Metlife Protect Super
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MetLife Protect and MetLife Protect Super Supplementary Combined Product Disclosure Statement and Policy Terms (SPDS) Prepared 2 August 2021 MetLife Protect and MetLife Protect Super Supplementary Combined Product Disclosure Statement and Policy Terms (SPDS) Issue Date 2 August 2021 This supplementary Combined Product Disclosure Statement and Policy Terms (SPDS) is dated 2 August 2021 and supplements the information contained in the Combined Product Disclosure Statement and Policy Terms (PDS) for MetLife Protect and MetLife Protect Super with an effective date of 29 March 2021. This SPDS should be read together with the PDS before making a decision about the MetLife Protect and MetLife Protect Super Product. The terms used in this SPDS have the same meaning as those in the PDS. MetLife Protect is issued by MetLife Insurance Limited (ABN 75 004 274 882, AFSL 238096) (‘MetLife’). MetLife Protect Super is issued by Equity Trustees Superannuation Limited (ABN 50 055 641 757, AFSL 229757, RSE Licence L0001458) (the ‘Trustee’) as trustee for the MetLife Australia Superannuation Fund (USI 68964712340007), which is a division of the Aon Master Trust (ABN 68 964 712 340) (‘the Fund’). Each issuer, MetLife and the Trustee, takes responsibility for this SPDS. Summary of changes The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry made a number of recommendations regarding the rights and obligations of consumers purchasing insurance policies. The Royal Commission concluded that the existing ‘Duty of Disclosure’ was no longer relevant for certain types of insurance contracts, including retail life insurance. Following the recommendations of the Royal Commission, Parliament has passed legislation to replace the current ‘Duty of Disclosure’ with the simpler ‘Duty to take Reasonable Care not to make a misrepresentation’ (DRC). The DRC is set out in the table below. The DRC will apply to all MetLife retail insurance contracts issued, renewed, or varied (but only in respect of the application to vary) from 2 August 2021. The following changes are effective 2 August 2021. PDS page What is impacted? Changes to the PDS number 7 Ongoing coverage The wording in the ‘Ongoing coverage’ section is deleted and replaced with the following: MetLife Protect and MetLife Protect Super provide ongoing coverage. This means that once your Policy has started, we can’t adversely alter the terms of your cover unless permitted by law for a failure to comply with the Duty to take reasonable care not to make a misrepresentation, even if there is a change in your health, occupation or pastimes while your Policy is in force. Your premiums may be subject to change as described in section 8 on page 128. 8 Risks section The second bullet point in the Risk section is deleted and replaced with the following: • your claim may not be paid if you or the Life Insured have failed to comply with your Duty to take reasonable care not to make a misrepresentation outlined on page 9, or if you have made a fraudulent claim; 8 If you don’t The wording in ‘If you don’t provide correct Information’ section is deleted and replaced with provide correct the following: information If you don’t provide true and correct answers to questions in your application for insurance cover or any variation to your cover, it could result in your claim being rejected or a reduction in your benefit amount. For more information, please refer to the ‘Your duty to take reasonable care not to make a misrepresentation’ section on the next page. ii PDS page What is impacted? Changes to the PDS number 9 Your duty of The wording in ‘Your duty of disclosure’ section is deleted and replaced with the following: disclosure Your duty to take reasonable care not to make a misrepresentation (‘Duty to take Reasonable Care’) When you apply for life insurance, we will ask you a number of questions. Care must be taken to answer all questions we ask as part of your insurance application honestly and accurately. Otherwise, you may not be able to rely on your insurance when it’s needed the most. Our questions will be clear and specific. They will be about things such as your health and medical history, occupation, income, lifestyle, pastimes, and other insurance. The answers given in response to our questions are very important. We use them to decide if we can provide cover to you and, if we can, the terms of the cover and the premium we will charge. The duty to take reasonable care not to make a misrepresentation When applying for insurance, there is a duty to take reasonable care not to make a misrepresentation. A misrepresentation could be made if an answer is given that is false, only partially true, or that does not fairly reflect the truth. This means when answering our questions, you should respond fully, honesty and accurately. The duty to take reasonable care not to make a misrepresentation applies any time you answer our questions as part of an initial application for insurance, an application to extend or make changes to existing insurance, or an application to reinstate insurance. You are responsible for all answers given, even if someone assists you with your application. We may later investigate the answers given in your application, including at the time of a claim. Consequences of not complying with the duty If there is a failure to comply with the duty to take reasonable care not to make a misrepresentation, it can have serious consequences for your insurance, such as those explained below: Potential consequences Additional explanation Impact on claims Your cover being avoided. This means your cover will be Any claim that has been treated as if it never existed. made will not be payable. The amount of your cover Your cover level could be If a claim has been made, being changed. reduced. a lower benefit may be payable. The terms of your cover We could, for example, add If a claim has been made being changed an exclusion to your cover for an event that is now meaning claims for certain excluded, it will not be events will not be payable. payable. iii PDS page What is impacted? Changes to the PDS number 9 Your duty of If we believe there has been a breach of the duty to take reasonable care not to make a disclosure misrepresentation, we will let you know our reasons and the information we rely on and give you continued an opportunity to provide an explanation. In determining if there has been a breach of the duty, we will consider all relevant circumstances. The rights we have if there has been a failure to comply with the duty will depend on factors such as what we would have done had a misrepresentation not been made during your application process and whether or not the misrepresentation was fraudulently made. If we decide to take some action on your cover, we will advise you of our decision and the process to have this reviewed or make a complaint if you disagree with our decision. Guidance for answering our questions When answering our questions, please: • Think carefully about each question before you answer. If you are unsure of the meaning of any question, please ask us before you respond. • Answer every question that we ask you. • Do not assume that we will contact your doctor for any medical information. • Answer truthfully, accurately, and completely. If you are unsure about whether you should include information, please include it or check with us. • Review your application carefully. If someone else helped prepare your application (for example, your adviser), please check every answer (and make corrections if needed) before the application is submitted. Other important information If the application is accepted the policy will be a ‘consumer insurance contract’. Before your cover starts, we may ask about any changes that mean you would now answer our questions differently. As any changes might require further assessment or investigation, it could save time if you let us know about any changes when they happen. If, after the cover starts, you think you may not have met your duty, please contact us immediately and we’ll let you know whether it has any impact on the cover. 115 – 6.1 Underwritten The wording in ‘6.1 Underwritten Cover’ is deleted and replaced with the following: Section Cover Underwriting involves an assessment of risk, which takes into account the individual 6 circumstances of the Life Insured’s health, occupation, financial position, family medical history, pastimes and other information. After we have completed this assessment in full, we will either accept the application for cover under the standard terms of the Policy or offer amended terms where additional loadings and/or exclusions and/or special terms will apply. We will notify you of any offer of amended terms for you to consider if you would like to proceed. In some circumstances, we will decline cover altogether. When applying for underwritten cover, or any increase in underwritten cover, the Life Insured is bound by a duty to take reasonable care not to make a misrepresentation (explained on page 9). iv This page intentionally left blank If you need assistance If you have any questions about MetLife Protect or MetLife Protect Super, please contact the Customer Experience Team: Phone: 1800 523 523 (8.00 am to 6.00 pm ADT/AEST) Email: [email protected] metlife.com.au MetLife Insurance Limited | Level 9, 2 Park Street, Sydney | NSW 2000 ABN 75 004 274 882 AFSL NO. 238 096 © 2021 METLIFE INSURANCE LTD. MET_PDS_A4_PROTECT_202108 MetLife Protect and MetLife Protect Super Combined Product Disclosure Statement and Policy Terms for MetLife Protect and MetLife Protect Super Prepared 29 March 2021 About this document Combined Product Disclosure Statement and principles of conduct for our life insurance services, such as being Policy Terms open, fair and honest.