Learn the types of cover available and what's right for you
Life Insurance Product Disclosure Statements (PDS)
Looking for your life insurers product disclosure statement? Download PDS below.
If your looking for a life insurance product disclosure statement (PDS), simply use out table below to find the document that's most relevant to you. This guide also discusses the basics of a PDS including the most important things to look for.
Download PDS's from Australian life insurance brands
This table was last checked on September 19, 2019. There may be a more recent version available to download on the insurance providers website. This is not an exhaustive list of all brands in Australia.
What is a Product Disclosure Statement?
A Product Disclosure Statement (PDS) is a document that details the terms and conditions of a life insurance policy. As well as the features and benefits of the policy, it also describes the associated risks, and the circumstances under which cover will not be provided, known as exclusions.
Australian insurers are required by law to provide a PDS before you purchase life insurance. This provides you with an opportunity to read and understand the exact level of cover you are receiving. The PDS can usually be found on the insurer’s website, or you can request a copy from them directly.
Do I need to bother reading it?
While reading a PDS from beginning to end can sound like a laborious task, it is well worth the effort if you are shopping for life insurance and comparing different policies. The cover being advertised by two different insurers may seem very similar at first glance. However, the differences between their policies can quickly become apparent when you study the PDS.
It’s also advisable to read the PDS thoroughly once you have decided on a particular policy. Being aware of the exact terms and conditions will help you make an informed decision as to whether the policy truly meets your needs.
Key things to look for in the PDS
Some of the key things to focus on when reading the PDS include:
- What’s covered. Make sure your particular circumstances are catered for.
- Benefit limits. Check how much each benefit pays and whether it’s enough.
- Restrictions and exclusions. Be clear about when you will be only partially covered, or not covered at all.
- Excess. Find out how much you will have to pay up-front towards each claim.
- Premium options. Have a look to see whether you have a choice of level or stepped premiums, and if there is the option to pay monthly, quarterly or annually.
- Cooling-off period. Work out whether this is 14, 21 or 30 days.
- Claims process. Check to see whether this is relatively straightforward, or involves providing additional medical evidence.
- Complaints. Determine whether the insurer has a formal complaints handling procedure in place.
- Cancellation terms. Be aware of the process if you decide to cancel your policy, and check what fees and conditions would apply.
What are my options if I don't understand a PDS?
The wording in a PDS can be a little difficult to follow due to the legal nature of the document. If there’s anything you don’t understand or about which you would like further clarification, follow it up with the insurer before purchasing the policy.
It is in everyone’s interest, including the insurer, to ensure you are getting exactly what you are paying for, so don’t be afraid to ask for assistance if something in the PDS is unclear.
Any other documents to be aware of?
After reading the PDS, if you are satisfied that the policy is right for your needs, you can fill out an application for life insurance, sign the contract and pay your first premium. The insurer will then provide you with a Certificate of Insurance. This is a formal document that confirms you are the holder of the insurance policy.
The certificate lists your personal details, what you are covered for and for how much, the commencement date of your cover, and when the policy expires. It also includes details of your premiums and how often they should be paid; any excess you must pay prior to making a claim; and any other fees, expenses or charges involved, such as taxes or commissions.
You should read the Certificate of Insurance carefully to ensure it accurately matches the cover you have purchased, and notify the insurer immediately if any details have changed or are incorrect.
You could be missing out on additional super returns.
Ask an Expert