Flexible Lifetime – Protection Product Disclosure ...

1 Legal particulars Supplied copy goes here Registered information must appear on the same page as symbol. ABN AREAF lexible Lifetime Protection Product Disclosure Statement (including Plan Rules)Issued 19 May 2014 Registered trademark of AMP Life Limited ABN 84 079 300 379 protect those you love with the one who sbeen thereAWARDS2013 AWARDS2013 AWARDS2013 AWARDS2013 AWARDSAWARDS2013 About AMPAMP is a leading independent wealth management company in Australia and New Zealand. We help people and organisations build financial security and we ve been doing this since we are helping over four million retail customers in Australia and New Zealand own their tomorrow, and business clients across Asia, Europe, the Middle East and North understand that insurance is all about peace of mind and are committed to being a financially responsible insurer.

2 We want to ensure our customers are looked after should the unthinkable happen to insurance exists to provide a safety net for our customers when they need it. In 2013, AMP paid $ million in claims to our strive to provide insurance that secures your tomorrow by protecting what you have issuersThe insurance products referred to in this document are issued by AMP Life Limited ABN 84 079 300 379, AFSL No. 233671 (AMP Life). The superannuation Product referred to in this document (see page 25) is issued by AMP Superannuation Limited ABN 31 008 414 104, AFSL No. 233060 (Trustee).AMP Life and the Trustee are the joint issuers of this Product Disclosure Statement (PDS).

3 Each issuer takes full responsibility for the whole of this document. However, an issuer is not responsible for the products issued by the other other company in the AMP Group guarantees the performance of AMP Life s or the Trustee s obligations to customers or assumes any liability to customers in connection with the meaning of words used in this documentThroughout this document: AMP Life , we , us and our means AMP Life Limited, and you , your and yourself means either:a. the plan owner ; orb. where cover is acquired through the AMP Superannuation Savings Trust, a Self-Managed Super Fund (SMSF) or small APRA superannuation fund the insured person , except that any benefit payment will be made by AMP Life to the AMP Superannuation Savings Trust or the trustee of the SMSF or small APRA superannuation fund (where applicable).

4 We use other terms that have specific meanings which are highlighted throughout the PDS by the use of inverted commas. These words and their meanings are set out in the dictionary on pages 77 to offer is available only to persons receiving it (including electronically) within Australia. We can t accept cash or applications signed and mailed from outside Australia. Monies received or paid must always be in Australian to the information in this documentAs the information in this document may change from time to time, you can obtain updated information simply by visiting or by calling us on 133 888 to request a free paper copy of the updated information.

5 If the change to the information is materially adverse, we will issue a Supplementary Product Disclosure to read this PDS 2 Section A About Flexible Lifetime Protection 3 The 5 steps to applying 5 Our commitment to you 6 Section B Life Protection Plan 7 About the Life Protection Plan 7 Plan Rules Life Protection Plans acquired 11 outside of superannuationPlan Rules Life Protection Plans acquired 25 through superannuation General information about the Life Protection Plan 32 acquired through the AMP Superannuation Savings TrustSection C Income Protection Plan 38 About the Income Protection Plan 38 Plan Rules Income Protection Plans acquired

6 41 outside of superannuationPlan Rules Income Protection Plans acquired 54 through a SMSF or small APRA superannuation fund Section D Business Overheads Insurance Plan 62 About the Business Overheads Insurance Plan 62 Plan Rules 63 Section E additional information applicable to all 69 Flexible Lifetime Protection PlansPlan Rules Premiums and fees 71 Plan Rules Claiming a benefit 73 Providing information to AMP 75 Your Privacy 75 Your Duty of Disclosure 75 Dictionary of defined terms 77 Interim Cover certificate 87 Section A About Flexible Lifetime ProtectionSection B Life Protection PlanSection C Income Protection PlanSection D Business Overheads Insurance PlanSection E additional information2 How to read this PDSF lexible Lifetime Protection offers the following insurance plans: Life Protection Plan (see Section B) Income Protection Plan (see Section C) and Business Overheads Insurance Plan (see Section D).

7 Each of these plans contains certain in-built benefits and features as well as additional options that can be added for an extra premium. The availability of these plans and the availability of certain benefits, options and features will depend upon whether you acquire your plan through superannuation or outside of PDS is divided into five sections: Section A provides an overview of the different types of plans available through Flexible Lifetime Protection . Refer to page 3. Section B explains how the Life Protection Plan works both when acquired outside of superannuation and through superannuation, a SMSF or small APRA super fund.

8 Refer to page 7. Section C explains how the Income Protection Plan works both when acquired outside of superannuation and through a SMSF or small APRA superannuation fund. Refer to page 38. Section D explains how the Business Overheads Insurance Plan works. This Plan cannot be acquired through superannuation. Refer to page 62. Section E tells you about important additional information, such as how premiums and fees are calculated and how you can lodge a claim. Refer to page PDS also contains Plan Rules. The Plan Rules together with your certificate of insurance form your contract of insurance once we have accepted your application for A About Flexible Lifetime ProtectionFlexible Lifetime Protection offers a range of plans that can be tailored to meet your personal insurance needs, helping secure your tomorrow by protecting what you have today.

9 This summary will help you understand the types of insurance cover offered and what solution they offer if you need to make a Protection Plan (see page 7)There are 3 types of cover available under the Life Protection Plan: Death cover, Total and Permanent Disablement (TPD) cover and Trauma cover. You can apply for one or more of the covers under one plan as well as the Children s Trauma cover option (see page 23). There are two types of cover available through a SMSF or small APRA super fund, Death cover and TPD cover. You can apply for one or both covers under one cover or Death and TPD cover are also available through the AMP Superannuation Savings of coverWhy do I need it?

10 Key benefits payableDeath coverYou may want to take out Death cover to ensure that, if you die, the mortgage and other debts are paid off and loved ones are provided with the funds they need to continue their lump sum is payable if the insured person dies. We will advance the Death cover insured amount if the insured person is diagnosed as being terminally and Permanent Disablement (TPD) coverMoney is the last thing you would want to think about when faced with a lifelong disability. An emotional strain can be placed on a family to provide support to someone who may need full-time care and may never be able to work lump sum is payable if the insured person becomes totally and permanently coverNobody likes to think about the possibility of experiencing a serious illness or injury in the future.