives the fully completed
Application Form and Personal Statement;
• the application is either accepted or declined by the
insurer;
• you cancelling or withdrawing the application; and
• the date the cover would have otherwise ceased under
the policy.
Insurance Guide | netwealth Superannuation Master Fund
21
Premiums and fees
‘Accidental Injury’ means a physical injury that is caused
solely and directly by violent, visible, external and
unexpected means that is not traceable, even indirectly to
any pre-existing mental or physical condition.
The maximum benefit payable by the insurer under interim
cover will be the lesser of:
• the total amount of insurance applied for; and
• $2,000,000.
No benefit will be payable if death occurs or disability
arises during the interim accidental cover period, directly
or indirectly as a result of any event or activity for which the
insurer would not normally provide cover at standard rates
and terms.
Interim cover – Income Protection insurance
While your application for Income Protection insurance is
being assessed, you will be provided with interim Accidental
Injury cover. The interim cover will apply until the earliest of:
• 90 days after the insurer receives the fully completed
Application Form and Personal Statement;
• the application is either accepted or declined by the
insurer;
• you cancelling or withdrawing the application; and
• the date the cover would have otherwise ceased under
the policy.
The benefit will be paid in the event of you suffering an
Accidental Injury which results in your disability (‘Accidental
Injury’ has the same meaning as above).
The maximum monthly benefit payable by the insurer under
interim cover will be the least of:
• the total amount of insurance applied for;
• the benefit that would normally be acceptable under the
insurer’s underwriting rules; and
• $15,000 per month.
The benefit period will be the benefit period selected in your
application or to age 65 if earlier.
No benefit will be payable if death occurs or disability
arises during the interim accidental cover period, directly
or indirectly as a result of any event or activity for which the
insurer would not normally provide cover at standard rates
and terms.
Cooling-off period for insurance
Please note that the cooling-off period lasts for 14 days and
starts from the day you receive a letter of acceptance of the
insured amount, or the fifth business day after netwealth
sends this letter of acceptance to you – whichever is the
earlier. Within the cooling-off period you may cancel the
insurance cover and receive a full refund of any premiums
paid.
To do this, please return the letter of acceptance to us, and
request in writing for your cover to be cancelled. If you have
exercised any right or power you hold under the terms of
the policy during the cooling-off period, you immediately
forfeit the right to cancel your policy.
Changing your cover
Once your application has been accepted, you can apply to
have your level of cover varied. For an increase, complete
the Application Form and Personal Statement at the back
of this Insurance Guide and indicate that you wish to
increase your cover. Other changes can also be made such
as changing your occupation or smoking status, contact
netwealth for the appropriate forms to do this. Before any
requests can be approved, you may be required to provide
us with further information.
Where an increase to any type of insurance cover is affected
it must be on the same fee option as the original cover. The
original start date of the insurance cover determines the
adviser remuneration and fees payable.
If you wish to decrease your amount of cover, you must
notify us in writing. Most members will have their level of
cover increased by the CPI at the annual review date of 30
June each year. The increase of cover will be the lesser of
CPI and 5% and you should be aware that your premium
will change in line with the new amount of cover. This
annual CPI increase of cover will apply for all members of
the netwealth Superannuation Master Fund who have a
nominated sum insured (Death Only, Death & TPD and/
or Income Protection Insurance). Please note that the CPI
increases also apply to Employer Group Plan members,
except for those Employer Group Plans which have their
sum insured based on a fixed formula or fixed premium
basis (refer to Employer Sponsored Group Insurance
Options on pages 15 and 16).
Members can notify us in writing if they wish to opt-out of
the CPI arrangements. All notifications of an opt-out to the
CPI arrangement will only come into effect on the next 30
June following receipt of your notification. Where a member
has chosen to opt out of CPI increases they are no longer
able to opt in to CPI increases at a later date.
Insurance Guide | netwealth Superannuation Master Fund
22
Premiums and fees
Occupational loadings
The more risky your occupation is deemed to be, the
higher your premium rates will be. Under the policy, the
occupational classes are defined as follows:
Professional worker – defined as:
a) accountants, doctors, lawyers or other like
professionals; and
b) typically hold a tertiary qualification; and
c) hold membership of a professional body or association;
OR
a) senior executives of companies with at least twenty (20)
staff members; and
b) have an annual salary in excess of $100,000; and
c) satisfy the definition of a White collar worker.
White collar worker – the duties of the member to be
insured:
a) are professional, managerial, administrative or similarly
sedentary in nature; and
b) do not involve any manual labour; and
c) are undertaken entirely in an office or similar environment
(excluding travel to and from the office or similar
environment).
Light blue collar: fully qualified trades people performing
occupations involving light to medium manual work. Also
includes office workers performing more than 10% of their
duties outside the office.
Heavier blue collar: includes both skilled and unskilled
manual workers who are not exposed to unusual accident
or health hazards, but perform heavier duties than typical
light blue collar occupations.
Continuation option
If you leave the netwealth Superannuation Master Fund
or rollover to an income stream within the netwealth
Superannuation Master Fund and you had Death Cover,
you will have a 60-day period of free Death Cover, provided
you are under the age of 60 and left for reasons other than
sickness or injury.
Subject to the insurer’s approval, your cover will be effective
from the day you leave the netwealth Superannuation
Master Fund or rollover within the Fund. During this period
you have the option to apply for an individual Death Only
insurance policy offered by the insurer. The amount of
cover you apply for must not exceed the sum of the
insurance cover that you had upon leaving the netwealth
Superannuation Master Fund or transferring to a netwealth
Superannuation Master Fund income stream product.
Eligibility to exercise the continuation option will be subject
to:
• satisfactory completion of the insurer’s Continuation
Option Application Form; and
• the availability of the most closely suited individual policy
as offered by the insurer from time to time.
If you wish to exercise a continuation option, you should
contact AIA Australia (the insurer) directly on Freecall
1800 333 613.
Leaving the netwealth Superannuation
Master Fund
If you close your account in the netwealth Superannuation
Master Fund, by receiving a lump sum benefit payment or
rolling over your funds to another superannuation entity,
then you will not be entitled to any further benefits from the
netwealth Superannuation Master Fund. This will include
life insurance benefits, notwithstanding a continuation option
being made available to you, as described above.
Transferring from Employer Sponsored Super
to Personal Super
If you cease employment and are required to leave
Employer Sponsored Super you may transfer your benefit to
Personal Super. As explained in the PDS (in the section titled
“The Superannuation Service” under the heading “Leaving
current employment”), where your account balance is over
$1,000 your benefit will be automatically transferred from
Employer Sponsored Super to Personal Super.
If your benefit is transferred and, at that time, you had
insurance cover and your premiums were up to date, you
will generally retain the same level of Death Only Cover or
Death & TPD Cover that you had in Employer Sponsored
Super without the need to provide a Personal Statement or
medical evidence.
Employer Group Plan insurance to Personal Insurance
Where you were insured under an Employer Group Plan,
your premiums will generally increase in Personal Super and
will be based on the occupational rating that was applicable
to your Employer Group Plan and on smoker rates.
To find out the occupational rating and smoker status that
applies to you and applicable premiums, please contact us.
To advise us of your occupation or smoker status, please
complete the ‘Insurance Occupation Questionnaire’ or the
‘Insurance Non Smoker Declaration’, as applicable. Both
are available on the website, from your adviser or by calling
us.
Important note: If you had Income Protection insurance
under an Employer Group Plan this cover does not
automatically transfer from Employer Sponsored Super to
Personal Super.
Insurance Guide | netwealth Superannuation Master Fund
23
Further information
Personal Insurance to Personal Insurance
Consequences of non–disclosure
If you had Personal Insurance in Employer Sponsored Super
(that is, you made a personal application for insurance,
completed a Personal Statement and/or were personally
underwritten) you will retain the occupational rating and
smoker status that you had in Employer Sponsored Super.
If you fail to comply with your duty of disclosure and the
insurer would not have entered into the contract on any
terms if the failure had not occurred, the insurer may avoid
the contract within three years of entering into it. If your
nondisclosure is fraudulent, the insurer may avoid the
contract at any time. An insurer who is entitled to avoid a
contract of insurance may, within three years of providing it,
elect not to avoid but to reduce the sum that you have been
insured for in accordance with a formula that takes into
account the premium that would have been payable had all
the relevant matters been disclosed.
If your occupation has changed and you wish to advise us
of your current occupation, please complete the ‘Insurance
Occupation Questionnaire’, available on the website, from
you adviser or directly from us.
Making a claim
If you need to make a claim, you should notify us in writing
as soon as reasonably practicable after the insured event
occurs. We will then provide you with the relevant claim
forms. You may be required to provide medical and financial
evidence to substantiate your claim, so that it may be
properly assessed. You may also be required to attend
medical examinations and complete authorities for the
insurer to obtain additional information. Upon receipt of all
the required claim forms and evidence, we will endeavour to
have your claim assessed within approximately 12 business
days.
Further information
Complaints
netwealth has procedures in place to consider and deal
with any complaints within 45 days. See the Complaints
section in the PDS.
Your duty of disclosure
Before you enter into a contract with or become insured by
the insurer you have a duty under the Insurance Contracts
Act 1984 to disclose to the insurer every matter that is
known, or could reasonably expected to be known, that
is relevant to their decision whether to accept the risk of
insurance, and if so, on what terms. The same duty of
disclosure to disclose these matters to the insurer applies
before you renew, extend, vary or reinstate your life
insurance contract. Your duty does not, however, require
you to disclose a matter:
• that diminishes the risk to be undertaken by the insurer;
• that is common knowledge;
• that the insurer knows, or in the ordinary course of
business should know; or
• if your duty to disclose is waived by the insurer.
Privacy and your personal information
The privacy of your personal information is important to
netwealth. We will only collect personal information from
you where it is necessary to:
• properly assess your application for insurance;
• administer and manage your policy; and
• consider any claims you make.
The insurer from time to time may also need to disclose your
personal information to third parties such as re-insurers,
medical practitioners, financial professionals and judicial
or dispute resolutions bodies. We and the insurer will only
disclose your personal information to third parties for the
purpose for which it was collected. If you wish to access
the personal information we have collected from you, please
contact us in writing.
Risks associated with insurance
It is important that you are aware of significant risks
associated with these insurance arrangements. These risks
are outlined as follows:
Change of insurer risk
netwealth has the right to change the Insurer by giving you
30 days’ notice.
Future insurability risk
As you get older there is a risk that you may not be able
to obtain insurance, or obtain insurance with a significant
premium loading or restriction/s. It is recommended that
you consider this if you are considering cancelling your
insurance cover.
Low account balance risk
There is a risk that your cover may lapse if there are
insufficient funds in your Superannuation Master Fund
account to pay your insurance premiums. To avoid this
occurring, you may need to make personal contributions to
ensure that there are sufficient funds in your cash account
to pay your premiums when they are due.
Insurance Guide | netwealth Superannuation Master Fund
24
Further information
Limitations and exclusions to cover risk
Access to your information
Insurance policies tend to have various limitations and
exclusions that may apply to your cover. It is important that
you understand these limitations and exclusions.
If you fail to comply with your duty of disclosure the insurer
may be able to avoid your insurance cover.
You are entitled at any time to request access to your
personal information held by AIA Australia. All requests
should be made in writing to the Compliance Manager, AIA
Australia, PO Box 6111, St Kilda Road Central, Victoria
8008. You can ask AIA Australia to update your personal
information at any time if it is inaccurate, incomplete or out
of date.
Pre-existing conditions risk
Disclosure of information
If you apply for cover, or an increase in cover, you must
disclose any pre-existing conditions with your request for
cover or increase in cover. Non-disclosure could result in a
claim being declined by the insurer.
AIA Australia may disclose your personal information to:
Replacing or changing your insurance
• mail houses and archive companies.
The terms and conditions between insurance policies
can vary significantly. It is important that you compare
differences when you are looking at replacing or cancelling
your cover.
AIA Australia will only disclose your personal information
to these parties for the primary purpose for which it was
collected. In some circumstances, AIA Australia is entitled
to disclose your personal information to third parties without
your authorisation, such as law enforcement agencies or
government authorities to protect our interests or to report
illegal activities.
Non-disclosure risk
Policy details
Full details of the insurance cover available to you in
the netwealth Superannuation Master Fund are in the
Insurance Policy that netwealth (as Trustee of the Fund)
has with AIA Australia. A copy of the policy can be obtained
free of charge by contacting our Investor Services team on
Freecall 1800 888 223.
Insurer’s Privacy Statement
AIA Australia follows the National Privacy Principles
developed under the Privacy Amendment (Private Sector)
Act 2000. AIA Australia will adhere to the privacy policies
and procedures adopted by netwealth to protect its
members’ personal information. AIA Australia provides you
with the following information regarding privacy procedures
and your rights. AIA Australia’s privacy policies and
procedures may be found at www.aia.com.au.
Purpose of collection
AIA Australia collects personal information about you to:
• process application(s) for insurance cover or changes to
insurance cover;
• administer and manage the policies, including claims; and
• facilitate AIA Australia’s business operations.
If you do not wish to provide all or part of the personal
information requested, AIA Australia may not be able to
provide you with the level of insurance cover you have
applied for.
• AIA Australia contractors and third party service providers,
for example medical practitioners and re-insurers;
• financial institutions you nominate; and
Any questions or concerns on privacy?
If you have any questions or concerns about your personal
information, please write to the:
Compliance Manager
AIA Australia
PO Box 6111
St Kilda Road Central, Victoria 8008
AIA Australia has given its consent to the use of its Privacy
Statement.
Underwriting requirements
Details of current underwriting requirements are available
on our website, www.netwealth.com.au or by contacting
netwealth.
If you are applying for Personal Insurance, you will need
to complete an Application Form and Personal Statement
attached to this Insurance Guide. In some cases this will be
all the information you need to provide, however, based on
the information contained in your Personal Statement, you
may be requested to complete further questionnaires.
If you apply for a level of cover above certain limits (available
on our website) further medical evidence will be required.
If your cover is via an Employer Group Plan there are no
underwriting requirements unless you wish to increase your
cover above the automatic acceptance limits, in which case
you should contact netwealth for information that may be
required for underwriting purposes.
Insurance Guide | netwealth Superannuation Master Fund
25
Glossary
Glossary
Accidental death cover
Death directly or indirectly caused as a result of an
unforeseen and unintended accident happening to an
insured member and caused by violent, external and
visible means.
At work
‘At work’ means that the member:
• is actively performing or is capable of performing all the
duties and hours of his or her usual occupation; and
• in the insurer’s opinion, is not restricted by sickness
or injury from carrying out the usual duties of their
occupation; and
• is not in receipt of, or entitled to claim, any income
support benefits from any source including workers’
compensation benefits, statutory transport accident
benefits and disability income benefits; or
• is a person who is on approved leave (parental leave,
annual leave, bereavement leave, long service leave
or any other leave approved by an employer who
participates in an Employer Group Plan, or arising from
the operation of any law other than leave taken for
reasons related to injury or sickness).
Automatic acceptance limits
The maximum amount of cover that can be provided
to an Employer Sponsored Super member without any
underwriting requirements, where their employer has
established an Employer Group Plan.
See pages 15 and 16 for further details.
Continuation option
The option for a member leaving the Fund, who had Death
cover, to take up Death Only cover with the insurer without
the need for further underwriting or medical evidence.
Cooling-off period
The 14-day period from the date a member is advised
of acceptance of cover, where the member has the
opportunity to not take up the cover and be refunded any
premiums that may have been charged.
Employer Sponsored insurance
Insurance cover applicable to members of Employer
Sponsored Super, where the member’s employer has
established an Employer Group Plan for insurance.
Goods and services tax (GST)
A tax on the supply of goods and services.
Group Life and Income Protection insurance
Group Policies and Income Protection insurance policies.
Group Policy
The policy taken out by netwealth described in the section
commencing on page 5.
Income Protection insurance
See the description on page 11.
Insurance quote
Quotation of annual premiums applicable to a certain
amount of cover at a given point in time.
insurer
The insurance company that issues the insurance policy.
LifeWRAP Individual Policy
An insurance policy available through LifeWRAP. LifeWRAP
enables members to access individual Life insurance
through the Fund.
New Events cover
New Events cover is applicable to Employer Group Plans
and means cover other than cover in relation to the medical
condition or any directly or indirectly related condition arising
from sickness or injury which has caused the member
either:
• to not be ‘at work’ on the date of commencement of
membership of the Fund or employment; or
• in respect of any event occurring in the period prior
to the commencement of membership of the Fund or
employment to be absent from work or to be working
in a reduced capacity on the date of commencement of
membership of the Fund or employment.
Death Only Cover, Death Only Insurance and Death
Only insurance cover
See the description on page 5.
Occupational loading
A premium loading, determined by the insurer, applicable
to the standard premium rates, usually based on the
insured member’s occupation, pastimes or health and
medical history.
Employer Group Plan
An arrangement where employers have applied for
automatic acceptance limits for their employees, subject to
certain conditions being met.
Occupational rating
Rating factor applied by the insurer based on the type
of occupation that a Personal Insurance member is
employed in.
Insurance Guide | netwealth Superannuation Master Fund
26
Glossary
Ongoing adviser remuneration
An ongoing fee that you may have negotiated with your
financial adviser, which is included in the monthly premium
deducted from your cash account. See pages 18 and 19 for
further details.
Personal Insurance
Insurance cover applicable to members of Personal Super
and Employer Sponsored Super (where the member’s
employer has not established an Employer Group Plan for
insurance).
Personal Statement
Statement attached to the Application Forms at the back of
this Insurance Guide which collects minimum health details
for Personal Insurance.
Pre-existing condition
An injury or a sickness which first occurred before the
insured member had cover.
Premium Rates
Rates provided by the insurer to be applied in the
calculation of your gross annual premium. Current premium
rates for Personal Insurance are published on the website,
for Employer Group Plan premium rates, please contact
netwealth.
Reduced input tax credit (RITC)
GST that can be claimed back from the ATO in
certain circumstances.
Special acceptance terms
Special conditions that the insurer may place on your cover
after you have been through the underwriting process.
This may relate to pre-existing conditions, or may limit the
circumstances in which a benefit will be paid to the Fund on
your behalf.
Total & Permanent Disability (TPD) cover, TPD
insurance and TPD insurance cover
See description on page 7.
Trustee
netwealth as trustee of the netwealth Superannuation
Master Fund.
Underwriting requirements
Medical evidence, including blood tests, that the insurer
may request before agreeing to insure a member. Financial
information may also be required in some instances.
Upfront and ongoing remuneration
A fee you may have negotiated with your financial adviser,
dependent on the fee option you have elected to apply to
your insurance cover within the Fund. This is payable to
your adviser as detailed on pages 18 and 19.
Insurance Guide | netwealth Superannuation Master Fund
27
Forms you need to complete
Forms you need to complete
LifeWRAP Individual Policy
To apply for a LifeWRAP Individual Policy
LifeWRAP Individual Policy Consent
Page 29
AND
Insurance application for the chosen
product
Available with the PDS for
the chosen product
Personal Insurance - Short personal
statement
Page 31
Personal Insurance - Application and
personal statement
Page 35
Personal Insurance transfer
Page 43
Group Policy
To apply for Personal Insurance under the
Group Policy. If you:
• are under age 55; and
• require Death and TPD Cover less than
$1million; and/or
• require Income Protection less than $8,000
per month.
To apply for Personal Insurance under the
Group Policy. If you:
• are over age 55; or
• require more than $1million death and/or TPD
Cover; or
• require Income Protection for more than
$8,000 monthly benefit; or
• require Agreed value Income Protection.
To transfer existing insurance cover to the
Group Policy
Insurance Guide | netwealth Superannuation Master Fund
28
Forms you need to complete
Notes
29
netwealth Superannuation
LifeWRAP individual policy consent
NWINSUINSR
Please use BLACK pen and BLOCK letters.
This form accompanies the Insurance Guide, referred to in the netwealth Super Wrap PDS (dated 11 October 2011) and the netwealth
Super Accelerator PDS (dated 23 April 2012). The PDS contains important information regarding membership of the netwealth
Superannuation Master Fund. You should read the PDS, the Insurance Guide and the Information Guides referred to in the PDS.
Step 1. Provide member details
Client name
Client number
Insurer policy number
netwealth account number
Insurer
AIA
TAL
Step 2. Read this privacy statement
netwealth respects and protects your privacy. The netwealth privacy policy describes how we collect, use, disclose and handle your personal information.
netwealth may collect, use or disclose your and any insured persons’ personal information (including health and sensitive information) to assist you in applying
for insurance and making any claim under the policy. Any information, including health and sensitive information, is collected by netwealth directly from you
or from the insurer to assist with the underwriting or claims assessment by the insurer. If this information is not provided, your application for insurance or an
insurance claim may not be processed by the insurer.
netwealth may disclose your and any insured persons’ personal information (including health and sensitive information) to the insurer and a range of service
providers including financial advisers, re-insurers, past or present medical practitioners, health professionals, hospitals, government department(s) which retain
health records or as part of our regulatory requirements, personal accountants, current or former employers, lawyers, claim investigators and other third party
service providers.
You and any insured persons have a right to access any personal information held about you unless netwealth is legally entitled to deny access. If you wish
to access the personal information we have collected from you, please contact us in writing.
A copy of netwealth’s privacy policy can be obtained by visiting www.netwealth.com.au. The privacy of your personal information is important to netwealth. We
will only collect personal information from you or the insurer where it is necessary to administer your linked insurance policy. The insurer from time to time may also
need to disclose your personal information to third parties such as re-insurers, medical practitioners, financial professionals and judicial or dispute resolutions bodies.
We and the insurer will only disclose your personal information to third parties for the purpose for which it was collected and any related secondary purpose.
Step 3. Read and sign this declaration
1. I authorise netwealth to deduct from my cash account the insurance premium calculated by the insurer and to pay this amount to the insurer on my behalf.
2. I consent to netwealth charging my cash account the LifeWRAP administration fee as described in the netwealth Super Wrap or netwealth Super
Accelerator Product Disclosure Statement (PDS) under the heading “LifeWRAP administration fee” and deducting it monthly from my cash account.
3. I have read the insurer’s current Product Disclosure Statement and acknowledge that any insurance cover will only be provided to netwealth (on my behalf)
by the insurer on the terms and conditions set out in the policy with the insurer and that all decisions relating to insurance cover and claims under the policy
are made by the insurer.
4. If there is insufficient cash in my cash account to pay the insurance premiums as they fall due, I authorise netwealth to redeem units from the largest
managed fund investment holding in my portfolio (at its discretion) and use the proceeds to top up my cash account. If there are still insufficient funds after
redeeming all of my managed fund investments I authorise netwealth to sell the largest holding in ASX listed securities or any other investment held to top
up my cash account, or such other investment/s as I have previously instructed netwealth about.
5. Despite paragraph 4 above, I understand that it is my responsibility to ensure that there is sufficient cash in my cash account to pay the insurance premiums
for my insurance cover and if, for any reason, there is insufficient cash in my cash account to pay the insurance premiums as they fall due, my insurance policy
with the insurer will lapse 60 days after the insurance premium due date.
MOT-S-LIPC_0812
6. I have read the privacy statement and I consent to my and any insured persons’ personal information (including health and sensitive information) being collected,
used and disclosed by netwealth and the insurer including to each other and to their external service providers/contractors and third parties as contemplated
in the privacy statement in order to assess, verify or process my application for insurance with the insurer or any claim I may make under the policy.
7. netwealth has agreed with the insurer that netwealth will receive a LifeWRAP Policy fee as described in the netwealth Super Wrap or netwealth Super
Accelerator PDS for providing services to the insurer under an administration agreement in relation to the LifeWRAP Individual Policies offered as part of the
netwealth Superannuation Master Fund. (Note that this is not an additional charge to you but paid by the insurer. Advisers
employed by our related parties may also receive commissions or other benefits from the insurer).
Client initial
netwealth Investments Limited ABN 85 090 569 109 AFSL 230975, Trustee of the netwealth Superannuation Master Fund ABN 94 573 747 704.
netwealth Super Wrap and netwealth Super Accelerator are products available in the Fund.
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30
Step 3. Read and sign this declaration (continued)
Name
Date D
Signature
D /M
M / Y
Y
Step 4. Once completed please send to us
Mail netwealth Investments Limited
Reply Paid 336
SOUTH MELBOURNE VIC 3205
Fax Email (03) 9655 1333
[email protected]
MOT-S-LIPC_0812
If you have any questions please contact your adviser or call us on Freecall 1800 888 223.
Client initial
netwealth Investments Limited ABN 85 090 569 109 AFSL 230975, Trustee of the netwealth Superannuation Master Fund ABN 94 573 747 704.
netwealth Super Wrap and netwealth Super Accelerator are products available in the Fund.
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31
netwealth Superannuation
Personal Insurance
Short personal statement
NWINSUSPSP
Please use BLACK pen and BLOCK letters.
This form accompanies the Insurance Guide, referred to in the netwealth Super Wrap PDS (dated 11 October 2011) and the netwealth
Super Accelerator PDS (dated 23 April 2012). The PDS contains important information regarding membership of the netwealth
Superannuation Master Fund. You should read the PDS, the Insurance Guide and the Information Guides referred to in the PDS.
You cannot complete this form if you:
• are aged 55 or older;
• require more than $1,000,000 Death and Total & Permanent Disablement insurance cover;
• earn over $128,000 per annum and therefore require more than $8,000 monthly benefit of Income Protection cover; or
• wish to apply for agreed value Income Protection cover.
If you meet one of the above criteria please complete the Application form and personal statement.
Disclosure notice
Your duty of disclosure – Before you enter into a contract with or become insured by the insurer you have a duty under the Insurance Contracts Act 1984
to disclose to the insurer every matter that is known, or could reasonably expected to be known, that is relevant to their decision whether to accept the risk of
insurance, and if so, on what terms. The same duty of disclosure to disclose these matters to the insurer applies before you renew, extend, vary or reinstate your
life insurance contract. Your duty does not, however, require you to disclose a matter:
• that diminishes the risk to be undertaken by the insurer;
• that is common knowledge;
• that the insurer knows, or in the ordinary course of business should know; or
• if your duty to disclose is waived by the insurer.
Non-disclosure – If you fail to comply with your duty of disclosure and the insurer would not have entered into the contract on any terms if the failure had not
occurred, the insurer may avoid the contract within three years of entering into it. If your nondisclosure is fraudulent, the insurer may avoid the contract at any time.
An insurer who is entitled to avoid a contract of insurance may, within three years of providing it, elect not to avoid it but to reduce the sum that you have been
insured for in accordance with a formula that takes into account the premium that would have been payable had all the relevant matters been disclosed.
Step 1. Provide member details
Exisiting netwealth clients
Client name
Client number
Account number
New clients
Mr/Mrs/Miss/Ms/Dr/Other
Family name
Given name(s)
Date of birth
D
D /M
M / Y
Y
Sex
Male
Female
Residential address
Suburb/town
Postcode
2432
MOT-S-SPSP_0812
State
AIA Australia Limited ABN 79 004 837 861 AFSL 230043. netwealth Investments Limited ABN 85 090 569 109 AFSL 230975, Trustee of the netwealth
Superannuation Master Fund ABN 94 573 747 704. netwealth Super Wrap and netwealth Super Accelerator are products available in the Fund.
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Step 2. Nominate adviser and adviser fees
Adviser name
Dealer code
Adviser stamp
Adviser code
Please select the fee structure that will apply to any new insurance – as negotiated with your adviser*. This will apply to new insurance attached to your account.
Do not complete the fee option if you have existing cover with the netwealth Superannuation Master Fund. Increases to any type of insurance will retain the same
fee option as the original cover.
Flat fee
Annual adviser remuneration
% (0-20%)
Upfront fee
Adviser remuneration Year 1 – 100%, Year 2 onwards – 14%
Hybrid fee
Adviser remuneration Year 1 – 74%, Year 2 – 24%, Year 3 – 26%, Year 4 onwards – 28%
Please refer to the Insurance Guide for a full description of the remuneration associated with each option.
*Where you have no adviser the fee structure will automatically default to Flat fee with 0% ongoing remuneration.
Step 3. Insurance options
OR
New insurance
Increase to existing insurance (if applying for an increase please enter total required insurance amounts below)
Type of insurance
Death only (only complete this section where no TPD cover is required)
1)
Sum insured
2)
$
,
,
I wish to opt out of annual CPI increase
Death and Total & Permanent Disability
1)
Sum insured
$
2)
TPD options (select one)
,
,
If TPD cover required is less than death cover, please specify
$
,
,
Standard (any occupation) or activities of daily living.
Own occupation (please refer to the Insurance Guide for details of eligible occupations). A 50% loading will apply to own occupation TPD cover.
3)
I wish to opt out of annual CPI increases.
Income protection
1)
Amount of income insured
% (up to 75% of Annual income)
OR
Fixed amount of $
,
per month (monthly benefit can be up to 75% of annual income as described in the Insurance Guide)
PLUS (optional)
Superannuation contributions
Benefit payment period (select one)
30 days
2 years
60 days
Up to age 65 (no escalation)
90 days
Up to age 65 (with escalation)
I wish to opt out of annual CPI increases
2432
3)
Waiting period (select one) AND
MOT-S-SPSP_0812
2)
% up to 10% of annual income (these are paid directly to your superannuation account)
AIA Australia Limited ABN 79 004 837 861 AFSL 230043. netwealth Investments Limited ABN 85 090 569 109 AFSL 230975, Trustee of the netwealth
Superannuation Master Fund ABN 94 573 747 704. netwealth Super Wrap and netwealth Super Accelerator are products available in the Fund.
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Step 4. Personal questionnaire and declaration
At the date of this application
1)
Do you permanently reside in Australia?
Yes
No
2)
Occupation
Yes
No
on a full time basis, due to an injury or illness (even if you are not currently working on a full time basis or are unemployed)?
Yes
No
6)
Do you drink more than 20 standard drinks per week?
Yes
No
7)
Do you participate or intend to participate in any of the following:
Yes
No
Yes
No
Yes
No
Industry
Annual salary
$
,
Number of hours worked
,
If you are self employed, please supply evidence of income
per week (must be regular and consistent hours each week)
Daily duties (incluing % time spent performing each duty including any manual work):
3)
Please state your height
cm
Please state your weight
4)
Have you smoked any tobacco or any other substance in the last 12 months?
kg
If yes, please state forms and quantities
5)
At the date of this application, are you absent from work or unable to carry out all of the duties of your current or usual occupation
aviation (other than as a passenger on a recognised airline), football (all codes), scuba diving (more than 40 metres),
motor racing or any other hazardous activity?
8)
Have you ever suffered symptoms of, or had, or been told you have or received any advice or treatment for:
• high blood pressure, high cholesterol, heart complaint, chest pain or stroke;
• mental or nervous disorder including stress, anxiety, depression or neurological condition;
• cancer or a tumour of any type;
• back/joint disorder, arthritis, loss of limb or paralysis;
• loss of sight of any eye(s) or blindness;
• kidney, bladder, bowel or stomach disorder and or disease; or
• diabetes or liver disease (including hepatitis)?
9)
Have you ever:
• suffered from AIDS or been infected with the HIV virus;
• used or injected yourself with any illicit drugs not prescribed by a medical practitioner; or
• engaged in male-to-male anal sexual activity?
2432
MOT-S-SPSP_0812
Important note: if you answered ‘Yes’ to any question from 4 to 9 you are required to complete the Application form and personal statement in the Insurance Guide.
AIA Australia Limited ABN 79 004 837 861 AFSL 230043. netwealth Investments Limited ABN 85 090 569 109 AFSL 230975, Trustee of the netwealth
Superannuation Master Fund ABN 94 573 747 704. netwealth Super Wrap and netwealth Super Accelerator are products available in the Fund.
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Step 5. General declaration
1. Truth and accuracy – I hereby declare that to the best of my knowledge and belief all of the answers to questions on this short personal statement are true
and accurate and I have not deliberately withheld any information material to the proposed insurance.
2. Changes to contract – I understand that I must advise the Insurer of any material change in my health during the period between the application date shown
below and the cover commencement date. I understand that my failure to advise of such a change may make the contract of insurance avoidable by the insurer.
3. Acceptance of this application – I note that this application is subject to acceptance by the Insurer and that the insurance cover does not commence until
I have been advised by the insurer or netwealth Investment Limited about the acceptance of my application.
4. Duty of disclosure – I acknowledge that I have read and understood the Disclosure notice at the beginning of this form and understand its contents and what is
meant by my duty to disclose and I understand that my duty to disclose continues after I have completed this application until the insurer has accepted the risk.
5. Privacy statement – I have read and understood the ‘Privacy’ section as detailed in the Insurance Guide.
I consent to my personal information being collected and used in accordance with the privacy statement.
Name
Date D
D /M
M / Y
Y
2432
MOT-S-SPSP_0812
Signature of person
to be insured
AIA Australia Limited ABN 79 004 837 861 AFSL 230043. netwealth Investments Limited ABN 85 090 569 109 AFSL 230975, Trustee of the netwealth
Superannuation Master Fund ABN 94 573 747 704. netwealth Super Wrap and netwealth Super Accelerator are products available in the Fund.
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netwealth Superannuation
Personal Insurance
Application and personal statement
NWINSUINPA
Please use BLACK pen and BLOCK letters.
This Application form accompanies the Insurance Guide, referred to in the netwealth Super Wrap PDS (dated 11 October 2011) and the
netwealth Super Accelerator PDS (dated 23 April 2012). The PDS contains important information regarding membership of the netwealth
Superannuation Master Fund. You should read the PDS, the Insurance Guide and the Information Guides referred to in the PDS.
Disclosure notice
Your duty of disclosure – Before you enter into a contract with or become insured by the insurer you have a duty under the Insurance Contracts Act 1984
to disclose to the insurer every matter that is known, or could reasonably expected to be known, that is relevant to their decision whether to accept the risk of
insurance, and if so, on what terms. The same duty of disclosure to disclose these matters to the insurer applies before you renew, extend, vary or reinstate your
life insurance contract. Your duty does not, however, require you to disclose a matter:
• that diminishes the risk to be undertaken by the insurer;
• that is common knowledge;
• that the insurer knows, or in the ordinary course of business should know; or
• if your duty to disclose is waived by the insurer.
Non-disclosure – If you fail to comply with your duty of disclosure and the insurer would not have entered into the contract on any terms if the failure had not
occurred, the insurer may avoid the contract within three years of entering into it. If your nondisclosure is fraudulent, the insurer may avoid the contract at any time.
An insurer who is entitled to avoid a contract of insurance may, within three years of providing it, elect not to avoid it but to reduce the sum that you have been
insured for in accordance with a formula that takes into account the premium that would have been payable had all the relevant matters been disclosed.
Step 1. Provide member details
Exisiting netwealth clients
Client name
Client number
Account number
New clients
Mr/Mrs/Miss/Ms/Dr/Other
Family name
Given name(s)
D
Date of birth
D /M
M / Y
Y
Sex
Male
Female
Residential address
Suburb/town
State
Postcode
Postal address (optional)
Suburb/town
State
Postcode
Phone number
(
)
Facsimile
(
)
Work phone (
)
Mobile
MOT-S-INS-APP_0812
Email
2432
Country of residence (if not Australia)
AIA Australia Limited ABN 79 004 837 861 AFSL 230043. netwealth Investments Limited ABN 85 090 569 109 AFSL 230975, Trustee of the netwealth
Superannuation Master Fund ABN 94 573 747 704. netwealth Super Wrap and netwealth Super Accelerator are products available in the Fund.
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36
Step 2. Occupation
Occupation
Industry
Annual salary
$
,
Number of hours worked
If you are self employed, please supply evidence of income.
per week (Must be regular and consistent hours each week.)
Daily duties (including % time spent performing each duty including any manual work):
Step 3. Nominate adviser and adviser fees
Adviser name
Dealer code
Adviser stamp
Adviser code
Please elect the fee structure that will apply to any new insurance – as negotiated with your adviser*. This will apply to new insurance attached to your account.
Do not complete the fee option if you have existing cover with the netwealth Superannuation Master Fund. Increases to any type of insurance will retain the same
fee option as the original cover.
Flat fee
Annual adviser remuneration
% (0-20%)
Upfront fee
Adviser remuneration Year 1 – 100%, Year 2 onwards – 14%
Hybrid fee
Adviser remuneration Year 1 – 74%, Year 2 – 24%, Year 3 – 26%, Year 4 onwards – 28%
Please refer to the Insurance Guide for a full description of the remuneration associated with each option.
* Where you have no adviser the fee structure will automatically default to Flat fee with 0% ongoing remuneration.
Step 4. Insurance options
OR
New insurance
Increase to existing insurance (if applying for an increase please enter total required insurance amounts below)
Type of insurance
Death only (only complete this section where no TPD cover is required)
1)
2)
Sum insured
$
,
,
I wish to opt out of annual CPI increase
Death and Total & Permanent Disability
Sum insured
$
2)
TPD options (select one)
,
,
If TPD cover required is less than death cover, please specify
$
,
,
MOT-S-INS-APP_0812
1)
Standard (any occupation).
Own occupation (please refer to the Insurance Guide for details of eligible occupations). A 50% loading will apply to own occupation TPD cover.
I wish to opt out of annual CPI increases.
2432
3)
AIA Australia Limited ABN 79 004 837 861 AFSL 230043. netwealth Investments Limited ABN 85 090 569 109 AFSL 230975, Trustee of the netwealth
Superannuation Master Fund ABN 94 573 747 704. netwealth Super Wrap and netwealth Super Accelerator are products available in the Fund.
2/8
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Step 4. Insurance options (continued)
Income protection
1)
Amount of income insured
% (up to 75% of Annual income)
OR
Fixed amount of $
,
per month (monthly benefit can be up to 75% of annual income as described in the Insurance Guide)
PLUS (optional)
Superannuation contributions
2)
Waiting period (select one) AND
% up to 10% of annual income (these are paid directly to your superannuation account)
Benefit payment period (select one)
30 days
2 years
60 days
Up to age 65 (no escalation)
90 days
Up to age 65 (with escalation)
3)
I wish to opt out of annual CPI increases
4)
Agreed value. For full details refer to the Insurance Guide. A 20% premium loading will apply to Agreed value cover.
You must select one of the below options and provide the evidence specified with your application.
Employed
For cover up to $12,500 per month - Income tax return and Notice of Assessment for the last year.
For cover above $12,500 per month - Income tax returns and Notice of Assessments for the last 2 years.
For cover above $15,000 per month - Income tax returns and Notice of Assessments for the last 2 years plus Statement of Assets and Liabilities
(held personally or in Trust), from the insured’s accountant.
Self-employed
Profit & loss statements for the business or practice (including any trusts if applicable) for the last 2 years.
Income tax returns and Notice of Assessments for the insured and all business entities for the last 2 years
Statement of Assets and Liabilities (held personally or in trust), from the insured’s accountant for cover of $15,000 per month or more.
Step 5. Personal statement
At the date of this application:
1)
Do you permanently reside in Australia?
Yes
No
2)
Are you absent from work or unable to perform your usual duties of your normal occupation?
Yes
No
Yes
No
Yes
No
Yes
No
If yes, please provide details
3)
Has any company ever refused or applied special or modified conditions or cancelled any proposal to insure you for a life or
disablement policy?
4)
Have you smoked any tobacco or any other substance in the last 12 months?
5)
Have you used or injected yourself with any prescribed, illegal or illicit drugs?
6)
Please state your height
cm
Please state your weight
kg
AIA Australia Limited ABN 79 004 837 861 AFSL 230043. netwealth Investments Limited ABN 85 090 569 109 AFSL 230975, Trustee of the netwealth
Superannuation Master Fund ABN 94 573 747 704. netwealth Super Wrap and netwealth Super Accelerator are products available in the Fund.
2432
If yes, please state forms and quantities
MOT-S-INS-APP_0812
If yes, please provide details
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Step 5. Personal statement (continued)
7)
Do you intend to work, live or travel overseas?
Yes
No
Yes
No
If yes, please state the destination, duration, frequency and purpose
8)
Have you ever engaged or are you ever likely to engage in aviation (other than as a fare-paying passenger) or in any hazardous
occupation, recreation, pastime, or sport (e.g. motor racing, football, martial arts, scuba diving)?
If yes, please provide details
Section A – Medical details
Have you ever had or received treatment for or had symptoms of:
Yes No
Yes No
a)
High blood pressure or blood disorder e.g. leukaemia,
anaemia or haemophili
i)
Cancer, tumour or any form of breast lump (even if you
have not seen a doctor)?
b)
Heart, vein or circulatory disorder, including chest pain, heart
attack, heart murmur, raised cholesterol or rheumatic fever?
j)
Impairment/disorder of hearing or sight (other than short or long
sightedness fully correctable by glasses) or loss of any limb?
c)
Mental or nervous disorder (e.g. stress, anxiety, depression,
insomnia), fainting, epilepsy, paralysis, multiple sclerosis,
migraines, brain disorder or any neurological disorder?
k)
Dermatitis, thyroid or prostate disorder?
l)
Kidney, bladder, blood in urine or reproductive organ disorder?
Gout, arthritis, rheumatism, cartilage or ligament injury,
bone fracture or hernia?
n)
Drug or alcohol dependence?
o)
Any other symptoms, medical condition or departure from
good health not mentioned above?
p)
Females only
d)
e)
Back or neck pain, whiplash, sciatica orany muscle
or joint disorder?
f)
Asthma, bronchitis or other respiratory disorder?
g)
Stomach, intestinal or rectal disorder, ulcer, bleeding from
bowel, gall bladder or liver disorder, including hepatitis?
h)
m) Sexually transmitted diseases?
i) Female organ disorder (including abnormal pap smear,
breast ultrasound or mammogram)?
ii) Are you currently pregnant?
Diabetes, thyroid or prostate disorder?
If yes, date of expected delivery
D
D /M
M / Y
Y
Section B – Medical details
Yes No
2)
Are you considering consulting a doctor, or any other health
professional for any medical examination, advice, treatment,
tests or an operation?
During the last 5 years have you:
a) Had any examination, advice or treatment by a medical
practitioner, chiropractor or other health professional?
b) Been in hospital, clinic or nursing home?
c) Been advised to have an operation?
d) Had any tests, including blood tests, ECG, x-rays, or
genetic tests?
e) Occasionally or regularly taken any medication, drugs,
stimulants, sedatives or tranquillisers?
MOT-S-INS-APP_0812
1)
Yes No
2432
Important note: If you answered yes to any of the questions in Sections A or B, please complete all sections below. Otherwise, complete Sections D,E, F and G
(Income Protection).
AIA Australia Limited ABN 79 004 837 861 AFSL 230043. netwealth Investments Limited ABN 85 090 569 109 AFSL 230975, Trustee of the netwealth
Superannuation Master Fund ABN 94 573 747 704. netwealth Super Wrap and netwealth Super Accelerator are products available in the Fund.
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Step 5. Personal statement (continued)
Section C – Answers in detail
If you answerd yes to any question in Section A or B, please provide details.
If there is insufficient space, please provide a signed and dated Supplementary Statement.
Question
reference
(Section A
or B)
Tests, or nature
of condition or
complaint
Commencement Duration
date
Time off
work
Degree of
recovery
(%)
Full details of treatment Full name and address of
and results ( include type doctor or hospital (if any)
of operations)
Section D – Other details
1)
Do you drink alcohol?
Yes
No
If yes, what type of alcohol
2)
How much (daily intake)?
Do you have existing life, disability or trauma cover on your life (including any current applications held with any insurer)?
Yes
No
If yes, please provide details in the following schedule.
Commencement date
Terms of acceptance
Type of cover
Amount of cover
To be replaced ‘Y’ or ‘N’
Section E – Doctor’s details (please provide current details of your usual doctor)
Name
Date of last consultation D
D /M
M / Y
Y How long have you been a patient?
Years
months
Reason for consultation
Address
State
Postcode
Telephone (
)
2432
MOT-S-INS-APP_0812
Email address/facsimile
AIA Australia Limited ABN 79 004 837 861 AFSL 230043. netwealth Investments Limited ABN 85 090 569 109 AFSL 230975, Trustee of the netwealth
Superannuation Master Fund ABN 94 573 747 704. netwealth Super Wrap and netwealth Super Accelerator are products available in the Fund.
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40
Step 5. Personal statement (continued)
If you have been a patient of your current doctor for less than two years, please provide the details of your previous doctor below:
Name
Date of last consultation D
D /M
M / Y
Y How long have you been a patient?
Years
months
Reason for consultation
Address
State
Postcode
Telephone (
)
Email address/facsimile
Section F – Family history
1) Have any of your parents, brothers or sisters (living or deceased) had Huntington’s disease, muscular
dystrophy, cystic fibrosis, familial polyposis, polycystic disease or any other hereditary disorder?
Yes
No
Have any of your parents, brothers or sisters (living or deceased) been diagnosed prior to age 65 with any of the following
2)
conditions: diabetes, heart disease, mental illness, haemophilia, haemochromatosis, high blood pressure, high cholesterol,
breast cancer, bowel cancer or any other cancer (please specify type), stroke or kidney disease?
Yes
No
If yes, please provide details in the schedule below. If there is insufficient space, please provide a signed and dated Supplementary Statement
Relation
Condition/illness (For cancer – specify type)
Age at onset
(approximately)
Age at death
(if applicable)
Section G – Further income details (if applying for Income Protection)
1)
a)
Please state your monthly income from your current occupation (net of business expenses but before tax).
Please refer to the definition of income in the Insurance Guide for further information – DO NOT INCLUDE Investments and Superannuation
,
Previous year
per month
b)
How long have you been at your current occupation?
years
c)
How much of the above income will continue if you are disabled? $
,
For how long?
ii)
State source of income (e.g. sick leave, director’s fee, other salary continuance insurance)
Did your business make a loss in the last financial year?
e)
How many people do you employ?
Do you work at home?
,
months
i)
d)
$
Yes
No
Yes
No
If yes, state percentage of the time
%
2432
2)
$
MOT-S-INS-APP_0812
Principal occupation: Current year
AIA Australia Limited ABN 79 004 837 861 AFSL 230043. netwealth Investments Limited ABN 85 090 569 109 AFSL 230975, Trustee of the netwealth
Superannuation Master Fund ABN 94 573 747 704. netwealth Super Wrap and netwealth Super Accelerator are products available in the Fund.
6/8
41
Step 6. Declarations
AIDS Declaration
I hereby declare that:
1. I am not suffering from Acquired Immune Deficiency Syndrome (AIDS);
2. I am not infected with the HIV virus and I am not carrying antibodies to the HIV virus;
3. Since 1990, I have not used intravenous drugs, I have not engaged in male to male anal sexual activity and I have not worked as or had sexual intercourse with
a sex worker; and
4. I have not had sexual intercourse with someone I know or suspect to be HIV positive.
I am able to declare that to the best of my knowledge all of the above statements are true.
I am unable to declare that all the above statements are true.*
* If ticked, a Confidential Supplementary Personal Statement will be required.
Name
Signature of person
to be insured
Date D
D /M
M / Y
Y
General declaration
1. Truth and accuracy – I hereby declare that to the best of my knowledge and belief all of the answers to questions on this Application form and Personal
Statement are true and accurate and I have not deliberately withheld any information material to the proposed insurance.
2. C
hanges to contract – I understand that I must advise the Insurer of any material change in my health during the period between the application date shown
below and the cover commencement date. I understand that my failure to advise of such a change may make the contract of insurance voidable by the Insurer.
3. Acceptance of this application – I note that this application is subject to acceptance by the Insurer and that the insurance cover does not commence until I
have been advised by AIA Australia Limited or netwealth Investments Limited about acceptance of my application.
4. Duty of disclosure – I have read and understood the Disclosure notice at the beginning of this form and understand its contents and what is meant by my
duty to disclose and I understand that my duty to disclose continues after I have completed this application until the insurer has accepted the risk.
5. P
rivacy statement – I have read and understood the ‘Privacy’ section as detailed in the Insurance Guide.
I consent to my personal information being collected and used in accordance with the Privacy Statement.
6. Do you wish to receive direct marketing material from AIA Australia
Yes
No
Name
Date D
D /M
M / Y
Y
2432
MOT-S-INS-APP_0812
Signature of person
to be insured
AIA Australia Limited ABN 79 004 837 861 AFSL 230043. netwealth Investments Limited ABN 85 090 569 109 AFSL 230975, Trustee of the netwealth
Superannuation Master Fund ABN 94 573 747 704. netwealth Super Wrap and netwealth Super Accelerator are products available in the Fund.
7/8
42
Step 6. Declarations (continued)
Consent
Consent to disclose – I consent to AIA Australia and to netwealth on behalf of AIA Australia, seeking medical information from any doctor or other health
professional who at any time I have consulted prior to the date below. While I am insured, I authorise the provision of such information to AIA Australia. I consent
to the use of my personal information to be used as outlined in the Insurance Guide. I agree to be bound by the provisions of the policy document between AIA
Australia and netwealth, which govern the terms of life insurance and conditions set out in this document.
Name
Signature of person
to be insured
Date D
D /M
M / Y
Y
Medical authority
I, (name of person to be insured)
authorise any medical practitioner, clinic, reinsurer, underwriter, medical record collector or other person to disclose to AIA Australia full details of my health and
medical history.
Name
Signature of person
to be insured
Would you like an underwriter to contact you to clarify any information?
Date D
Yes
D /M
M / Y
Y
No
For any additional information, please complete the details below
Section No.
Section No.
MOT-S-INS-APP_0812
Section No.
2432
Section No.
AIA Australia Limited ABN 79 004 837 861 AFSL 230043. netwealth Investments Limited ABN 85 090 569 109 AFSL 230975, Trustee of the netwealth
Superannuation Master Fund ABN 94 573 747 704. netwealth Super Wrap and netwealth Super Accelerator are products available in the Fund.
8/8
43
netwealth Superannuation
Personal Insurance transfer
NWINSUINTR
Please use BLACK pen and BLOCK letters.
This form accompanies the Insurance Guide, referred to in the netwealth Super Wrap PDS (dated 11 October 2011) and the netwealth
Super Accelerator PDS (dated 23 April 2012). The PDS contains important information regarding membership of the netwealth
Superannuation Master Fund. You should read the PDS, the Insurance Guide and the Information Guides referred to in the PDS.
To apply to transfer your existing insurance cover to the netwealth Superannuation Master Fund you need to:
1. complete Steps 1-9 and provide the required details;
2. and acknowledge the Duty of Disclosure section of this form.
If the insurer accepts your application you will have the sum of the total level of covers provided to you by your former funds or insurers added to your existing
netwealth Superannuation Master Fund account subject to the underwriting terms provided by the previous insurer, including premium loadings, restrictions,
exclusions or any other limitations imposed on the previous cover.
Disclosure notice
Your duty of disclosure – Before you enter into a contract with or become insured by the insurer you have a duty under the Insurance Contracts Act 1984
to disclose to the insurer every matter that is known, or could reasonably expected to be known, that is relevant to their decision whether to accept the risk of
insurance, and if so, on what terms. The same duty of disclosure to disclose these matters to the insurer applies before you renew, extend, vary or reinstate your life
insurance contract. Your duty does not, however, require you to disclose a matter:
• that diminishes the risk to be undertaken by the insurer;
• that is common knowledge;
• that the insurer knows, or in the ordinary course of business should know; or
• if your duty to disclose is waived by the insurer.
Non-disclosure – If you fail to comply with your duty of disclosure and the insurer would not have entered into the contract on any terms if the failure had not
occurred, the insurer may avoid the contract within three years of entering into it. If your nondisclosure is fraudulent, the insurer may avoid the contract at any time.
An insurer who is entitled to avoid a contract of insurance may, within three years of providing it, elect not to avoid it but to reduce the sum that you have been
insured for in accordance with a formula that takes into account the premium that would have been payable had all the relevant matters been disclosed.
Step 1. Provide member details
Exisiting netwealth clients
Client name
Client number
Account number
New clients
Mr/Mrs/Miss/Ms/Dr/Other
Family name
Given name(s)
D
Date of birth
D /M
M / Y
Y
Sex
Male
Female
Residential address
Suburb/town
State
Postcode
Postal address (optional)
Suburb/town
Postcode
Phone number
(
)
Facsimile
(
)
Work phone (
)
MOT-S-INS-TRN_0812
State
Mobile
Email
AIA Australia Limited ABN 79 004 837 861 AFSL 230043. netwealth Investments Limited ABN 85 090 569 109 AFSL 230975, Trustee of the netwealth
Superannuation Master Fund ABN 94 573 747 704. netwealth Super Wrap and netwealth Super Accelerator are products available in the Fund.
2432
Country of Residence (if not Australia)
1/6
44
Step 2. Provide your employment details
Current employer details (if applicable)
Occupation
Industry
Annual salary
$
,
Please refer to the Insurance Guide for definition of ‘income’. If you are self employed, please supply evidence of income as described in the Insurance Guide.
Number of hours worked
per week (Must be regular and consistent hours each week.)
Daily duties (including % time spent performing each duty including any manual work):
Step 3. Personal statement and confirmation of requirements
Please confirm (by ticking the box below) that all of the following statements are true and correct:
1. I will cancel my existing insurance cover to which this Insurance transfer form applies;
2. I will not be transferring the cover under my former fund/policy to any other division or section of the former fund/policy or to any other fund/policy, other than
to arrangements under the netwealth Superannuation Master Fund;
3. I will not effect a continuation option, or subsequently reinstate cover within the former fund/policy or any other divisions or associated funds of the former fund;
4. Have you smoked any tobacco or any other substance in the last 12 months?
Yes
No
If Yes, please state forms and quantities
I confirm that all above statements are true and correct and agree to abide by these requirements
Yes
No
If ‘No’ you will not be eligible to transfer your existing insurance cover to the netwealth Superannuation Master Fund. You are not required to complete the
remainder of this form.
Step 4. Your former super fund/insurer details
Fund/insurer No. 1
Name of fund/Insurer
Member account/policy number
I confirm that my current level of cover is as follows:
$
,
,
TPD cover
$
,
,
Income Protection
$
Own occupation (Tick only if transferring TPD cover previously approved for own occupation)
,
per month (maximum amount of cover you can transfer is $10,000 per month)
Current Income Protection waiting period (please tick a box)
30 days
60 days
Current Income Protection benefit payment period (please tick a box)
2 years
up to age 65 (no escalation)
Is your current cover for an agreed value?
90 days
180 days
other
up to age 65 (with escalation)
other
MOT-S-INS-TRN_0812
Death cover
Yes (refer to the Insurance Guide for full details)
Fund/insurer No. 2
Name of fund/Insurer
AIA Australia Limited ABN 79 004 837 861 AFSL 230043. netwealth Investments Limited ABN 85 090 569 109 AFSL 230975, Trustee of the netwealth
Superannuation Master Fund ABN 94 573 747 704. netwealth Super Wrap and netwealth Super Accelerator are products available in the Fund.
2432
Member account/policy number
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45
Step 4. Your former super fund/insurer details (continued)
I confirm that my current level of cover is as follows:
Death cover
$
,
,
TPD cover
$
,
,
Income Protection
$
Own occupation (Tick only if transferring TPD cover previously approved for own occupation)
,
per month (maximum amount of cover you can transfer is $10,000 per month)
Current Income Protection waiting period (please tick a box)
30 days
60 days
Current Income Protection benefit payment period (please tick a box)
2 years
up to age 65 (no escalation)
Is your current cover for an agreed value?
90 days
180 days
other
up to age 65 (with escalation)
other
Yes (refer to the Insurance Guide for full details)
Fund/insurer No. 3
Name of fund/Insurer
Member account/policy number
I confirm that my current level of cover is as follows:
Death cover
$
,
,
TPD cover
$
,
,
Income Protection
$
Own occupation (Tick only if transferring TPD cover previously approved for own occupation)
,
per month (maximum amount of cover you can transfer is $10,000 per month)
Current Income Protection waiting period (please tick a box)
30 days
60 days
Current Income Protection benefit payment period (please tick a box)
2 years
up to age 65 (no escalation)
Is your current cover for an agreed value?
90 days
180 days
other
up to age 65 (with escalation)
other
Yes (refer to the Insurance Guide for full details)
Fund/insurer No. 4
Name of fund/Insurer
Member account/policy number
I confirm that my current level of cover is as follows:
Death cover
$
,
,
TPD cover
$
,
,
Income Protection
$
Own occupation (Tick only if transferring TPD cover previously approved for own occupation)
,
per month (maximum amount of cover you can transfer is $10,000 per month)
Current Income Protection waiting period (please tick a box)
30 days
60 days
Current Income Protection benefit payment period (please tick a box)
2 years
up to age 65 (no escalation)
Is your current cover for an agreed value?
90 days
180 days
other
up to age 65 (with escalation)
other
Yes (refer to the Insurance Guide for full details)
Fund/insurer No. 5
Name of fund/Insurer
Member account/policy number
$
,
,
TPD cover
$
,
,
Income Protection
$
Own occupation (Tick only if transferring TPD cover previously approved for own occupation)
,
per month (maximum amount of cover you can transfer is $10,000 per month)
Current Income Protection waiting period (please tick a box)
30 days
60 days
Current Income Protection benefit payment period (please tick a box)
2 years
up to age 65 (no escalation)
Is your current cover for an agreed value?
90 days
180 days
other
up to age 65 (with escalation)
other
Yes (refer to the Insurance Guide for full details)
AIA Australia Limited ABN 79 004 837 861 AFSL 230043. netwealth Investments Limited ABN 85 090 569 109 AFSL 230975, Trustee of the netwealth
Superannuation Master Fund ABN 94 573 747 704. netwealth Super Wrap and netwealth Super Accelerator are products available in the Fund.
2432
Death cover
MOT-S-INS-TRN_0812
I confirm that my current level of cover is as follows:
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46
Step 5. Total cover required
Total cover required is as follows (can be up to the total of each respective cover):
Death cover
$
,
,
TPD cover
$
,
,
Income Protection
$
,
per month
The level of cover for Income Protection will be indemnity only. If agreed value is required you will need to complete a new Application form and Personal Statement.
To be eligible for Income Protection under the netwealth Superannuation Master Fund you must be permanently employed and working at least 15 hours per week.
Step 6. Provide Transfer Type
Transfer of existing insurance cover to the netwealth Superannuation Master Fund may proceed under one of the following two options;
A – Standard transfer
Standard transfer may proceed if the maximum age next birthday is 55 for Death & TPD cover or 50 for Income Protection. The previous acceptance must have
been accepted only at standard rates and without medical exclusions. The policy being replaced must have been fully underwritten by another insurer within
the last five (5) years for Death & TPD cover or three (3) years for Income Protection cover and the maximum cover to be transferred is $3,000,000 Death,
$2,000,000 TPD and $10,000 per month Income Protection.
If you do not meet the above conditions for a standard transfer you may apply for transfer of existing cover to the netwealth Superannuation Master Fund by
supplying the documentation listed below and completing the following section:
OR
B – Non-standard transfer
Where you do not meet the requirements shown above for a Standard Transfer – you must complete this section.
The maximum age next birthday is 65 for Death & TPD and Income Protection.The maximum cover to be transferred is $1,000,000 Death & TPD cover and
$10,000 per month Income Protection.
1. Are you absent from work or unable to carry out all of the duties of your current or usual occupation on a full time basis,
due to an injury or illness (even if you are not currently working on a full time basis or are unemployed)?
Yes
No
2. Have you been paid, or are you eligible to be paid, or have you lodged a claim for a TPD benefit with the netwealth
Superannuation Master Fund, another superannuation fund or life insurance policy?
Yes
No
3. Have you been diagnosed with an illness that reduces your life expectancy to less than 12 months from today?
Yes
No
If you answered ‘Yes’ to any of the questions (1) to (3) you will not be eligible to transfer your existing insurance cover to the netwealth Superannuation
Master Fund. You are not required to complete the remainder of this form.
4. Is your existing cover subject to any premium loadings and or exclusions including but not limited to pre-existing conditions
exclusions, or restrictions in regards to medical or other conditions?
Yes
No
If ‘Yes’ please provide details of the premium loadings, exclusions and/or restrictions, including a copy of the advice you received from the insurer or former
fund advising you of the acceptance of your cover subject to these additional terms.
Required documentation
The following documentation must be supplied for both Standard and Non-Standard Transfers;
1. a copy of the original acceptance, and the original policy schedule or statement; and
2. the existing currency of the policy; and
For multi-policy takeovers please provide a policy schedule or statement; and/or currency of policy; and/or recent statement for each policy.
2432
Important note: You must obtain and attach an up to date statement from your former fund or former direct insurer, confirming the type and level of cover you had
with them. This up to date statement must be received by netwealth within 30 days of it being issued by your former fund or insurer.
MOT-S-INS-TRN_0812
3. the most recent annual statement from your former fund or renewal notice from your insurer.
AIA Australia Limited ABN 79 004 837 861 AFSL 230043. netwealth Investments Limited ABN 85 090 569 109 AFSL 230975, Trustee of the netwealth
Superannuation Master Fund ABN 94 573 747 704. netwealth Super Wrap and netwealth Super Accelerator are products available in the Fund.
4/6
47
Step 7. Nominate adviser and adviser remuneration
Adviser name
Dealer code
Adviser stamp
Adviser code
Please elect the fee structure that will apply - as negotiated with your adviser*. This will apply to all insurance attached to your account. Do not complete the fee
option if you have existing cover with the netwealth Superannuation Master Fund. Increases to any type of insurance will will retain the same fee option as the
original cover with the Fund.
Flat fee
Annual adviser remuneration
% (0-20%)
Upfront fee
Adviser remuneration Year 1 – 100%, Year 2 onwards – 14%
Hybrid fee
Adviser remuneration Year 1 – 74%, Year 2 – 24%, Year 3 – 26%, Year 4 onwards – 28%
Please refer to the Insurance Guide for a full description of the remuneration associated with each option.
* Where you have no adviser the fee structure will automatically default to Flat fee with 0% ongoing remuneration.
Step 8. Declaration and signature
I understand that the transfer of my existing Death, TPD or Income Protection cover once accepted by the insurer, will be subject to the terms and conditions of the
netwealth Superannuation Master Fund’s insurance arrangements with AIA Australia and that my Income Protection (if applicable) benefit payment period and
waiting period will be matched to the netwealth Superannuation Master Fund offer where possible. If the waiting period is different, the member’s waiting period
will be rounded up to the next highest offer under netwealth, i.e. a 45 day waiting period will be rounded up to a 60 day waiting period under netwealth. If the
benefit period is different this will be the lesser benefit period offered under netwealth.
I acknowledge that:
1. If I do not fully complete, sign and date this Insurance transfer form, I will not be eligible to transfer my existing cover to netwealth;
2. If the insurer accepts my application, my existing amount of cover as at the transfer date under my former fund or former direct policy will be replaced in my
netwealth account, but will be subject to a maximum of $3,000,000 Death cover and $2,000,000 TPD cover for a standard transfer or $1,000,000 Death
& TPD cover for a non-standard transfer and $10,000 per month Income Protection;
3. My replacement cover will not commence under the netwealth Superannuation Master Fund until the later of:
(a) the insurer accepting my application; and
(b) cancellation of my existing insurance cover under my former fund; or directly with my insurer;
4. netwealth and the insurer may undertake appropriate enquiry and investigation to verify the answers I have provided;
5. netwealth and the insurer may investigate whether any premium loadings, restrictions and exclusions applied to my cover within the former fund or former
direct policy.
6. I agree to provide netwealth or the insurer with access to the health and or financial evidence I provided to any former fund and their insurer in an application
for the cover. Any non-disclosure to a former fund or insurer may be acted upon by netwealth or their insurer; and
7. Should it become apparent to netwealth or the insurer that I have not responded truthfully or satisfied the requirements that I confirmed in Steps 3-7 above,
then any insured benefit that may be payable to me, my beneficiaries or my estate by netwealth may be reduced by the insured amount paid or payable by
my former fund or former insurer; an associated section or division of the former fund; or any other fund; or any policy issued under any option that I exercised,
as a consequence of my failure to abide by these conditions.
I hereby declare that:
MOT-S-INS-TRN_0812
8. The information contained in this Insurance transfer form (whether written in my hand or not) is true and correct and that no information material to this
application for transfer has been withheld;
2432
9. I have read and understood the Disclosure notice at the beginning of this form and understand its contents and what is meant by my duty to disclose and I
understand that my duty to disclose continues after I have completed this application until the insurer has accepted the risk;
AIA Australia Limited ABN 79 004 837 861 AFSL 230043. netwealth Investments Limited ABN 85 090 569 109 AFSL 230975, Trustee of the netwealth
Superannuation Master Fund ABN 94 573 747 704. netwealth Super Wrap and netwealth Super Accelerator are products available in the Fund.
5/6
48
Step 8. Declaration and signature (continued)
10. I have read the netwealth Super Wrap Product Disclosure Statement or the netwealth Super Accelerator Product Disclosure Statement (as applicable) and
the Insurance Guide – carefully;
11. To the best of my knowledge the above details provided by me are correct;
12. I am currently employed and able to carry out the identifiable duties of my employment without restriction due to any injury or illness on a full-time basis.
I acknowledge that the insurance cover will only be provided on the terms and conditions set out in the policy with AIA Australia and as agreed with netwealth
Investments Limited.
I have read and understood the Privacy section as detailed in the Insurance Guide and I consent to my personal information being collected and used in accordance
with the Privacy Statement.
Name
Signature
of member
Date D
D /M
M / Y
Y
Step 9. Once completed please send to us:
Ensure you also attach the required documentation.
Mail netwealth Investments Limited
Reply Paid 336
SOUTH MELBOURNE VIC 3205
Fax Email (03) 9655 1333
[email protected]
2432
MOT-S-INS-TRN_0812
If you have any questions please contact your adviser or call us on Freecall 1800 888 223.
AIA Australia Limited ABN 79 004 837 861 AFSL 230043. netwealth Investments Limited ABN 85 090 569 109 AFSL 230975, Trustee of the netwealth
Superannuation Master Fund ABN 94 573 747 704. netwealth Super Wrap and netwealth Super Accelerator are products available in the Fund.
6/6
Notes
Notes
Notes
A dedicated investor services line is available
for all client enquiries on Freecall 1800 888 223.
SA-IG-09/2012
Postal address
netwealth Investments Limited
PO Box 336
SOUTH MELBOURNE VIC 3205
`