FAQ’s
Am I guaranteed to be accepted?
Provided you are an Australian Resident and are between the ages of 18 and 65 you are guaranteed to be accepted for FlexiSure Life Cover.
When will FlexiSure pay the Life Cover Benefit Amount?
Subject to the terms of the policy, we will pay the Life Cover Benefit Amount as a lump sum on the earliest of:• the death of a Life Insured,
• if the Life Insured is diagnosed with a Terminal Illness; or
• the date the Life Insured attains 85*
*Partial payments of your Life Cover Benefit Amount apply from the age of 81 if you choose to cancel your policy before age 85.
When does my cover end?
Your Policy will end upon the earliest of the following events:• the date you cancel your Policy, or
• the date we cancel or avoid your Policy due to non-payment of premiums or when entitled to do so under the Insurance Contracts Act 1984 (Cth)
Additionally some cover types under your Policy will end when a Life Insured reaches a certain age, or in the event of a claim for certain benefits. Please refer to the PDS for full details of cover terms and conditions.
Are there any exclusions?
Life CoverDuring the first 5 years of your Policy Acceptance Date*, we will not pay a Life Cover Benefit Amount in respect of a Life Insured, if the Life Insured dies, or has a Terminal Illness, directly or indirectly as a result of:
• suicide or intentional or deliberate self-inflicted injury or
• a Pre-Existing Medical Condition
We will not pay a Life Cover Benefit Amount at any time, if the claim is directly or indirectly as a result of
• engaging in criminal activities or illegal acts; or
• a Dangerous Occupation or Pastime; or
• where the Life Insured had symptoms, was diagnosed or a reasonable person would have sought a diagnosis, advice, care or treatment from a Medical Practitioner prior to the Policy Acceptance Date with HIV infection; Hepatitis C; Multiple Sclerosis; Polycystic Kidney Disease; Familial Adenomatous Polyposis; Huntington’s Disease; Cystic Fibrosis; or Muscular Dystrophy; or
• any malignant Cancer diagnosed by a Medical Practitioner prior to the Policy Acceptance Date
* or the date of any increase of the Benefit Amount refer to the PDS for full details
Optional covers
If you take out one or more of the optional covers, there are some general exclusions which are explained in the PDS
Am I covered overseas?
Yes. You're covered worldwide, 24 hours a day, 7 days a week.
What if I want to change my cover?
From time to time your protection needs or budget may change. You can increase your Benefit Amount or add additional cover types (up to the maximum Benefit Amount), decrease your Benefit Amount (down to the minimum Benefit Amount), or add additional family members to your Policy.Any increased, new, or decreased cover will commence when you receive notification, in the form of an updated Policy Schedule.
Please call one of our Customer Service staff on 1300 279 279 if you would like to change your cover.
How are premiums calculated?
Depending upon the cover you select, your premium will be determined by one or all of the following factors:• the Benefit Amount chosen for each Life Insured and Insured Child – premiums increase as your level of cover increases;
• your age – premiums are generally lower for younger lives;
• your gender – premiums are generally lower for females;
• whether you smoke – premiums are lower if you do not smoke; and
An additional premium applies if optional covers are included on your Policy.
The total premium payable is the sum of each premium for each Life Insured on the Policy.
If you hold onto your Policy up to age 85 you will be rewarded with a 100% CASH PAYOUT of your Life Cover Benefit Amount.
Will my premium increase?
Your premium will be determined each year at your Policy Anniversary to reflect your age plus the 5% Automatic Sum Insured Increase (unless you decline the Automatic Sum Insured Increase) in your benefit level. Generally, premiums increase each year as your age increases.Hold onto your Policy up to age 85 and you will be rewarded with a 100% CASH PAYOUT of your Life Cover Benefit Amount.
Premium rates are not guaranteed. We may change the amount we charge for your cover under this Policy at any time, but only if we change the premium rate applying to all FlexiSure Life Cover policy owners (or all FlexiSure Life Cover policy owners in the same group). If we make a change to your premium rate we will send you a written notice at least 30 days prior to the effective date of the change.
When are premiums paid?
For your convenience and to make budgeting easy, you can select to pay your premiums fortnightly, monthly or yearly. You can also select which day in the month you would like your premiums to be deducted from your nominated credit card or bank or credit union account. You can change your nominated account or preferred billing frequency at any time by calling FlexiSure on 1300 279 279.
What if I change my mind?
You have 30 days from the First Premium Payment Date of your Policy (your “cooling-off” period) to decide if the cover meets your protection needs and to decide whether you want to keep your Policy. You can cancel your Policy during this time, if you have not made, and are not intending to make, a claim under the Policy, and receive a full refund of premiums paid.
Can I cancel my policy?
You can cancel your Policy at any time. You'll need to provide 30 days notice and notify FlexiSure in writing, requesting your Policy to be cancelled. Write to FlexiSure at PO Box 7395 Cloisters Square WA 6850.It’s important you consider your protection needs before you do this, as you’ll need to reapply for cover if you change your mind at a later date.
If either you or we cancel your Policy prior to age 85 you will receive a percentage of your Life Cover Benefit Amount as set out in the table below.
Can you cancel my policy?
We can cancel your Policy if you don't pay your premium when it’s due and it remains unpaid for more than one month, or when we are entitled to do so under the Insurance Contracts Act 1984 (Cth). In this event, we’ll notify you in writing of our intention to cancel and give you the opportunity to rectify this situation.
Is tax paid on my policy?
Your premium includes amounts for stamp duty and any other taxes that may be imposed by State or Federal Governments. In the event any of these amounts are altered, we reserve the right to alter your premium amount to reflect this, and will advise you of such in writing.GST is not charged on your premiums. Generally no tax is payable on benefits paid under this Policy and your premiums will not be tax deductible. Any tax information given is of a general nature only and is based on current tax laws and our interpretation of them. We recommend you consult a professional taxation adviser for information on your own tax situation, or if you're purchasing this cover for business purposes.
Who is the insurer?
FlexiSure has partnered with St Andrew's Life Insurance Pty Ltd (St Andrew's) which is the insurer and issuer of FlexiSure insurance products. Helping to protect Australians since 1998, St Andrew’s is a leading provider of consumer credit insurance and life insurance products.Munich Reinsurance Company of Australasia Limited, which is part of the Munich Re Group, is the reinsurer of FlexiSure. Munich Re is the world’s largest reinsurer* and in the financial year 2012 had a premium income of €52bn.
* A.M.Best Top 50 Reinsurers - September 5, 2012
