Your Duty of Disclosure
Before you enter into a contract of life insurance with an insurer, you have a duty, under the Insurance Contracts Act 1984, to disclose to the insurer every matter you know, or could reasonably be expected to know, is relevant to the insurer’s decision whether to accept the risk on the insurance, and, if so, on what terms. You have the same duty to disclose those matters to the insurer before you renew, extend, vary or reinstate a contract of life insurance. Your duty, however, does not require disclosure of a matter, that diminishes the risk to be undertaken by the insurer, that is of common knowledge, that the insurer knows, or, in the ordinary course of its business ought to know, as to which compliance with your duty is waived by the Insurer.
If you fail to comply with your Duty of Disclosure and the insurer would not have entered into the contract on any terms if the failure had not occured, the insurer may avoid the contract within 3 years of entering into it. If your non-disclosure is fraudulent the insurer may avoid the contract at any time. An insurer who is entitled to avoid a contract of life insurance may, within 3 years of entering into it, elect not to avoid it but to reduce the sum that you have been insured for in accordance with a formula that takes into account the premium that would have been payable if you had disclosed all relevant matters to the insurer.
Limited Cover means you are only covered for claims arising from a sickness which first manifests itself or an injury which occurred on or after the commencement date of your cover, cover most recently commenced or increased (where applicable) under the policy. All additional Age Events cover obtained under this application will be subject to Limited Cover for 24 months, until you have been At Work for 30 consecutive days at the end of the 24 month period. If you are aged less than 67, you can increase your Death and/or Total & Permanent Disability cover by up to 25% of the Standard or White Collar cover amount for each event, subject to a maximum of three Age Events over the life of your membership with Sunsuper. Cover may reduce over time. For full terms and conditions, refer to your Sunsuper for life Product Disclosure Statement and Sunsuper for life Insurance guide.