Recovery & Stand Alone Recovery Benefits & Options
Recovery Benefit
There are important differences under this benefit between Recovery and Stand Alone Recovery.
| Recovery | Stand Alone Recovery |
The Recovery Benefit sum insured will be paid as a lump sum once only if, you:
| The Recovery Benefit sum insured will be paid once as a lump sum only if, you:
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The conditions and procedures listed under these policies are as follows:
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- the policy commencement date; or
- an increase to the sum insured (in respect of the increased portion only); or
- the most recent reinstatement of the policy.
- the cancer must be first diagnosed
- the heart attack or stroke must first occur; or
- the disease or condition which the coronary artery angioplasty – triple vessel, coronary artery surgery, heart surgery (open), repair or replacement of aorta, or repair or replacement of valves, as the case may be, is intended to address, must be first diagnosed,
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Partial Recovery Benefit
If you choose Stand Alone Recovery, the Partial Recovery Benefit will only be paid if you survive at least 14 days after the occurence of the listed conditions.
We will make a partial payment on the occurrence of the following:
| Diagnosed with carcinoma in situ | We will only pay this benefit once and we will pay the greater of 10% of your sum insured and $10,000. |
| Coronary Artery Angioplasty* | We will pay the greater 10% of your sum insured and $10,000. We will pay this benefit more than once if there is at least 6 months between each coronary artery angioplasty operation. |
| Serious Accidental Injury | We will only pay this benefit once and we will pay the greater of 10% of your sum insured and $10,000. |
| Single Loss of Limb or Eye | We will only pay this benefit once and we will pay the greater of 10% of your sum insured and $10,000. |
Your Recovery sum insured is reduced by the payment made and your premiums will be recalculated based on the reduced sum insured.
Unless you are applying for the policy as a replacement policy, cover does not start for carcinoma in situ and coronary artery angioplasty until the date 3 months after:
- the policy commencement date; or
- an increase to the sum insured (in respect of the increased portion only); or
- the most recent reinstatement of the policy.
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Funeral Advancement Benefit
The Funeral Advancement Benefit only applies to Recovery and is intended to allow prompt payment to assist in meeting funeral expenses and other immediate costs.
This benefit will provide an advanced payment of $10,000:
- in the event of your accidental death during the first 3 years after the policy commencement date (or the date the policy was most recently reinstated); and
- thereafter on your death from all causes.
The Funeral Advancement Benefit is not available if the policy is owned through a superannuation fund.
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Limited Death Benefit
This benefit only applies to Stand Alone Recovery
If you die and the Recovery Benefit is not payable, we will pay the Limited Death Benefit. The amount paid is $10,000.
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Automatic Increase Benefit
To help keep cover in line with inflation, the sum insured will increase on each policy anniversary unless the policy owner tells us not to. The increase in the sum insured will be the greater of the indexation factor and 3%. Premiums will then be increased to reflect the indexed sum insured.
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Premium Freeze Option
The policy owner can tell us to freeze premiums within 30 days of a policy anniversary if they are paying premiums on a stepped basis.
This means that future premiums will be fixed at the same amount as the premium immediately before the policy anniversary and the sum insured will usually reduce each year as you get older.
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Buy Back Option
This benefit only applies to Recovery
This option allows the policy owner to purchase a new policy covering death and terminal illness, 12 months after payment of the Recovery Benefit (other than for death and terminal illness), without further medical evidence. The new policy can have a sum insured equal to the Recovery Benefit payment.
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Term Life Conversion
This benefit only applies to Recovery.
Provided the Recovery Benefit has not been paid, the policy owner can request in writing to convert the policy to Term Life.
If the Recovery policy includes TPD, the new policy can include the Single TPD Payout Benefit and the definition of total and permanent disablement under the new policy will be equivalent of that applicable under the Recovery policy at the time of conversion.
The sum insured for Term Life will be the Recovery Benefit sum insured at the time of conversion. Recovery will automatically convert to Term Life on the policy anniversary when you are age 70.
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Financial Planning Benefit
If the Recovery Benefit sum insured has been paid, the recipient of the benefit will be reimbursed up to $1,500 (in total) in the event they obtain accredited financial planning advice.
If there is more than one recipient of the benefit, each recipient will be entitled to an equal share of the benefit.
Financial planning advice must be provided by an approved accredited Adviser and the Financial Planning Benefit claimed within 12 months of receiving the payment.
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Future Cover Benefit
This benefit only applies to Stand Alone Recovery.
If the Recovery Benefit has not been paid before the policy anniversary when you are age 70, the policy will automatically convert to Term Life with death and terminal illness cover.
The sum insured for Term Life will be the lesser of:
- the sum insured at the expiry date; and
- $50,000.
The terms and premiums payable on the Term Life policy will be based on those offered to our Term Life policies at that time.
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Nominated Beneficiaries
If you and the policy owner are the same, you can nominate beneficiaries (such as your partner or children) to receive the benefit in the event of your death.
A nominated beneficiary must be an individual, a charitable foundation or a company. By validly nominating beneficiaries the possible delays of obtaining probate and administering the estate may be avoided. You can nominate up to 10 beneficiaries and change them at any time before your death.
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Recovery Increase Benefit
Certain events in life such as marriage, the birth of a child, becoming a carer for the first time or an increase in your salary may have an impact on the need for insurance. To enable your level of cover to change with your circumstances, the policy owner can exercise the Recovery Increase Benefit.
The benefit is available if you are age 55 or under when applying for the policy. The policy owner can increase the Recovery benefit sum insured, without the need for further medical evidence, if any of the recovery increase events occur to you, and you are age 60 or under when the event occurs.
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Guarantee of Upgrade
If we make any future improvements to Recovery and Stand Alone Recovery without any increase in our standard premium rates, we will, at the date these improvements become available, provide them to the Policy Owner without charging an extra premium.
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Additional Term and TPD
This option only applies to Recovery.
You can purchase extra Term Life and total and permanent disablement cover to 'top up' Recovery by taking Additional Term Life. This will provide extra financial security in the event of death or TPD. The premiums, benefits and other details will be based on those offered under the Term Life policy except that the Grief Support Service, Financial Planning benefit and Business Security Option do not apply to Additional Term Life.
A second policy fee will not apply to the Additional Term Life if purchased.
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Double Recovery Option
This option only applies to Recovery.
If the Double Recovery Option applies, and we have paid the Recovery Benefit (other than for death or terminal illness), rather than having to wait 12 months to buy back your death and terminal illness cover, we will reinstate this cover if you are alive and 14 days have passed since:
- you were first diagnosed with the listed condition listed;
- you underwent the procedure listed; or
- the benefit due to your total and permanent disablement was paid.
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Recovery Reinstatement Option
This option allows the policy owner to purchase a new varied Stand Alone Recovery policy (the new policy) after payment of the full Recovery Benefit (other than for death, terminal illness or total and permanent disability), without further medical evidence. The new policy can have a sum insured up to 100% of the original Recovery Benefit payment.
The maximum sum insured of the new policy is the lesser of the original Recovery Benefit payment and $1,000,000.
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Child Recovery Option
You can apply for cover between $10,000 and $200,000 per child. The sum insured must be in multiples of $10,000.
If the Child Recovery Option applies, the Child Recovery sum insured will be paid in the event the insured child:
- dies;
- suffers a terminal illness; or
- suffers one of the following conditions or undergoes one of the following procedures:
| - blindness - brain Damage - cancer* - cardiomyopathy - chronic kidney (renal) failure - deafness - encephalitis - intensive care - intracranial benign tumour | - loss of limbs or sight - loss of speach - major head trauma - major organ transplant - meningitis - paralysis - severe burns - stroke* |
- the policy commencement date; or
- an increase to the sum insured (in respect of the increased portion only); or
- the most recent reinstatement of the policy.
- the cancer must be first diagnosed; or
- the stroke must first occur,
We will pay a partial payment of $10,000 if the insured child suffers;
- a serious accidental injury; or
- a single loss of limb or eye.
Child Recovery Increase Benefit
Under the Child Recovery Increase Benefit, the policy owner can increase the sum insured for an insured child by $10,000, without the need for further medical evidence when the insured child turns:
- 6;
- 10;
- 14;
- 18.
Proof required will be a certified copy of the child's birth certificate or passport.
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Waiver of Premium Option
If you are disabled for an extended period of time, you may find it difficult to meet your financial responsibilities. Purchasing the Waiver of Premium Option may assist in easing this burden.
The Waiver of Premium Option is available if you are age 59 or under when applying for the policy.
The premiums for any period while you are disabled and covered for this option, will be waived, provided you have been continuously disabled for the previous 6 months.
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Interim Cover
While your application is being processed, we provide Interim Cover for death (death cover does not apply to Stand Alone Recovery) or total and permanent disability as a result of sickness or injury. We also provide Interim Cover for certain conditions directly as a result of an injury. Your Interim Cover commences when your completed application form and initial premium (or completed deduction authority) are lodged at one of our State Offices or our Head Office.
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Stepped and Level Premium Options
You have a choice of 2 options on how you would like us to calculate your premiums.
If stepped premiums apply, the premium will be recalculated (and will usually increase) on each policy anniversary based on your age at that time.
If level premiums apply, the premium is calculated at the start of the policy, based on your age at that time. The premium for any increase in the sum
insured is calculated at the start date of the increase, based on your age at that time.
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Cooling Off Period
After we have accepted your application and issued the policy document and schedule, there is a period of time in which you may cancel the policy and obtain a refund of the premium and other charges you have paid (other than any government taxes and charges for which we are unable to obtain a refund). This is known as the 'cooling off period'.
During this time, you should check that the policy meets your needs. The cooling off period is normally 28 days and commences from the date we issue the policy document and schedule. Your cooling off rights will not apply if there has been any claim during the cooling off period.
If you decide to cancel the policy in the cooling off period, you must return your policy document and schedule together with a written request to cancel the policy, to our Head Office.
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