1 Limited Cover
Limited Cover will apply to any increase in your Death and TPD Assist cover as a result of choosing the New Member option, and any Opt-in Income Protection cover provided. Limited Cover will be for a period of 24 months and until you have been At Work for 30 consecutive days after the end of the 24 month period. Refer below for the definition of Limited Cover. Exclusions and restrictions apply- refer to the Sunsuper for life Insurance guide for more information.
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 date your cover commenced, most recently commenced or increased (where applicable) under the policy and was not related to the condition that occurred before the date your cover commenced, most recently commenced or increased (where applicable) under the policy. “Manifests” means that symptoms exist which would cause an ordinary prudent person to seek diagnosis, care or treatment, or that medical advice or treatment has been recommended by or received from a Medical Practitioner.
Your Duty of Disclosure
A person who enters into a life insurance contract in respect of your life has a duty, before entering into the contract, to tell us anything that they know, or could reasonably be expected to know, that may affect the insurer’s decision to provide the insurance and on what terms.
The person entering into the contract has this duty until the insurer agrees to provide the insurance. The person entering into the contract has this same duty before they extend, vary or reinstate the contract.
The person entering into the contract does not need to tell the insurer anything that reduces the risk you are insured for; or is common knowledge; or the insurer knows or should know as an insurer; or if the insurer waives your duty to tell them about.
If you do not tell us something that you know, or could reasonably be expected to know, may affect our decision to provide the insurance and on what terms, this may be treated as a failure by the person entering into the contract to tell us something that they must tell us.
If you do not tell us something
In exercising the following rights, the insurer may consider whether different types of cover can constitute separate contracts of life insurance. If they do, the insurer may apply the following rights separately to each type of cover. If the person entering into the contract does not tell us anything they are required to, and the insurer would not have provided the insurance if they had told us, the insurer may avoid the contract within 3 years of entering into it.
If the insurer chooses not to avoid the contract, the insurer may, at any time, reduce the amount of insurance provided. This would be worked out using a formula that takes into account the premium that would have been payable if they had told the insurer everything they should have. However, if the contract has a surrender value, or provides cover on death, the insurer may only exercise this right within 3 years of entering into the contract.
If the insurer chooses not to avoid the contract or reduce the amount of insurance provided, they may, at any time vary the contract in a way that places them in the same position the insurer would have been if the person entering in to the contract had told the insurer everything they should have. However, this right does not apply if the contract has a surrender value or provides cover on death.
If the failure to tell the insurer is fraudulent, the insurer may refuse to pay a claim and treat the contract as if it never existed.
Please ensure all applicable questions are fully answered.
These policies are designed to protect your interests and are consistent with the requirements of the Privacy Act 1988.