Macquarie FutureWise

FutureWise
Product Disclosure Statement

Macquarie Life
Product Disclosure Statement issued jointly by: Macquarie Life Limited ABN 56 003 963 773 AFSL 237 497 and
Macquarie Investment Management Limited ABN 66 002 867 003 AFSL 237 492 RSE No. R1004496 RSE Licence No. L0001281
DATED: 8 JUNE 2013
Contents
01 The importance of insurance
02 FutureWise summary
06 FutureWise terms and conditions
06 Life Insurance
07 Total and Permanent Disablement
(TPD) Insurance
10 Trauma Insurance
15 Features and options applicable to Life,
TPD and Trauma Insurance
19 Child Trauma Insurance
21 Blood Borne Disease Insurance
22 Disability Income Insurance
32 Business Expenses Insurance
35 Ownership
41 Your policy
43 Premiums and other costs
46 Making a claim
IMPORTANT INFORMATION
This Product Disclosure Statement (PDS) contains important information about insurance products issued by Macquarie Life Limited (Macquarie Life). This PDS also contains important information about a
superannuation interest issued by the trustee of the Macquarie Superannuation Plan ABN 65 508 799 106, Macquarie Investment Management Limited (Trustee). Both Macquarie Life and the Trustee take
full responsibility for the whole PDS.
Macquarie Life and the Trustee are not authorised deposit-taking institutions for the purposes of the Banking Act (Cth) 1959, and their respective obligations do not represent deposits or
other liabilities of Macquarie Bank Limited ABN 46 008 583 542. Macquarie Bank Limited does not guarantee or otherwise provide assurance in respect of the obligations of Macquarie Life
or the Trustee.
Information contained in this PDS can change from time to time. If the change is not materially adverse, the updated information will be available on our website, macquarielife.com.au. A paper copy of any updated
information will be given to you on request without charge.
Applications can be made via the electronic application available through Macquarie Lifes online insurance platform or a current paper application form. It is important that you consider this PDS before
completing the application form.
This PDS has been prepared by Macquarie Life and does not take into account your objectives, financial situation or needs. Before acting on this PDS you should consider whether it is appropriate to your
situation. We recommend you obtain financial, legal and taxation advice before making any financial investment decision.
Different terminology applies depending on how you are covered under a FutureWise policy:
Policy owner
The person who is insured under
the policy (insured person)
Terminology used in this document
we, our or us you or your Policy is referred to as:
A person or company (that is not a
trustee of a superannuation fund).
Either:
same person as the policy owner, or
a different person.
Macquarie Life The policy owner Either:
being held outside
superannuation, or
a non-superannuation policy.
A person or company who is
a trustee of a self managed
superannuation fund.
A member of the relevant self
managed superannuation fund.
Macquarie Life The policy owner Either:
being held within (or issued
through) superannuation, or
a superannuation policy.
Macquarie Investment Management
Limited (MIML) or the trustee of
another eligible superannuation plan.
A member of an eligible
superannuation plan.
Macquarie Life A member of an eligible
MIML A member of the insurance-
only division of the Macquarie
Superannuation Plan.
A member of the insurance-
There are also some terms used which have a special meaning. These terms are shown in italics and are explained in the Glossary at the end of this PDS.
47 General information
47 Your adviser
47 How to apply
50 Who to contact
51 Insurance-only division of Macquarie
Superannuation Plan
56 Tax
56 Where you are the policy owner
57 Where you are a member of the
insurance-only division of the Macquarie
Superannuation Plan
58 Where you are a member of an eligible
superannuation plan
59 Interim cover
62 Glossary
62 Trauma Conditions
69 Other defined terms
1
The importance of insurance
No matter how comprehensive and successful your investment
plan may be, the most important asset you and your family
have is your health. Without it, you lose your ability to provide for
yourself and your family on a day-to-day basis, let alone achieve
your long-term goals.
Being injured, or worse, dying prematurely, are subjects we
would prefer to keep at the back of our minds. By taking out
life, total and permanent disablement, trauma or disability
income insurance, you can have peace of mind knowing that if
the worst happens, you and your family will be protected.
Thats where FutureWise fits in, providing you with a range
of insurance solutions that can cover you for the financial
consequences should the worst occur.
FutureWise summary
FutureWise provides insurance solutions that allow you to
select from a range of Insurances that provide the right
combination of benefits to meet your needs. Some of the
Insurances may be taken within superannuation, catering for a
range of circumstances.
FutureWise offers you the choice of the following types
of Insurance:
Life Insurance
Total and Permanent Disablement (TPD) Insurance
Trauma Insurance
Child Trauma Insurance
Blood Borne Disease Insurance
Disability Income Insurance
Business Expenses Insurance.
The benefits provided under these Insurances are only briefly
described in this summary. The terms and conditions applying
to each type of Insurance are set out in the next section of
this PDS. These types of Insurance are generally available to
individuals, companies, trusts, and in some cases, trustees of
self managed superannuation funds.
Life Insurance
Life Insurance provides a lump sum (called the Life sum
insured) if the insured person dies or is diagnosed with a
terminal illness.
Total and Permanent Disablement (TPD)
Insurance
TPD Insurance provides a lump sum (called the TPD
sum insured) if the insured person suffers total and
permanent disablement.
Trauma Insurance
Trauma Insurance provides a lump sum (called the Trauma
sum insured) if the insured person suffers a Trauma Condition
for which they are covered. For some conditions a partial
benefit is payable.
Child Trauma Insurance provides a lump sum (called the Child
Trauma sum insured) if the insured child dies, is diagnosed
with a terminal illness or suffers a Trauma Condition for which
they are covered.
Child Trauma Insurance is only available where the child to be
insured is the natural, step or adopted child or grandchild of
the policy owner.
Child Trauma Insurance must be taken with at least one other
type of policy issued by Macquarie Life, excluding Blood
Borne Disease Insurance.
Non-superannuation
When you apply for FutureWise outside of superannuation,
the policy is issued directly to you as policy owner. You
can apply for cover on your own life or the life of another
person unless applying for cover under Disability Income
or Business Expenses Insurance which are generally
only available on your own life. Any of the types of
Insurances under FutureWise can be held under a non-
superannuation policy.
If a benefit becomes payable, the benefit is generally
paid to the policy owner. If the insured person and policy
owner are the same, the amount payable on the death
of the insured person will be paid to the legal personal
representative, unless any beneficiaries have been
nominated under the policy, in which case it will be paid
to the nominated beneficiaries.
Within superannuation
When you apply for cover within superannuation, the policy
for cover on your life is issued to the trustee of the relevant
superannuation fund as policy owner.
We do not allow some parts of FutureWise to be held
within superannuation. The rules that apply to the cover
held within superannuation are outlined in the Ownership
section on page 35.
If a benefit becomes payable, it will be paid to the trustee
of the superannuation fund owning the policy, who must
distribute the benefit in accordance with the governing
rules of the superannuation plan and superannuation
laws current at the time of payment. There may be
circumstances in which the trustee will receive a benefit
under a FutureWise policy but is unable to pay the benefit
from the superannuation fund at that time. We recommend
you seek advice before you apply if you are considering
taking this insurance cover within superannuation.
Primary Insurance under
the policy Optional Linked Insurance
Life Insurance Policy Life Insurance TPD Insurance
Trauma Insurance
TPD Insurance Policy TPD Insurance TPD Insurance (via Superannuation Optimiser)
Trauma Insurance Policy Trauma Insurance Not available
Child Trauma Insurance Policy Child Trauma Insurance Not available
Blood Borne Disease Insurance Policy Blood Borne Disease Insurance Not available
Disability Income Insurance Policy Disability Income Insurance Not available
Business Expenses Insurance Policy Business Expenses Insurance Not available
Blood Borne Disease Insurance provides a lump sum (called
the Blood Borne Disease sum insured) if the insured person is
accidentally infected with HIV or the Hepatitis B or Hepatitis C
virus during the course of their regular occupation.
Blood Borne Disease Insurance must be taken with at least
one other type of policy issued by Macquarie Life, excluding
Child Trauma Insurance.
Disability Income Insurance provides a monthly benefit that
replaces income if the insured person is disabled, in most
cases, for longer than the specified waiting period.
Business Expenses Insurance
Business Expenses Insurance provides a monthly benefit
that reimburses allowable business expenses if the insured
person is disabled, in most cases, for longer than the specified
waiting period.
Structuring your Insurance
Each of the Insurances is provided under a policy. If you are
taking more than one type of Insurance you can do this in the
following ways:
Separate policies, or
Linked Insurance by:
including it under the same policy, or
taking it under separate policies that are connected
through Flexible Linking.
Separate policies
If you take Insurance under separate policies, the cover
operates independently and a claim under one Insurance will
not affect Insurance under any other policies, unless Flexible
Linking applies.
Linked Insurance
Linked Insurance means that the Insurance interacts with
some or all of the other Insurances held for the same insured
person. A claim made under any one Insurance reduces the
sums insured of any other Insurance with which it is linked.
The premium payable will generally be lower when compared to
holding insurances under separate policies that are not linked.
Included in the same policy
Linked Insurance can be included in the same policy where the
policy owner for the Insurance is the same person or entity.
Flexible Linking
Flexible Linking is a way of structuring cover so that Insurance
for the same insured person can be held under separate
policies with different policy owners but still be treated as
Linked Insurance. For example, insurance may be held under
one policy that is owned by the trustee of a superannuation
fund and be connected to a policy owned by the insured
person outside of superannuation.
Only one policy can be connected through Flexible Linking to
one other policy at a time.
TPD and Trauma Insurance connected to another policy
through Flexible Linking are referred to as Flexible TPD
Insurance and Flexible Trauma Insurance respectively.
Below is a table showing the policies that are available for
each type of Insurance and the other types of Insurance that
can be linked to each policy.
The key characteristics of the types of insurance cover available are summarised in
the following tables
For each type of Insurance, when a benefit is payable it is explained in the section titled FutureWise terms and conditions.
Trauma Insurance
Provides a lump sum if the insured person suffers a Trauma
Condition for which they are covered.
Entry ages 1565 stepped premium
1560 level premium
Expiry age 99
Cover changes at age 70
Sum insured Minimum $50,000
Maximum $2 million
Type of cover Trauma Standard
Trauma Plus
Trauma Platinum
Included benefits
and features
Financial Planning benefit*
Indexation Increases
Future Increases
Life Insurance Buy Back
Page 17
Page 15
Page 15
Page 16
Available options Trauma Reinstatement
option
Double Trauma option
(Linked Trauma only)
Business Increase option
Premium Waiver option*

Page 12

Page 13
Page 17
Page 18
Provides a lump sum if the insured child dies, is diagnosed with
a terminal illness or suffers a Trauma Condition for which they
are covered.
Entry ages 214
Expiry age 21
Sum Insured Minimum $10,000
Maximum $250,000
Included features Indexation Increases
Continuation of cover
Page 20
Page 20
* Only available on cover held outside of superannuation. Refer to the section titled Ownership on page 35.
Life Insurance
Provides a lump sum if the insured person dies or is diagnosed
with a terminal illness.
Entry ages 1570 stepped premium
1560 level premium
Expiry age No expiry
No maximum
Included features Funeral Advancement
benefit*
Future Increases

Page 6
Page 17
Page 15
Page 15
Available options Business Increase option
Page 17
Page 18
Provides a lump sum if the insured person suffers total and
permanent disablement.
Entry ages 1560
1565 for Modified TPD with
stepped premium
Expiry age 99
TPD definition changes at age 65
Sum insured Minimum $50,000
Maximum:
$5 million for any combination
of definitions
$3 million (or $5 million for persons to
be insured in certain occupations) Any
Occupation or Own Occupation TPD
$2 million Modified TPD
$1.5 million Domestic Duties TPD
Type of cover TPD Plus
TPD Platinum
Available definitions Own Occupation
Any Occupation
Superannuation Optimiser
Domestic Duties
Modified TPD
Included benefits
and features
TPD Advancement benefit*
Future Increases
Partial Impairment benefit
(TPD Platinum only)*
Page 8
Page 17
Page 15
Page 15
Page 16

Page 8
Available options Double TPD option (Linked
TPD only)

Page 8
Page 17
Page 18
Provides a benefit if the insured person is unable to work due to
an illness or injury and is totally disabled or partially disabled for
longer than the specified waiting period.
Entry ages 1960 (64
#
, for to age 70 benefit period)
Expiry age 65 (70, for to age 70 benefit period)
Monthly insured
amount
^
Minimum $1,250 per month
Maximum $60,000 per month (for the first
24 months, then $30,000 per month for
the remainder of the benefit period)
Benefit type Indemnity
Agreed value
Endorsed agreed value
Waiting periods
available
30 days
60 days
90 days
1 year
2 years
Benefit periods
available
2 years
5 years
To age 65
To age 70
Included benefits
and features
Total Disability benefit
Partial Disability benefit
Specific Injury benefit*
Death benefit
Premium Waiver
Involuntary Unemployment
Premium Waiver
Medical Professional feature
Page 24
Page 24
Page 24
Page 25
Page 25
Page 25

Page 25
Page 30
Available options Disability Income
Plus Insurance*
Extra Benefits option*
Trauma benefit
Bed Confinement
benefit
Home Care benefit
Rehabilitation Expense
benefit
Accommodation benefit
Future Increases
Cover Extension
Accident option
Claims Escalation option
Superannuation
Cover option*
TPD Commutation option
Booster option

Page 22
Page 25
Page 26

Page 26
Page 26
Page 27
Page 27
Page 27
Page 27
Page 28
Page 28
Page 28
Page 29
Page 29
#
Occupation classes 1E, 1L, 1M, and 1P, subject to certain conditions.
^
Subject to replacement ratios. Refer to the section titled Applying for
Disability Income Insurance on page 22.
* Only available on cover held outside of super. Refer to the section titled
Ownership on page 35.
Reimburses allowable business expenses if the insured person
is unable to work due to illness or injury and is totally disabled or
partially disabled for longer than the specified waiting period.
Entry ages 1960
Expiry age 65
Monthly insured
amount
Minimum $1,250 per month
($750 per month if taken with Disability
Income Insurance)
Maximum $60,000 per month
Waiting periods
available
30 days
90 days
Benefit period 12 times the monthly insured amount
over a period of 24 months
Included benefits
and features
Death benefit
Future Increases
Premium Waiver
Cover Extension
Page 32
Page 32
Page 33
Page 33
Page 33
Page 33
Page 33
Available options Accident option Page 34
Provides a lump sum if the insured person is infected with HIV
or the Hepatitis B or Hepatitis C virus in a workplace accident.
The policy must be taken with at least one other type of policy
issued by Macquarie Life.
Entry ages 1960
Expiry age 65
Maximum $1 million
Included features Indexation Increases Page 21
6 FutureWise terms and conditions Life Insurance
FutureWise terms and conditions
The terms and conditions applying to each type of Insurance included in your FutureWise policy are set out in this section of the
PDS. Words or expressions shown in italics have the meaning explained in the Glossary at the end of the PDS.
Life Insurance
Applying for Life Insurance
The person to be insured must be aged between 15 and 70 for
stepped premiums and between 15 and 60 for level premiums.
You apply for a specified amount of cover. This is known as
the Life sum insured. The minimum amount you can apply for
is $50,000 and, while there is no maximum, the sum insured
must be reasonable for the financial position of the person to
be insured and your insurable interest.
When the Life sum insured is payable
If your FutureWise policy includes Life Insurance, the Life sum
insured will be paid if the insured person:
is diagnosed with a terminal illness, or
dies,
after the Life Insurance cover start date shown in your policy
and before the Life Insurance ends, explained in the section
titled When cover ends on page 41.
Funeral Advancement benefit
Under this feature, part of the Life sum insured will be paid in
advance so that immediate expenses can be met following the
death of the insured person.
The amount payable is the lesser of 10% of the Life sum
insured and $15,000. The maximum amount we will pay under
the Funeral Advancement benefit is $15,000 inclusive of all
cover held with Macquarie Life for the insured person.
In order to pay this benefit, we require medical evidence as
to the cause and date of death. This benefit is not payable
if the insured persons death is the result of suicide within
13 months of the cover start date, is the result of anything that
is excluded under the contract or if there is reasonable doubt
about whether the Life sum insured will become payable.
If we agree this benefit is payable, it will be paid to the
nominated beneficiary, the policy owner if different to the
insured person or the legal personal representative, within two
business days of receipt all of the required documents. The
Life sum insured will be reduced by the amount paid under the
Funeral Advancement benefit.
The payment of the Funeral Advancement benefit is not an
admission of liability and we reserve the right to recover the
amount paid under the Funeral Advancement benefit if the Life
Insurance claim is subsequently denied.
The Funeral Advancement benefit is only available on cover
held outside of superannuation. Refer to the section titled
When the Life sum insured is reduced
The Life sum insured will be reduced by the following:
the amount paid for terminal illness
the amount paid for the Funeral Advancement benefit
the amount of any TPD Insurance paid, when TPD
Insurance is:
included in a Life Insurance Policy, or
connected to a Life Insurance Policy through
Flexible Linking, and
the amount of any Trauma Insurance paid, when Trauma
Insurance is:
Flexible Linking.
If the Life sum insured is reduced, but part of the sum insured
remains, the premium for your policy is adjusted by applying
our then current premium rates to the amount of the sum
insured that remains. The premium can otherwise be altered as
set out in this PDS on page 43.
Your policy will show whether TPD and/or Trauma Insurance
are included in your FutureWise Life Insurance Policy or if
another policy is connected to it through Flexible Linking.
This option is explained on page 17 in the section, Features
and options applicable to Life, TPD and Trauma Insurance.
Premium Waiver option
When we wont pay
A Life Insurance claim will not be payable if death or terminal
illness is caused directly or indirectly by an intentional self-inflicted
act, within 13 months of:
the cover start date
the date cover is reinstated, including under the Life
Insurance Buy Back feature (but only in respect of the
reinstated cover). The Life Insurance Buy Back feature is
explained on page 16, or
the cover start date for any increase in cover that you
applied for (but only in respect of that increase).
This exclusion does not apply if the policy issued by
Macquarie Life replaces other similar insurance under a policy
or policies issued by Macquarie Life or another insurer (the
other policy) and we agreed to issue this policy on the basis
that it replaced the other policy (as shown in your policy) and
the following conditions are also met:
the Life sum insured under the policy being issued by us is
the same amount or less than that under the other policy. If
the Life sum insured under the policy being issued by us is
higher than that under the other policy, the exclusion will not
apply only in respect of the amount of the Life sum insured
that replaces cover under the other policy
the other policy was continuously in force for 13 months
immediately prior to the issue of this policy
the other policy was cancelled immediately after the issue
of this policy, and
no claim is pending or payable under the other policy.
7 FutureWise terms and conditions Total and Permanent Disablement (TPD) Insurance
$2 million for the Modified TPD definition (unless the insured
person is performing domestic duties in which case the
maximum is $1.5 million), or
$1.5 million Domestic Duties TPD.
These limits may be affected if you have existing cover with us
or with another insurer.
If TPD Insurance is to be linked to Life Insurance (either on the
same policy or through Flexible Linking) the amount of Linked
Cover is limited to the sum insured of the Life Insurance to
which it is to be linked.
There are two types of TPD Insurance that you can apply for:
TPD Plus, and
TPD Platinum.
The type of TPD Insurance you have will be shown on your
policy. TPD Platinum provides additional terms that allow for
partial payments at earlier stages of disablement and for less
severe conditions.
TPD Plus TPD Platinum
Occupation based TPD (one of the following, if shown on
your policy):
Any Occupation Own Occupation
Superannuation Optimiser Domestic Duties
Occupation based TPD (one of the following, as shown on
your policy):
Superannuation Optimiser Domestic Duties
Modified TPD:
loss of limbs cognitive loss
loss of independent existence
Modified TPD:
loss of limbs cognitive loss
25% Advanced Payment for:
partial loss of limbs partial loss of sight
25% Advanced Payment for:
partial loss of limbs partial loss of sight
Extended Activities of Daily Living*:
100% for functional impairment of 4 extended Activities of Daily
Living (extended ADL) categories
Extended Activities of Daily Living:
100% for functional impairment of 4 extended ADL categories
Partial Impairment payments of:
65% for functional impairment of 3 extended ADL categories, and
40% for functional impairment of 2 extended ADL categories
* Unavailable where Any Occupation or Domestic Duties TPD is held wholly in superannuation or where Modified TPD is selected.
Applying for TPD Insurance
The person to be insured must be aged between 15 and 60,
or 15 and 65 if applying for the Modified TPD definition with
stepped premiums.
You apply for a specified amount of insurance. This is known as
the TPD sum insured. The minimum amount you can apply for is
$50,000. The maximum amount depends on the TPD definition
and the occupation of the person to be insured:
$5 million for any combination of different definitions
for Own Occupation, Any Occupation, and
Superannuation Optimiser:
$5 million if the insured persons occupation is
categorised as occupation class 1E, 1L, 1M, 1P or 1
$3 million if the insured persons occupation is
categorised as occupation class 2, 3 or 4
TPD definitions
You can apply for TPD Insurance on the basis of the following
definitions of total and permanent disablement:
Superannuation Optimiser Domestic Duties, or
Modified TPD.
For Own Occupation, Any Occupation and Superannuation
Optimiser you must be gainfully employed for a minimum
of 20 hours per week at the time of application. For certain
occupations these definitions may not be available. The
Superannuation Optimiser TPD definition is subject to certain
conditions, explained in the section titled Superannuation
Optimiser on page 9.
If covered for TPD Insurance, your FutureWise policy will
indicate whether the insured person is covered on the basis
of the Own Occupation, Any Occupation, Superannuation
Optimiser, Domestic Duties, or Modified TPD definition.
When the TPD cover changes
All definitions of TPD will convert to the modified TPD definition
at the cover anniversary when the insured person is aged 65
and cover under the TPD Advancement benefit and Partial
Impairment benefit will end. The TPD sum insured after the cover
anniversary when the insured person is aged 65 is limited to $3
million across all policies issued by Macquarie Life. Where multiple
policies are issued by Macquarie Life providing TPD Insurance for
the same insured person we will apply any reduction to the sum
insured based on the cover start date of each policy (or the start
date of any increases, other than indexation increases), reducing
the most recently commenced policy (or approved increase) first.
When the insured person is covered on the basis of the Domestic
Duties definition of total and permanent disablement, the Any
Occupation definition applies if, at the time of the injury or illness
for which the claim for total and permanent disablement is made,
the insured person has been in gainful employment for at least
20 hours per week continuously during the preceding six months.
When the TPD sum insured is payable
If your FutureWise policy includes TPD Insurance, all or part of
the TPD sum insured will be paid if the insured person suffers
one of the following:
total and permanent disablement (based on the definition of
TPD shown in your policy)
functional impairment of at least 4 extended ADL categories
(not included for Modified TPD or where Any Occupation or
Domestic Duties TPD is held wholly within superannuation)
functional impairment of 2 or 3 extended ADL categories (if
TPD Platinum is shown in your policy)
partial loss of limbs or partial loss of sight under the TPD
Advancement benefit (subject to superannuation law),
after the TPD Insurance cover start date shown in your policy
and before the TPD Insurance ends, explained in the section
If you make a claim for TPD because the insured person
has suffered:
permanent and irreversible whole person impairment of at
least 25%
loss of limbs, or
the insured person must be living (and not declared brain
dead) for 14 days from the date the insured person satisfies
the definition.
If you make a claim for TPD because the insured person
has suffered total and permanent disablement or functional
impairment of extended ADLs, qualifying timeframes and
permanency requirements may apply, as set out in the
relevant definition.
TPD Advancement benefit
Under this feature, part of the TPD sum insured will be
advanced if the insured person suffers partial loss of limbs or
partial loss of sight.
The amount payable is the lesser of 25% of the TPD sum
insured and $500,000. The TPD Advancement benefit is only
payable once and the maximum amount we will pay under the
TPD Advancement benefit is $500,000 inclusive of all cover
held with Macquarie Life for the insured person.
The TPD Advancement benefit will be reduced by the amount
of any Trauma Insurance paid for partial loss of limbs or
partial loss of sight if the TPD Insurance is included in a policy
along with Trauma Insurance or is connected through Flexible
Linking to a separate policy which includes Trauma Insurance.
The TPD sum insured will be reduced by the amount paid
under the TPD Advancement benefit.
The TPD Advancement benefit is only available on cover
This benefit is only provided if TPD Platinum applies as shown
in your policy. Under this benefit, up until the cover anniversary
when the insured person is aged 65, part of the TPD sum
insured will be paid if the insured person suffers functional
impairment of a specified number of extended ADLs as set out
in the table below:
Partial Impairment level
Amount of sum
insured payable
Functional impairment of at least
3 extended ADL categories
65%
Functional impairment of at least
2 extended ADL categories
40%
A claim is only payable once at each Partial Impairment level.
The TPD sum insured will be reduced by the amount paid
under the Partial Impairment benefit.
If you choose to hold your TPD Platinum through
superannuation with a Superannuation Optimiser TPD
definition, the Partial Impairment benefit will be held under the
non-superannuation policy.
If you choose to hold your TPD Platinum through superannuation
with the Any Occupation TPD definition the cover will
automatically be structured with the Superannuation Optimiser
Any Occupation TPD definition and we will issue two policies.
If you choose to hold your TPD Platinum through superannuation
with the Domestic Duties TPD definition, the cover will
automatically be structured with the Superannuation Optimiser
Domestic Duties TPD definition and we will issue two policies.
Please refer to the Superannuation Optimiser section on
page 9 for more information.
Double TPD option
This is an option, for which an additional premium is charged.
It is only available if you take TPD Insurance under a Life
Insurance Policy or connected to a Life Insurance Policy
If the Double TPD option applies, it will be shown in your policy.
This option, up until the cover anniversary when the insured
person is aged 65, reinstates the Life sum insured 14 days after
it was reduced by the payment of the TPD sum insured in full,
without the need for medical underwriting. This option cannot
be exercised if a claim for terminal illness (or similar benefit) is in
progress or has previously been paid for the insured person by
Macquarie Life.
The premium will be waived on the reinstated Life sum insured.
Any exclusions or special conditions which applied to the original
Life Insurance will also apply to the reinstated Life Insurance.
The Future Increases and Indexation Increases features and
the Business Increase option do not apply to the reinstated
Life sum insured. The Life Insurance Buy Back feature cannot
be exercised if the Life sum insured has been reinstated under
the Double TPD option.
Under this feature, TPD can be applied for with the part of
the TPD Insurance that meets the Superannuation Industry
Supervision Act 1993 (Cth) (SIS) definition of permanent
incapacity held within superannuation and the remainder of the
cover held outside of superannuation.
If Superannuation Optimiser applies, two policies which are
connected by Flexible Linking must be applied for. One of
the policies will be issued to the trustee of a superannuation
fund (referred to as the superannuation policy), and the TPD
Insurance provided under this policy is called the superannuation
component, while the remainder of the cover will be issued
under a policy outside superannuation (referred to as the non-
superannuation policy), and the TPD Insurance provided under
this policy is called the non-superannuation component.
As explained in the section titled When the TPD definition
changes, the definition of TPD converts to the modified TPD
definition at the cover anniversary when the insured person is
aged 65 and this TPD cover with the modified TPD definition
will be held under the superannuation policy. The TPD cover
under the non-superannuation policy will end at the cover
anniversary when the insured person is aged 65.
a) Own Occupation
Under this feature the Own Occupation definition of
TPD can be applied for under two policies, with the part
of the TPD Insurance that meets the SIS definition of
permanent incapacity (applied as if Macquarie Life was
trustee of the relevant superannuation fund) held within
superannuation and the remainder of the cover held outside
of superannuation. The TPD definition that will be shown in
your policy will be Superannuation Optimiser.
b) Any Occupation
If you choose to hold TPD Platinum Insurance within
superannuation with the Any Occupation definition of
TPD, the cover will automatically be structured with the
Superannuation Optimiser Any Occupation TPD definition.
The part of the TPD Insurance that meets the SIS definition
of permanent incapacity (applied as if Macquarie Life was
trustee of the relevant superannuation fund) will be held within
superannuation and the remainder of the cover together
with the Partial Impairment benefit will be held outside of
superannuation. The TPD definition that will be shown in your
policy will be Superannuation Optimiser Any Occupation.
c) Domestic duties
If you choose to hold TPD Platinum within superannuation
with the Domestic Duties definition of TPD, the cover
will automatically be structured with the Superannuation
Optimiser Domestic Duties TPD definition. The part
trustee of the relevant superannuation fund) will be held within
superannuation and the remainder of the cover together
with the Partial Impairment benefit will be held outside of
superannuation. The TPD definition that will be shown in your
policy will be Superannuation Optimiser Domestic Duties.
Please refer to the Ownership section on page 35 for further
information on the rules applying to Superannuation Optimiser.
When the TPD sum insured is reduced
The TPD sum insured will be reduced by the following:
the amount of any Life Insurance paid for terminal illness,
if TPD Insurance is:
Flexible Linking,
the amount of any TPD Insurance paid in full or in part
under the policy
in cases where a Superannuation Optimiser definition of
TPD applies, the amount of any TPD Insurance with the
Superannuation Optimiser definition paid under another
policy to which it is connected through Flexible Linking, and
the amount of any Trauma Insurance paid (excluding any
amount that exceeds the Trauma sum insured, for example,
where a Trauma Condition pays 125% of the sum insured),
if TPD Insurance is:
included in a policy along with Trauma Insurance, or
connected through Flexible Linking to another policy
which includes Trauma Insurance.
Your policy will show what other types of insurance are
included in it, and whether it is connected to another policy
If TPD Insurance is included in a Life Insurance policy or
connected to one through Flexible Linking, and the Life
Insurance is reduced or cancelled, the TPD sum insured will
be reduced so that it is not more than the Life sum insured.
If Superannuation Optimiser definition of TPD applies and
the TPD Insurance is reduced or cancelled under one of the
policies connected through Flexible Linking, the TPD sum
insured under the connected policy will also be reduced so
that it is not more than the reduced or cancelled TPD.
If the TPD sum insured is reduced, but part of the sum insured
remains, the premium for your policy is adjusted by applying
our then current premium rates to the amount of the sum
insured that remains. The premium can otherwise be altered as
set out in this PDS on page 43.
One benefit payable
If cover for TPD Insurance is held in a Linked Insurance
structure with other types of Insurance, the following
conditions apply regarding the order of assessment for claims:
where cover is held through superannuation under
Flexible Linking, including under a Superannuation
Optimiser structure, the claim will be assessed under
the superannuation policy first
after the claim has been assessed under the superannuation
policy, if applicable, the claim will then be assessed under
any Linked non-superannuation policies.
If the insured person suffers a condition that satisfies the
definition under more than one benefit at the same time, only
one benefit will be paid in respect of the condition, being the
one which results in the highest payment. The benefit will be
paid to the policy owner of the relevant policy.
When we wont pay
A TPD Insurance claim will not be payable if the condition or
event giving rise to the claim is caused directly or indirectly by
an intentional self-inflicted act.
10 FutureWise terms and conditions Trauma Insurance
Trauma Insurance
Applying for Trauma Insurance
The person to be insured must be aged between 15 and 65 for
stepped premiums or between 15 and 60 for level premiums.
You apply for a specified amount of insurance. This is known
as the Trauma sum insured. The minimum amount you can
apply for is $50,000. The maximum amount is $2 million.
These limits may be affected if you have existing cover with us
If Trauma Insurance is to be linked to other insurances (either
on the same policy or through Flexible Linking) the amount of
Linked cover is limited to the higher of the sums insured of the
insurance to which it is to be linked.
There are three types of Trauma Insurance that you can apply for:
Trauma Standard
Trauma Plus, and
Trauma Platinum.
The Trauma type will be shown on your policy. The type you
choose will affect the Trauma Conditions that you are covered
for and the level of payment for each condition.
The Trauma Conditions and levels of payment provided by
each type of cover can be found on pages 11 and 12.
When the Trauma cover changes
On the cover anniversary when the insured person is aged 70,
the Trauma sum insured is limited to $2 million across all
policies issued by Macquarie Life and is only payable if the
insured person suffers loss of independent existence, loss
of limbs or cognitive loss before the Trauma Insurance ends,
explained in the section titled When cover ends on page 41.
Where there are multiple policies issued by Macquarie Life
providing Trauma Insurance for the same insured person we
will apply any reduction to the sum insured based on the cover
start date of each policy (or the start date of any increases,
other than indexation increases), reducing the most recently
commenced policy (or approved increase) first.
When the Trauma sum insured is payable
If your FutureWise policy includes Trauma Insurance, all or part of
the Trauma sum insured is payable if the insured person suffers
one of the Trauma Conditions listed in the table on pages 11 and
12, after the Trauma Insurance cover start date shown in your
policy and before the Trauma Insurance ends, explained in the
section titled When cover ends on page 41. Cover is limited
from age 70, explained in the section titled When the Trauma
cover changes on this page.
The amount payable will be the percentage of your Trauma
sum insured as indicated in the Trauma Conditions table on the
following page based on the Trauma type shown in your policy.
Trauma Conditions with a payment level of 20% are limited to
a maximum payment of $100,000 except for angioplasty and
minor heart attack which have a maximum of $40,000.
Trauma Conditions with a payment level of 125% are limited
to a maximum payment equal to the Indexed Benefit Limit.
The Indexed Benefit Limit is $2 million when your policy
commences and increases in the same proportion as the
Trauma sum insured due to Indexation Increases.
We will only pay once for any one Trauma Condition, except
in the case of angioplasty. You can claim for angioplasty more
than once, where the subsequent angioplasty procedure
being claimed for occurs at least six months after the previous
angioplasty claim.
Where a claim has been made for minor heart attack, any
subsequent angioplasty procedure being claimed for must occur
at least six months after the minor heart attack.
Where a claim has been made for angioplasty, any subsequent
minor heart attack being claimed for must occur at least six
months after the angioplasty procedure.
As explained in the section entitled When we wont pay on
page 14, a 90 day exclusion period applies to stroke and
Trauma Conditions in the following body systems:
Cancer of any body system (not including aplastic anaemia)
Heart and artery (not including cardiomyopathy).
The insured person must be living (and not declared brain
dead) for 14 days from the diagnosis or occurrence of the
claimed condition.
The definitions for all the Trauma Conditions can be found in
the Glossary at the end of this PDS.
Trauma Conditions
Body system Condition
Amount of sum insured payable
Trauma
Standard
Trauma
Plus
Trauma
Platinum
Cancer of any
body system
aplastic anaemia 100% 100% 100%
cancer 100% 100% 100%
carcinoma in situ of the breast with lumpectomy and treatment 20% 20% 100%
carcinoma in situ of the breast 20% 20% 20%
early stage melanoma 20% 20% 20%
early stage prostate cancer 20% 20% 20%
carcinoma in situ of the cervix and cervical dysplasia 0% 20% 20%
carcinoma in situ of the fallopian tube 0% 20% 20%
carcinoma in situ of the ovary 0% 20% 20%
carcinoma in situ of the vagina 0% 20% 20%
carcinoma in situ of the vulva 0% 20% 20%
Heart and artery
aortic surgery 100% 100% 100%
cardiomyopathy 100% 100% 100%
coronary artery bypass surgery 100% 100% 100%
heart attack 100% 100% 100%
heart valve surgery 100% 100% 100%
out of hospital cardiac arrest 100% 100% 100%
triple vessel angioplasty 100% 100% 100%
angioplasty 20% 20% 20%
minor heart attack 0% 0% 20%
Brain and nerves
paralysis 100% 125% 125%
bacterial meningitis or meningococcal septicaemia 100% 100% 100%
benign brain tumour with impairment level 100% 100% 100%
cognitive loss 100% 100% 100%
coma 100% 100% 100%
dementia including Alzheimers disease 100% 100% 100%
encephalitis 100% 100% 100%
major head trauma 100% 100% 100%
motor neurone disease with impairment level 100% 100% 100%
multiple sclerosis with impairment level 100% 100% 100%
muscular dystrophy with impairment level 100% 100% 100%
Parkinsons disease with impairment level 100% 100% 100%
stroke 100% 100% 100%
motor neurone disease 20% 100% 100%
multiple sclerosis 20% 100% 100%
muscular dystrophy 20% 100% 100%
Parkinsons disease 20% 100% 100%
hydrocephalus 0% 20% 20%
benign brain tumour 0% 0% 20%
Lungs
chronic lung disease 100% 100% 100%
primary pulmonary hypertension 100% 100% 100%
Kidneys chronic kidney failure 100% 100% 100%
Ear, nose and throat
loss of hearing 100% 100% 100%
loss of speech or total aphasia 100% 100% 100%
partial loss of hearing 0% 20% 20%
Amount of sum insured payable
Trauma
Standard
Trauma
Plus
Trauma
Platinum
Eye
loss of sight 100% 125% 125%
partial loss of sight 0% 20% 20%
Musculo-skeletal
loss of limbs 100% 125% 125%
severe burns 100% 125% 125%
severe rheumatoid arthritis 0% 20% 100%
partial loss of limbs 0% 20% 20%
severe burns of limited extent 0% 20% 20%
severe osteoporosis 0% 20% 20%
Digestive system
chronic liver disease 100% 100% 100%
colostomy/ileostomy 0% 20% 20%
severe Crohns disease 0% 20% 20%
severe ulcerative colitis 0% 20% 20%
Endocrine system
advanced diabetes 0% 100% 100%
diabetes complication 0% 20% 20%
Other
loss of independent existence 100% 100% 100%
major organ transplant 100% 100% 100%
medically acquired HIV 100% 100% 100%
occupationally acquired HIV 100% 100% 100%
major organ transplant waiting list 20% 100% 100%
occupationally acquired hepatitis B or C 0% 0% 100%
Trauma Reinstatement option
This is an option for which an additional premium is charged.
If the Trauma Reinstatement option applies, it will be shown in
your policy.
This option allows you to reinstate all or part of the Trauma sum
insured without the need for medical underwriting, 12 months
after it was reduced in full, subject to the following terms:
the option is available to be exercised up until the cover
anniversary when the insured person is aged 70
the Trauma sum insured must have been reduced to nil as
a result of the payment of one or more claims for Trauma,
TPD or terminal illness before reinstatement can occur
the reinstatement date is 12 months after the date the valid
claim form is lodged with Macquarie Life for the claim which
reduces the Trauma sum insured to nil
a valid claim form for this purpose is one which resulted
in a claim payment and where we determine the definition of
the Trauma Condition suffered was met within 30 days of the
claim form being lodged. If there is no valid claim form, the
relevant date for reinstatement is 12 months from the date
the liability for the claim was admitted by Macquarie Life,
Trauma Insurance can only be reinstated where the
condition or event giving rise to the Trauma, TPD or
terminal illness claim that reduced the Trauma sum insured,
also satisfied a Trauma Condition definition. The amount
that can be reinstated is the amount by which the Trauma
sum insured was reduced for that claim.
If the Trauma sum insured was reduced by more than one
claim, the entitlement to reinstate Trauma Insurance will be
determined separately for each claim that reduced the relevant
amount of the Trauma sum insured.
If a benefit is paid under Trauma Insurance that exceeds the
Trauma sum insured (for example, where Trauma Conditions
pay 125% of the sum insured), the amount exceeding the sum
insured cannot be reinstated under Trauma Reinstatement.
We will give you at least 30 days notice prior to the expiry of
the 12 month period and must receive your acceptance within
30 days of the date on which the option to reinstate the Trauma
Insurance falls. We will then tell you the date Trauma Insurance is
reinstated or, if your FutureWise policy has terminated because
the total cover under the policy was reduced to nil, we will issue
a new policy for the reinstated Trauma Insurance.
The premium for the reinstated Trauma Insurance will be
based on the FutureWise premium rates applying at the
time of reinstatement. Any premium adjustments, exclusions
or special conditions, which applied to the original Trauma
Insurance, will also apply to the reinstated cover.
The Future Increases and Indexation Increases features,
explained in the section titled Features and options applicable
to Life, TPD and Trauma Insurance, do not apply to the
reinstated cover. The Trauma Reinstatement option, Double
Trauma option and the Business Increase option are not
available with the reinstated cover.
Where a claim under TPD or terminal illness results in a
reinstatement entitlement, the condition or event that gave
rise to the claim will be treated as a Trauma Condition in
determining whether a claim is payable under the reinstated
Trauma Insurance.
Where Trauma Insurance is reinstated, no claim is payable
under these general terms for:
any Trauma Condition for which a Trauma, TPD or terminal
illness claim has been paid
any condition which is directly or indirectly related to a
Trauma Condition (or treatment of that condition) for which
a Trauma, TPD or terminal illness claim has been previously
paid (or treatment of that condition)
a condition which first occurs or symptoms leading to
the condition occurring or being diagnosed first became
apparent before the reinstatement of any Trauma Insurance
under this option.
Where Trauma Insurance is reinstated, the following specific
terms apply:
if a Trauma, TPD, or terminal illness claim has been paid for
any one Trauma Condition in the Heart and Artery body
system group, primary pulmonary hypertension or chronic
kidney failure then no claim is payable for any Trauma
Condition in the Heart and Artery body system group,
primary pulmonary hypertension or chronic kidney failure
if a Trauma, TPD, or terminal illness claim has been paid for
system group or primary pulmonary hypertension then no
claim is payable for paralysis or loss of sight, resulting from
cerebrovascular accident
if a Trauma, TPD, or terminal illness claim has been paid
for any one Trauma Condition in the Cancer of any body
system group then no claim is payable for any Trauma
Condition in the Cancer of any body system group, or
if a Trauma, TPD or terminal illness claim for has been paid
dementia including Alzheimers disease then no claim is
payable for stroke or heart attack.
If you have Trauma Platinum with a sum insured of at least
$100,000 (determined by the amount shown in your policy
plus applicable indexation increases), and have selected the
Trauma Reinstatement option, the following additional terms
are included as part of Trauma Reinstatement:
if a Trauma, TPD, or terminal illness claim was paid for
system group, primary pulmonary hypertension, or chronic
kidney failure then, under the reinstated cover, we will pay
a claim if the insured person suffers a heart attack after the
date the cover is reinstated. The benefit payable is equal to
the lesser of:
10% of the sum insured, and
$50,000
if a Trauma, TPD, or terminal illness claim was paid for any
one Trauma Condition in the Cancer of any body system
group then, under the reinstated cover, we will pay a claim
if the insured person suffers cancer of a different cell type
after the date the cover is reinstated. The benefit payable is
equal to the lesser of:
10% of the sum insured, and
$50,000.
Double Trauma option
It is only available if you take Trauma Insurance under a Life
Insurance Policy or connected to a Life Insurance policy
If the Double Trauma option applies, it will be shown in
your policy.
This option, up until the cover anniversary when the insured
person is aged 65, reinstates the Life sum insured 14 days
after it was reduced by the payment of the Trauma sum
insured in full, without the need for medical underwriting. This
option cannot be exercised if a claim for terminal illness (or
similar benefit) is in progress or has previously been paid for
the insured person by Macquarie Life.
The premium will be waived on the reinstated sum insured.
Any exclusions or special conditions which applied to the original
Life Insurance will also apply to the reinstated Life Insurance.
The Future Increases and Indexation Increases features and
the Business Increase option do not apply to the reinstated
Life sum insured. The Life Insurance Buy Back feature cannot
be exercised if the Life sum insured has been reinstated under
the Double Trauma option.
When the Trauma sum insured is reduced
The Trauma Insurance sum insured will be reduced by
the following:
the amount of any Life Insurance paid for terminal illness,
if Trauma Insurance is:
connected to a Life Insurance Policy through Flexible
Linking, and
the amount of any TPD Insurance paid, if Trauma Insurance is:
included in a policy along with TPD Insurance, or
connected through Flexible Linking to a policy which
includes TPD Insurance, and
the amount of any Trauma Insurance paid in part for a
Trauma Condition.
Your policy will show what other types of insurances are
included in it, and whether it is connected to another policy
If Trauma Insurance is included in a Life Insurance policy
or connected to one through Flexible Linking, and the Life
Insurance is reduced or cancelled, the Trauma sum insured will
be reduced so that it is not more than the Life sum insured.
If the Trauma sum insured is reduced, but part of the
sum insured remains, the premium for your policy is adjusted
by applying our then current premium rates to the amount of
the sum insured that remains. The premium can otherwise be
altered as set out on page 43.
One benefit payable
If cover for Trauma Insurance is held in a Linked Insurance
structure with other types of Insurance, the following
conditions apply regarding the order of assessment for claims:
Optimiser structure, the claim will be assessed under the
superannuation policy first
after the claim has been assessed under the
superannuation policy, if applicable, the claim will then
be assessed under any Linked non-superannuation policies.
If the insured person suffers a condition that satisfies the
definition under more than one benefit at the same time, only
one benefit will be paid in respect of the condition, being the
one which results in the highest payment. The benefit will be
paid to the policy owner of the relevant policy.
When we wont pay
A Trauma Insurance claim will not be payable if the Trauma
Condition (or where the condition involves surgery or a
procedure, the disease or condition for which the surgery or
procedure is undertaken):
is caused directly or indirectly by an intentional self-
inflicted act
first occurs or symptoms leading to the condition occurring
or being diagnosed first became apparent before the
Trauma Insurance cover start date shown in your policy or
the date any cover is reinstated, or
is stroke, or a Trauma Condition in Cancer of any body
system (not including aplastic anaemia) or the Heart and
artery body system (not including cardiomyopathy) if the
Trauma Condition first occurs or symptoms leading to
apparent within 90 days of the application date or the
date any cover is reinstated, including under the Trauma
Reinstatement option explained on page 12.
This exclusion does not apply to a Trauma Condition if
the policy issued by Macquarie Life replaces other similar
insurance under a policy or policies issued by Macquarie
Life or another insurer (the other policy) and we agreed
to issue this policy on the basis that it replaced the other
policy (as shown in your policy document) and the following
conditions are also met:
the Trauma sum insured under the policy being issued
by us is the same amount or less than that under the
other policy. If the Trauma sum insured under the policy
being issued by us is higher than that under the other
policy, the exclusion will not apply only in respect of the
amount of the Trauma sum insured that replaces cover
under the other policy
the other policy was continuously in force for 90 days
the other policy provided similar cover for the
Trauma Condition
the other policy was cancelled immediately after the
issue of this policy, and
15 FutureWise terms and conditions Features and options applicable to Life, TPD and Trauma Insurance
Features and options applicable to Life,
TPD and Trauma Insurance
So that your cover retains its value over time in line with
inflation, on each cover anniversary before the insured person
reaches age 65, we will increase the sum insured by the
greater of 3% and the increase in the consumer price index.
We will tell you the proposed indexation increase before it
applies and you can choose not to accept the increase. If
you decline an increase it will not affect future increase offers.
To decline an increase, we must receive your notice of decline
before the applicable cover anniversary.
Under the Indexation Increases feature, the sum insured
can increase above the maximum sum insured allowed
at application.
Personal event
Maximum increase method
All occupation classes Occupation class 1, 1E, 1L, 1M and 1P only
The insured person marries or registers
a partnership
The insured person or their partner gives birth
to or adopts a child
The insured person becomes a carer for the
first time
The death of the insured persons partner
The insured person divorces or de-registers
a partnership
A child of the insured person turns 18
The lowest of:
25% of the applicable sum insured
when your policy started, and
$200,000
The lowest of:
10% of the applicable sum insured when
your policy started, and
$500,000
The income of insured person increases by
15% or more in a 12 month period
The lowest of:
when your policy started,
$200,000, and
five times the increase in income
The lowest of:
your policy started,
$500,000, and
five times the increase in income
The insured person takes out a new
mortgage or increases an existing mortgage
(excluding refinance or draw down)
The lowest of:
when your policy started,
$200,000, and
the increase in the size of
the mortgage
The lowest of:
your policy started,
$500,000, and
the increase in the size of the mortgage
Future Increases
Under this feature, after certain events you can apply to
increase your existing Life, TPD and/or Trauma sums insured
until the insured person turns 55, and we will accept the
increase without the need for medical underwriting. However,
satisfactory evidence of the personal or business event or
change in financial position for which the increase is sought
will be required. The application for an increase under this
feature must be made on the appropriate form. The increase
only takes effect from when we approve the application for
the increase.
The following table sets out the events and the maximum
amounts by which you can apply to increase the sum insured.
If the insured persons occupation class is shown on the
Policy as 1, 1E, 1L, 1M or 1P, the maximum by which you can
increase your cover is determined by whichever of the two
methods below provide the higher increase in the sum insured.
Business event
Maximum increase
All occupation classes Occupation class 1, 1E, 1L, 1M and 1P only
An increase in the insured persons value to
your business (if the insured person is a key
person in your business)
The lowest of:
when your policy started
$200,000, and
the increase in the value of
the insured persons value to
the business
The lowest of:
your policy started
$500,000, and
the increase in the value of the insured
persons value to the business
An increase in the value of the insured
persons interest/share in your business (if
the insured person is a partner, shareholder
or similar principal in your business and this
policy supports a buy/sell, share purchase or
business succession agreement)
The lowest of:
$200,000, and
the increase in the value of the
insured persons interest/share in
the business
The lowest of:
your policy started
$500,000, and
the increase in the value of the insured
persons interest/share in the business
Increase in the size of a business loan where
the insured person has an interest in the
business or is a key person for your business
The lowest of:
$200,000, and
the increase in the size of the loan
The lowest of:
your policy started
$500,000, and
the increase in the size of the loan
Only increases of $10,000 or more are eligible for applications
under the Future Increases feature. An increase under this
feature cannot be made until 12 months after the cover start
date for the applicable insurance cover. The increase in cover
must be requested within six months of the event and only one
increase may be applied for in any 12 month period under this
feature. This feature cannot be exercised for a business event
if the Business Increase option has already been exercised
for the same business event. The maximum amount by which
the applicable sum insured can be increased under the Future
Increases feature on your FutureWise policy is $1 million.
The TPD Insurance cannot be increased above:
$3 million for the Own Occupation, Any Occupation, and
Superannuation Optimiser definitions combined (the insured
person must be gainfully employed for at least 20 hours per
week at the time of the increase to be eligible to increase
TPD Insurance with any of these definitions)
$2 million for the Modified TPD definition, and
$1 million for the Domestic Duties definition.
Trauma Insurance cannot be increased above $2 million.
These maximum limits apply inclusive of all cover for the
insured person held with Macquarie Life or another insurer.
If included in a Life Insurance Policy or connected to a Life
Insurance Policy through Flexible Linking, neither TPD nor
Trauma sums insured can be increased to an amount greater
than the Life sum insured. If included in a TPD Insurance
Policy or connected to a TPD Insurance Policy through
Flexible Linking, the Trauma sum insured cannot be increased
to an amount greater than the TPD sum insured.
Any premium adjustments, exclusions or special conditions which
apply to the Life, TPD or Trauma Insurance will also apply to any
increases made to each of these insurances under this feature.
This feature is not available for each insurance if:
the Insurance was issued with a premium adjustment in the
form of a medical loading of 75% or more, or
a claim has or can be made for the insured person under
any policy of Life, TPD or Trauma Insurance provided by us.
If an event or condition giving rise to a claim occurs (or in
the event of Trauma Insurance, the symptoms leading to the
condition occurring or being diagnosed first became apparent)
during the first six months after an increase in the sum insured
under this feature, we will only pay a claim in respect of the
increased cover if:
the condition for which the claim is being made is due to an
accident, and
the accident occurs after the date of the increase.
This feature only applies if TPD and/or Trauma Insurance
is included in a Life Insurance Policy or connected to a Life
Insurance Policy through Flexible Linking. The Life Insurance Buy
Back feature cannot be exercised if the Life sum insured has
been reinstated under the Double TPD or Double Trauma option.
This feature allows you, up until the cover anniversary when
the insured person is aged 65, to reinstate the Life sum
insured after it was reduced by the payment of the TPD or
Trauma sum insured in full, without the need for medical
underwriting, 12 months after the date a valid claim form
is lodged with Macquarie Life. A valid claim form for this
purpose is one which resulted in a claim payment and where
we determine the definition of TPD, or the Trauma Condition
suffered, as applicable, was met within 30 days of the claim
form being lodged. If there is no valid claim form, the relevant
date for reinstatement is 12 months from the date the liability
for the claim was admitted by Macquarie Life.
We will give you at least 30 days notice prior to the expiry
of the 12 month period and must receive your acceptance
within 30 days of the date on which the option to reinstate the
Life Insurance falls. We will then tell you the date cover was
reinstated or, if your policy has terminated because the Life
sum insured was reduced to nil, we will issue a new policy for
the reinstated cover.
If the Life Insurance that is being reinstated is provided
under a policy held through the insurance-only division of the
Macquarie Superannuation Plan or an eligible superannuation
plan, it can only be reinstated if the insured person is eligible
to make contributions to superannuation. If not, the insured
person can request us to issue the reinstated policy to him or
her to be held directly.
The premium for the reinstated Life Insurance will be based
on the FutureWise premium rates applying at the time of
reinstatement. Any premium adjustments, exclusions or
special conditions, which applied to the original Life Insurance,
will also apply to the reinstated cover.
The Future Increases and Business Increase features are
not available for cover reinstated under Life Insurance Buy Back.
The Indexation Increases feature will apply to the reinstated
Life sum insured.
Financial Planning benefit
Under this feature, we will reimburse the cost of engaging a
qualified financial adviser to prepare a financial plan following
payment of the Life, TPD or Trauma sum insured in full.
The total amount payable under this benefit is the lesser of
the actual fee paid for the financial planning advice (excluding
any commissions received by the adviser) and $1,000. It is
payable on receipt of evidence of the financial advice provided,
qualifications of the financial adviser and payment made for
that advice. This evidence must be received within 12 months
of payment of the sum insured.
The benefit is payable to the person who receives the sum
insured benefit. If the sum insured is paid to more than one
person, the maximum amount payable to each beneficiary for
reimbursement of financial planning costs incurred by them will
be split proportionally in line with the split of the sum insured.
The benefit is only payable once for the insured person across
all cover with Macquarie Life. The financial adviser whose
services are being reimbursed must be qualified and operating
under an Australian Financial Services Licence.
The Financial Planning benefit is only available on cover
It is available with Life, TPD and/or Trauma Insurance. For
policies where several types of insurance are linked, the option
can be applied for on Life Insurance only or on all insurances
under the policy. It is not available with TPD Insurance if the
Modified TPD definition is selected. The person to be insured
must be aged between 19 and 60 to apply for this option.
If the Business Increase option applies, it will be shown in
your policy.
When you apply for this option, you nominate a specific business
insurance arrangement for which you may want to increase your
cover in the future and the current value associated with this
arrangement. Business insurance arrangements we may approve
include key person insurance, business succession agreements,
and loan guarantor insurance.
If after the policy start date the value associated with the
business insurance arrangement increases (herein referred
to as a business event) you may apply to increase the sum
insured without the need for medical underwriting.
Any increase under this option must be for the same business
event for which the policy was originally established or
determined by us. The increase must not exceed the increase in
value of the business event, using the same value methodology
used in the original application.
Your application must be provided on the appropriate form and
must be supported by financial evidence of the business event
acceptable to us. The increase only takes effect from when we
approve the application for the increase.
This option will expire at the policy anniversary three years
after the Business Increase option was included on the policy.
If you apply for and are accepted for an increase under the
option within that period, the expiry date of the option will
be extended to the policy anniversary three years after the
increase was accepted.
In respect of increases under the loan guarantor business
event, if an event or condition giving rise to a claim occurs (or
in the event of Trauma Insurance, the symptoms leading to the
condition occurring or being diagnosed first became apparent)
during the first six months after an increase in the sum insured
under this feature, we will only pay a claim in respect of the
increased cover if:
the condition for which the claim is being made is due to an
accident, and
the accident occurs after the date of the increase.
The following table sets out the maximum to which the sum
insured can be increased over time under this option.
Life The lesser of $15 million and three times the
original sum insured
TPD The lowest of $5 million, three times the
original sum insured, and the maximum sum
insured permitted at application based on the
insured persons occupation
Trauma The lesser of $2 million and three times the
original sum insured
These limits apply inclusive of all cover for the insured person
held with Macquarie Life or another insurer.
Only increases of $10,000 or more are eligible for applications
under the Business Increase option. Only one increase may be
applied for in any 12 month period under this option. Increases
under this option cannot be exercised for a business event if
the Future Increases feature has already been exercised for
the same business event.
This option cannot be cancelled once you have exercised an
increase under this option.
This option expires at the cover anniversary when the insured
person is aged 65 (unless expired prior as explained above).
It is available with Life, TPD and/or Trauma Insurance. For
policies where several types of Insurance are linked, the option
must be taken on all of the Linked Insurances.
The person to be insured must be aged between 15 and
60 to apply for this option. For persons working in some
occupations, the Premium Waiver option may not be available.
The Premium Waiver option ends on the cover anniversary
when the insured person is aged 65.
If the Premium Waiver option applies it will be shown in
your policy.
The Premium Waiver option is only available on cover
The following table sets out the events and the maximum
periods for which we will waive the premium and policy fee
payable under the policy to which this option applies.
Event Maximum period for which premium will be waived
If the insured person has TPD Insurance with Macquarie
Life and we have paid the TPD sum insured in full for the
insured person
Until the policy anniversary when the insured person is aged 65
While a Total Disability benefit is being paid for the
insured person under a FutureWise Disability Income or
Business Expenses Insurance policy with Macquarie Life
Until the earlier of:
the insured person is no longer receiving a total disability benefit, or
the policy anniversary when the insured person is aged 65
After the insured person has been significantly disabled
for a period of six months, while the insured person
continues to be significantly disabled
the insured person is no longer significantly disabled, or
If the insured person is involuntarily unemployed for at
least 10 consecutive working days, while the insured
person is involuntarily unemployed and registered with a
recognised employment agency
the insured person is no longer involuntarily unemployed or registered
with a recognised employment agency
the premium has been waived due to involuntary unemployment for
three months in any 12 month period
the premium has been waived due to involuntary unemployment
for six months inclusive of all cover held with Macquarie Life for the
insured person
If the insured person also owns a Child Trauma policy, the premiums under the Child Trauma policy will be waived while premiums
are being waived for the insured person.
Premiums will not be waived under the Premium Waiver option on any Insurance that has been reinstated under the Life Insurance
Buy Back feature or Trauma Reinstatement option.
Premiums will not be waived under the Premium Waiver option where the insured persons total and permanent disablement, total
disability or significant disability is caused by or attributable to:
an intentional self-inflicted act
normal or uncomplicated pregnancy or child birth
war or an act of war.
19 FutureWise terms and conditions Child Trauma Insurance
Applying for Child Trauma Insurance
You may apply for this insurance provided you also have,
or are applying for, (as policy owner or insured person) at
least one other type of policy issued by Macquarie Life,
not including Blood Borne Disease Insurance or Child
Trauma Insurance.
The child to be insured must be aged between two and 14
and must be the natural, step or adopted child or grandchild
of the policy owner.
Any references to the insured person include references to
the insured child, where applicable.
the Child Trauma sum insured and applies per insured child
under the policy. The minimum amount you can apply for
is $10,000. The maximum amount is $250,000 per child.
Limitations may apply to the amount of Child Trauma
Insurance available at application with reference to the level
of cover under the other policy held, or being applied for, by
the policy owner. These limits may also be affected if you have
existing Child Trauma cover with us or with another insurer.
When the Child Trauma sum insured is payable
If your FutureWise policy includes Child Trauma Insurance, the
Child Trauma sum insured is payable if an insured child:
dies
is diagnosed with a terminal illness, or
suffers one of the Child Trauma Conditions listed in the
table under the Child Trauma Conditions heading after
cover starts for the condition,
after the Child Trauma Insurance cover start date shown in
your policy and before the Child Trauma Insurance ends,
We will only pay the sum insured once under the policy per
insured child.
page 20, a 90 day exclusion period applies to stroke and the
Child Trauma Conditions
The Trauma Conditions listed in the table below are covered
under Child Trauma Insurance for the Child Trauma Insurance
sum insured.
Cancer of any body
system
aplastic anaemia
cancer
Heart and artery
cardiomyopathy
heart attack
open heart surgery
out of hospital cardiac arrest
Brain and nerves
bacterial meningitis or
meningococcal septicaemia
benign brain tumour with
impairment level
brain damage
coma
encephalitis
major head trauma
muscular dystrophy with
impairment level
paralysis
stroke
Lungs
chronic lung disease
primary pulmonary hypertension
Kidneys chronic kidney failure
loss of hearing
loss of speech or total aphasia
Eye loss of sight
Musculo-skeletal
loss of limbs
severe burns
Digestive system chronic liver disease
Other
child's loss of independent existence
intensive care
major organ transplant
medically acquired HIV
The definitions for all the Trauma Conditions can be found in
the Glossary at the end of this PDS.
20 FutureWise terms and conditions Child Trauma Insurance
inflation, on each cover anniversary we will increase the sum
insured by the greater of 3% and the increase in the consumer
price index.
applies and you can choose not to accept the increase. If you
decline an increase it will not affect future increase offers. To
decline an increase, we must receive your notice of decline
at application.
Continuation of cover
This feature allows you or the insured child, on any cover
anniversary that falls when the insured child is aged 15 to 21
inclusive, to commence a Life Insurance policy with Linked
Trauma Insurance for the same or lesser amount as the Child
Trauma sum insured for the insured child, without the need for
medical underwriting. Additional information from the insured
child may be required at the time of conversion to establish
the premium rate that will apply to the Insurance. Once this
election is made, the Child Trauma Insurance cover for that
insured child is cancelled.
The Continuation of cover feature is not available if a claim has
been paid or is payable for the insured child under any cover
with Macquarie Life.
When we wont pay
A Child Trauma Insurance claim will not be payable in respect
of an insured child if the Trauma Condition (or where the
condition involves surgery or a procedure, the disease or
condition for which the surgery or procedure is undertaken):
first occurs or symptoms leading to the condition occurring
or being diagnosed first became apparent before the Child
Trauma Insurance start date shown in your policy or before
the date any cover is reinstated
is a congenital condition
is caused by the intentional act or intentional omission of
the policy owner or the insured childs parent, guardian or a
person acting in a regular de facto role as a parent, or
is stroke, or a Trauma Conditions in Cancer of any body
artery body system (not including cardiomyopathy) if the
Trauma Condition first occurs or symptoms leading to
apparent within 90 days of the application date or the date
any cover is reinstated.
This exclusion does not apply to a Trauma Condition if
the policy issued by Macquarie Life replaces other similar
insurance under a policy or policies issued by Macquarie
Life or another insurer (the other policy) and we agreed
to issue this policy on the basis that it replaced the other
policy (as shown in your policy document) and the following
conditions are also met:
the Child Trauma sum insured under the policy being
issued by us is the same amount or less than that under
the other policy. If the Trauma sum insured under the
policy being issued by us is higher than that under the
other policy, the exclusion will not apply only in respect
of the amount of the Trauma sum insured that replaces
cover under the other policy
Trauma Condition
Child Trauma Insurance will not be payable if we have not
received consent to obtain the medical records, past and
present, of the insured child.
21 FutureWise terms and conditions Blood Borne Disease Insurance
Applying for Blood Borne Disease Insurance
The person to be insured must be aged between 19 and
60. You may apply for this insurance provided you also
have at least one other type of policy issued by Macquarie
Life for the person to be insured. Blood Borne Disease
Insurance is only available to some occupations (generally
medical professions and those occupations in which
infection with HIV or the Hepatitis B or Hepatitis C virus is an
occupational hazard).
the Blood Borne Disease sum insured. The minimum amount
you can apply for is $50,000 and the maximum is $1 million.
When the Blood Borne Disease sum insured is payable
If your FutureWise policy includes Blood Borne Disease
Insurance, the sum insured will be paid if the insured person
becomes infected with HIV or the Hepatitis B or Hepatitis C
virus as the result of an accident during the course of the
insured persons regular occupation after the Blood Borne
Disease cover start date shown in your policy and before the
Blood Borne Disease Insurance ends, explained in the section
The production and detection (sero-conversion) of:
HIV antibodies, by way of a positive HIV antibody test, or
Hepatitis B surface antigen or HBV DNA, by way of a
positive Hepatitis B surface antigen or HBV DNA test, or
Hepatitis C antibodies, by way of a positive Hepatitis C
antibody test,
must be confirmed within six months of the accident.
Any accident giving rise to a potential claim must be reported
to us within seven days of the incident and supported by a
negative HIV, Hepatitis B or Hepatitis C test (as applicable)
taken after the accident. We must be given access to test all
blood samples used.
reaches age 65, we will increase the sum insured by the
greater of 3% and the increase in the consumer price index.
applies and you can choose not to accept the increase. If you
decline an increase it will not affect future increase offers. To
decline an increase, we must receive your notice of decline
at application.
When we wont pay
A Blood Borne Disease Insurance claim will not be payable if:
HIV or the Hepatitis B or Hepatitis C virus is caused by
any other means, including sexual activity or intravenous
drug use,
a treatment is developed and approved which renders the
HIV, Hepatitis B or Hepatitis C virus (as applicable) inactive
and non-infectious, or
the insured person has not taken an approved vaccine that
is recommended by the relevant government body for use
in the insured persons occupation and is available prior to
the event which causes infection.
We will only pay an amount under this insurance once.
22 FutureWise terms and conditions Disability Income Insurance
Applying for Disability Income Insurance
The person to be insured must be aged between 19 and 60
(or 64, subject to certain conditions) and gainfully employed
for a minimum of 20 hours per week.
the monthly insured amount. The minimum amount you can
apply for is $1,250 per month. The maximum amount is the
monthly equivalent of a percentage of the annual income of
the person to be insured, worked out as follows:
75% of the first $320,000
50% of the next $240,000, and
20% of the balance,
subject to the following limits:
$60,000 per month if the benefit period is 2 years, or
$30,000 per month for other benefit periods (plus an
additional $30,000 per month for the first 24 months of the
benefit period).
These limits may be affected if the person to be insured has
existing cover with us or with another insurer.
Different limits apply if you select the Superannuation Cover
option. See page 28 for further details.
Disability Income Plus Insurance
In addition to the standard features and benefits available
through Disability Income Insurance, you can also choose
to take Disability Income Plus Insurance, which provides
additional terms for:
Total Disability benefit: no minimum number of consecutive
days of total disablement required during the waiting period
in order to be eligible to commence a Total Disability benefit
at the end of the waiting period For more information refer to
the section titled Total Disability benefit on page 24.
Total Disability benefit: a total disability definition which
may allow the insured person to work up to 10 hours per
week or continue to earn up to 20% of pre-disability income
without a reduction in the monthly benefit for a maximum of
12 monthly benefit payments per claim (subject to limits). For
more information refer to the definition of total disability in the
Glossary on page 76.
Premium Waiver: waiver of the premium and policy fee
during the waiting period of a claim if a benefit becomes
payable. For more information refer to the section titled
Premium Waiver on page 25.
Disability Income Plus Insurance is only available to
certain occupations.
If Disability Income Plus Insurance applies, it will be shown in
your policy.
Disability Income Plus Insurance is only available on cover
Type of cover
If you have a FutureWise Disability Income Insurance Policy,
it will be either on an indemnity, agreed value or endorsed
agreed value basis, as shown in your policy.
For some occupations, Disability Income Insurance may only
be available on an indemnity basis.
If provided on an indemnity basis, the benefit payable in the
event of a claim is based on the insured persons pre-disability
income to a maximum of the monthly insured amount.
If Disability Income Insurance is provided on an agreed value
basis, the benefit payable in the event of a claim will be based
on the insured persons income at the time you applied for the
cover (or if we have accepted an application for an increase in
cover, the insured persons income at the time you applied for
the increase in cover that we accepted) to a maximum of the
monthly insured amount. To make a claim, you must provide
satisfactory financial evidence confirming the insured persons
income at the applicable time.
If Disability Income Insurance is provided on an endorsed
agreed value basis, the benefit payable in the event of a claim
is based on the insured persons income at the time you
applied for the cover (or, if we have accepted an application
for an increase in cover, the insured persons income at the
time you applied for the increase in cover). Disability Income
Insurance is provided on an endorsed agreed value basis if
you have provided financial evidence of the insured persons
income at the time you applied, and your policy indicates that
the Type of cover is endorsed agreed value.
It is important to note that, while the benefit payable will never
exceed the monthly insured amount, in some cases it may be
less than the monthly insured amount.
Waiting period
The majority of benefits under Disability Income Insurance are
subject to a waiting period before the benefits become payable.
The following waiting periods are available:
30 days
60 days
90 days
1 year
2 years.
The 1 year and 2 year waiting periods are only available with a
benefit period of to age 65 or to age 70.
The waiting period that applies is shown in your policy.
The waiting period begins the day the insured person is disabled
due to illness or injury and has consulted a medical practitioner in
relation to their disability.
On the basis of medical and other evidence acceptable to us,
we will reduce the waiting period by the number of continuous
days for which the insured person was absent from gainful
employment due to illness or injury prior to first consulting a
medical practitioner in relation to their disability, to a maximum
of seven days.
Return to work during the waiting period
The insured person can return to work (and not be disabled)
during the waiting period for up to:
five consecutive days if your waiting period is 30 days
10 consecutive days if your waiting period is 60 days,
90 days, 1 year or 2 years, and
six consecutive months if your waiting period is 2 years
and the insured person is also covered by a type of
disability income insurance with a benefit period of two
years provided through membership of a regulated
superannuation scheme in Australia or provided through
their employer,
before we will restart the waiting period.
The waiting period will be extended by the number of days
worked while the insured person is not disabled.
Waiting period reduction
If you have a FutureWise Disability Income Insurance policy
with a 1 year or 2 year waiting period, it can be reduced
without medical underwriting to 1 year or 90 days if you also
have salary continuance cover provided through your employer
and that cover terminates because you leave your employer.
This is not available if the insured person:
elects to take up any continuation of cover option on the
salary continuance cover
is on claim or eligible to claim at the time of applying to
reduce the waiting period, or
is not engaged in gainful employment of at least 20 hours
per week with a new employer.
You must apply to change the waiting period within 30 days
of the insured person ceasing employment with the employer
through which the salary continuance cover was provided.
Evidence of the cover, cessation of employment and other
information necessary to assess eligibility is required at the
time of applying to reduce the waiting period.
The premium will be adjusted accordingly for any change
made to the waiting period under this feature.
Benefit period
The benefit period is the maximum period for which a claim for
disability is payable.
The following benefit periods are available:
2 years
5 years
to age 65
to age 70.
The to age 70 benefit period is only available to people in
some occupations.
For some occupations, the maximum benefit period available
may be 5 years.
The benefit period that applies is shown in your policy.
The benefit period for an individual claim starts at the end of
the waiting period and continues until the earlier of:
the end of the selected benefit period (if the benefit period
selected is to age 65 or to age 70, the benefit period
ends at the cover anniversary when the insured person is
aged 65 or 70, respectively), and
the date when cover ends (see the section, When cover
ends on page 41).
If the to age 70 benefit period has been selected, the
monthly benefit will be determined on an indemnity basis for
any new claim where the waiting period commences on or
after the cover anniversary when the insured person is 65.
Recurrent Disability
If the benefit period under your FutureWise Disability Income
Insurance policy is to age 65 or to age 70, any claim for
disability arising from the same or a related cause as a
previous claim within 12 months of the previous claim ending,
will be treated as a continuation of the previous claim and the
waiting period will be waived. If the claim is made more than
12 months after the previous claim ended it will be treated as
a new claim and a new waiting period will apply.
If the benefit period under your FutureWise Disability Income
Insurance policy is 2 years or 5 years, or this insurance has
been extended beyond the cover anniversary when the
insured person is aged 65 under the terms of the Cover
Extension on page 27, any claim for disability arising from the
same or a related cause as a previous claim within six months
of the previous claim ending, will be treated as a continuation
of the previous claim and the waiting period will be waived.
If the claim is made more than six months after the previous
claim ended a new waiting period will apply. A new benefit
period will apply only if the insured person made a successful
return to gainful employment of at least 20 hours per week for
a continuous period of six months.
If you have a FutureWise Disability Income Insurance Policy,
a Total Disability benefit is payable if, after the cover start
date shown in your policy and before the Disability Income
Insurance ends:
the insured person:
has been continuously disabled during the waiting period
and is totally disabled for at least five consecutive days
during that time, or
if you have Disability Income Plus Insurance, has been
continuously disabled during the waiting period, and
the insured person is totally disabled after the end of the
waiting period, or after a period during which a Partial
Disability benefit has been paid for the same illness or injury.
The Total Disability benefit payable is the monthly benefit,
adjusted to take into account any:
offsets which apply, as explained in the section titled When
the monthly benefit is reduced on page 34, and
increases under the Claims Escalation option, if it applies,
as explained on page 28.
The Total Disability benefit is payable monthly in arrears for
each day of total disability after the end of the waiting period
(1/30th of the monthly benefit per day if the benefit is only
payable for part of a month), but not beyond the end of the
benefit period for that illness or injury.
If you have a FutureWise Disability Income Insurance Policy, a
Partial Disability benefit is payable if, after the cover start date
shown in your policy and before Disability Income Insurance
ends, the insured person:
has been continuously disabled during the waiting
period, and
is partially disabled after the end of the waiting period, or
after a period during which a Total Disability benefit has
been paid for the same illness or injury.
The Partial Disability benefit payable is a proportion of the
monthly benefit, calculated as follows:
pre-disability
post-disability
income income X monthly benefit
pre-disability income
adjusted to take into account any:
offsets which apply, as explained in the section titled When
the monthly benefit is reduced on page 30, and
increases under the Claims Escalation option, if it applies,
as explained on page 28.
The Partial Disability benefit is payable monthly in arrears for
each day of partial disability after the end of the waiting period
(1/30th of the monthly benefit for partial disability per day if the
benefit is only for part of a month) but not beyond the end of
the benefit period for that illness or injury.
reaches age 65 we will increase the monthly insured amount
by the increase in the consumer price index. If the change
in the consumer price index is zero or negative, the monthly
insured amount wont change.
you decline an indexation increase it will not affect future
Indexation Increases offers. To decline an indexation increase,
we must receive your notice of decline before the applicable
cover anniversary.
If your FutureWise Disability Income Insurance policy provides
cover on an indemnity basis, you should consider whether,
by accepting an increase, your monthly insured amount will
exceed the monthly benefit.
If your FutureWise Disability Income Insurance policy provides
cover on an agreed value or endorsed agreed value basis, the
indexation increases applied to the monthly insured amount
will not need to be financially verified at time of claim.
Under the Indexation Increases feature, the monthly
insured amount can increase above the maximum allowed
at application.
Specific Injury benefit
and the insured person suffers one of the injuries listed below
after the cover start date shown in your policy and before the
Disability Income Insurance ends, we will pay the monthly
benefit for the number of months indicated, regardless of
whether the insured person is totally disabled. Payments will
be made during the waiting period.
Injury Payment period
Paralysis 60 months*
Total and permanent loss of any two of:
the use of a foot from the ankle joint
the use of a hand from the wrist
the sight in an eye that is irreversible
24 months
Total and permanent loss of any one of:
the use of a foot from the ankle joint
the use of a hand from the wrist
the sight in an eye that is irreversible
12 months
Total and complete severance of
the thumb and index finger from the
phalangeal joint of the same hand
6 months
Fracture of thigh or pelvis 3 months
Fracture of the leg (between the knee and
foot) or knee cap
2 months
Fracture of the upper arm (including elbow
and shoulder bone)
2 months
Fracture of the skull (except bones of the
nose or face)
2 months
Fracture of the lower arm (including wrist,
but excluding elbow, hands or fingers)
1 month
Fracture of the jaw or collarbone 1 month
* If the benefit period is two years, the payment period for paralysis under this
feature is 24 months.
If the benefit period is 2 years or 5 years, the benefit period for
disability due or related to an injury for which we have paid the
Specific Injury benefit is reduced by the number of months for
which we have paid the Specific Injury benefit.
If the insured person suffers more than one specific injury at
the same time, we will only pay for one specific injury, being
the one with the longest payment period.
If we are paying benefits under the Specific Injury benefit,
payments will cease if Disability Income Insurance ends,
The Specific Injury benefit is only available on cover held
outside of superannuation. Refer to the section titled
Death benefit
If you have a FutureWise Disability Income Insurance policy and
the insured person dies after the cover start date shown in your
policy and before the Disability Income Insurance ends, we will
pay an amount equal to four times the monthly insured amount,
to a maximum of $75,000 on receipt of the death certificate.
If you have the Disability Income Extra Benefits option on your
policy, the maximum amount we will pay is $150,000.
Premium Waiver
We will waive the premium and policy fee payable under your
FutureWise Disability Income Insurance policy while a benefit
is payable.
If you have Disability Income Plus Insurance, the premium and
policy fee will also be waived during the waiting period,
if a benefit becomes payable under the policy.
Involuntary Unemployment Premium Waiver
If your FutureWise Disability Income Insurance policy has been
continuously in force for six months preceding involuntary
unemployment of at least 10 consecutive working days, we
will waive the premium and policy fee payable under your
policy for up to three months at a time for the period while the
insured person is involuntarily unemployed and registered with
a recognised employment agency.
The premium and policy fee will be waived due to involuntary
unemployment for a maximum of three months in any
12 month period and a total maximum of six months inclusive
of all cover held with Macquarie Life for the insured person
over the life of the policy. If the premium is paid on an annual
basis, we will provide a pro rata refund of the premium and
policy fee that has already been paid for each month that you
are eligible for the Involuntary Unemployment Premium Waiver.
This feature is not available if the insured person was self-
employed immediately prior to involuntary unemployment.
Extra Benefits option
This is an optional package of additional income benefits and
features for which an additional premium is charged. If the
Extra Benefits option applies, it will be shown in your policy.
The Extra Benefits option includes the following benefits
and features:
Trauma benefit
Bed Confinement benefit
Home Care benefit
Rehabilitation Expenses benefit
Future Increases
Cover Extension.
Trauma benefit
If you have a FutureWise Disability Income Insurance policy with
the Extra Benefits option and the insured person suffers one
of the Trauma Conditions listed below after the Trauma benefit
starts and before Disability Income Insurance ends, we will pay
the monthly benefit for six months, regardless of whether the
insured person is totally disabled. Payments will be made during
the waiting period.
Body System Condition
Cancer of any
body system
aplastic anaemia
cancer
Heart and artery aortic surgery
cardiomyopathy
coronary artery bypass surgery
heart attack
heart valve surgery
out of hospital cardiac arrest
triple vessel angioplasty
Brain and nerves bacterial meningitis or meningococcal
septicaemia
benign brain tumour with impairment level
cognitive loss
coma
dementia including Alzheimers disease
encephalitis
major head trauma
motor neurone disease with impairment level
multiple sclerosis with impairment level
muscular dystrophy with impairment level
Parkinsons disease with impairment level
paralysis
stroke
Lungs chronic lung disease
primary pulmonary hypertension
Kidneys chronic kidney failure
Ear, nose
and throat
loss of hearing
loss of speech or total aphasia
Eye loss of sight
Musculo-skeletal loss of limbs
severe burns
Digestive system chronic liver disease
Other loss of independent existence
medically acquired HIV
occupationally acquired HIV
page 31, a 90 day exclusion period applies to stroke and
We will only pay once for each Trauma Condition under
this benefit.
If the benefit period is 2 years or 5 years, the benefit period for
disability due or related to a condition for which we have paid
the Trauma benefit is reduced by number of months for which
we have paid the Trauma benefit.
If the insured person suffers more than one Trauma Condition,
we will only pay for one Trauma Condition at a time.
If we are paying benefits under the Trauma benefit, payments
will cease if Disability Income Insurance ends, explained in the
section titled When cover ends on page 41.
Bed Confinement benefit
with the Extra Benefits option and the insured person is
totally disabled, confined to bed, as confirmed by a medical
practitioner, and is under the care of a registered nurse for
72 hours or more during the waiting period, we will pay 1/30th
of the monthly benefit for each day of such bed confinement
during the waiting period.
The Bed Confinement benefit is payable for a maximum of
90 days.
Home Care benefit
with the Extra Benefits option and a Total Disability benefit
has been paid for at least 30 days, and the insured person
is confined to bed as a result of continuing total disability,
as confirmed by a medical practitioner, we will increase the
amount we will pay in a month to cover either:
the forgone income of an immediate family member who
provides satisfactory evidence to Macquarie Life that they
were gainfully employed for at least 20 hours per week prior
to the insured person suffering the illness or injury and have
ceased to be gainfully employed to care for the insured
person, or
the cost of employing a registered nurse or housekeeper.
The additional amount we will pay each month is limited to
the lesser of $5,000 or the amount equivalent to the monthly
benefit, per month for a maximum of six months. This benefit
starts to accrue on the first day all of the above requirements
are met and is paid monthly in arrears.
This benefit is in addition to any benefit payable for the Total
Disability benefit.
Rehabilitation Expenses benefit
with the Extra Benefits option and a Total Disability benefit is
payable, we will increase the amount we will pay in a month
to cover all or part of any rehabilitation expenses or costs
associated with a rehabilitation programme for the insured
person that we have approved in advance. A maximum
payment of 12 times the monthly benefit applies under this
benefit. This benefit is in addition to any benefit payable for the
Total Disability benefit or Partial Disability benefit.
with the Extra Benefits option and the insured person is totally
disabled and confined to bed, as confirmed by a medical
practitioner, and an immediate family member requires
accommodation at a location more than 100km from their
home to be closer to the insured person, we will increase
the amount we will pay in a month to cover the costs of
accommodation up to $250 per day for a maximum of
30 days in any 12 month period.
The Accommodation benefit is payable during the waiting
period. This benefit is in addition to any benefit payable for the
Total Disability benefit.
Future Increases
with the Extra Benefits option, under this feature, you can
apply to increase your monthly insured amount on each cover
anniversary until the insured person turns 55, and we will accept
the increase without the need for medical underwriting.
Only increases to the monthly insured amount above $500 are
eligible for applications under the Future Increases feature.
The monthly insured amount cannot be increased under the
Future Increases feature:
by more than 15% at any cover anniversary, or
above the maximum amounts allowable, explained in the
section titled, Applying for Disability Income Insurance on
page 22.
The combined total of all increases to the monthly insured
amount made under this feature cannot exceed the monthly
amount insured originally issued.
Financial evidence may be required to establish that the
insured persons income supports the increase to the monthly
insured amount.
The increase in cover must be requested within 30 days of
the applicable cover anniversary and must be made on the
appropriate form. The increase only takes effect from when we
approve the application for the increase.
Any premium adjustments, exclusions or special conditions
which apply to the insurance will also apply to any increases
made under this feature.
This feature is not available if:
the policy was issued with a premium adjustment in the form
of a medical loading of 75% or more, or
if a claim has or can be made for the insured person under
any policy of Disability Income or Business Expenses
Insurance provided by us.
Cover Extension
If you have a FutureWise Disability Income Insurance policy with
the Extra Benefits option, this feature applies if the occupation
class shown on your policy is 1E, 1L, 1M or 1P.
Under this feature we will offer to continue Disability Income
Insurance beyond the cover anniversary when the insured
person is aged 65, if the insured person is employed in an
occupation which we insure under our standard underwriting
guidelines at the time the offer is made.
This offer will not apply if:
we originally offered cover with a limitation on the term
of the policy so that cover expires earlier than the cover
we originally offered cover with a premium adjustment due
to medical reasons, or
the insured person was eligible to receive a Total Disability
benefit or Partial Disability benefit in the preceding
12 month period.
Cover under this feature will be provided on the following
modified terms:
on an indemnity basis
a benefit period of 12 months
benefits will only be payable for the Total Disability benefit,
Partial Disability benefit and Death benefit
the Extra Benefits option, Claims Escalation option, Accident
option and Superannuation Cover option will not apply
Indexation Increases will not apply, and
the maximum monthly benefit we will pay is $15,000.
Cover can continue on the modified basis until the earlier of:
the cover anniversary when the insured person is aged
70, and
the insured person has not been in gainful employment of
at least 20 hours a week for six consecutive months.
Accident option
It is only available if a 30 day waiting period applies. For some
occupations, the Accident option may not be available.
If the Accident option applies, it will be shown in your policy.
If the insured person is totally disabled for at least four
consecutive days within 30 days of suffering an accident the
monthly benefit for the Total Disability benefit will be payable
The monthly benefit is payable in arrears for each day of total
disability including the first four consecutive days (1/30th of the
monthly benefit per day if the benefit is only payable for part of
the month), but not beyond the end of the waiting period for
that illness or injury.
Claims Escalation option
If the Claims Escalation option applies, it will be shown in the
policy issued to you.
While the Total Disability benefit or Partial Disability benefit
is being paid, we will increase the monthly benefit by any
increase in the consumer price index at the cover anniversary.
Superannuation Cover option
This option allows you to have a monthly insured amount
that is higher than is usually available under Disability Income
Insurance (generally the monthly insured amount can be up to
75% of the insured persons income however with this option
you can insure up to 80% of the insured persons income)
so that in the event of disability, a contribution can be made
into superannuation. Part of the monthly benefit will be paid
to you and part must be paid to the trustee of a nominated
The amount you can insure is up to the monthly equivalent of
the sum of:
the annual income that the insured person contributes to
superannuation, to a maximum of 20% of annual income
(the Superannuation Cover amount), and
the percentage of the remainder of income (that is, annual
income less the Superannuation Cover amount determined
above), as follows:
75% of the first $320,000,
50% of the next $240,000, and
20% of the balance,
subject to the following limits:
$60,000 if the benefit period is 2 years, or
$30,000 for other benefits periods (plus an additional
$30,000 per month for the first 24 months of the
benefit period).
The Superannuation Cover option is only available on cover
For example, an applicant who earns an annual salary of
$100,000 and has superannuation guarantee contributions of
$9,000 made on their behalf each year. Their annual income is
$109,000 which can been insured as follows:

Superannuation
Cover amount
Remainder
of income
Monthly
insured
amount
Without
Superannuation
Cover option
0
75% x 109,000
$6,813
=81,750/12
$6,813
With
Superannuation
Cover option
100% x 9,000 75% x 100,000
9,000/12 =75,000/12
$750 $6,250 $7,000
If the Superannuation Cover option applies, it will be shown
in the policy issued to you. The policy will also include a
Superannuation Cover Percentage which is the proportion
of the monthly benefit that will be paid to the nominated
superannuation fund (after any adjustment for tax see below)
while we are paying you a monthly benefit under Disability
Income Insurance.
The Superannuation Cover Percentage is calculated at the time
of application and is calculated as the Superannuation Cover
amount divided by the monthly insured amount. In the example
above, the Superannuation Cover Percentage is worked out as
750 (the Superannuation Cover amount) divided by 7,000 (the
monthly insured amount) which equals 10.71%.
The monthly benefit, inclusive of any Superannuation Cover
amount, is included as assessable income and will be subject
to tax at the applicable marginal rate of tax. We will adjust
the Superannuation Cover amount for the potential tax liability
that may apply to this amount based on the marginal rate of
tax that would otherwise have applied to the last dollar of the
insured persons pre-disability income. The tax adjustment
amount will be paid directly to you and the Superannuation
Cover amount reduced by this tax adjustment amount before
it is paid to the nominated superannuation fund.
By applying for this option, you agree to provide us with
the name and details of a nominated superannuation
fund to which the Superannuation Cover amount of the
monthly benefit is to be paid. If you do not provide us with
a direction at time of claim, we may not be able to pay the
Superannuation Cover amount.
If the fund you nominate does not accept the Superannuation
Cover amount from us, we will pay it to you subject to
proof that the amount is subsequently forwarded to a
superannuation provider for the insured persons benefit.
The amount that we pay to the nominated superannuation
fund is paid on the insured persons behalf as a personal
contribution and subject to the standard superannuation rules
relating to preservation, contributions and tax.
TPD Commutation option
It is only available if your FutureWise Disability Income
Insurance Policy:
has a waiting period of 30, 60 or 90 days
has the Claims Escalation option selected, and
is held within superannuation (see the section titled
Ownership on page 35).
TPD commutation is only available on that portion of the
monthly amount insured with a to age 65 or to age 70
benefit period.
If the TPD Commutation option applies, it will be shown in the
policy issued to you.
After the Total Disability benefit has been paid for at least
12 months, this option allows you to elect to receive a lump sum
amount in place of the ongoing monthly benefit if the insured
person suffers total and permanent disablement that meets the
Any Occupation TPD definition and meets the SIS definition of
permanent incapacity and as amended from time to time.
The option will not apply if the insured person has a terminal
illness. The monthly benefit for the purposes of calculating
the TPD Commutation amount does not include any
increase in the monthly insured amount provided under the
Booster option.
The benefit payable under this option is the lesser of:
$3 million, and
the relevant multiple of that portion of the monthly benefit
which would otherwise be payable under the to age 65
benefit period less any offsets which apply, as explained in
the section titled When the monthly benefit is reduced on
page 30, where the multiple is:
Age next
birthday
Multiples for to age
65 benefit period
Multiples for to age
70 benefit period
less than
40 years
180 192
40 to 44 156 168
45 to 49 132 144
50 to 55 108 132
56 to 60 65 minus age next
birthday, multiplied
by 12
108
61 to 70 65 minus age next
by 12
70 minus age next
by 12
The relevant multiple is based on the age of the insured
person at the date the lump sum becomes payable, not when
the request is received.
The lump sum that you receive under this option will be
treated in the same way as TPD Insurance for tax purposes,
as explained in the section titled Tax treatment of benefits on
page 58.
Cover ends and all benefits are reduced to nil under your
FutureWise Disability Income Insurance policy and the
attached Extra Benefits policy (if applicable) when a benefit is
paid under the TPD Commutation option.
Booster option
This is an option for which an additional premium is charged. If
the Booster option applies, it will be shown in the policy issued
to you. It is only available with a benefit period of to age 65
or to age 70 and where the monthly insured amount applied
for at application, inclusive of any Superannuation Cover
amount, is $30,000 per month or less.
Under this option, if the insured person suffers total and
permanent disablement that meets the Any Occupation definition
of TPD, we will increase the monthly benefit by 33% for the Total
Disability benefit, Specific Injury benefit or Trauma benefit for a
maximum of 24 months over the life of the policy.
Any benefits payable after the cover anniversary when the
insured person is age 65 will not be subject to increases
under this option. The Booster option does not apply to a
claim for the Partial Disability benefit, Death benefit, Bed
Confinement benefit, Home Care benefit, Rehabilitation
benefit, Accommodation benefit or benefits payable under the
Accident option or TPD Commutation option.
Indexation Increases and the Claims Escalation option will
continue to apply.
If the Superannuation Cover option applies, the
Superannuation Cover Percentage will be applied to the
increased monthly benefit to determine the amount payable to
the trustee of your nominated superannuation fund.
Medical Professionals feature
If a medical professional contracts HIV or Hepatitis B or C,
professional guidelines may restrict their ability to perform
certain procedures and result in a reduction of income, well
before the illness results in a physical inability to perform the
duties of their occupation.
Under Disability Income Insurance, Macquarie Life will consider
that a medical professional has satisfied the occupational
duties component of the total disability or partial disability
definition if the following apply:
the occupation class shown on your policy is 1M
the insured person becomes infected with HIV, Hepatitis
B or Hepatitis C as confirmed by documented proof of
the infection
at the time of infection, exposure prone procedures, as
defined by the relevant professional governing body, are
at least one of the duties of the insured persons usual
occupation necessary to produce income, and
due to the insured persons HIV, Hepatitis B or Hepatitis C
status, the insured person is required to cease performing
exposure prone procedures as a result of the guidelines of
the professional governing body in their state.
The other components of the Total Disability benefit and Partial
Disability benefit as applicable, must also be satisfied in order
for a claim to be admitted.
The Medical Professionals feature will not apply if:
a treatment is available which renders the HIV or Hepatitis B
or C virus inactive and non-infectious, or
the insured person has elected not to take a relevant
vaccine that is recommended by the relevant professional
governing body and which is available prior to the event
which causes infection.
When the monthly benefit is reduced
The monthly benefit payable for the Total Disability benefit or
Partial Disability benefit may be reduced by any of the following
payments that are made in respect of the insured person:
legislated compensation schemes and Workers
Compensation (unless your FutureWise Disability Income
Insurance Policy shows the insured person is categorised
with an occupation class of 1E, 1L, 1M or 1P), and
any other insurance that provides income payments
due to illness or injury, which commenced prior to the
commencement of the FutureWise Disability Income
Insurance policy unless we have expressly agreed not to
apply a reduction.
If a lump sum is paid by any of the above sources in respect of
the insured person, we will convert that lump sum to a monthly
payment at the rate of 1% of the lump sum paid per month for
the first 100 months. Benefit reductions will only start once the
lump sum has been paid.
The benefit we will pay will only be reduced to ensure that,
when combined with the payments from any of the above
sources, it does not exceed the monthly equivalent of 75%
of pre-disability income (100% of pre-disability income for
the Partial Disability benefit or while the monthly benefit is
increased under the Booster option).
One benefit payable
If the insured person is eligible for one or more benefit payable
for the Total Disability benefit, Partial Disability benefit, Specific
Injury benefit, Trauma benefit, Bed Confinement benefit or
Accident option at the same time, only one benefit is payable,
being the benefit which provides the highest payment.
When portions of the monthly insured amount are subject
to different terms
Where we agree, your FutureWise Disability Income Insurance
policy may be set up so that separate portions of the monthly
insured amount are subject to different waiting periods, benefit
periods, types of cover and/or options. Details of each portion
of the monthly insured amount, and the waiting periods, benefit
periods, types of cover and options that apply to each portion,
will be shown in the policy issued to you.
In determining the monthly benefit to be used as the basis
for the payment of any benefit(s) under the policy in any given
month, we will consider the sum of only those portions of
the monthly insured amount for which the particular benefit is
payable, having regard to the waiting period, benefit period,
type of cover and options that are applicable.
When we wont pay
A benefit will not be payable under Disability Income Insurance
for a claim which is caused by or attributed to:
normal or uncomplicated pregnancy or childbirth
war or an act of war
elective surgery that occurs within six months of:
the date any cover is reinstated (but only in respect of
the reinstated cover), or
applied for (but only in respect of that increase)
stroke, or Trauma Conditions in Cancer of any body
artery body system (not including cardiomyopathy) for
the Trauma benefit if the Trauma Condition first occurs
or symptoms leading to the condition occurring or being
diagnosed first became apparent within 90 days of the
application date or the date any cover is reinstated.
This exclusion does not apply to the Trauma benefit in respect
of a Trauma Condition if the policy issued by Macquarie Life
replaces other similar insurance under a policy or policies
issued by Macquarie Life or another insurer (the other
policy) and we agreed to issue this policy on the basis that it
replaced the other policy (as shown in your policy document)
and the following conditions are also met:
the Disability Income monthly insured amount under the
policy being issued by us is the same amount or less than
that under the other policy. If the monthly insured amount
under the policy being issued by us is higher than that
under the other policy, the exclusion will not apply only in
respect of the amount of the monthly insured amount that
replaces cover under the other policy
Trauma Condition
We will not pay for any period while the insured person is in jail.
Benefits are only payable for up to six months while the
insured person is outside Australia. In some circumstances,
benefits may continue to be paid beyond six months if the
insured person returns to Australia or attends a regional
medical facility approved by us.
The payment of Disability Income benefits will end if the
insured person unreasonably refuses to undergo the medical
treatment including rehabilitation to treat their disability as
recommended by their medical practitioner.
32 FutureWise terms and conditions Business Expenses Insurance
Applying for Business Expenses Insurance
The person to be insured must be aged between 19 and 60
and gainfully employed for a minimum of 20 hours per week.
You apply for a specified amount of cover. This is known
as the monthly insured amount. The minimum amount you
can apply for is $1,250 per month (or $750 per month if this
insurance is taken out with Disability Income Insurance) and
the maximum is $60,000 per month.
These limits will be affected if you have existing cover with us
The benefit payable in the event of a claim is based on
the allowable business expenses incurred each month
by the insured person up to a maximum of the monthly
insured amount.
If you also have Disability Income Plus Insurance, the
additional terms for the Total Disability benefit and the
Premium Waiver feature will also apply to your FutureWise
Business Expenses Insurance policy.
Waiting period
The benefits under Business Expense Insurance are subject to
a waiting period before the benefits become payable.
The following waiting periods are available:
30 days
90 days.
The waiting period that applies is shown in the policy issued
to you.
The waiting period begins the day the insured person
is disabled due to illness or injury and has consulted a
medical practitioner in relation to their disability.
On the basis of medical and other evidence acceptable to us,
we will reduce the waiting period by the number of continuous
days for which the insured person was absent from gainful
employment due to illness or injury prior to first consulting a
medical practitioner in relation to their disability, to a maximum
of seven days.
The insured person can return to work (and not be disabled)
during the waiting period for up to:
five consecutive days if your waiting period is 30 days, or
10 consecutive days if your waiting period is 90 days,
before we will restart the waiting period. The waiting period will
be extended by the number of days worked while the insured
person is not disabled.
Benefit period
The benefit period is the maximum period for which a claim for
disability is payable.
The benefit period for any one claim starts at the end of the
waiting period and continues until the earlier of:
the end of a 24 month period
the total of benefits paid for the claim reaching 12 times the
monthly insured amount, and
the date when cover ends (see the section, When cover
ends on page 41).
Recurrent disability
Any Business Expenses claim for disability arising from the
same or a related cause as a previous claim within six months
of the previous claim ending will be treated as a continuation of
the previous claim and the waiting period will be waived. If the
claim is made more than six months after the previous claim
ended a new waiting period will apply. A new benefit period will
apply only if the insured person made a successful return to
gainful employment for a continuous period of six months.
If you have a FutureWise Business Expenses Insurance Policy,
a benefit is payable if after the cover start date shown in your
policy and before the Business Expenses Insurance ends:
the insured person:
has been continuously disabled during the waiting period
and totally disabled for at least five consecutive days
during that time, or
if you have Disability Income Insurance Plus, has been
continuously disabled during the waiting period, and
the insured person is totally disabled after the end of the
waiting period, or after a period during which a Partial
Disability benefit has been paid for the same illness or injury.
The Total Disability benefit payable is the monthly benefit
adjusted to take into account any offsets which apply, as
explained in the section titled When the monthly benefit is
reduced on page 34.
The Total Disability benefit is payable monthly in arrears for
each day of total disability after the end of the waiting period
(1/30th of the monthly benefit per day if the benefit is only
payable for part of a month), but not beyond the end of the
benefit period for that illness or injury.
If you have a FutureWise Business Expenses Insurance Policy,
a benefit is payable if, after the cover start date shown in your
policy and before Business Expenses Insurance ends, the
insured person:
has been continuously disabled during the waiting
period, and
is partially disabled after the end of the waiting period, or
after a period during which a Total Disability benefit has
been paid for the same illness or injury.
The Partial Disability benefit payable is a proportion of the
monthly benefit, calculated as follows:
pre-disability
post-disability
business income business income
X
monthly
pre-disability business income
benefit
adjusted to take into account any offsets which apply, as
explained in the section titled When the monthly benefit is
reduced on page 34.
The Partial Disability benefit payable is payable monthly in
arrears for each day of partial disability after the end of the
waiting period (1/30th of the monthly benefit for partial disability
per day if the benefit is only for part of a month) but not beyond
the end of the benefit period for that illness or injury.
Death benefit
If you have a FutureWise Business Expenses Insurance Policy
and the insured person dies after the cover start date shown
in your policy and before the Business Expenses Insurance
ends, we will pay an amount equal to four times the monthly
insured amount, to a maximum of $75,000 on receipt of the
death certificate.
reaches age 65 we will increase the monthly insured amount
by the increase in the consumer price index. If the change
in the consumer price index is zero or negative, the monthly
insured amount wont change.
you decline an increase it will not affect future increase offers.
To decline an increase, we must receive your notice of decline
You should consider whether, by accepting an increase, your
monthly insured amount will exceed the monthly benefit.
Under the Indexation Increases feature, the monthly
insured amount can increase above the maximum allowed
at application.
Future Increases
If you have a FutureWise Business Expenses Insurance policy,
under this feature, you can apply to increase your monthly
insured amount on each cover anniversary until the insured
person turns 55, and we will accept the increase without the
need for medical underwriting.
Only increases to the monthly insured amount above $500 are
eligible for applications under the Future Increases feature.
The monthly insured amount cannot be increased under the
Future Increases feature:
by more than 15% at any cover anniversary
above the insured persons share of monthly allowable
business expenses at the time of applying for the increase
above the maximum amounts allowable, explained in the
section titled, Applying for Business Expenses Insurance
on page 32, or
if the insured persons share of business income has
decreased in the 12 months prior to the cover anniversary
at which the increase application is made.
The combined total of all increases to the monthly insured
amount made under this feature cannot exceed the monthly
amount insured originally issued.
Financial evidence may be required to establish that the
financial position of the insured persons business supports the
increase to the monthly insured amount.
The increase in cover must be requested within 30 days of
the applicable cover anniversary and must be made on the
appropriate form.
Any premium adjustments, exclusions or special conditions
which apply to the insurance will also apply to any increases
made under this feature.
This feature is not available if:
the policy was issued with a premium adjustment in the
form of a medical loading of 75% or more, or
if a claim has or can be made for the insured person under
any policy of Disability Income or Business Expenses
Insurance provided by us.
Premium Waiver
We will waive the premium and policy fee payable under your
Business Expenses Insurance Policy while a benefit is payable.
If you have Disability Income Plus Insurance, the premium and
policy fee under your Business Expenses Insurance Policy will
also be waived during the waiting period if a benefit becomes
payable under your Business Expenses Insurance policy.
Cover Extension
If you have a FutureWise Business Expenses Insurance policy,
this feature applies if the occupation class shown on your
policy is 1E, 1L, 1M or 1P.
Under this feature we will offer to continue Business Expenses
Insurance beyond the cover anniversary when the insured
person is aged 65, if the insured person is employed in an
occupation which we insure under our standard underwriting
guidelines at the time the offer is made.
This offer will not apply if:
we originally offered cover with a limitation on the term
of the policy so that cover expires earlier than the cover
we originally offered cover with a premium adjustment due
to medical reasons, or
the insured person was eligible to receive a Total Disability
benefit or Partial Disability benefit in the preceding
12 month period.
Cover under this feature will be provided on the following
modified terms:
the Accident option will not apply
Indexation Increases will not apply, and
the maximum monthly benefit we will pay is $15,000.
Cover can continue on the modified basis until the earlier of:
the cover anniversary when the insured person is
aged 70, and
the insured person has not been in gainful employment of
at least 20 hours a week for six consecutive months.
Accident option
This is an optional benefit, for which an additional premium
is charged. It is only available if a 30 day waiting period
applies. For some occupations, the Accident option may not
be available.
If the Accident option applies, it will be shown in your policy.
If the insured person is totally disabled for at least four
consecutive days within 30 days of suffering an accident the
monthly benefit for the Total Disability benefit will be payable
The monthly benefit is payable in arrears for each day of total
disability including the first four consecutive days (1/30th of the
monthly benefit per day if the benefit is only payable for part of
the month), but not beyond the end of the waiting period for
that illness or injury.
When portions of the monthly insured amount are subject
to different terms
Where we agree, your Business Expenses Insurance policy
may be set up so that separate portions of the monthly
insured amount are subject to different waiting periods
and/or options. Details of each portion of the monthly insured
amount, and the waiting periods and options that apply to
each portion, will be shown in the policy issued to you.
In determining the monthly benefit to be used as the basis
for the payment of any benefit(s) under the policy in any given
month, we will consider the sum of only those portions of
the monthly insured amount for which the particular benefit is
payable, having regard to the waiting period and options that
are applicable.
When the monthly benefit is reduced
The monthly benefit payable for the Total Disability benefit or
Partial Disability benefit may be reduced by any other insurance
that provides business expense payments due to illness or
injury which commenced prior to the commencement of the
Macquarie Life Business Expenses Insurance policy, unless we
have expressly agreed not to apply a reduction.
The benefit we pay will only be reduced to ensure that, when
combined with the payments from the above source, it does
not exceed 100% of allowable business expenses.
Conditions which apply to the payment of benefits
We will apportion pre-paid or accrued allowable business
expenses over the period to which they relate, to determine
the amount of allowable business expenses which are
attributable to the month for which we are assessing the
benefit payable, unless we agree to a different basis.
If more than one person generates income in the insured
persons business we will attribute the allowable business
expenses in equal proportion between the insured person and
the other person(s), to determine the insured persons own
share, unless we agree to attribute the business expenses on
a different basis.
We only consider allowable business expenses for which
receipts are provided to us within 90 days of the date they
were incurred.
When we wont pay
A benefit will not be payable under Business Expenses
Insurance for a claim which is caused by or attributable to:
normal or uncomplicated pregnancy or child birth
war or an act of war, or
elective surgery that occurs within six months of:
the date any cover is reinstated (but only in respect of
that reinstated cover), or
applied for (but only in respect of that increase).
We will not pay for any period while the insured person is in jail.
Benefits are only payable for up to six months while the
insured person is outside of Australia. In some circumstances,
benefits may continue to be paid beyond six months if the
insured person returns to Australia or attends a regional
medical facility approved by us.
The payment of Business Expenses benefits will end if the
insured person unreasonably refuses to undergo the medical
treatment including rehabilitation to treat their disability as
recommended by their medical practitioner.
35 FutureWise terms and conditions Ownership
Ownership
Ownership of your FutureWise insurance is an important consideration as it may affect the following aspects of your
insurance cover:
how cover will be issued
types of Insurance and options available
benefits included in a type of Insurance policy eg some benefits are not available when cover is held through superannuation
who receives any benefit that becomes payable
access to any benefit that becomes payable, and
the tax treatment of the premium paid and benefits received.
The first five aspects are covered in this section. For information on tax, see page 56.
To maximise the efficiency of your insurance arrangements, FutureWise allows a number of ownership structures as shown in the
table below. For more detailed information on the different ownership structures see pages 37 to 40.
Description Policy owner
The person who is
insured under the policy
(insured person) Types of Insurance available
Non-superannuation
Any of the types of cover under FutureWise can be held under a non-superannuation policy.
When you apply for FutureWise outside
of superannuation, the policy is issued
directly to you as policy owner.
A person or company
(that is not a trustee of a
superannuation fund).
Either:
same person as the
policy owner, or
a different person.
Life
TPD
Trauma
Child Trauma
Blood Borne Disease
Disability Income (including
Extra Benefits option)
Business Expenses
The following option is
not available:
TPD Commutation
option on Disability
Income Insurance
Description Policy owner
The person who is
insured under the policy
(insured person) Types of Insurance available
Within superannuation
We do not allow some parts of FutureWise to be held within superannuation. There are some limitations to the Insurance provided within
superannuation which are outlined in the section titled Ownership within superannuation on page 37.
If a benefit becomes payable, it will be paid to the trustee, who must distribute the benefit in accordance with the governing rules of
the superannuation plan and superannuation laws current at the time of payment. There may be circumstances in which the trustee will
receive a benefit under a FutureWise policy but is unable to pay the benefit from the superannuation fund at that time.
We recommend you seek advice before you apply if you are considering taking insurance cover within superannuation.
If you are the trustee of a self managed
superannuation fund, you can apply for a
FutureWise policy as the trustee in respect
of a member or members of your self
managed superannuation fund.
It is your responsibility as trustee
to consider:
the appropriateness of providing
each type of insurance cover within
superannuation and its potential
implications for the complying status of
your fund
the taxation consequences of holding
the cover, and
superannuation law that operates to
limit when benefits received by you as
trustee can be paid out of the fund.
A person or company
who is a trustee
of a self managed
A member of the
relevant self managed
Life Insurance
TPD
Trauma
Disability Income
not available:
Superannuation Cover
option on Disability Income
Insurance
You can apply for FutureWise cover
through superannuation if you are a
member of an eligible superannuation
plan, in which case your FutureWise policy
will form part of your superannuation
interest and premiums will automatically
be deducted from your account.
We will make any claim payments to the
trustee of the eligible superannuation plan.
MIML or the trustee
of another eligible
A member of an eligible
Life Insurance
TPD
Disability Income
(indemnity only)
The following options are
not available:
Premium Waiver option on
Life and TPD Insurance
Superannuation Cover
option on Disability Income
Insurance
Disability Income
Plus Insurance
You can apply for FutureWise cover
through superannuation by becoming a
member of the insurance-only division of
the Macquarie Superannuation Plan.
For further information on the insurance-
Superannuation Plan, refer to page 51.
MIML A member of the
insurance-only division
of the Macquarie
Life Insurance
TPD (Own Occupation
TPD is not available)
not available:
Premium Waiver option on
Life and TPD Insurance
In some cases, we allow cover to be split across two policies, with different policy owners under a structure called Flexible Linking.
For example, Insurance may be held under one policy that is owned by the trustee of a superannuation fund and be connected to a
policy owned by the insured person outside of superannuation. For more information on Flexible Linking refer to page 38.
Non-superannuation ownership
When you apply for FutureWise outside of superannuation,
the policy is issued directly to you as policy owner. You can
apply for cover on your own life or the life of another person
unless applying for cover under Disability Income or Business
Expenses Insurance, which are generally only available on
your own life. If you apply for cover on the life of another
person, you must have an insurable interest in the person to
be insured that is satisfactory to Macquarie Life. Any of the
types of cover under FutureWise can be held under a non-
Where there are multiple owners of a single policy who are
individual persons, each will own the policy as joint tenants
(ie on the death of one of the policy owners, their share
passes to the surviving joint tenants) unless we agree to a
different arrangement which we will note in your policy.
If a benefit becomes payable, the benefit is generally paid to
the policy owner. If the insured person and policy owner are the
same, the amount payable on the death of the insured person
will be paid to the insured persons legal personal representative,
unless any beneficiaries have been nominated under the policy,
in which case it will be paid to the nominated beneficiaries.
Nominating a beneficiary for Life Insurance
If the policy owner is the same as the insured person, up
to five beneficiaries can be nominated to receive the Life
Insurance benefit payment if the insured person dies. If you
do not nominate a beneficiary, the benefit will be paid to your
legal personal representative or other person we are permitted
to pay under the Life Insurance Act 1995 (Cth).
Each beneficiary you nominate must be a person, a company,
a trust, or a legally recognised charity. You can change or
cancel these nominations at any time in writing. A change
in a nomination only takes effect when received by us. At
time of claim, if part of a nomination is invalid or one of
the nominated beneficiaries has predeceased the insured
person, the proceeds in relation to that invalid part or
predeceased nominated beneficiary will be paid to your legal
personal representative.
If a nominated beneficiary is a minor, we will pay the proceeds
in relation to that nominated beneficiary to their legal guardian
or into a trust for which that minor is a beneficiary.
All nominations will automatically cease if ownership of the
policy is transferred (see page 40).
Ownership within superannuation
When you apply for cover within superannuation, the policy
for cover on your life is issued to the trustee of the relevant
superannuation fund as policy owner.
Some parts of FutureWise are not available within
superannuation. In addition, some modifications to the cover
will apply when the cover is held within superannuation.
In some cases, we allow cover to be split across two policies
in an ownership arrangement called Flexible Linking, so that
part can be held within superannuation under a policy owned
by the trustee of a superannuation fund and the other part is
held under a non-superannuation policy. For more information
on Flexible Linking refer to page 38.
From 1 July 2014 superannuation regulations will restrict
the types of insurance and features that can be held inside
superannuation and impact on a superannuation fund trustees
ability to hold the following:
Trauma Insurance
Own Occupation TPD Insurance and certain features and
options of other TPD Insurance definitions (apart from
Superannuation Optimiser definitions), and
certain features and options of Disability Income Insurance.
The regulations require alignment of the definitions of
insurance held inside superannuation with the superannuation
law payment rules from 1 July 2014 so that insurance monies
are available to fund members at the time of claim. Cover held
for existing fund members that is in place prior to 1 July 2014
will not be affected.
The conditions that apply to the cover held within
superannuation are outlined below.
Conditions on holding Life, TPD and Trauma Insurance
within superannuation
The following features of Life and TPD Insurance are not
available if you choose to hold the cover within superannuation:
Funeral Advancement benefit
Financial Planning benefit
TPD Advancement benefit
functional impairment of 4 extended ADLs, as referred to in
the definition of total and permanent disablement.
However, if a Superannuation Optimiser definition applies,
functional impairment of 4 extended ADLs will be included
in the definition of total and permanent disablement subject
to the terms of Superannuation Optimiser as set out on
page 39.
Conditions on holding Disability Income Insurance
within superannuation
The following feature of Disability Income Insurance is
not available if you choose to hold your Disability Income
Insurance within superannuation:
Specific Injury benefit. This benefit will only apply if you also
select the Extra Benefits option (refer to page 25). In this
case, the Specific Injury benefit will be included in the Extra
Benefits policy issued.
If you choose to hold Disability Income Insurance within
superannuation and select the Extra Benefits option, two
policies will be issued: a superannuation policy which will be
owned by the trustee of a superannuation fund that will include
the Disability Income Insurance cover and a separate non-
superannuation policy that will include only the Extra Benefits
cover (and the Specific Injury benefit as explained on this page).
The non-superannuation policy will be issued as a Disability
Income Insurance Extra Benefits policy and the policy will
indicate it is attached to your Disability Income Insurance policy.
Superannuation policy Non-superannuation policy
Disability Income
Insurance
Extra Benefits
Any benefit that becomes payable in respect of the
Extra Benefits cover is paid to the policy owner of
the non-superannuation policy and is not subject to
superannuation law.
The Extra Benefits cover is only available with a current
Disability Income Insurance policy and the monthly insured
amount under both policies must be the same. If the monthly
insured amount under the Disability Income Insurance is
altered, the Extra Benefits cover will be similarly altered and
the premium adjusted accordingly. If the Disability Income
Insurance is cancelled, the Extra Benefits cover will also be
cancelled. The terms and conditions of When we wont pay
as explained on page 31 and When cover ends as explained
on page 41 that apply to Disability Income Insurance also
apply to the Extra Benefits cover.
Benefit payments
If a benefit becomes payable under a FutureWise policy held
within superannuation, it will be paid to the trustee, who
must distribute the benefit in accordance with the governing
rules of the superannuation plan and superannuation laws
current at the time of payment. There may be circumstances
in which the trustee will receive a benefit under a FutureWise
policy but is unable to release all or part of a benefit from the
superannuation fund at that time.
For example, superannuation law constraints may prevent a
trustee from paying all or part of a benefit it receives in relation to:
Trauma Insurance
certain definitions of TPD cover (apart from Superannuation
Optimiser), and
Disability Income Insurance, in particular:
certain features and benefits that apply without a
requirement for the insured person to have ceased an
arrangement of gainful employment or to have been on
unpaid leave for at least some duration, and
cover provided on an agreed value basis.
There may also be circumstances where the benefit paid from
Macquarie Life to the trustee is included in the superannuation
funds assessable income for tax purposes, in which case, the
benefit paid from the fund may be net of any tax payable by
the fund.
We recommend you seek advice before you apply if you are
considering taking this insurance cover within superannuation.
Flexible Linking
Flexible Linking allows you to connect two policies to each
other, in order to link together Life, TPD and/or Trauma
Insurances covering the same insured person.
Where Flexible Linking applies, a claim paid under any one
Insurance reduces the sums insured of the other insurance
held under the policy that is connected through Flexible
Linking, as well as the insurance under the same policy. TPD
and/or Trauma Insurance linked to other Insurance in another
policy through Flexible Linking are referred to in your policy
as Flexible TPD Insurance or Flexible Trauma Insurance. Each
policy will identify the other policy to which it is connected
TPD Insurance provided on the basis of the Superannuation
Optimiser definition of TPD is provided through two policies
which are also connected through Flexible Linking. For more
information on Superannuation Optimiser, see the next section.
If either of the two connected policies is cancelled, we will
recalculate the premiums for the continuing policy using the
premium rates applicable at the time of the calculation, taking
into account that the remaining insurance is no longer linked
to the cancelled insurance.
The sums insured for Flexible TPD and Flexible Trauma
Insurance cannot be greater than the sum insured for Life
Insurance when connected through Flexible Linking. If the Life
sum insured is reduced, the Flexible TPD and Flexible Trauma
sums insured will also be reduced so that they are no greater
than the Life sum insured.
We may decide that either or both of the recalculation of
premiums or reduced sum insured should not apply in
particular circumstances. If we do, we will contact you to offer
an alternative.
Under this feature, TPD can be applied for with the part of
the TPD Insurance that meets the SIS definition of permanent
incapacity (applied as if Macquarie Life was the trustee of the
relevant superannuation fund) held within superannuation and
the remainder of the cover held outside of superannuation.
If Superannuation Optimiser applies, two policies which are
connected by Flexible Linking must be applied for. One of
the policies will be issued to the trustee of a superannuation
fund (referred to as the superannuation policy), and the
TPD Insurance provided under this policy is called the
superannuation component, while the remainder of the cover
will be issued under a policy outside superannuation (referred
to as the non-superannuation policy), and the TPD Insurance
provided under this policy called the non-superannuation
component.
It is important to note that the non-superannuation
component part of the definition only provides cover for TPD
when the superannuation component part of the definition
cannot be satisfied. We will assess under which policy a
benefit is payable based on the information available to us at
the time the decision is made by us.
As explained in the section titled When the TPD cover
changes on page 7, the definition of TPD converts to modified
TPD at the cover anniversary when the insured person is aged
65 and will be held under the superannuation policy. The TPD
cover under the non-superannuation policy will end at the
cover anniversary when the insured person is aged 65.
a) Own Occupation
Under this feature the Own Occupation definition of
TPD can be applied for under two policies, with the part
trustee of the relevant superannuation fund) held within
superannuation and the remainder of the cover held outside
of superannuation. The TPD definition that will be shown in
your policy will be Superannuation Optimiser.
with the Superannuation Optimiser definition of TPD the
Partial Impairment benefit will be included in the non-
Superannuation
component
Non-superannuation
component
Any Occupation
definition of TPD and
meets SIS definition of
permanent incapacity
Own Occupation
does not meet
SIS definition of
Partial Impairment benefit*
* TPD Platinum only.
b) Any Occupation
with the Any Occupation definition of TPD the cover will
automatically be structured with the Superannuation
Optimiser Any Occupation definition.
trustee of the relevant superannuation fund) will be held
within superannuation and the remainder of the cover
together with the Partial Impairment benefit will be held
outside of superannuation. The TPD definition that will be
shown in your policy will be Superannuation Optimiser
Any Occupation.
Superannuation
component
Non-superannuation
component
Any Occupation
Any Occupation
does not meet
SIS definition of
c) Domestic Duties
with the Domestic Duties definition of TPD the cover
will automatically be structured with the Superannuation
Optimiser Domestic Duties definition.
trustee of the relevant superannuation fund) will be held
within superannuation and the remainder of the cover
together with the Partial Impairment benefit will be held
outside of superannuation. The TPD definition that will be
shown in your policy will be Superannuation Optimiser
Domestic Duties.
Superannuation
component
Non-superannuation
component
Domestic Duties
Domestic Duties
does not meet
SIS definition of
Claims under the superannuation policy
In the event of a claim, TPD will first be assessed under the
superannuation component part of the definition to determine
if the following requirements are satisfied:
the insured person meets the Any Occupation or Domestic
Duties, as applicable, definition of TPD, and
the insured person meets the SIS definition of permanent
incapacity, as amended from time to time and applied as if
we were the trustee of the relevant superannuation fund.
If both requirements are satisfied and a benefit is payable
under the superannuation policy, the benefit will be paid to the
trustee. The release of the benefit from the superannuation
fund to the member or beneficiaries will then be decided
by the trustee and be subject to the governing rules of the
superannuation fund and superannuation and related taxation
laws current at the time of payment.
Claims under the non-superannuation policy
If the definition is not satisfied under the superannuation
component, the claim will then be assessed under the non-
superannuation component. If the insured person satisfies
this definition, the full sum insured is paid directly to the policy
owner of the non-superannuation policy (and hence is not
subject to superannuation laws).
Other conditions that apply to Superannuation
Optimiser policies
As the two policies will be connected through Flexible Linking,
the TPD sum insured under each of the policies must always
be the same. A TPD benefit payment under one policy
reduces the TPD sum insured under the connected policy,
as well as reducing the sums insured of any other Linked
Insurance under the two policies.
If you request a decrease to the sum insured, it will be applied
to both policies. Similarly, if you apply to increase the sum
insured, you must apply to increase both policies. In the event
that the cover is cancelled under one of the policies, the cover
under the other policy will immediately end.
Ownership by the trustee of an eligible superannuation plan
Where the trustee of an eligible superannuation plan is the
policy owner, all written notices regarding the policy, including,
but not limited to, the policy document, renewal, dishonour
and cancellation notices will be issued to the trustee of the
eligible superannuation plan as policy owner. The trustee is
solely responsible for communicating with the member in
regard to the policy and is responsible for payment of the
premium in respect of the member by the due date.
In some circumstances, Macquarie Life may, by written
agreement with the trustee, send notices to the member directly.
Insurance-only division of the Macquarie
Superannuation Plan
Important information about applying for FutureWise within
superannuation by becoming a member of the insurance-only
division of the Macquarie Superannuation Plan can be found
on page 51.
Transferring ownership
If your FutureWise policy is a non-superannuation policy,
you can transfer ownership of your policy to another non-
superannuation ownership arrangement by completing a
Memorandum of Transfer, which must be signed by both you
and the transferee, and sending it to us with your original
policy for registration. The transferee must have an insurable
interest in the insured person that is satisfactory to us.
If you have existing cover under a non-superannuation policy
and want the cover to be held within superannuation, the
trustee of the superannuation fund can apply for a new policy
in respect of cover on your life and your existing cover can
be cancelled and issued under a new policy owned by the
trustee, subject to superannuation laws.
If the trustee of a superannuation plan holds the policy on
your life, you can request the trustee to transfer the policy to
you subject to superannuation laws and the governing rules of
the fund.
All transfers between policy owners and to new policies must
be like for like cover, otherwise a full application and usual
underwriting assessment will be required.
41 FutureWise terms and conditions Your policy
Your policy
When cover starts
Subject to any special conditions noted on your policy, cover
starts for each type of insurance from the cover start date
shown for that cover in your policy.
If we accept your application, we will issue a policy
(or policies) detailing:
policy owner(s) (where there are multiple owners of a single
policy who are individual persons, each will own the policy
as joint tenants, unless they own the policy as trustees or
we agree to a different arrangement which we will note in
your policy)
insured person
details of the insured person (such as gender, date of birth,
occupation class and smoker status)
type of Insurance provided
type of policy under which cover is provided (and hence
whether cover is provided on a Linked basis)
whether the policy is connected to another policy through
Flexible Linking (and hence whether cover is provided on a
Linked basis)
sum insured/monthly insured amount for the
insurance(s) provided
if TPD Insurance is included, whether the insured person
is covered on the basis of the Own Occupation, Any
Occupation, Superannuation Optimiser, Superannuation
Optimiser (Any Occupation), Superannuation Optimiser
(Domestic Duties), Domestic Duties, or Modified TPD definition
if TPD Insurance is included on the basis of a
Superannuation Optimiser definition, whether the
policy includes the superannuation component or the
non superannuation component of the definition
if Disability Income Insurance is included, whether the cover
is provided on an indemnity, agreed value, or endorsed
agreed value basis, the waiting period and the benefit period
if Business Expenses Insurance is included,
the waiting period
any options that apply
cover start date
application date
cover anniversary
any premium adjustments which apply
any special conditions which apply, and
the premium and policy fee payable for the first year and
when it is payable.
Your FutureWise policy is referable to our No. 4 Statutory Fund
and any claims paid under the policy will be paid from this fund.
Macquarie Life may, when lawfully entitled to do so, avoid
or adjust your cover if you have breached your duty of
disclosure (or you or the person to be insured have made a
misrepresentation) in your application for FutureWise or when
applying for an increase in cover.
When cover ends
Insurance cover provided under a FutureWise policy ends on
the earliest of:
the cover anniversary following the expiry age shown in the
table following
the death of the insured person
payment of the sum insured for that Insurance in full
1
the sum(s) insured for all insurance(s) included under the
policy is reduced to nil
cancellation of the cover upon the written request of the
policy owner
cancellation of the cover by Macquarie Life due to non-
payment of the premium (and policy fee) when due
for Child Trauma Insurance, the Continuation of cover
feature, as explained in this PDS, is exercised*
any other date applied under a special condition shown in
your policy, and
if you are a member of an eligible superannuation plan,
30 days after the insured person has left the eligible
superannuation plan or becomes ineligible for membership of
the eligible superannuation plan under law.
Cover type Expiry age
Life Insurance No expiry
TPD Insurance 99
Trauma Insurance 99
Child Trauma Insurance 21*
Blood Borne Disease Insurance 65
(benefit periods: 2 years, 5 years
and to age 65)
65**
(benefit period: to age 70)
70
Business Expenses Insurance 65
^
* For Child Trauma Insurance, cover ends only in respect of the insured child
for whom the event has occurred.
** Disability Income Insurance may be extended beyond the cover anniversary
when the insured person is aged 65 subject to the terms of the Cover
Extension feature (see page 27 for details).
^
Business Expenses Insurance may be extended beyond the cover anniversary
when the insured person is aged 65 subject to the terms of the Cover
Extension feature (see page 33 for details).
42 FutureWise terms and conditions Your policy
Guaranteed upgrades to your cover
We will automatically pass on any future improvements we
make to FutureWise when they do not result in an increase
in the premium rates. Where they do result in an increase in
the premium rates, you have the option to take up the offer of
the upgrade.
Improvements will not apply to a claim resulting from an illness
which first occurs (or symptoms leading to the condition
occurring or being diagnosed first became reasonably
apparent), or an injury or event which occurred, before these
improvements took effect.
Guaranteed renewable
Provided the premiums and policy fee continue to be paid when
due, your FutureWise policy is guaranteed renewable until the
policy anniversary after the expiry age, shown in the table in the
section titled When cover ends. This means that we cannot
cancel or alter the terms of the cover because of changes in the
insured persons health, occupation or pastimes.
If you request to extend, vary or reinstate your cover, your duty
of disclosure applies but only in respect of the cover that is
being extended, varied or reinstated.
World wide cover
Your policy covers the insured person 24 hours a day,
anywhere in the world.
Keeping us informed
To ensure that our records are kept up to date and correct, we
request that you advise us in writing:
of a change in your address or contact details, or
of a change in banking or credit card details.
Keeping you informed
Where permitted by law, we may communicate with you
regarding your policy via a number of different methods
depending on the circumstances. These include (but are not
limited to) post, telephone, fax, email and SMS.
43 FutureWise terms and conditions Premiums and other costs
Premiums and other costs
How the premium is calculated
The premium payable for your FutureWise policy is calculated as
at the cover start date and each subsequent cover anniversary,
by applying our FutureWise premium rates to the sum insured/
monthly insured amount for each type of insurance.
The factors upon which the premium will depend include, the
sum insured/monthly insured amount, the options which apply,
the premium payment frequency, the premium type and the
insured persons:
age (premiums generally increase with age)
gender
general health
smoking status (premiums are higher for smokers)
recreational pursuits
occupation, and
state of residence.
The premiums for each type of insurance also depend on the
following additional factors:
for TPD Insurance, the TPD definition which applies
for TPD and Trauma Insurances, the other types of
insurances to which they are linked, and whether they
are linked within the same policy or connected through
Flexible Linking
for Disability Income Insurance, the waiting period, benefit
period and whether the cover is provided on an indemnity,
agreed value or endorsed agreed value basis, and
for Business Expenses Insurance, the waiting period.
You can choose a stepped premium type which means that,
generally, each year the premium increases based on insured
persons age, or a level premium type which means that the
premium remains the same (except for policy fee increases, sum
insured increases and changes to the premium, as explained in
Changes to the premium and/or policy fee on the next page),
until the policy anniversary when the insured person is aged 65,
at which time the level premium automatically converts to
a stepped premium. If the sum insured changes then the
premium will also change. Before each cover anniversary, we
will notify you of the premium and policy fee for the period to the
next cover anniversary. Changes to the premium type will not be
permitted while receiving Disability Income Insurance benefits or
within six months of a claim ending.
As part of the application process, an indicative premium will be
provided to you. You can also request a copy of our FutureWise
premium rates. The actual premium could increase if the person
to be insured has a birthday after the indicative premium is
provided and before the cover start date. We may also only be
able to offer you cover if you agree to a higher premium.
Policy fee
A policy fee per insured person per application is also payable
each year and is shown in your policy. If more than one
FutureWise policy is issued as a result of a single application
for an insured person, only one policy fee is payable. As
at 1 March 2013, the policy fee is $91.72 per annum if the
premium is paid annually or $7.64 per month if the premium
is paid monthly, plus any stamp duty that is applicable. The
policy fee will be adjusted each year on the 1st March by the
consumer price index, and will be effective from the cover start
date or cover anniversary on or following that date.
Payment of the premium
Your premium is calculated on an annual basis and can be
paid yearly or monthly in advance. However, if you choose to
pay it monthly, a loading of 6% will apply.
If you are a member of an eligible superannuation plan, your
FutureWise policy forms part of your superannuation interest
and premiums will automatically be deducted in advance from
your account. Otherwise the premium can be paid from the
following sources:
credit card
direct debit from an Australian bank account
an eligible wrap service held in the same name, or
Macquarie Cash Management Account (CMA).
If you are paying your premiums on a annual basis, you may
also pay via:
BPAY
a rollover from an external superannuation fund (for policies

held within the insurance-only division of the Macquarie
Superannuation Plan), or
cheque made out to Macquarie Life, or for policies held
within the Macquarie Superannuation Plan, MIML.
If you provide a cheque made out to another entity in the
Macquarie Group to pay for your Macquarie Life insurance
premiums, the cheque will be banked and the funds used in the
manner as had the cheque been made out to the correct entity.
You, or your adviser acting as your agent, must provide us
with a valid premium deduction authority to enable us to
deduct the premium and policy fee when due for payment.
The premium and policy fee payable for the first year are
shown in the policy. If paid annually, we will deduct the
premium (and policy fee) on the cover anniversary each year
or another date to which we agree.
If paid monthly, we will deduct the premium (and policy fee)
every month on the same day of the month as the cover
anniversary or another day of the month to which we agree.
If the date shown falls on a weekend or public holiday, the
premium and policy fee will be deducted on the next business
day following the due date.
All payments to us must be in Australian dollars.
Registered to BPAY Pty Ltd ABN 69 079 137 518.

Non-payment of premium
If a premium (and policy fee) payment is not made, we will notify
you advising the date on which the policy will end if the amount
due is not paid. If a payment sufficient to meet the amount due
is not made by that date, we will cancel the policy.
We will give at least 20 business days notice before the policy
is cancelled because of non-payment of premiums.
Changes to the premium and/or policy fee
We can change the FutureWise premium rates and/or policy
fee but only if we do this for all policies in a defined risk group.
Any changes to premium rates will come into effect for
your policy on the next cover anniversary after we make
the change.
We reserve the right to pass on any government taxes and
charges which may be introduced or increased during the life
of your policy.
If we increase premium rates (or the policy fee by an amount
more than the annual adjustment provided for above in the
section Policy fee) we will usually provide 30 days prior notice
of your new premium (or policy fee).
Surrender value
Your FutureWise policy does not have a surrender value.
A pro-rata refund will be made where a premium and policy
fee is paid annually and cover is cancelled prior to the next
cover anniversary.
Premium and policy suspension
If your FutureWise policy has been continuously in force for 12
months you may request for your policy and premiums to be
suspended. If your premium is paid on an annual basis, we
will provide a pro rata refund of the premium and policy fee
that has already been paid for each whole month following the
date of suspension.
During the suspension period you will not be required to
pay your premium or policy fee but you will be ineligible to
claim any benefit under your policy. You must provide the
suspension request to us in writing, 30 days prior to the date
that the suspension is to commence.
In addition to the above, no claim will be payable on
recommenced cover at any time for any:
injury that first occurs during the period of suspension, or
illness that first occurs or presents symptoms from
the date of cover suspension until 90 days following
cover recommencement.
Your policy will only recommence upon written confirmation
from Macquarie Life following receipt of a written request from
you prior to the date the suspension period is due to end and
prior to the benefit expiry date. If no such recommencement
request is received and subsequent written confirmation of
recommencement issued by Macquarie Life, your policy will lapse
and cover will end under the policy.
Premiums on recommenced cover will be payable from the
date of recommencement based on premium rates and policy
fee applicable at that date and will be payable on the date
specified in your policy schedule.
Following recommencement of cover, any benefit(s) paid due
to an illness or injury that first occurs or symptoms leading
to the condition occurring or being diagnosed first became
apparent prior to the suspension period commencing, will be
reduced by the amount of premium that was not collected by
Macquarie Life during the suspension period.
You may only suspend your premiums once in any 12 month
period and for a maximum total period of 12 months over the
life of your policy. Indexation of the sum insured will not occur
during the period of suspension.
Policies owned by superannuation fund trustees
This section is only relevant where the policy is owned by the
trustee of a superannuation fund, and the trustee has not
obtained an actuarys certificate (as defined in taxation law) for
the purpose of establishing the tax deductible proportion of a
TPD premium.
The part of the premium payable for Life Insurance that relates
to insured events which align with the tax law definitions of a
superannuation death benefit or a superannuation benefit for a
terminal medical condition is 100%.
Depending on the TPD definition which applies (as shown in
your policy) the part of the premium paid for TPD Insurance
that relates to insured events which align with the tax law
definition of disability superannuation benefit is:
Definition
Any Occupation 100%
Own Occupation 67%
Domestic Duties 100%
Modified TPD 100%
Superannuation Optimiser 100%
Any Occupation
100%
Domestic Duties
100%
The specified percentages are effective from 1 July 2011. The
percentages are subject to change. We will provide written
notice to the policy owner of any changes. New percentages
and the dates from which they apply will be incorporated into
these policy terms.
Rollovers
A rollover of existing superannuation benefits from another
superannuation fund can be used to pay the annual premium
on your FutureWise policy held within the insurance-only
division of the Macquarie Superannuation Plan.
The rollover amount received by MIML must match the annual
premium exactly for the rollover to be accepted.
The insurance-only division is unable to accept rollovers that
contain UK transfer amounts.
Rollovers that cannot be accepted will be returned to the
external superannuation fund.
If you indicate that you wish to pay your annual premium
by rollover then your policy will commence immediately on
acceptance and issuance of a written contract of insurance
by Macquarie Life. Your premium is due immediately on
commencement, however, cover may remain in force for a period
of up to 90 days while awaiting the receipt of rollover funds.
Direct Debit Service Agreement
Where you have elected to have your FutureWise premium
deducted from your account by direct debit, you agree to the
terms detailed below.
1. I/we have requested Macquarie Life Limited,
ABN 56 003 963 773 AFSL No. 237497,
(User ID 145096) to deduct my nominated account with:
any amounts that become payable in relation to my
FutureWise policy, or
any amount needed to cover contributions to
the insurance-only division of the Macquarie
Superannuation Plan,
through the BECS (Bulk Electronic Clearing System).
2. The financial institution may, in its absolute discretion, at
any time by notice in writing to me terminate this request
as to future debits.
3. Macquarie Life may, by notifying me within 14 days, vary
the timing of future debits.
4. Where the due date does not fall on a business day
and I am uncertain whether sufficient cleared funds will
be available to meet the direct debit, I will contact my
financial institution directly and ensure that sufficient
cleared funds are available.
5. I can modify or defer this regular Direct Debit Request at
any time by giving Macquarie Life 14 days notice.
6. I can stop or cancel the regular Direct Debit Request
at any time by giving Macquarie Life or my financial
institution 14 days notice.
7. If at any time I feel that a direct debit against my
nominated account is inappropriate or wrong it is my
responsibility to notify Macquarie Life or my financial
institution as soon as possible.
8. If I believe there has been an error in debiting my account,
I will notify Macquarie Life or my financial institution and
confirm that notice in writing with Macquarie Life as soon
as possible.
9. Direct debiting through BECS is not available on all
accounts. I can check my account details against a
regular statement or check with my financial institution as
to whether I can request a direct debit from my account.
10. It is my responsibility to ensure that there are sufficient
cleared funds in my nominated account to honour the
Direct Debit Request. I understand that the Direct Debit
Request will be automatically cancelled if two debit
payments are dishonoured because of insufficient funds.
Macquarie Life will give me 14 days notice in writing if
they intend to cancel my Direct Debit Request. Macquarie
Life will also charge the cost of dishonoured direct debits
against my account. Macquarie Life may cancel my
FutureWise cover if the Direct Debit Request is cancelled
because of dishonours.
11. It is my responsibility to ensure that the authorisation given
to debit the nominated account is identical to the account
signing instruction held by the financial institution where
the account is held.
12. Macquarie Life may need to pass on details of my direct
debit request to their sponsor bank in BECS to assist with
the checking of any incorrect or wrongful debits to my
nominated account.
46 FutureWise terms and conditions Making a claim
Making a claim
Notifying us of a claim
Please contact Macquarie Life on 1800 208 130 or
insuranceclaims@macquarie.com if you think you are eligible to
make a claim, or are unsure and would like some assistance.
It is important that you notify us as soon as possible after any
event that may lead to a claim. If you do not notify us within
30 days of an event, we may be able to adjust the benefit
payable if we have been prejudiced by the delay.
We will send you a claim form and explain in detail our
requirements and what the next steps are.
Assessing a claim
We will not admit liability on a claim until all of our claim
requirements have been met. While assessing a claim we may,
at our discretion, pay a benefit(s). This is not an admission
of liability. To assess the claim, and ongoing payments in the
case of Disability Income and Business Expenses Insurance,
we will require some or all of the following (to be provided at
your expense), in a form that is satisfactory to us:
a completed claim form
your policy
proof of age of the insured person (unless
previously provided)
a certified copy of the death certificate (for death claims only)
evidence of terminal illness, total and permanent
disablement, Trauma Condition or disability, whichever is
applicable for the claim being made, including test results,
investigations and medical attendant statements
financial evidence including evidence of other insurance
cover on the insured persons life
evidence of pre-disability income and post-disability income
and any payments received while on claim (for Disability
Income Insurance claims)
evidence of income at time of application (and, if we have
accepted an application for an increase in cover, the
insured persons income at the time you applied for the
increase in cover) if Disability Income Insurance is provided
on an agreed value basis, and
evidence of pre-disability business income and post-
disability business income, allowable business expenses
incurred and any payments received while on claim (for
Business Expenses Insurance claims).
Macquarie Life may also require medical and occupational
assessments and other information where relevant to assess
or finalise payment of the claim. Reasonable co-operation from
the insured person and/or claimant is required.
All claim payments may be subject to an appropriate medical
specialist approved by Macquarie Life verifying the diagnosis.
Where we request an examination, assessment or financial
audit by a person we nominate, Macquarie Life will meet the
cost. Otherwise you must meet the cost of satisfying our claim
requirements.
For Insurance linked to Life Insurance, if the insured person dies
while a TPD, Trauma or terminal illness claim is being assessed,
we will finalise assessment of the claim in progress if we have
sufficient evidence at the time of death to establish whether the
insured person met the definition for which the original claim was
being assessed. If we do not have sufficient evidence at that time
to finalise assessment of the claim in progress, the claim will be
assessed under the policy terms relating to Life Insurance.
Payment of a claim
We will pay the claim as soon as possible once it has
been approved.
All claims will be paid in Australian dollars.
Macquarie Life understands that at the time of claim it is not
only financial support that is needed and so for severe claims,
up to three free counselling sessions may be available for the
claimant and/or their immediate family.
Refund of premium
For Life Insurance, TPD Insurance, Trauma Insurance, Child
Trauma Insurance and Blood Borne Disease Insurance, we
will provide a refund of any premium and policy fee that is
paid after a valid claim form was lodged with Macquarie Life
but only in respect of the proportion of cover that is reduced
as a result of the claim. A valid claim form for this purpose
is one which resulted in a claim payment and where we
determine the relevant definition for the benefit being claimed
was met within 30 days of the claim form being lodged. If
there is no valid claim form, the relevant date for the refund of
premiums is the date the liability for the claim was admitted by
Macquarie Life.
One benefit payable
If cover for TPD Insurance is held in a Linked Insurance
structure with other types of Insurance, the following conditions
apply regarding the order of assessment for claims:
Optimiser structure, the claim will be assessed under the
superannuation policy first,
after the claim has been assessed under the superannuation
policy, if applicable, the claim will then be assessed under
any Linked non-superannuation policies. If the insured
person suffers a condition that satisfies the definition under
more than one benefit at the same time, only one benefit
will be paid in respect of the condition, being the one which
results in the highest payment. The benefit will be paid to the
policy owner of the relevant policy.
Your adviser
This product is available through licensed intermediaries, who
we refer to as your adviser. This includes licensed financial
advisers, who can assist you with advice in considering
FutureWise and help you determine the amount and type of
cover you require considering your personal circumstances.
It also includes licensed distributors who may promote the
product and make it available to you or assist you with
an application.
Your adviser is your main point of contact for your insurance
so, if you have any questions about your FutureWise cover,
please talk to your adviser. Your adviser may act as your agent
and lodge your application with us on your behalf.
If your application for FutureWise is accepted, we may pay
your adviser a commission for selling this product. The
commission is paid by Macquarie Life and does not affect
your premium. You can obtain details from your adviser of any
commission paid.
How to apply
To apply for cover, an application needs to be lodged with us,
which your adviser can assist you with. We will accept a paper
application signed by you, and we will also accept an online
application lodged electronically by your adviser. Generally, the
application will include an application for FutureWise, a detailed
questionnaire about your health, occupation and pastimes and
a number of declarations and authorisations we will rely on in
deciding whether or not to issue (and the terms on which we
issue) the insurances being applied for and to administer any
policies we issue.
If your adviser lodges an online application on your behalf, the
adviser is required to confirm that they have your authorisation
to act as your agent and that you have made a number of
declarations and authorisations. It is your responsibility to
ensure that the information provided to us by your adviser is
accurate and complete. We will rely on the accuracy of the
information provided to us via the online application as we
would if a paper application was signed and submitted by you.
We may contact you to verify that the information we have
received from your adviser is accurate and complete.
If you are the policy owner, but are not also the insured person
under the policy we issue, it will be necessary for personal
and health information to be collected from the person to
be insured. This can be provided on a paper application
submitted to us, and signed by the person to be insured.
Alternatively, it may be supplied to us via the online application
process described above. In these cases, the adviser will
also be acting as the agent of the person to be insured in
submitting the information.
After an online application is lodged with us electronically by
your adviser, you will receive a copy of the information disclosed
in your application that is relied upon by us in assessing the
application. We request that you review the information provided
carefully to ensure it is accurate or complete and notify us as
soon as possible if any corrections are required. If a policy has
already been issued and the corrected information would have
been relevant in our assessment of the application, we may seek
to enforce our remedies for non-disclosure and cancel or vary the
insurance to take account of the corrected information.
If the person to be insured has a birthday after the application
is submitted and before cover commences, the premium will
be adjusted to reflect the rate applicable for their age at cover
commencement and in these cases the premium may differ
from any indicative quotes provided to you prior to the issue of
the policy.
Your duty of disclosure
Before entering into a contract with Macquarie Life Limited you
have a duty, under the Insurance Contracts Act, to disclose to
us every matter you know, or could reasonably be expected
to know, that is relevant to our decision whether to accept the
risk of the insurance and, if so, on what terms.
You have the same duty to disclose those matters to us
before your cover is extended, varied or reinstated. Your duty,
however, does not require disclosure of a matter:
that diminishes the risk to be undertaken by us
that is of common knowledge
that we know or, in the ordinary course of our business,
ought to know, or
as to which compliance with your duty is waived by us.
Non-disclosure
If you fail to comply with your duty of disclosure and we
would not have entered into the contract on any terms if
the failure had not occurred, we may avoid the contract
within three years of entering into it. If your non-disclosure is
fraudulent, we may avoid the contract at any time.
If we are entitled to avoid a contract of life insurance, we
may, within three years of entering into it, elect not to avoid
it but reduce the amount 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 us.
Please note, your duty of disclosure continues until a written
contract of insurance has been issued by Macquarie Life.
Underwriting
We will promptly notify you or your adviser of any additional
information needed to underwrite your application. If you do
not want your adviser to receive information relating to the
underwriting assessment of the person to be insured, you
must inform us in writing at the time of application.
General information
We may seek additional information about the medical and
financial circumstances of the person to be insured, as well
as any hazardous pursuits or pastimes, occupational duties
and other information that may assist with assessment of
your application.
Macquarie Life may ask the person to be insured to undergo
a medical examination and/or blood tests. This will usually
be arranged through our nominated pathology provider, who
may be able to arrange the services to be undertaken at the
workplace or home of the person to be insured or at medical
centres across Australia. On request, we can send medical
examination and blood test results to a doctor nominated by
the person to be insured. We will cover the associated costs
of any tests required.
The tests and requirements vary depending on the age and
occupation of the person to be insured and the amount and
type of cover applied for.
The application
In accepting an application of insurance, we will be relying on
declarations and authorisations made by you, either directly or
via your agent, relating to the following matters:
Your adviser
You have appointed your adviser to act on your behalf
in relation to this insurance and, if we receive online
applications, you have appointed your adviser as your
agent to complete and lodge an application for insurance
as your agent.
You have received a FutureWise PDS and agree to be
bound by it.
Disclosure obligations
You and the person to be insured (if different) have read
and understood the duty of disclosure as explained in this
PDS and understand the duty continues until we have
issued a contract of insurance.
You and the person to be insured confirm the information
supplied in connection with the application is true and
correct and no information material to the application has
been withheld.
You acknowledge that we are entitled to rely on the
information provided in the application, including online
applications lodged on your behalf, in determining an
application and assessing future claims, and that we may
be entitled vary or avoid the insurance if there has been
non-disclosure, misrepresentation or fraud.
You and the person to be insured agree that you will review
the information provided on an online application and agree
to inform us immediately if there are any errors or omissions
and understand that we may seek to vary or avoid the
insurance if errors or omissions are identified.
Authorisations
You and the person to be insured authorise and consent to
the collection of medical information and its use by us.
You authorise the collection of premiums from the account
designated in the application.
Other declarations
You have read the Privacy Statement contained in the PDS.
You have read the anti-money laundering terms and
conditions in the PDS.
If applying for cover within superannuation, you are eligible
to contribute to superannuation under superannuation laws.
You acknowledge that Macquarie Bank Limited has no
obligations in respect of FutureWise policies issued by us.
Who should authorise the application
Both you as the policy owner and the person to be insured
(if different) must authorise the application, payment authority
and various other declarations and authorisations that
are required to be completed for an application. As noted
above, where an online application is lodged by your adviser
electronically these authorisations will be provided to us by the
adviser acting as your agent.
Cooling-off period
You have a 21 day cooling-off period after your FutureWise
policy commences during which time you can cancel your
policy if you decide that the insurance cover does not meet
your needs. You will be entitled to a refund of the premium
and policy fee that you have paid (but if you applied for cover
within superannuation, the law may require your refund to be
preserved within the superannuation system). If you wish to use
the cooling-off period, you must not have made a claim and
must notify us within 21 days of the earlier of:
the date you receive your policy, or
the end of the 5th day after we issue the policy.
Privacy
Your privacy and that of the insured person, is important to
Macquarie Life and the Trustee. This statement explains how
personal information can be used or disclosed and provides
information about your privacy rights.
By completing the application you and the person to be
insured agree to allow Macquarie Life (and, if you are a
member of a plan for which MIML is trustee, the Trustee) to
collect, use and disclose the personal information of you and
the person to be insured to:
assess and process the application for insurance
communicate with you and your adviser about the
application and any cover Macquarie Life supplies to you,
monitor, audit, evaluate and otherwise administer your
policy, and
assess, process and investigate any claims.
Other than for the purposes set out in this document, we will
not share sensitive, health or financial information. However, we,
or other Macquarie companies, may contact you on an ongoing
basis by telephone, electronic message (like email), online and
other means to offer other products or services which may be
of interest to you, including offers of banking, financial, advisory,
investment, and funds management services. If you do not wish
that to occur please let us know by contacting us.
We collect personal information through our interactions with
you and the person to be insured, as well as from public
sources, information brokers and the third parties described
under Disclosure of personal information below. We may take
steps to verify information collected. If you, or the person to
be insured, do not supply Macquarie Life and (if applicable)
the trustee with the personal information requested, Macquarie
Life may not be able to provide the cover applied for.
Health information
The references in this Privacy Statement to personal
information include sensitive information such as medical and
health related details of the person to be insured. If required
to assess your application, administer your policy or process
any claims, Macquarie Life (and, if you are a member of a
plan for which MIML is trustee, the Trustee) may seek further
information from any medical attendant consulted by the
insured person.
Disclosure of personal information
You and the person to be insured also agree that we and (if
applicable) the Trustee may disclose personal information about
you and the person to be insured to other companies in the
Macquarie Group and external service providers (including
reinsurers, mailing houses and providers of archival, auditing,
accounting, customer contact, legal, business consulting,
banking, payment, delivery, data processing, data analysis,
information broking, research, investigation, website and
technology services). Some of these third parties may be located
outside of Australia (this includes locations in the Philippines,
India, South Africa, and the United States of America).
Macquarie Life and the Trustee may also disclose the personal
information of you and the person to be insured:
if you are a member of an eligible superannuation plan, to
the trustee of the eligible superannuation plan,
if acting in good faith, we believe that the law requires or
permits us to do so
if you or the person to be insured consent, or
to the doctor identified in the application of the person to
be insured in the event that any medical tests that we have
requested return an abnormal result.
The personal information will also be provided to your adviser
in connection with the application for insurance and on-going
management of your policy. This excludes the release of
any reports sourced by Macquarie Life from any outside
parties. You can instruct us not to supply your adviser with
any medical information received by us in the declaration that
forms part of your application, or by writing to us.
Your rights and responsibilities
If you do not supply all of the personal information
requested, Macquarie Life may not be able to provide you with
the cover for which you apply. You also have a duty of disclosure
(explained on page 47) under the Insurance Contracts Act. We
are required or authorised to collect certain personal information
about you and/or the person to be insured under that Act, the
Superannuation Industry (Supervision) Act and the Anti-Money
Laundering and Counter-Terrorism Financing Act.
Under the Privacy Act, you may request access to your
personal information held by Macquarie Life (and, if you are a
member of a plan for which MIML is trustee, the Trustee).
You can contact us to make such a request or for any other
reason relating to the privacy of your personal information.
You may also request a copy of the Macquarie Group Privacy
Policy (or find it via macquarie.com.au) which contains further
information about our handling of personal information including
procedures for accessing and correcting personal information
and dealing with your concerns. Contact details are shown in the
section titled Who to contact.
Anti-money Laundering and Counter Terrorism Financing
Act 2006 (AML/CTF Act)
1. You undertake that you will not knowingly do anything
to put us in breach of the Anti-Money Laundering and
Counter-Terrorism Financing Act 2006, rules and other
subordinate instruments (AML/CTF Laws), and to notify
us if you are aware of anything that would put Macquarie
in breach of AML/CTF Laws.
2. If requested, you agree to provide additional information
and assistance and comply with requests to facilitate
Macquaries compliance with AML/CTF Laws and/or its
internal policies and procedures in Australia or equivalent
overseas jurisdiction.
3. You acknowledge that you are not aware and have no
reason to suspect that:
a) the money used to fund the insurance is derived from
or related to money laundering, terrorism financing or
similar activities (Illegal Activities), and
b) the proceeds of insurance made in connection with
this product will fund illegal activities.
4. You acknowledge that we are subject to AML/CTF Laws
and/or its internal policies and procedures. In making this
application you consent to us disclosing in connection
with AML/CTF Laws any of your Personal Information as
defined in the Privacy Act 1988 (Cth).
5. You acknowledge that in certain circumstances we may
be obliged to freeze or block an account where it is used
in connection with Illegal Activities or suspected Illegal
Activities. Freezing or blocking can arise as a result of the
account monitoring that is required by AML/CTF Laws
and/or its internal policies and procedures. If this occurs,
we are not liable to you for any consequences or losses
whatsoever and you agree to indemnify us if we are found
liable to a third party in connection with the freezing or
blocking of your account.
6. You acknowledge that we retain the right not to provide
services or issue products to any applicant that we decide,
in our sole discretion, that we do not wish to supply.
Who to contact
We are here to help with any questions you have about your
cover. The contact details for Macquarie Life and Macquarie
Investment Management Limited are:
General enquiries
Telephone: 1800 005 057
Fax: 1800 812 175
Email: insurance@macquarie.com
Post: Macquarie Life
GPO Box 5216
Brisbane QLD 4001
Claims
Telephone: 1800 208 130
Fax: 1800 065 145
Email: insuranceclaims@macquarie.com
Post: Macquarie Life Claims
GPO Box 4443
Sydney NSW 2001
You should be aware that we record all of our telephone
conversations with you or your adviser relating to your policy.
What to do if you have a complaint
Policy owners of FutureWise (either directly or
as the member or trustee of a self managed
superannuation fund)
Macquarie Life has procedures in place to properly consider
and deal with your enquiries and complaints within 45 days
of a complaint being made. If you have a complaint you
may contact the Complaints Officer of Macquarie Life on the
contact details shown above.
If your complaint is not resolved to your satisfaction within
90 days you may refer it to the Financial Ombudsman Service
Limited which has the following contact details:
Telephone: 1300 780 808
Email: info@fos.org.au
Website: fos.org.au
Members of an eligible superannuation plan or
the insurance-only division of the Macquarie
Superannuation Plan
If you are a member of an eligible superannuation plan or the
insurance-only division of the Macquarie Superannuation Plan,
superannuation law requires the trustee to take all reasonable
steps to ensure that complaints are properly considered
and dealt with within 90 days. Complaints may be made to
the Complaints Officer of the trustee on the contact details
shown above. If you are not satisfied with the resolution of the
complaint, you may refer the complaint to the Superannuation
Complaints Tribunal which has the following contact details:
Telephone: 1300 884 114
Email: info@sct.gov.au
Website: sct.gov.au
Insurance-only division of Macquarie
Superannuation Plan
This section is applicable if you want to apply for FutureWise
within superannuation by becoming a member of the
insurance-only division of the Macquarie Superannuation Plan.
Some parts of FutureWise are not available within this division.
In addition, some modifications to the cover will apply when the
cover is held within this division. For more information, please
refer to the Ownership section on pages 35 to 40.
You may apply for additional FutureWise cover by applying
for two policies and can use the Flexible Linking ownership
structure to split cover across two policies, one of which
is held inside the insurance-only division and one which is
held outside superannuation. For example, you can use
the Superannuation Optimiser definition of TPD to achieve
the equivalent of Own Occupation TPD cover split across
two policies.
The Macquarie Superannuation Plan is a resident, complying
and regulated superannuation fund within the meaning of SIS.
Macquarie Investment Management Limited (MIML) is trustee
of the fund and any reference to Trustee in this section is a
reference to MIML.
The Macquarie Superannuation Plan is not subject to a
direction from the Australian Prudential Regulation Authority
under Section 63 of that Act, not to accept any contributions,
made to the Plan by an employer sponsor.
Who can apply
Membership of the insurance-only division of the Macquarie
Superannuation Plan is solely for the purpose of the provision
of insurance cover within superannuation.
The Trustee will only accept your application for membership of
the insurance-only division of the Macquarie Superannuation Plan
if your application for insurance is accepted by Macquarie Life.
The insurance-only division of the Macquarie Superannuation
Plan does not offer a superannuation savings facility. The only
amounts that the Trustee will accept are contributions or rollovers
from an external superannuation fund that are made for the
purpose of paying the premiums for your FutureWise policy.
The Trustee will not accept other amounts, including:
contributions and rollovers that are made for a purpose
other than the payment of premiums
UK transfers
Government co-contributions, and
low income superannuation contributions.
Contributions
Generally, you are eligible to contribute to superannuation (or
have contributions made on your behalf) if you are either:
under age 65, or
aged 65 to 74 and have worked at least 40 hours in a
period of not more than 30 consecutive days in the financial
year in which contributions are made.
For the tax treatment of contributions, including contribution
caps see the section titled Tax treatment of premiums on
page 56.
In the event that we receive a contribution from you before we
issue an interest in the fund or issue you a policy, or before we
are able to process your contribution in respect of the renewal
date, the money will be held in trust for you in a non-interest
bearing account.
Benefit payments
The Trustee can only pay a benefit from the insurance-only
division of the Macquarie Superannuation Plan if:
it receives a benefit from us in respect of a FutureWise
policy under which you are covered, and
the Trustee is able to pay the benefit in accordance with
superannuation laws current at the time of payment and the
governing rules of the fund.
The current conditions of release for superannuation benefits
are outlined below.
Death
In the event of your death, any benefit paid to the Trustee
will be paid from the fund to either your legal personal
representative (estate) or one or more of your dependants as
defined under superannuation law. The person we pay will
depend on whether there is a valid non-lapsing death benefit
nomination in place at the time of your death (see the section
titled Death benefits on page 52).
However, the benefit may be paid to another individual
if the Trustee has not been able to find a legal personal
representative or a dependant of yours after making
reasonable enquiries.
Death benefits can only be paid as a lump sum from the
insurance-only division of the Macquarie Superannuation Plan.
However, certain beneficiaries may be eligible to receive your
death benefit as a pension. In this situation, the beneficiary
may apply to the Trustee to have the benefit transferred to a
pension account within the Macquarie Superannuation Plan
subject to superannuation laws current at the time of payment
and the governing rules of the fund.
Terminal medical condition
In order for the Trustee to release a benefit due to a terminal
medical condition, the following conditions must be met:
two registered medical practitioners have certified that you
suffer from an illness or have incurred an injury that is likely
to result in your death within a period that ends not more
than 12 months after the date of the certificate
at least one of the registered medical practitioners is a
specialist practising in an area related to the illness or injury
suffered by you, and
the period stated in each of the certificates has not ended.
Permanent incapacity
In order for the Trustee to release a benefit due to permanent
incapacity, the following condition must be met:
the Trustee is reasonably satisfied that you are unlikely,
because of ill-health, to engage in gainful employment in a
capacity for which you are reasonably qualified because of
education, training or experience.
Other conditions
The other conditions prescribed under superannuation law
under which the Trustee may release a benefit from the
fund include:
where you have reached the age of 65
where you have reached the age of 60 and you have
ceased an arrangement of gainful employment on or after
reaching the age of 60
where you have reached your preservation age (see below),
you have ceased an arrangement of gainful employment
and the Trustee is reasonably satisfied that you intend to
never again become gainfully employed for at least 10
hours per week
where you are in severe financial hardship as defined in
superannuation legislation (limits may apply)
where you are granted access on compassionate grounds
approved by the Department of Human Services (limits
may apply).
Your preservation age depends on when you were born as set
out in the table below:
Date of birth Preservation age
Before 1 July 1960 55
1 July 1960 30 June 1961 56
1 July 1961 30 June 1962 57
1 July 1962 30 June 1963 58
1 July 1963 30 June 1964 59
After 30 June 1964 60
If the Trustee is unable to release all or part of a benefit at the
time of claim, your entitlement (or part of it) will remain in the
superannuation system in a cash account and will be released
to you when you satisfy the relevant benefit payment criteria
under superannuation law or, on your instructions, transferred to
another division of the Macquarie Superannuation Plan or another
superannuation fund after allowance for any fund tax liability.
Death benefit nominations
You have the option of nominating to whom a death benefit
payable from the insurance-only division of the Macquarie
Superannuation Plan will be paid.
No nomination if you do not nominate a beneficiary, your
benefit will be paid as a lump sum to your legal personal
representative (your estate) unless the trustee has not been
able to find a legal personal representative after making
reasonable enquiries, in which case payment may be made to
another individual.
Non-lapsing death benefit nomination where the Trustee
has consented to your nomination, your benefit will be paid as
a lump sum to the person that you have nominated as long as
your nomination:
is valid, and
has been made in the prescribed manner.
A non-lapsing nomination can only be made by you. The
Trustee will not accept a non-lapsing nomination made by an
attorney or any other agent.
The Trustee can only consent to a nomination in respect of
one or more of your dependants (explained on the following
page) or legal personal representative. To remain a valid
nomination, a nominated beneficiary must still be a dependant
at the time of death.
If the Trustee has consented to your nomination and that
nomination, or a part of it, is no longer valid at the time of
payment, the Trustee will pay the non-valid portion of your
death benefit to your legal personal representative. The Trustee
will pay the valid portion of your death benefit in accordance
with that part of your nomination which is valid.
Your benefit can only be paid as a pension if, at the time of
death, the recipient is either:
a dependant of yours (for example a spouse, a financial
dependant or a person with whom you have an
interdependency relationship) who is not a child, or
a child of yours who is:
less than age 18 or
aged 18 to 24 inclusive and is financially dependent on
you, or
aged 18 or more and has a qualifying disability.
Please refer to the section titled Benefit payments on page 51 for
further details about the payment of death benefits as a pension.
It is very important that you periodically review your nomination
to ensure you still wish for the Trustee to pay the person(s) you
have nominated, because:
unlike a Will, your non-lapsing nomination will not
automatically become invalid in the event of marriage,
divorce or any other life-changing event, and
a non-lapsing nomination will not become invalid after a
period of time. We will send you regular reminders with the
details of your nomination.
The Trustee can only consent to a nomination if it is made in
writing and signed by you in the presence of two witnesses
who are over 18 years of age and not named as beneficiaries
in your nomination. To make a nomination simply complete
the death benefit nomination section of the application, or
complete a death benefit nomination form and send it to us.
A nomination applies across all death benefits with regard
to your FutureWise interest in the insurance-only division
of the Macquarie Superannuation Plan. Any subsequent
nomination revokes a prior nomination and applies
across all death benefits with regard to your FutureWise
interest in the insurance-only division of the Macquarie
Superannuation Plan. You may revoke or change your nomination
at any time by completing and sending to us a new non-lapsing
death benefit nomination form. It will come into effect once the
Trustee has consented to it.
Because there are special rules regarding how benefits can be
paid from a superannuation fund in the event of your death,
care should be taken when making your nomination as you may
need to consider the impact it could have on your overall estate
planning. You may want to seek legal or financial advice.
In some cases, upon special request, the Trustee will consent
to nominations which are not catered for on the non-lapsing
death benefit nomination form (eg because they are complex
or because payment is contingent upon certain events
occurring). If you wish to make a more detailed nomination,
please speak to your financial adviser or contact us.
Who is a dependant?
Under current superannuation law a dependant includes:
your spouse (including an opposite or same-sex de facto
partner with whom you live on a genuine domestic basis
as a couple or a person (whether of the same sex or a
different sex) with whom you are in a prescribed kind of
relationship that is registered under a State or Territory
law prescribed for the purposes of the Acts Interpretation
Act 1901)
a child of yours (including an adopted child, a step-child,
an ex nuptial child, a child of your spouse and a child within
the meaning of the Family Law Act 1975)
a person with whom you have an interdependency
relationship, and
a person who is otherwise your dependant (such as
someone who is financially dependent on you).
Two people will typically have an interdependency
relationship if:
they have a close personal relationship
they live together
one or each of them provides the other with financial
support, and
one or each of them provides the other with domestic
support and personal care.
Also, if two people have a close personal relationship but
do not satisfy the conditions referred to above because
either or both of them suffer from a physical, intellectual
or psychiatric disability, they may nevertheless have an
interdependency relationship.
Tax file number collection
Collection of tax file numbers (TFNs) is authorised under SIS.
The Trustee will only use your TFN for purposes authorised by
superannuation and taxation laws.
The purposes currently authorised include:
taxing benefit payments at lower rates than may
otherwise apply
passing your TFN to the Australian Taxation Office, and
allowing the Trustee to provide your TFN to the trustee
of another superannuation fund or Retirement Savings
Account (RSA) if your benefit is transferred to that fund.
However, the Trustee will not do so if you advise us in writing
that you do not want us to pass it on.
Declining to quote your TFN is not an offence, however, if you do
not give your superannuation fund your TFN, either now or later:
the Trustee cannot accept contributions made by you or
someone on your behalf (other than your employer)
certain concessional contributions and other amounts
may be subject to an additional TFN tax at the rate
of 31.5%
you may pay more tax on your superannuation benefits
than you have to (you may get this back in your income tax
assessment), and
it may be more difficult to find your superannuation benefits
if you lose contact with your superannuation fund.
As a consequence, the Trustee will not accept your application
for membership of the insurance-only division of the
Macquarie Superannuation Plan until you provide your TFN.
The lawful purpose for which your TFN can be used and the
consequences of not quoting your TFN may change in future,
as a result of legislative amendments.
Refunds
The insurance-only division of the Macquarie Superannuation
Plan has been established purely for the purpose of providing
insurance cover inside the superannuation environment and is
not an accumulation based superannuation fund.
Premiums paid under a FutureWise policy can be funded by
superannuation contributions or rollovers. These are subject to
superannuation preservation rules and therefore are generally
not refundable directly back to the member or contributor.
In cases where a premium is refunded (for example, a part refund
of an annual insurance premium where cover is cancelled), the
refund will need to be paid to another complying superannuation
fund (the other fund) by way of a rollover, rather than as a direct
payment back to the contributor.
When money is paid as a rollover to the other fund,
contributions tax or tax on the untaxed element of a rollover
received from an external fund that would otherwise have
been offset by a tax deduction for insurance premiums may
become payable by the fund. In these cases, the amount of
the tax payable will be deducted from the amount refunded
and the balance transferred to the other fund.
If the member does not provide details of the other fund to
which they would like the rollover to be paid within 30 days,
the Trustee may transfer the money to an Eligible Rollover
Fund (ERF). The ERF chosen for this purpose is called the
Super Safeguard Eligible Rollover Fund.
The Super Safeguard Eligible Rollover Fund
APRA has approved the Super Safeguard Eligible Rollover
Fund to operate as an ERF. The trustee is the Trust
Company (Superannuation) Services ABN 49 006 421 638
AFSL 235 153. Should your superannuation benefit be
transferred to the Super Safeguard Eligible Rollover Fund
all subsequent enquiries relating to your benefit should be
directed to:
Super Safeguard Eligible Rollover Fund
GPO Box 3426
Melbourne, Victoria 3001
Phone: 1300 135 181
Fax: 1300 135 191
Email: supersafeguard@primary.com.au
Website: supersafeguard.com.au
Should your superannuation benefit be transferred to the
Super Safeguard Eligible Rollover Fund:
your interest in (and membership of) the Macquarie
Superannuation Plan, including your insurance cover,
will cease
you will become a member of the Super Safeguard Eligible
Rollover Fund and will be subject to its governing rules
your account will be invested according to the investment
strategy of the Super Safeguard Eligible Rollover Fund
the Super Safeguard Eligible Rollover Fund may charge
fees to your account, and
you may not be offered insurance cover.
You should refer to the Product Disclosure Statement for the
Super Safeguard Eligible Rollover Fund for more information.
The Trustee reserves the right to change the chosen ERF
without prior notice to you.
Regular reports
An annual report about the management and financial
condition of the Macquarie Superannuation Plan for the
period to 30 June is prepared each year. This annual report is
available free of charge from us, at macquarie.com.au or as
a hard copy. If you do not elect to receive a hard copy annual
report we will assume you wish to view the annual report
online and we will not send you a copy.
Management fees and charges
The Trustee applies no management fees or costs to members
or their benefits. The only amounts paid by members are
contributions to meet the premium for the FutureWise policy.
The Trust Deed
The Trust Deed and Rules of the insurance-only division of
the Macquarie Superannuation Plan sets out the powers and
duties of the Trustee and the rights and obligations of the
members of the Macquarie Superannuation Plan.
Members are bound by (and the Trustee must comply with)
the Trust Deed and Rules (as amended from time to time)
for the Macquarie Superannuation Plan. The Trustee is also
subject to duties under the law, including to:
act honestly
exercise care and diligence, and
exercise its powers in the best interests of members of the
Macquarie Superannuation Plan (as a whole).
The Trust Deed and Rules and superannuation law also
limit the Trustees liabilities in relation to the Macquarie
Superannuation Plan. Generally the Trustee can be indemnified
for its costs and expenses in acting as the trustee of the
Macquarie Superannuation Plan out of the assets of the
Macquarie Superannuation Plan. The Trustee can (without
your consent) amend the Trust Deed and Rules, terminate the
Macquarie Superannuation Plan or transfer your interest to
another superannuation fund.
A copy of the Trust Deed and Rules is available on request.
56 Tax
Tax
The information provided in this PDS is a guide only and is
based on our understanding of the tax laws that were current
at the date of this PDS. These laws can change, so we
recommend you speak to your tax adviser regarding the tax
consequences of insurance cover and policy ownership.
Where you are the policy owner
Any reference to you in this section is in respect of your
capacity as the policy owner (including circumstances in
which you own the policy in your capacity as trustee of a self
managed superannuation fund).
Tax treatment of premiums
Non-superannuation
The premiums for a non-superannuation policy in respect of
Life, TPD, Trauma, Child Trauma and Blood Borne Disease
Insurance are generally not tax deductible to you. However,
there are some circumstances where the premium, or part
of the premium, may be claimed as a tax deduction. For
example, this may be relevant in situations where an employer
owns the policy or pays the premiums.
The premiums for Disability Income and Business Expenses
Insurance are typically a tax deductible expense to you.
Within superannuation (as trustee of a self managed
The premiums for a superannuation policy in respect of Life
Insurance are tax deductible to the trustee depending on
the extent to which they relate to the funds liability to pay
a superannuation death benefit as defined in tax law. The
proportion of Life Insurance premium that relates to benefits
that are aligned with this definition is 100%, as specified in the
terms and conditions in the section titled Policies owned by
superannuation fund trustees on page 44.
Full or partial deductions for the policy premiums of other types
of insurance may be available where certain conditions are met.
The policy terms for the Superannuation Optimiser definitions
of TPD have been designed such that the trustee can typically
claim a full deduction for the premium payable by the fund
relating to the superannuation component, where the
purpose of the cover is to pay superannuation benefits. The
premium relating to the non-superannuation component is
not payable under a superannuation policy and therefore is not
a deductible expense to the trustee.
Premiums paid by trustees that relate to other TPD definitions
may only be partially deductible depending on the extent
to which they relate to the funds liability to pay a disability
superannuation benefit as defined in tax law. The proportion of
the TPD premium that relates to benefits that are aligned with
this definition is specified in the terms and conditions in the
section titled Policies owned by superannuation fund trustees
on page 44.
We will advise you of the total premiums you have paid for Life
and TPD Insurance at the end of each financial year.
Premiums for particular options in respect of Life and TPD
Insurance may not be a tax deductible expense to the trustee
in certain circumstances.
Premiums for Trauma Insurance held within superannuation
are generally not a tax deductible expense to the trustee.
Premiums for Disability Income Insurance held within
superannuation may also be an allowable deduction (in full or
part) to the trustee if certain conditions are met. The inclusion
of certain features and benefits under Disability Income
Insurance means that a premium paid for a policy held inside
superannuation may not be fully deductible. We recommend
you seek professional tax advice.
Tax treatment of benefits
Non-superannuation
The tax treatment of a benefit payable for Life, TPD, Trauma,
Child Trauma or Blood Borne Disease Insurance policy can
vary depending on the policy owner. There may be some
cases where the benefit is taxable, such as where an employer
owns the policy, and we recommend you discuss your
particular circumstances with your tax adviser.
Benefits that are payable under a Disability Income (including
any Superannuation Cover and Extra Benefits Cover) or
Business Expenses Insurance policy are generally included
in your assessable income and will be subject to tax at your
marginal tax rate.
Within superannuation (as trustee of a self managed
If you own a FutureWise policy as the trustee of a self
managed superannuation fund, the gross amount of any
benefit that is payable under the policy will be paid by
Macquarie Life to you in your capacity as the trustee. You
are responsible for determining any tax liability in respect of
a FutureWise benefit that you receive or distribute from your
self managed superannuation fund. The amounts received by
the ultimate benefit recipients (for example, a member of the
relevant superannuation fund) may have special tax treatment
which does not necessarily depend on the nature of the
original insurance claim payment. We recommend you seek
professional tax advice.
57 Tax
Where you are a member of the
insurance-only division of the Macquarie
Superannuation Plan
capacity as a member of the insurance-only division of the
Macquarie Superannuation Plan.
Contributions or rollovers of your existing superannuation benefits
are used by the Trustee to pay the premiums due on your policy
held through the superannuation plan.
When contributing to superannuation, it is important to
be mindful of contribution caps which operate to limit the
amount of contributions that can be made tax effectively to
superannuation. The caps generally apply to all contributions
paid into the superannuation system for you during the course
of a financial year, whether they are made to one or more
superannuation funds.
It is your responsibility to ensure you do not exceed these
caps. Significant tax penalties may apply where these caps
are exceeded.
In some circumstances, you may be entitled to claim a tax
deduction in respect of the personal contributions you make to
the superannuation plan. To claim a tax deduction, you must
meet a number of conditions including a requirement to submit
a notice to the Trustee in an ATO approved format within certain
time limits. We suggest you obtain professional tax advice if you
are considering claiming a tax deduction for your contributions.
Generally the Trustee is required to pay tax of 15%
1
on all
employer contributions and personal contributions that you
advise us you intend to claim as a tax deduction. The Trustee
is also required to pay tax of 15% on the untaxed element
of an amount rolled over from an external superannuation
fund. However, this tax may be offset (in full or part) by a tax
deduction on the premiums.
In situations where the contributions or rollovers are not taxable
(for example where you or your spouse make non-concessional
contributions or where you roll over an amount that does not
include an untaxed element) the tax effect of a deduction
available to the Trustee in relation to policy premiums is not
credited to your FutureWise account.
The premiums for a superannuation policy in respect of Life
Insurance are tax deductible to the Trustee depending on
the extent to which they relate to the funds liability to pay
a superannuation death benefit as defined in tax law. The
proportion of Life Insurance premium that relates to benefits
that are aligned with this definition is 100%, as specified in the
terms and conditions in the section titled Policies owned by
Full or partial deductions for the policy premiums of other types of
insurance may be available where certain conditions are met.
of TPD have been designed such that the Trustee can typically
claim a full deduction for the premium payable by the fund
relating to the superannuation component. The premium
relating to the non-superannuation component is not payable
under a superannuation policy and therefore is not a deductible
expense to the Trustee.
Premiums paid by the Trustee that relate to other TPD definitions
may only be partially deductible depending on the extent
to which they relate to the funds liability to pay a disability
superannuation benefit as defined in tax law. The proportion of
the TPD premium that relates to benefits that are aligned with
this definition is specified in the terms and conditions in the
section titled Policies owned by superannuation fund trustees
on page 44.
If an insured benefit becomes payable, Macquarie Life
pays the insurance proceeds to the Trustee, who in turn is
responsible for paying the benefit in accordance with the
governing rules of the fund and superannuation laws.
Any insurance benefit that is payable through superannuation
may be paid from the fund after allowance for any fund
tax liability. Special tax treatment may apply to payments
made from or the insurance-only division of the Macquarie
Superannuation Plan in the event of your death, diagnosis of
a terminal medical condition or permanent disablement. This
treatment is determined independently of the basis for which
the original insurance claim was paid to the trustee.
A lump sum benefit paid from the insurance-only division of the
Macquarie Superannuation Plan after your death is tax free when
it is paid to one or more of your tax dependants (either directly or
via the estate). For tax purposes, a dependant includes:
your spouse (including an opposite or same-sex de facto
partner with whom you live on a genuine domestic basis as
a couple or a person (whether of the same sex or a different
sex) with whom the you are in a prescribed kind of relationship
that is registered under a State or Territory law prescribed for
the purposes of the Acts Interpretation Act 1901)
your former spouse
a child of yours under the age of 18 (including an adopted
child, a stepchild or an ex nuptial child, a child of your spouse
and child within the meaning of the Family Law Act 1975)
a person with whom you have an interdependency
relationship, and
a person who is otherwise your dependant (such as
someone who is financially dependent on you).
1
In the 2012/13 Federal Budget the Government announced that the 15% tax on contributions will be increased to 30% for certain high income earners from 1 July 2012.
The additional 15% tax will apply to employer contributions and personal contributions claimed as a tax deduction, that, when added to your taxable income and certain
other amounts, exceed a threshold of $300,000. At the time of writing, this change had not become law.
58 Tax
In other circumstances, part or all of the death benefit may
not be tax free. The level of tax applicable will depend on a
number of factors.
A lump sum benefit paid in the event you suffer from a terminal
medical condition may be tax free in certain circumstances.
A lump sum benefit paid because of your permanent
disablement may be a taxable superannuation benefit. In some
cases, special tax treatment may apply to the payment.
Where you are a member of an eligible
superannuation plan
capacity as a member of an eligible superannuation plan.
The policy premiums may be tax deductible to the trustee.
The premiums for a superannuation policy in respect of
Life Insurance are tax deductible to the trustee depending
on the extent to which they relate to the funds liability to
pay a superannuation death benefit as defined in tax law.
The proportion of the Life Insurance premium that relates
to benefits that are aligned with this definition is 100%, as
specified in the terms and conditions in the section titled
Policies owned by superannuation fund trustees on page 44.
Full or partial deductions for the policy premiums of other
types of insurance may be available where certain conditions
are met.
of TPD have been designed such that the trustee can
typically claim a full deduction for the premium payable by
the fund relating to the superannuation component. The
premium relating to the non-superannuation component is
not payable under a superannuation policy and therefore is
not a deductible expense to the trustee.
Premiums paid by the trustee that relate to other TPD
definitions may only be partially deductible depending on
the extent to which they relate to the funds liability to pay a
disability superannuation benefit as defined in tax law. The
proportion of the premium that relates to benefits that are
aligned with this definition is specified in the policy terms
and conditions in the section titled Policies owned by
Premiums for Disability Income Insurance held within
superannuation may also be an allowable deduction (in full
or in part) to the trustee if certain conditions are met. The
inclusion of certain features and benefits under Disability
Income Insurance means that a premium paid for a policy held
inside superannuation may not be fully deductible.
If an insured benefit becomes payable, Macquarie Life
pays the insurance proceeds to the trustee, who in turn is
responsible for paying the benefit in accordance with the
governing rules of the fund and superannuation laws.
Any insurance benefit that is payable through superannuation
may be paid from the fund after allowance for any fund
tax liability.
59 Interim Cover
Interim cover
We provide you with interim cover for accidental injury or
death while your application is being assessed, except where
the insurance applied for will replace existing insurance in
place with us or with another insurer.
Life Insurance
If you have applied for a Life Insurance policy, we will pay the
interim Life Insurance if the person to be insured dies as the
result of an accident, where the accident occurs during the
period of interim cover and death occurs within three months
of the accident.
TPD Insurance
If you have applied for a policy that includes TPD Insurance,
we will pay the interim TPD Insurance if the person to be
insured, suffers total and permanent disablement as a result
of an accident, where the accident occurs during the period
of interim cover and total and permanent disablement occurs
within three months of the accident.
The definition of TPD that applies for interim cover is generally
the definition applied for, subject to the following conditions:
if you have applied for the Own Occupation or
Superannuation Optimiser definition and the person to be
insured is in gainful employment at the time of the accident
causing total and permanent disablement, the definition that
applies for interim cover is the Any Occupation definition
if you have applied for the Any Occupation, the Own
Occupation or the Superannuation Optimiser definition
and the person to be insured is not in gainful employment
at the time of the accident causing total and permanent
disablement, the definition that applies for interim cover is
the modified TPD definition.
Trauma Insurance
If you have applied for a policy that includes Trauma
Insurance, we will pay the interim Trauma Insurance if the
person to be insured suffers one of the Trauma Conditions
listed below as the result of an accident, where the accident
occurs during the period of interim cover and the condition
occurs within three months of the accident.
Trauma Conditions covered for interim cover are:
coma
paralysis
loss of hearing
loss of limbs
loss of sight
major head trauma
severe burns.
If you have applied for a policy that includes Child Trauma
Insurance, we will pay the interim Child Trauma Insurance if
the child to be insured dies as the result of an accident or
suffers one of the Trauma Conditions listed below as the result
of an accident, where the accident occurs during the period
of interim cover and death or the condition occurs within three
months of the accident.
Trauma Conditions covered for interim cover are:
coma
paralysis
loss of hearing
loss of limbs
loss of sight
major head trauma
severe burns.
60 Interim Cover
If you have applied for a FutureWise Disability Income
Insurance policy we will pay:
the interim Total Disability benefit from the end of the waiting
period applied for in the application, for up to a maximum
of six months, if the person to be insured is totally disabled
as the result of an accident that occurs during the period of
interim cover and total disability due to the accident starts
within three months of the accident, and
the interim Death benefit, if the person to be insured dies
as the result of an accident that occurs during the period
of interim cover and death occurs within three months of
the accident.
If you have applied for a FutureWise Business Expenses
Insurance policy, we will pay:
the interim Total Disability benefit from the end of the waiting
period applied for in the application for up to a maximum
of six months, if the person to be insured is totally disabled
as the result of an accident that occurs during the period of
interim cover and total disability due to the accident starts
within three months of the accident, and
the interim Death benefit, if the person to be insured dies
as the result of an accident that occurs during the period
of interim cover and death occurs within three months of
the accident.
When interim cover starts
Interim cover starts on the date an authorised application is
received by Macquarie Life.
When interim cover ends
Interim cover will end on the earlier of:
your application for cover is accepted and
cover commences
your application for cover is cancelled or withdrawn by you
insurance cover commences under another contract
of insurance (whether or not it is an interim contract of
insurance) between you (or the trustee if you become
a member of an eligible superannuation plan or the
insurance-only division of the Macquarie Superannuation
Plan) and Macquarie Life or another insurer
your interim cover is cancelled by us providing you with at
least 20 business days written notice, or
90 days from the date the interim cover started.
When interim cover is not payable
Nothing will be payable if the condition or event giving rise to the
claim under interim cover was caused directly or indirectly by:
an accident or injury that first occurred before interim
cover started
an accident or injury that would have been excluded by
underwriting based on evidence existing on the date
of application
consumption of alcohol or drugs
for Child Trauma Insurance, an intentional act or intentional
omission of the policy owner or the insured childs parent,
guardian or a person acting in a regular de facto role as
a parent, or
the person to be insured engaging in any sport, pastime
or occupation that we would not normally cover at
standard rates.
When lawfully entitled to do so, Macquarie Life may avoid or
adjust your interim cover if you have breached your duty of
disclosure or have made a misrepresentation when applying
for cover.
61 Interim Cover
What we will pay
The maximum interim cover benefit that we will pay for each
type of insurance across all applications for the person to be
insured is the lesser of:
in the case of Life, TPD and Trauma Insurance:
the sum insured applied for to a maximum of:
Life Insurance $1 million
TPD Insurance $500,000
Trauma Insurance $500,000
the sum insured that we would offer under our usual
underwriting rules based on the proposed premium,
in the case of the interim Total Disability benefit under
Disability Income Insurance:
the monthly insured amount applied for
$5,000 per month
the monthly equivalent of 75% of first $320,000, 50%
of the next $240,000 and 20% of the balance of the
person to be insureds pre-disability income, adjusted for
any offsets which apply, as explained in the section titled
When the monthly benefit is reduced on page 30
the monthly insured amount that we would offer under our
usual underwriting rules based on the proposed premium,
in the case of the interim Total Disability benefit under
Business Expenses Insurance:
the monthly insured amount applied for
$5,000 per month
the person to be insureds share of allowable business
expenses which are incurred while they are totally
disabled, adjusted for any offsets which apply, as
explained in the section titled When the monthly benefit
is reduced on page 34
the monthly insured amount that we would offer under
our usual underwriting monthly insured rules based on the
proposed premium
in the case of the interim Death benefit under Disability
Income Insurance:
four times the monthly insured amount applied for
$20,000
four times the monthly equivalent of 75% of first
$320,000, 50% of the next $240,000 and 20% of
the balance of the person to be insureds
pre-application income
four times the monthly insured amount that we would
offer under our usual underwriting rules based on the
proposed premium
in the case of the interim death benefit under Business
Expenses Insurance:
four times the monthly insured amount applied for
$20,000
four times the monthly insured amount that we would
offer under our usual underwriting rules based on the
proposed premium.
If multiple policies on the same person to be insured are
applied for, and the maximum interim cover benefit payable for
the person to be insured is less than the total of all amounts
applied for, we will apply the reduction to the amount we will
pay across the multiple applications in the same proportion.
If interim cover benefits are paid for the person to be insured by
other insurers for an accident, we will reduce the amount we
will pay for the same accident under the same or similar type
of insurance so that the total paid across all insurers is no more
than the maximum amount we otherwise would have paid.
The sum insured under interim cover will be reduced by the
amount of interim cover paid for other insurances in some
cases. This will apply to Life, TPD or Trauma insurance where
the insurances have been applied for under the same policy
or the insurances are connected through Flexible Linking. The
amount payable under interim cover will be reduced on the
same basis as amounts payable would be reduced under the
insurance applied for.
62 Glossary
Trauma Conditions
All medical classifications cited are as of the date of the PDS.
Glossary
* FIGO refers to the staging method of the International Federation of Gynaecology and Obstetrics.
Trauma Condition Definition
Cancer of any body system
aplastic anaemia Severe aplasia of bone marrow which results in anaemia, neutropenia and thrombocytopenia requiring one of
the following treatments:
immunosuppressive agents,
bone marrow transplant, or
peripheral blood stem cell transplant.
cancer The presence of one or more malignant tumours, including lymphoma (including Hodgkins and non Hodgkins
disease), leukaemia, multiple myeloma and malignant bone marrow disorders, that are characterised by the
uncontrolled growth and spread of malignant cells and the invasion and destruction of normal tissue.
The following cancers are excluded:
tumours which are histologically described as premalignant or show the malignant changes of carcinoma
in situ (including cervical dysplasia CIN III and lower). Carcinoma in situ of the breast is covered if it results
directly in the removal of the entire breast. This procedure must be performed specifically to arrest the
spread of malignancy and be considered the appropriate and necessary treatment,
melanomas which are less than stage T1bN0M0,
all hyperkeratoses and basal cell carcinomas, and squamous cell carcinomas of skin unless it has spread
to other organs,
chronic lymphocytic leukaemia less than Rai stage 1, and
prostatic cancers which are TNM Classification T1 or less and have a Gleason score of 6 or less.
Prostatic cancer which is TNM classification T1 or less and which has a Gleason score of 6 or less is covered
if it results in the entire removal of the prostate. This procedure must be performed specifically to arrest the
spread of malignancy and be considered the appropriate and necessary treatment.
carcinoma in situ
of breast
Localised cancer characterised by a focal autonomous new growth of cancer cells, which has not yet
infiltrated or destroyed normal tissue, and where there is a confirmed histopathological diagnosis of carcinoma
in situ without evidence of invasive cancer.
carcinoma in
situ of the breast
with lumpectomy
and treatment
Carcinoma in situ of the breast requiring breast conserving surgery and adjuvant therapy (such as radiotherapy
and/or chemotherapy). This procedure must be performed specifically to arrest the spread of malignancy and
be considered the appropriate and necessary treatment.
carcinoma in situ of
the cervix and cervical
dysplasia
High grade dysplasia of the cervix at CIN III or above, confirmed histologically by biopsy.
carcinoma in situ of the
fallopian tube
A focal autonomous new growth of carcinomatous cells within the fallopian tube which has not yet resulted
in the invasion of normal tissues. Invasion means an infiltration and/or active destruction of normal tissue
beyond the basement membrane. The tumour must be limited to the tubal mucosa and classified as Tis
according to the TNM staging method or FIGO* Stage 0.
ovary
A focal autonomous new growth of carcinomatous cells within the ovary which has not yet resulted in the
invasion of normal tissues. Invasion means an infiltration and/or active destruction of normal tissue beyond
the basement membrane. The tumour must be classified as Tis according to the TNM staging method or
FIGO* Stage 0.
vagina
A focal autonomous new growth of carcinomatous cells within the vagina which has not yet resulted in the
invasion of normal tissues. Invasion means an infiltration and/or active destruction of normal tissue beyond
the basement membrane. The tumour must be classified as Tis according to the TNM staging method or
FIGO* Stage 0.
vulva
A focal autonomous new growth of carcinomatous cells within the vulva which has not yet resulted in the invasion
of normal tissues. Invasion means an infiltration and/or active destruction of normal tissue beyond the basement
membrane. The tumour must be classified as Tis according to the TNM staging method or FIGO* Stage 0.
early stage melanoma The presence of one or more melanomas which are classified as melanoma in situ or stage T1aN0M0.
early stage
prostate cancer
Localised cancer characterised by focal autonomous new growth of cancer cells. The tumour must be
described histologically as TNM Classification T1 and have a Gleason score of 6 or less.
63 Glossary
Heart and artery
angioplasty The undergoing of angioplasty on one or two coronary arteries to correct a narrowing or blockage that is
considered the appropriate and necessary treatment on the basis of angiographic evidence.
aortic surgery The undergoing of surgery that is considered the appropriate and necessary treatment to correct any
narrowing, dissection or aneurysm of the thoracic or abdominal aorta. Angioplasty, intra-arterial procedures or
other non-surgical techniques are excluded.
cardiomyopathy Disease of the heart muscle causing it to enlarge and become weaker, resulting in significant
cardiac impairment to the degree of at least Class III of the New York Heart Association functional
classification system.
coronary artery bypass
surgery
The undergoing of coronary artery bypass surgery for the treatment of coronary artery disease that is
considered the appropriate and necessary treatment.
heart attack Myocardial infarction, characterised by death of a portion of heart muscle due to inadequate blood supply.
The following clinical features must be present (and not caused by medical intervention):
new ECG changes, and
elevation of cardiac biomarkers with CK-MB above the upper limit of normal or Troponin I greater than
2.0 ug/L or Troponin T greater than 0.6ug/L.
If the above is inconclusive then we will consider a claim based on conclusive evidence that myocardial
infarction has occurred, resulting in either one of the following:
new pathological Q-waves,
a permanent left ventricular ejection fraction of 50% or less, measured six weeks or more after the event.
heart valve surgery The undergoing of surgery that is considered necessary to replace or repair cardiac valves as a consequence
of heart valve defects or abnormalities.
It does not include angioplasty, intra-arterial procedures or other non-surgical techniques.
open heart surgery The undergoing of a thoracotomy for treatment of cardiac defect(s), cardiac aneurysm or benign
cardiac tumour(s).
out of hospital
cardiac arrest
Cardiac arrest that occurs outside of a hospital due to cardiac asystole or ventricular fibrillation with or without
ventricular tachycardia.
The cardiac arrest must not be related to any medical procedure and must be documented by
an electrocardiogram.
minor heart attack Myocardial infarction, characterised by the death of a portion of heart muscle due to inadequate blood supply.
A rise and/or fall of cardiac enzymes, Troponin or other biochemical markers must be present and caused
by myocardial infarction, with at least one value above generally accepted laboratory levels of normal.
Furthermore, the clinical evidence and disease management pathway must be consistent with the diagnosis
of acute myocardial infarction and confirmed as the hospital discharge diagnosis.
If the above is inconclusive then we will consider a claim based on conclusive evidence that myocardial
infarction has occurred.
triple vessel angioplasty The undergoing of angioplasty on three or more coronary arteries in the same procedure to correct a
narrowing or blockage. It must be considered the appropriate and necessary treatment on the basis of
angiographic evidence.
64 Glossary
Brains and nerves
bacterial meningitis
or meningococcal
septicaemia
Bacterial meningitis or meningococcal septicaemia resulting in:
permanent and irreversible whole person impairment of at least 25%, or
total and irreversible inability to perform at least one of the numbered activities of daily living.
benign brain tumour Diagnosis of a non-malignant tumour of the brain, pituitary gland or spine. The presence of the tumour must
be confirmed by imaging studies such as CT scan or MRI.
benign brain tumour
with impairment level
Non-malignant tumour in the brain, pituitary gland or spine, resulting in a neurological deficit causing:
The presence of the tumour must be confirmed by imaging studies such as CT scan or MRI. Cysts,
granulomas, aneurysms in or of the arteries or veins of the brain and haematomas are not covered.
brain damage Brain damage, as confirmed by a medical practitioner who is a consultant neurologist, which results in a
neurological deficit causing permanent and irreversible whole person impairment of at least 25%
cognitive loss A total and permanent deterioration or loss of intellectual capacity (supported by a score of 15 or less out of
30 in a Mini Mental State Examination or evidence from another neuropsychometric test that is acceptable
to us) that has required the insured person to be under continuous care and supervision by another person
for at least three consecutive months and at the end of that three month period the insured person is likely to
require ongoing continuous care and supervision by another person.
coma A state of total unconsciousness and unresponsiveness to all external stimuli, resulting in a score of 8 or less
on the Glasgow Coma Scale, as outlined below, for a continuous period of at least three days.
Glasgow Coma Scale is a scoring system used to measure the level of consciousness following traumatic
brain injury. It is composed of three parameters as given below:
Best Eye Response (4)
1. No eye opening
2. Eye opening to pain
3. Eye opening to verbal command
4. Eyes open spontaneously
Best Verbal Response (5)
1. No verbal response
2. Incomprehensible sounds
3. Inappropriate words
4. Confused
5. Orientated
Best Motor Response (6)
1. No motor response
2. Extension to pain
3. Flexion to pain
4. Withdrawal from pain
5. Localising pain
6. Obeys commands
A Coma Score of 13 or higher correlates with a mild brain injury, 9 to 12 a moderate injury and 8 or less a
severe brain injury.
dementia including
Alzheimers disease
Diagnosis of dementia by neurological assessment confirming that the insured person requires continual
supervisory care as the result of cognitive impairment characterised by a Mini Mental State Examination score
of 24 or less out of 30 or evidence from another neuropsychometric test that is acceptable to us.
encephalitis Acute inflammation of the brain caused by viral infection resulting in neurological deficit and leading to:
hydrocephalus An excessive accumulation of cerebrospinal fluid within the cranium requiring the insertion of a
permanent shunt.
major head trauma Accidental head injury, leading to neurological deficit causing:
65 Glossary
motor neurone disease Unequivocal diagnosis of motor neurone disease, leading to neurological deficit.
motor neurone disease
Unequivocal diagnosis of motor neurone disease, leading to neurological deficit, resulting in:
multiple sclerosis Unequivocal diagnosis of multiple sclerosis, and evidenced by appropriate neuro-imaging and spinal fluid
abnormalities, leading to neurological deficit.
multiple sclerosis with
impairment level
Unequivocal diagnosis of multiple sclerosis with more than one episode of well defined neurological deficit
with persisting neurological abnormalities, and evidenced by appropriate neuro-imaging and spinal fluid
abnormalities, leading to neurological deficit and resulting in:
muscular dystrophy Unequivocal diagnosis of muscular dystrophy, which causes progressive and selective degeneration and
weakness of voluntary muscles.
muscular dystrophy
Unequivocal diagnosis of muscular dystrophy, which causes progressive and selective degeneration and
weakness of voluntary muscles resulting in:
Parkinsons disease Unequivocal diagnosis of Parkinsons disease, leading to irreversible neurological deficit.
Parkinsons disease
Unequivocal diagnosis of Parkinsons disease, leading to irreversible neurological deficit, resulting in:
paralysis The total and irreversible loss of the use of two limbs, where a limb is defined as the shoulder down to the
hand or the hip down to the foot.
stroke A neurological event caused by a cerebrovascular incident. The stroke must:
be confirmed by an appropriate medical specialist,
be evidenced by the acute onset of objective neurological signs and clinical symptoms, and
be evidenced by neuro-imaging.
Transient ischaemic attacks, cerebral events due to reversible neurological deficits, migraine,
hypoxia or trauma, and vascular disease affecting the eye, optic nerve or vestibular functions are excluded.
Lungs
chronic lung disease End stage lung disease requiring permanent and continuous oxygen therapy, a persistent FEV1 less than 30%
predicted or DLCO less than 40% predicted (American Thoracic Society 2004).
primary pulmonary
hypertension
Primary pulmonary hypertension characterised by enlargement of the right ventricle as a result of high
pulmonary artery pressure. It must have resulted in significant cardiac and respiratory impairment leading to
impairment equivalent to at least Class III of the New York Heart Association functional classification system.
Kidneys
chronic kidney failure Chronic irreversible failure of the function of both kidneys requiring either regular renal dialysis or
renal transplantation.
loss of hearing The total and irreversible loss of hearing in both ears with and without the use of an appropriate aid.
loss of speech or total
aphasia
Total and irreversible loss of speech. The loss must be confirmed to be total and irreversible at least three
months after speech was first lost.
Loss of speech or total aphasia due to psychological reasons is excluded.
partial loss of hearing The total and irreversible loss of hearing in one ear, with and without the use of an appropriate aid.
Eye
loss of sight The irrecoverable loss of sight, with and without the use of an appropriate aid, to the extent that eyesight is
reduced in both eyes to 6/60 or less of central visual acuity on the Snellen test chart or the degree of vision is
less than or equal to 20 degrees of arc.
partial loss of sight The irrecoverable loss of sight in one eye, with and without the use of an appropriate aid, to the extent that
eyesight is reduced in that eye to 6/60 or less of central visual acuity on the Snellen test chart.
66 Glossary
Musculoskeletal
loss of limbs The total and irreversible loss of the use of:
two limbs, or
sight in both eyes (loss of sight), or
the sight in one eye (partial loss of sight) and one limb,
where limb means whole hand or whole foot.
partial loss of limbs The total and irreversible loss of the use of one limb, where limb means whole hand or whole foot.
severe burns Tissue injury caused by thermal, electrical or chemical agents causing third degree burns to at least:
20% of body surface as measured by the Rule of Nines or the Lund and Browder Body Surface Chart,
the whole of both hands, requiring surgical debridement and/or grafting, or
the whole of the face, requiring surgical debridement and/or grafting.
severe burns of limited
extent
Tissue injury caused by thermal, electrical or chemical agents causing third degree burns to at least:
10% of body surface as measured by the Rule of Nines or the Lund and Browder Body Surface Chart,
50% of the combined surface area of both hands, requiring surgical debridement and/or grafting, or
50% of the face, requiring surgical debridement and/or grafting.
severe osteoporosis before the age of 50, the insured person suffers at least two vertebral body fractures or a fracture of the
neck or the femur, due to osteoporosis, and
the insured person has a bone mineral density reading with a T-score of less than -2.5 (ie 2.5 standard
deviations below the young adult mean for bone density). This must be measured in at least two sites by
dual energy x-ray absorptiometry (DEXA).
severe rheumatoid
arthritis
Diagnosis of rheumatoid arthritis, confirmed by appropriate radiology and blood tests, that has failed to
respond to treatment with immunosuppressive agents.
Digestive system
chronic liver disease End stage liver failure resulting in permanent jaundice, bleeding varices, ascites or encephalopathy.
colostomy/ileostomy The creation of a permanent non-reversible opening, linking the colon and/or ileum to the external surface of
the body.
severe Crohns disease Diagnosis of Crohns disease that has failed to be controlled by standard therapy including cortisone
treatment, and requires permanent immunosuppressive medication.
severe ulcerative colitis Diagnosis of ulcerative colitis that has failed to be controlled by standard therapy including cortisone
treatment, and requires permanent immunosuppressive medication.
Endocrine system
advanced diabetes Severe diabetes mellitus, either insulin or non-insulin dependent, as certified by a consultant endocrinologist
and resulting in at least two of the following criteria:
severe diabetic retinopathy resulting in visual acuity uncorrected and corrected of 6/36 or worse in
both eyes,
severe diabetic neuropathy causing motor and/or autonomic impairment,
diabetic gangrene leading to surgical intervention, or
severe diabetic nephropathy causing chronic irreversible renal impairment as measured by a corrected
creatinine clearance less than 28ml/min (CKD stage 4, International Chronic Kidney Disease classification).
Diabetes complications (as defined below) is excluded.
diabetes complications Diagnosis of Type 1 insulin dependent diabetes mellitus, as certified by a consultant endocrinologist and
resulting in at least two of the following criteria:
urinary protein excretion of more than 300mg per day,
creatinine clearance of 2842ml/min (CKD stage 3b, International Chronic Kidney Disease classification),
diabetic retinopathy with a minimum severity of at least exudates and/or dot-blot haemorrhages, or
persistent sensory neuropathy.
67 Glossary
Other
childs loss of
independent existence
After reaching seven years of age, the total and irreversible inability to perform at least two of the numbered
activities of daily living without the assistance of another person.
intensive care An illness or injury has resulted in the insured person requiring continuous mechanical ventilation by means of
tracheal intubation for 10 consecutive days (24 hours per day) or more in an authorised intensive care unit of an
acute care hospital. No benefit shall be payable where the illness or injury is as a result of drug or alcohol intake or
other self-inflicted means.
loss of independent
existence
The total and irreversible inability to perform at least two of the numbered activities of daily living without the
assistance of another person.
major organ transplant The insured person is the recipient of an organ transplant of one of the following organs:
heart,
kidney,
liver,
lung,
pancreas,
small bowel, or
the transplantation of bone marrow.
The transplant must be considered the appropriate and necessary treatment.
waiting list
The insured person, upon the advice of an appropriate medical specialist, has been placed on an official
Australian waiting list, approved by us, for the organ transplant of one of the following organs:
heart,
kidney,
liver,
lung,
pancreas,
small bowel, or
the transplantation of bone marrow.
medically acquired HIV The accidental infection with Human Immunodeficiency Virus (HIV), which on the balance of probabilities arose
from one of the following medical procedures:
transfusion of blood or blood products,
organ transplant,
assisted reproduction techniques, or
other medical procedure or operation performed by a doctor or at a registered medical facility.
The procedure must have been performed by a registered health professional and have occurred in Australia.
We require a statement from the appropriate Statutory Health Authority that provides documented proof of the
incident and confirms that the infection is medically acquired.
A Trauma claim for medically acquired HIV will not be payable if:
HIV infection is caused by any other means, including sexual activity or recreational intravenous drug
use, or
a treatment is developed and approved which renders the HIV virus inactive and non-infectious.
68 Glossary
occupationally acquired
Hepatitis B or C
Infection with Hepatitis B or Hepatitis C as the result of an accident during the course of the insured persons
regular occupation.
Evidence must be produced within six months of the accident indicating the production and detection (sero-
conversion) of:
Hepatitis B surface antigen or HBV DNA, by way of a positive Hepatitis B surface antigen or HBV DNA
test, or
Hepatitis C antibodies by way of a positive Hepatitis C test.
Any accident giving rise to a potential claim must be reported to us within seven days of the incident and
supported by a negative Hepatitis test taken after the accident. We must be given access to test all blood
samples used.
A Trauma claim for occupationally acquired Hepatitis B or Hepatitis C will not be payable if:
Hepatitis B or Hepatitis C infection is caused by any other means, including sexual activity or recreational
intravenous drug use, or
a treatment is developed and approved which renders Hepatitis B or Hepatitis C inactive and non-
infectious, or
the insured person has elected not to take an approved vaccine that is recommended by the relevant
government body for use in the insured persons occupation and is available prior to the event which
causes infection.
occupationally acquired
HIV
Infection with Human Immunodeficiency Virus (HIV) as the result of an accident during the course of the
insured persons regular occupation. The production and detection of HIV antibodies (sero-conversion) must
be confirmed by way of a positive HIV antibody test within six months of the accident.
Any accident giving rise to a potential claim must be reported to us within seven days of the incident and
supported by a negative HIV antibody test taken after the accident. We must be given access to test all blood
samples used.
A Trauma claim for occupationally acquired HIV will not be payable if:
HIV infection is caused by any other means, including sexual activity or recreational intravenous drug use,
a treatment is developed and approved which renders the HIV virus inactive and non-infectious, or
the insured person has elected not to take an approved vaccine that is recommended by the relevant
government body for use in the insured persons occupation and is available prior to the event which
causes infection.
69 Glossary
Other defined terms
Term Definition
accident/accidental A fortuitous and unforeseen event, resulting in an injury, which is not caused, or contributed to, by an intentional
act of the insured person.
activities of
daily living
1. Bathing and showering
2. Dressing and undressing
3. Eating and drinking
4. Using the toilet to maintain personal hygiene
5. Moving from place to place by walking, wheelchair or with assistance of a walking aid or getting in and out of
bed, a chair or wheelchair
allowable business
expenses
The normal day to day expenses incurred in the insured persons business and include, but are not limited to:
accounting and audit fees
bank fees and charges
cleaning costs
electricity and gas charges
property rates
equipment hire
motor vehicle leases, registration and insurance
business related insurance premiums (not including this policy)
interest payments on business loans and mortgages
office leasing fees
rents on business premises
salaries (including superannuation) and payroll tax of employees not directly involved in the generation of
income or revenue
payroll tax not directly involved in the generation of income or revenue
regular advertising costs
telephone costs
fees for professional associations
cost of a locum less any earnings generated by the locum
printing, postage and stationery costs
contracted maintenance
contracted advertising
contracted security
any other expenses agreed by us
The following expenses are specifically not included:
the insured persons personal remuneration, salary, fees or drawings from the business
cost of goods or merchandise
repayments of capital on a loan or mortgage (other than those repayments directly related to one or more
identifiable business assets, which are no greater than the minimum repayments permitted or required by
the loan or mortgage, and which have been in place for at least six consecutive calendar months prior to the
insured persons disability)
costs of implements of profession
premiums payable on this policy
salaries (including superannuation) and payroll tax of employees directly involved in the generation of income
or revenue
depreciation
salaries of immediate family members (unless they were employed more than 30 days before the date of the
insured persons disability)
application date The application date shown on your policy, which is the Macquarie Life date stamp recorded on a paper
application received by Macquarie Life or the date an electronic application is authorised via Macquaries online
website for:
a new type of Insurance with Macquarie Life, or
an increase to existing Insurance (but only in respect of the increase).
any occupation Any occupation, business or employment for which the insured person is suited by education, training or
experience that would generate earnings greater than 25% of the insured persons earnings in the most recent
period of 12 months in which he or she was gainfully employed.
70 Glossary
Term Definition
business income The monthly income of the business in which the insured person is gainfully employed before expenses and
before tax.
carer The insured person begins to provide unpaid care for the first time and that care is:
medically necessary due to disability, chronic illness or frail age
was not previously required
is likely to be required for a continuous period of at least six months
The commencement of care for the first time must be evidenced by either a letter from a medical practitioner or
evidence that the insured person is receiving a Centrelink carer benefit for providing that care.
cognitive loss A total and permanent deterioration or loss of intellectual capacity (supported by a score of 15 or less out of
30 in a Mini Mental State Examination or evidence from another neuropsychometric test that is acceptable to
us) that has required the insured person to be under continuous care and supervision by another person for at
least three consecutive months and at the end of that three month period the insured person is likely to require
ongoing continuous care and supervision by another person.
consumer price
index
The weighted average of the eight Australian capital cities combined, published by the Australian Bureau
of Statistics or any body which succeeds it, in respect of the 12 month period finishing on or prior to
30th September. It will be determined at 31st December each year and applied at the cover anniversary on or
following 1st March in the next year.
disability/disabled Total disability or partial disability.
domestic duties The tasks performed by an insured person whose sole occupation is to maintain the family home. These tasks
include, unassisted by another person, cleaning of the home, cooking of meals for their family, doing the family
laundry, shopping for the familys groceries and taking care of dependent children (where applicable).
Domestic duties do not include duties performed outside the insured persons home for remuneration or reward.
eligible
superannuation plan
Macquarie Super Consolidator, Macquarie Super Accumulator, Macquarie Super Manager or
Macquarie SuperOptions,
any other product offered through a superannuation plan for which MIML acts as trustee (excluding the
insurance-only division of the Macquarie Superannuation Plan), or
any other product issued by the trustee of a superannuation fund approved by Macquarie Life.
eligible wrap service Macquarie Investment Consolidator, Macquarie Investment Accumulator or Macquarie Investment Manager, or
a client branded version of one of the above products.
71 Glossary
Term Definition
extended activities
of daily living /
extended ADLs
There are six categories of extended ADLs. Each category is made up of a list of specific tasks. If the stated
number of the specific tasks within a category cannot be performed, the whole category is scored as an inability
to perform that extended ADL category.
The ability to perform the tasks of each extended ADL category must be assessed by a medical specialist, appropriate
to the medical condition causing the impairment, using the Activities of Daily Living score sheet provided by us.
When an insured person is being measured on their ability to perform any tasks of an extended ADL category:
all tasks for which an impairment is present must be scored, irrespective of the medical condition(s) causing
the impairment, and
assistive devices must be used, where applicable.
Supporting objective medical evidence or investigations must be provided for each task of an extended ADL
category scored.
The extended ADL categories, specific tasks and required scores in order to be considered unable to perform
the extended ADL category are detailed in the table below.
ADL category Specific tasks
Scores required in order to be
considered unable to perform
the ADL category:
1. Self-care Bathing
Grooming
Dressing
Eating and feeding
Bowel and
bladder
function
Mobility
cannot in at least one
specific task, or
with help in at least two
specific tasks.
2. Communication Speaking
Reading
Writing
Keyboard use
specific task, or
minimal in at least two
specific tasks.
3. Physical activity Intrinsic
Standing
Sitting
Reclining
Walking
Stooping
Squatting
Kneeling
Reaching
Bending
Twisting
Functional
Carrying
Lifting
Pushing
Pulling
Climbing
Exercising
cannot in at least three
specific tasks, or
with help in at least six
specific tasks.
4. Sensory function Hearing
Seeing
Tactile sensation
Tasting
Smelling
specific task, or
specific tasks.
5. Hand functions Grasping
Holding
Pinching
Percussive movements
Sensory
discrimination
specific task, or
specific tasks.
6. Advanced functions Travel (riding, driving)
Sexual function
Social interaction
Understand concepts
Memory
Problem solving
Stress
adaptation
Sleep pattern
Recreational/
social activities
cannot or poor in at least
four specific tasks.
ADL scoring
The following scoring method is used to score the ADL Score Sheet:
If a person is independent in performing that task, they are regarded as able to do that task (can), (normal)
or (good)
If a person makes use of assistive devices, or requires the supervision of another person in performing that
task, they are regarded as requiring assistance to do the task (with help), (minimal) or (average). Examples of
assistive devices are walking frames, raised toilet seats, shower or bath benches. Please note that glasses
and hearing aids are not classified as assistive devices.
If a person is completely dependent on another person(s) to perform a task, they are regarded as unable to do
that task (cannot) or (poor). Poor means a rating of poor or below average as measured and evaluated by the
relevant and appropriate neuropsychometric test(s).
72 Glossary
Term Definition
fracture Any fracture that requires a pin, traction, plaster or other immobilising structure.
functional
impairment
The presence of a medically recognised disease or disorder, resulting in an inability to perform a specified
number of the extended activities of daily living categories, while on optimal therapy if appropriate, assessed in
accordance with the specific criteria set out in the definition of extended ADLs scoring. The functional impairment
must be present for a minimum of six months and be permanent and irreversible.
gainful employment/
gainfully employed
The insured person is engaged in an occupation, business or employment for remuneration or reward.
illness The insured person has a pathological condition evidenced by medically recognised signs and symptoms.
immediate family
member
A married or de facto partner, child, brother, sister or parent.
income Income earned through personal exertion calculated:
after the deduction of expenses incurred in producing that income, and
before the deduction of income tax.
It is based on the total remuneration package and includes salary, wages, packaged fringe benefits, regular
commissions, regular bonuses, regular overtime payments and pre-tax superannuation contributions.
For the self-employed it also includes that share of net income of the business directly generated by personal
exertion after deduction of all business expenses but before the deduction of tax.
Income does not include:
income that the insured person would continue to receive from his or her business even if unable to work,
including any ongoing profit generated by other employees of the business, or
other unearned income such as dividends, interest, rental income.
loss of independent
existence
The total and irreversible inability to perform at least two of the numbered activities of daily living without the
assistance of another person.
involuntary
unemployment/
involuntarily
unemployed
A period during which the insured person is:
not working,
is actively seeking employment, and
is registered with Centrelink or other government approved job placement agencies as a job seeker,
and where becoming unemployed was a result of:
the termination of the insured persons gainful employment by their employer without the consent of the
insured person, or
the insured person being made redundant from gainful employment by their employer.
It does not include unemployment as a result of:
the insured person ceasing gainful employment of a casual, seasonal or temporary nature,
the expiration of a fixed term employment contract or other specified period of work, or
the deliberate or serious misconduct of the insured person.
loss of limbs The total and irreversible loss of the use of:
two limbs, or
sight in both eyes (loss of sight), or
one limb and the sight in one eye (partial loss of sight),
where limb means whole hand or whole foot.
loss of sight The irrecoverable loss of sight, with and without the use of an appropriate aid, to the extent that eyesight is
reduced in both eyes to 6/60 or less of central visual acuity on the Snellen test chart or the degree of vision is
less than or equal to 20 degrees of arc.
medical practitioner A doctor who is legally qualified and registered to practise medicine in Australia (or if outside Australia, has
equivalent qualifications and registration) not being you, the insured person, or a business partner or immediate
family member of you or the insured person.
modified TPD The insured person has suffered:
loss of limbs,
loss of independent existence, or
cognitive loss.
73 Glossary
Term Definition
monthly benefit For Disability Income Insurance provided on an Endorsed Agreed Value basis, the monthly insured amount.
For Disability Income Insurance provided on an Agreed Value basis, the lesser of the monthly insured amount
and the amount calculated below:
If the Superannuation Cover option is
not selected:
If the Superannuation Cover option
is selected:
The monthly equivalent of:
75% of the first $320,000 of
pre-application income,
50% of the next $240,000 of pre-application
income, and
20% of the balance of the insured persons
pre-application income
100% of pre-application income contributed to
superannuation (to a maximum of 20% of
pre-application income)
75% of the next $320,000 of pre-
application income,
50% of the next $240,000 of pre-application
income, and
20% of the balance of the insured persons pre-
application income
For Disability Income Insurance provided on an Indemnity basis, the lesser of the monthly insured amount
and the amount calculated below:
If the Superannuation Cover option is
not selected:
If the Superannuation Cover option
is selected:
75% of the first $320,000 of
pre-disability income,
50% of the next $240,000 of pre-disability
income, and
100% of pre-disability income contributed to
superannuation (to a maximum of 20% of
pre-disability income)
75% of the next $320,000 of
pre-disability income,
50% of the next $240,000 of pre-disability
income, and
If the insured person has Disability Income Insurance that provides cover on both an Indemnity basis and
Endorsed Agreed Value basis, the greater of:
the amount of the combined monthly insured amounts of the different portions calculated on an Indemnity
basis, and
the monthly insured amount of the Endorsed Agreed Value portion.
For Business Expenses Insurance, the lesser of the monthly insured amount and the insured persons share of
allowable business expenses which are incurred while they are disabled.
New York Heart
Association
functional
classification system
A scale used to assess cardiac impairment.
I. No symptoms and no limitation in ordinary physical activity.
II. Mild symptoms and slight limitation during ordinary activity. Comfortable at rest.
III. Marked limitation in activity due to symptoms, even during less-than-ordinary activity. Comfortable only at rest.
IV. Severe limitations. Experiences symptoms even while at rest.
own occupation The occupation, business or employment in which the insured person was gainfully employed at the time
of the injury or illness for which the claim for total and permanent disablement is made (or, if not gainfully
employed at that time, the occupation, business or employment in which the insured person was most recently
gainfully employed).
partner A person with whom the insured person is legally married or in a partnership.
partnership A prescribed relationship which is registered under State or Territory law for the purposes of the Acts Interpretation
Act 1901.
partial disability/
partially disabled
The insured person is not totally disabled, and solely as a result of injury or illness:
is unable to perform at full capacity one or more of the duties their usual occupation necessary to produce
income as confirmed by a medical practitioner, and
is gainfully employed but their post-disability income is less than pre-disability income,
and is under the regular care and following the advice of a medical practitioner.
74 Glossary
Term Definition
partial loss of limbs The total and irreversible loss of the use of one limb, where limb means whole hand or whole foot.
partial loss of sight The irrecoverable loss of sight in one eye, with and without the use of an appropriate aid, to the extent that
eyesight is reduced in that eye to 6/60 or less of central visual acuity on the Snellen test chart.
pre-application
income
The greater of the highest average monthly income of the insured person for 12 consecutive months in the
36 months preceding the start of the waiting period applying to the claim, and:
If the insured person is Self-Employed and their income for the 12 months
immediately prior to application is:
If the insured person is
an Employee:
a) 80% 100% of the income in
the previous 12 months, or
b) more than 120% of the income
in the previous 12 months
a) less than 80% of the income in
the previous 12 months, or
b) 100% 120% of the income in
the previous 12 months
their income for the 12 months
immediately prior to your
application for cover, or if
you have applied to increase
the monthly insured amount,
immediately prior to your
application for the increase
the average of their personal
exertion income over the 24 months
immediately prior to your application
for cover, or if you have applied
to increase the monthly insured
amount, immediately prior to your
application for the increase.
their personal exertion income for
the 12 months immediately prior to
your application for cover, or if you
have applied to increase the monthly
insured amount, immediately prior to
your application for the increase
The insured persons income prior to application will be increased by the increase in the consumer price index at
each cover anniversary until the date of disability.
pre-disability
business income
The monthly average of the insured persons share of business income for the 12 months before disability.
pre-disability income If the Disability Income Insurance is provided on an:
Agreed Value or Endorsed Agreed Value basis Indemnity basis
the highest average monthly income of the insured
person for 12 consecutive months between 24 months
before the cover start date and the start of the waiting
period applying to the claim
the highest average monthly income of the insured
person for 12 consecutive months in the 36 months
preceding the start of the waiting period applying to
the claim
For the purposes of calculating Partial Disability benefit payments, pre-disability income will be increased by the
increase in the consumer price index at each cover anniversary while the insured person remains on claim.
post-disability
business income
The insured persons share of business income for the applicable month (excluding any Business Expense
Insurance benefit payable under your policy). If post-disability business income is negative in a month, we will
treat it as zero.
post-disability
income
The income earned in the month by the insured person from personal exertion following injury or illness while
partially disabled.
significantly disabled The insured person is, solely as a result of injury or illness:
unable to perform any occupation, business or employment for which the insured person is suited by
education, training or experience, as confirmed by a medical practitioner, and
not gainfully employed in any capacity
and is under the regular care and following the advice of a medical practitioner.
terminal illness The insured person is diagnosed with an illness, which reduces life expectancy to less than 12 months from the
date of claim, as confirmed by a medical specialist approved by Macquarie Life.
75 Glossary
Term Definition
total and permanent
disablement
If the Own Occupation definition applies:
Due to injury or illness:
a) the insured person:
i. has been absent from their own occupation for a continuous period of at least three months or has
suffered permanent and irreversible whole person impairment of at least 25%, and
ii. is incapacitated to the extent that, in our opinion, is unlikely to ever again be able to engage in their own
occupation, or
b) the insured person suffers functional impairment of at least four extended ADL categories*, or
c) the insured person meets the Modified TPD definition.
If the Any Occupation definition applies:
i. has been absent from work for a continuous period of at least three months or has suffered permanent
and irreversible whole person impairment of at least 25%, and
ii. is incapacitated to the extent that, in our opinion, is unlikely to ever again be able to engage in any
occupation, or
If the Domestic Duties definition applies:
i. has not performed domestic duties for a continuous period of at least three months or has suffered
permanent and irreversible whole person impairment of at least 25%, and
ii. is incapacitated to the extent that, in our opinion, it is likely they will be able to perform neither domestic
duties nor engage in any occupation ever again, or
If the Modified TPD definition applies:
a) the insured person has suffered loss of limbs, or
b) the insured person has suffered loss of independent existence, or
c) the insured person has suffered cognitive loss.
If the Superannuation Optimiser or Superannuation Optimiser Any Occupation definition applies:
Under the superannuation component (the part held under the policy owned by the trustee of a superannuation
fund), due to injury or illness:
a) the insured person meets the Any Occupation definition, and
b) the insured person meets the SIS definition of permanent incapacity, as amended from time to time and
applied as if Macquarie Life was the trustee of the relevant superannuation fund.
Under the non-superannuation component (the part held under the non-superannuation policy), the insured
person does not meet the above superannuation component part of the definition, and due to injury or illness:
a) for Superannuation Optimiser definition, the insured person meets the Own Occupation definition, or
b) for Superannuation Optimiser Any Occupation definition, the insured person meets the
Any Occupation definition.
If the Superannuation Optimiser Domestic Duties definition applies:
Under the superannuation component (the part held under the policy owned by the trustee of a superannuation
fund), due to injury or illness:
a) the insured person meets the Domestic Duties definition, and
b) the insured person meets the SIS definition of permanent incapacity, as amended from time to time and
applied as if Macquarie Life was the trustee of the relevant superannuation fund.
Under the non-superannuation component (the part held under the non-superannuation policy), the insured
person does not meet the above superannuation component part of the definition, and due to injury or illness
the insured person meets the Domestic Duties definition.
* This tier of the definition does not apply where the policy owner is the trustee of a superannuation fund and a Superannuation Optimiser definition does not apply.
76 Glossary
Term Definition
total disability/totally
disabled
The insured person is, solely as a result of injury or illness:
unable to perform one or more of the duties of their usual occupation necessary to produce income as
confirmed by a medical practitioner
not gainfully employed in any capacity, and
is under the regular care and following the advice of a medical practitioner.
If you have Disability Income Plus Insurance, for a maximum of twelve monthly payments per claim, we will also
consider the insured person to be totally disabled if the insured person:
is unable to work more than 10 hours** per week in their usual occupation
is not gainfully employed for more than 10 hours** per week
has a post-disability income that is less than 25% of their pre-disability income (for Business Expenses Insurance,
has a post-disability business income that is less than 25% of their pre-disability business income), and
is under the regular care and following the advice of a medical practitioner
OR
is unable to earn a post-disability income that is more than 20% of their pre-disability income (for Business
Expenses Insurance, is unable to earn a post-disability business income that is more than 20% of their pre-
disability business income)
is not earning a post-disability income that is more than 20% of their pre-disability income (for Business
Expenses Insurance, is not earning a post-disability business income that is more than 20% of their pre-
disability business income)
is not gainfully employed for more than 20 hours*** per week, and
is under the regular care and following the advice of a medical practitioner.
usual occupation The occupation in which the insured person is regularly engaged, except:
if your policy shows that we classified the occupation of the insured person as occupation class 4, after
36 months of claim, usual occupation means any occupation which the insured person is reasonably capable
of performing having regard to their education, training or experience,
if the insured person has been unemployed or on maternity, paternity or sabbatical leave for greater than
12 months at the time of disability, then usual occupation means any occupation which the insured person is
reasonably capable of performing having regard to their education, training or experience.
whole person
impairment
Whole person impairment based on the American Medical Association Guides to the Evaluation of Permanent
Impairment, 5th edition, or an equivalent guide to impairment approved by us the examining doctor will be
provided with specific evaluating protocols.
** If the insured person was working less than 20 hours per week in their usual occupation in the 12 months immediately prior to disability, the insured person must be
unable to work more than five hours per week in their usual occupation and not be gainfully employed for more than five hours per week.
*** If the insured person was working less than 20 hours per week in their usual occupation in the 12 months immediately prior to disability, then the insured must not be
gainfully employed for more than 10 hours per week.
BFS0020 06/13
For more information about Macquarie Life and Macquarie Investment Management Limited
clients contact your Adviser or call 1800 005 057. You can also fax us on 1800 812 175,
email us at insurance@macquarie.com or visit our website at macquarielife.com.au
Macquarie Life
GPO Box 5216 Brisbane QLD 4001
For claims queries, contact us on 1800 208 130, fax us on 1800 065 145 or email us at
insuranceclaims@macquarie.com
Macquarie Bank Limited
GPO Box 4443 Sydney NSW 2001

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