This is the period of time you’re given to review your policy documents and decide whether Simple Life is right for you. If you change your mind about Simple Life within one calendar month, you’ll be refunded any premium paid during this period. This is your cooling-off period and it starts on the earlier of:
- You receiving your policy schedule
- The end of the fifth day after your cover start date
This is the date your application for cover is accepted and you’ll see it confirmed on your policy schedule. A new cover start date will apply if you add or increase cover, but only in respect to the newly added or increased cover.
In general terms, this document outlines the types of services and products offered to you and how the remuneration for this works. It also includes information about the complaints handling procedures and how to access them. You’ll notice there are two FSGs associated with Simple Life – one for the Commonwealth Bank and one for AEGON. This is because Simple Life is distributed by the Commonwealth Bank and can also be distributed by AEGON, a company that helps with Simple Life’s marketing and administration.
This means a benefit won’t be paid if you die, become terminally ill, are disabled or permanently disabled or suffer a critical illness as a result of working in hazardous conditions. You can learn more about hazardous conditions and see examples of hazardous occupations in the Simple Life Product Disclosure Statement (PDS).
Critical Illness Cover and Bill Protection have a 90 day no claim period from their cover start date. This means a benefit won’t be paid if a critical illness, disablement, involuntary unemployment or related event (such as becoming aware you would soon be unemployed or have symptoms of an illness or injury) occurs in this time.
This refers to the type of work and duties you perform as part of your occupation. With Simple Life policies, occupations fall into two classes – white and blue collar:
- Blue collar occupations involve manual work, supervision of manual workers or working outside of an office environment for more than 20 per cent of the time
- White collar occupations are limited to professional, managerial, administrative, clerical, secretarial or similar work, which doesn’t involve manual work and happens entirely in an office or retail environment
This means you’ve been living in Australia for at least 12 months and are an Australian resident for tax purposes. You stop being a Permanent Australian resident under Simple Life if you live outside of Australia for more than 12 months in a row.
This document lists specific details of your Simple Life cover. It sets out your type and level of cover, as well as your cover start date and premiums. You’ll receive a policy schedule after you buy Simple Life and again, if you change your policy. It’s an important document that, together with the Policy Document or PDS, forms your insurance contract.
Simple Life won’t cover you for a pre-existing condition. This means a benefit won’t be paid if your death, terminal illness, permanent disablement, critical illness or disablement is caused directly or indirectly by an illness, injury, medical condition or related symptom:
a) of which you first became aware; or
b) for which you sought or intended to seek medical help; or
c) for which a reasonable person in your circumstances should have been aware or would have sought medical help at any time
during the five years before your cover start date.
Medical help means medical consultation, treatment, care or services which includes tests, other diagnostic measures or referral to a specialist.
For example, if in the five years prior to taking out the cover you had symptoms or are seeing a doctor about a heart condition, stroke or cancer, you may not be covered under the policy for any claim events related to those conditions. You may however be able to claim for insured events unrelated to those conditions.
This document sets out all the important information you should consider before buying Simple Life, including what you are and aren’t covered for. It also covers how your premium is calculated, privacy, how to contact us and how to make a claim.
We’ve built a simple calculator to help you find out how much life cover you might need.
If you already know how much life insurance cover you need, you can get a quote and apply online for Simple Life now.
Things you should know
As this information has been prepared without considering your personal objectives, financial situation or needs, you should, before acting on it, consider its appropriateness to your circumstances. This information is provided by CMLA and CIL (as relevant) and where we refer to ‘we’ and ‘our’, we mean either CMLA or CIL.
Please refer to the Simple Life Product Disclosure Statement (PDS) and the Simple Life Medical Definitions Reference Guide for full benefit details, terms, conditions and exclusions. A Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for Simple Life are available online or by calling 13 39 82 between 8am and 8pm (AEST) Monday to Friday. If you call this telephone number, you may be speaking with customer service representatives from Aegon Insights Australia Pty Limited (“Aegon”) ABN 35 082 524 785 AFSL 236657. Aegon is authorised to issue Simple Life on behalf of CommInsure.
The issuer and insurer for Life Cover, Total and Permanent Disability Cover and Critical Illness Cover is The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809 AFSL 235035 (CMLA). The issuer and insurer for Bill Protection is Commonwealth Insurance Limited ABN 96 067 524 216 AFSL 235030 (CIL). CMLA & CIL are wholly owned but non-guaranteed subsidiaries of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945. CommInsure is a registered business name of CMLA & CIL.
The Commonwealth Bank of Australia does not guarantee the obligations or performance of CommInsure or Aegon or the products they offer.