Inflation protection applies, which means your cover increases each year until age 69 in line with the change in the CPI or 5%, whichever is greater with a corresponding premium increase;
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You increase cover or add a partner, then corresponding premium increases will apply;
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The underlying premium rates are changed. In this case you will never be singled out for a premium rate increase and any increase will be applied to all policies using the same table of rates, with 30 days notice.
If I cancel my policy, do I get anything back?
If you cancel within 30 days of your policy being issued you will get a refund of any premiums paid. The Accidental Death Plan is not a savings plan and has no residual cash value, so if you cancel after the first 30 days you will not get anything back.
What happens if I stop paying my premiums?
The cover provided by the Accidental Death Plan will cease. You will be informed when your cover has ended. It is important to let InsuranceLine know immediately if you cannot pay a premium to try to work out an alternative arrangement.
Will I get a discount if I pay my premium annually?
Yes, if you pay annually you will be paying the equivalent of 11 months’ premiums.
Are my premiums tax deductible?
Generally, the premiums paid will not be tax deductible nor will the benefits be assessable for income tax purposes. The taxation information in this Product Disclosure Statement is based on the continuation of present laws and their current interpretation and is a general statement only.
