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MBF Accidental Death Plan

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Product Disclosure Statement 15 June 2009
This is an important document and should be kept in a safe place.
Issued by: MBF Life Limited ABN 12 000 021 581 AFS Licence No. 227682
Contents

Summary of Benefits                                                                                2

Choose an MBF Accidental Death Plan for peace of mind                                              3

Affordable Premiums                                                                                4

Changing Your Cover                                                                                5

Easy steps to applying for an MBF Accidental Death Plan                                            6

Additional Information about the MBF Accidental Death Plan                                         7

Questions you may have                                                                             8

Privacy and your personal information                                                              11

Definitions                                                                                        13




About this Product Disclosure Statement

  This Product Disclosure Statement (PDS) has been prepared to help you make an informed
  decision about the MBF Accidental Death Plan. Any advice in this PDS is general advice only and
  does not take into account your individual financial situation, needs or objectives. You should
  consider this PDS before making any decision about whether to hold or acquire the product.

Your application for insurance is subject to acceptance by MBF Life Limited.
This PDS has been prepared with the most up-to-date information available at the time of production.
In the event of an omission of information or if there is a materially adverse change to the
information MBF Life Limited will issue a supplementary or replacement PDS.
Information that is not materially adverse is subject to change from time to time. More up-to-date
information may be available by visiting our website at mbflife.com.au. We will give you a paper copy
of any updates (free of charge) if you request them.
Many of the terms/words used in this document have specific meanings. These words are italicised
and their meanings are explained in the Definitions section. You should consult this section and
understand the definitions prior to making any decision in relation to this product.
In this PDS ‘you’ refers to the Policy Owner and/or the Life Insured, as the context requires and ‘we/
us/our/insurer’ refers to MBF Life Limited. MBF Life Limited is a company within the Bupa Australia
group of companies.

                                                                                                         1
Summary of Benefits
✓ 24 hour worldwide protection for death by Accident
✓ Choice of cover from $50,000 (min.)
    to $500,000 (max.)

✓ Guaranteed acceptance – no health questions
✓ Permanent Australian residents aged 18 to 69
    (inclusive) can apply

✓ Cover starts from as little as $10 per month
✓ Apply for joint cover using one simple application form
✓ Discounted premiums for including your partner
✓ Convenient pay-by-the-month option
✓ Discount for paying premiums annually
✓ Motor Vehicle Accident double benefit




2
Choose MBF Accidental Death
Plan for peace of mind
MBF Accidental Death Plan offers valuable
life insurance protection
The MBF Accidental Death Plan is designed to pay a benefit to your loved
ones in the event of your death resulting from an Accident occurring
anywhere in the world, 24 hours a day.

Why insure your life with MBF Accidental Death Plan?
The lump sum benefit payable under the MBF Accidental Death Plan can be
of enormous help to your loved ones by helping to ensure they are not left
with a financial burden in the event of your Accidental death.

For example, you might want to provide enough money to pay off your
mortgage and to meet the day-to-day living costs to maintain your family’s
current lifestyle in the future.

What are the benefits and when are they payable?
When you apply for cover, you choose a Sum Insured from the 10 options
available ranging from $50,000 to $500,000 in increments of $50,000.

The Sum Insured will be paid where death results from an Accident either
immediately or within 90 days after the Accident.

Motor Vehicle Accident Double benefit
If death occurs as a result of, and within 90 days of a Motor Vehicle Accident,
an additional benefit equal to your Sum Insured will also be paid.

Who are the benefits paid to?
We will pay the benefit to the Policy Owner if different to the Life Insured.
Otherwise the benefit payable will be paid to the estate of the Life Insured.




                                                                                3
Affordable Premiums
You’ll find MBF Accidental Death Plan helps make cover very affordable.

The cost of cover depends on the Sum Insured you choose as shown in
the table of standard premiums below. The premiums apply to ages 16
to 75 and do not increase with age.

Standard Monthly Premiums

 Sum                        Cover                                            Monthly
 Insured                    for                                            Premiums

 $50,000                    Applicant                                             $9.90
                            Applicant & Partner                                   $17.90

 $100,000                   Applicant                                             $13.90
                            Applicant & Partner                                   $23.90

 $150,000                   Applicant                                             $19.90
                            Applicant & Partner                                   $33.90

 $200,000                   Applicant                                             $25.90
                            Applicant & Partner                                   $43.90

 $250,000                   Applicant                                              $31.90
                            Applicant & Partner                                   $53.90

 $300,000                   Applicant                                             $37.90
                            Applicant & Partner                                   $63.90

 $350,000                   Applicant                                             $43.90
                            Applicant & Partner                                   $73.90

 $400,000                   Applicant                                             $49.90
                            Applicant & Partner                                   $83.90

 $450,000                   Applicant                                             $55.90
                            Applicant & Partner                                   $93.90

 $500,000                   Applicant                                             $61.90
                            Applicant & Partner                                   $103.91
Note: If you wish to pay an annual premium, simply multiple the monthly premium
for your chosen Sum Insured by 11.


4
Changing Your Cover
Should your needs change, you can select another Sum Insured amount
from those available (up to the maximum $500,000) and we will adjust your
premium accordingly.

Convenient Payment Options
Premiums are payable in advance, either monthly or annually.

If you pay annually, you pay 11 times the monthly premium, so you receive
a one-month discount.

You can arrange for your annual premium payment to be conveniently
debited from your bank account or credit card, or alternatively you can pay
the annual premium directly by cheque.

If monthly premiums are more convenient, you can set up automatic
deductions of your monthly premium payments from your bank account
or your credit card.

Guaranteed cover – no health questions
Provided you are a permanent Australian resident aged 16 – 69 (inclusive) at
the time of applying for MBF Accidental Death Plan, we guarantee to accept
your application for cover no matter the state of your health.

You will find MBF Accidental Death Plan is very easy to apply for.
There are no complicated forms or health questions to answer.

Quick Payout
The MBF Accidental Death Plan is designed to pay a benefit in the event
of your death resulting from an Accident.

MBF Life is committed to paying claims as quickly as possible,
usually within 48 hours, once our claims requirements have been met.

30 day money back guarantee
If you decide that, for whatever reason, the MBF Accidental Death Plan does
not meet your needs, you can cancel your Policy within 30 days and receive a
full refund of any premiums paid. For more details on the ‘cooling off period’,
please refer to page 9.




                                                                              5
Easy Steps to applying for MBF
Accidental Death Plan
If you are a permanent Australian resident aged 16 – 69 (inclusive), just follow
these easy steps to apply for MBF Accidental Death Plan

Read this PDS carefully – it contains important information about the
product, including details of benefits, costs and exclusions that can apply.

Choose the amount of cover you want. Cover is available from $50,000
to $500,000 in increments of $50,000. Find the premiums for your chosen
level of cover on page 4.

Decide how you want to pay for your cover. For your convenience,
your monthly or annual premiums can be automatically deducted from
your bank account or credit card. If you prefer, you can also pay annually
direct by cheque.

Complete the simple application form and post it (no stamp required) along
with your payment or payment authority to:

MBF Life Limited
Reply Paid 4232
Sydney NSW 2001

Remember, you must be a permanent Australian resident aged 16 - 69
(inclusive) to apply for cover.

Need help? If you need help completing your application form,
or have any questions, then please call us on 132 623.




6
Additional Information about
MBF Accidental Death Plan
When benefits will not be paid
Benefits will not be paid if the Accident is caused by or related to:

  • the suicide or other deliberate act of the Life Insured,
    whether or not sane at the time;
  • the consumption of alcohol by the Life Insured;
  • the Life Insured engaging in any unlawful activity;
  • the use of drugs by the Life Insured, other than those prescribed
    by a doctor and taken as directed;
  • the Life Insured engaging in flying, other than purely as a passenger
    for transport on a commercial flight; or
  • war, unless the Life Insured is serving in the armed forces or
    as a police officer on duty at the time.

The additional Motor Vehicle Accident benefit will not be paid if the Motor
Vehicle in which the Life Insured was travelling was:
  • in an unsafe condition, as determined by our expert;
  • being used in a race, trial, contest or for unlawful purposes;
  • being driven unlawfully;
  • being driven by a person who was under the influence of a drug
    (other than a drug prescribed by a doctor and taken as directed); or
  • being driven by a person who was under the influence of alcohol
    in excess of the legal blood alcohol limit.

If the Sum Insured is not paid, premiums will not be refunded.

Premiums
Premiums are not guaranteed, and can only be changed if premiums for all
MBF Accidental Death Plan policies issued under this PDS change and you
are given 30 days notice in writing. We guarantee that you will never be
singled out for a premium increase.




                                                                              7
Questions you may have
How do I make a claim?
The procedures for making a claim are outlined in the Policy Document. In
particular we need to be notified of a claim as soon as possible. We will need
all the evidence we reasonably regard as necessary to establish entitlement
to a benefit.

When does cover start?
Once your application has been approved, we will write to you and let you know
when your cover starts by issuing a Policy, which includes a Policy Certificate.
The Policy Certificate sets out the details of your cover, including the Life
Insured, the Sum Insured, the Policy Start Date and the Policy Expiry Date.

When does cover cease?
The MBF Accidental Death Plan is a guaranteed renewable Policy, which means
that provided you continue to pay your premiums, we guarantee to continue to
provide cover for the Life Insured until the first of the following occurs:

    •   the Life Insured dies as the result of an Accident;
    •   the Policy Anniversary after the Life Insured turns age 75;
    •   we cancel your Policy following your written request; or
    •   we cancel your Policy because premiums are unpaid.

When 2 Life Insured’s are covered by the same Policy, cover for a Life Insured
ends on the Policy Anniversary following that Life Insured’s 75th birthday.

If there is a benefit paid for one Life Insured, cover continues for the other
Life Insured. If both Life Insured’s die as the result of the same Accident, the
Policy will pay the benefit for each person insured under the MBF Accidental
Death Plan.

When all cover ceases, the Policy ceases.

The premiums you pay are for the cost of your insurance cover. The MBF
Accidental Death Plan has no surrender value. This means that if you
cancel your Policy after the cooling off period or if we cancel your Policy in
accordance with our rights as described above, you will not receive a refund
of premiums.




8
What will happen if I stop paying my premiums?
To ensure your Policy remains in force you must pay your premium, as and
when due. If you don’t pay your premium within 30 days of the due date, we
will write to you explaining how we can cancel your Policy. If we cancel your
Policy all cover will cease and you will not be able to make a claim for an
event which occurs after the date cover ceases.

You may apply to MBF Life Limited to reinstate your Policy after it is
cancelled, subject to our approval and payment of outstanding premiums.

Are there any other charges?
The insurance premium is the only amount payable. There are no additional
charges. The premium includes allowances for current government charges
and taxes.

We may pass on to you any applicable new or increased government
taxes or charges.

What is the cooling off period?
If for any reason you decide that your MBF Accidental Death Plan Policy does
not meet your needs, you can cancel it by notifying us in writing. You have 30
days starting on the earlier of:

 • The date you receive your Policy; or
 • Five business days after your Policy Start Date.

This is known as the cooling off period. Provided you cancel your Policy
within the cooling off period, we will refund any premiums you have paid.

You will not be able to cancel your Policy under the cooling off period
provision if you have exercised any rights under it, for example, if you have
made a claim under your Policy.

What are the tax implications?
Usually premiums are not tax deductible and benefits are free of personal
tax. This is a general statement based on present laws, their continuation
and their interpretation. You should seek advice from a suitably qualified
professional in relation to your particular circumstances.




                                                                                9
What are MBF Life’s complaint handling procedures?
At MBF Life, customer satisfaction is very important to us. Should you be
dissatisfied with your MBF Accidental Death Plan or MBF Life Limited, please
let us know by telephoning 132 623.

We do our best to resolve all complaints within 7 days of notification. If your
complaint is not resolved to your satisfaction, or you are not satisfied with
the progress after 7 days, please contact:

Head of Compliance
MBF Life Limited
Reply Paid 4232
Sydney NSW 2001

If you are not satisfied with how we respond to an enquiry or complaint or we
have not dealt with your complaint within 45 days (or within any extended
period you approve), you may contact the Financial Ombudsman Service on
1300 780 808, or by writing to the address below. This service is provided to
you free of charge.

The Manager
Financial Ombudsman Service
GPO Box 3
Melbourne VIC 3001




10
Privacy and your
Personal Information
We are committed to ensuring the confidentiality and security of your
personal information. All personal information will be handled in accordance
with the Privacy Act.

Collection, Use and Disclosure of your
Personal Information
We need to collect, use and disclose your personal information in order to
consider your application for MBF Accidental Death Plan and to provide the
cover you have chosen, administer the policy and assess any claim. You can
choose not to provide us with some or all of your personal information, but
this may affect our ability to provide the cover.

By providing your personal information you acknowledge and declare that,
and consent to:

 • we can collect and use your personal information for the following
   purposes: to assess any application; underwrite; price and issue any
   policy; calculate or offer benefits and discounts; administer the policy; to
   investigate, assess and pay any claim;
 • for these purposes we can collect your personal information from,
   and disclose it on a confidential basis to: our related entities; government
   departments and agencies; investigators; lawyers; advisers; medical and
   health service providers; reinsurers; other insurers; anyone acting on our
   behalf; and the agent of any of these;
 • where you provide personal information to us about another person,
   you are authorised to provide their information to us, and that you
   will inform that person, who we are, how we use and disclose their infor-
   mation, and that they can gain access to that information
   (unless doing so would pose a serious threat to the life or health of
   any individual).




                                                                              11
Marketing purposes
We are committed to providing you with access to a range of leading products
and services.

In order to do this we will use your personal information to offer you other
products and services. We may disclose your personal information on a
confidential basis to our related entities within the Bupa Australia group
of companies so that they can also offer you products and services.

By providing your personal information to us you acknowledge that,
and consent to:

 • us collecting and using your personal information to contact you
   for market research and to provide you information and offers about
   products and services offered by us, our related entities, within the
   Bupa Australia group of companies, and other organisations whose
   products and services we promote;
 • us disclosing your personal information on a confidential basis for
   these marketing purposes to our related entities and to any agent
   of them; and
 • you will inform us if you do not want your personal information
   to be used, or disclosed for these marketing purposes,
   by telephoning 1800 213 839.

Our Information Handling Policy
Further information on how we handle your personal information
is explained in our Information Handling Policy including:

 • How to contact us regarding Privacy;
 • How to inform us to change your marketing consent; and
 • How to access your personal information.

If you have any questions, comments or concerns regarding privacy matters
or any other matter, or if you would like a copy of our Information Handling
Policy, please call us on 132 623.




12
Definitions
‘Accident/Accidental’ means an unintended and unexpected event, which
occurs while this Policy, is in force and where the Life Insured suffers physical
injuries caused solely and directly by visible, violent and external means and
where the injury is not self inflicted.

For the avoidance of doubt, Accident excludes;

 • events where the injury and/or death was unintended and unexpected,
   but was; the result of an intentional act;
 • death or injury due to natural causes;
 • vascular accidents;
 • allergic reactions; or
 • any event relating directly or indirectly to any surgical procedure.

‘Accidental Death’ means death resulting from an Accident either
immediately or within 90 days after the Accident.

‘Life Insured’ means the Life Insured stated in the Policy Certificate.

‘Motor Vehicle’ means a registered vehicle (including a motor bike), which is:

 • able to be driven on public roads and motorways;
 • used purely for business and/or personal use; and
 • in use for the purpose for which it is registered.

‘Motor Vehicle Accident’ means an Accident involving a Motor Vehicle that
occurs while the Policy is in force, where the Life Insured was the driver or
passenger of the Motor Vehicle.

‘Partner’ means a person to whom an individual is legally married and includes
an individual who, although not legally married to the person, lives with the
person on a genuine domestic basis, as if the husband or wife of the person.




                                                                              13
‘Policy’ means the MBF Accidental Death Plan Policy, which is a contract of
insurance between you and MBF Life Limited, and which comprises the MBF
Accidental Death Plan Policy Document, the Policy Certificate (as applies
from time to time) and any other documents we issue to you at time of
acceptance of cover.

‘Policy Anniversary’ means an anniversary of the Policy Start Date.

‘Policy Certificate’ is the Policy Certificate issued upon confirmation
of issue of cover or any replacement Policy Certificate we issue.

‘Policy Expiry Date’ means the Expiry Date indicated in the
Policy Certificate.
‘Policy Owner’ means the Policy Owner stated in the Policy Certificate.

‘Policy Start Date’ means the date the Policy starts, as stated in the
Policy Certificate.
‘Sum Insured’ means the insured amount stated in the Policy Certificate.




14
Enquiries: Telephone 132 623
mbflife.com.au
MBF Life
Level 3, 50 Bridge Street
Sydney NSW 2000




Issued by: MBF Life Limited
ABN 12 000 021 581
AFS License No. 227682         MBFL 0003 06/09

				
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