Pen and glasses on top of a life insurance policy

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

ProvidersDownload PDSLast updated?
AAMIAAMI Life Insurance30-March-2015
AIAAIA Priority Protection3-November-2017
AllianzAllianz Life Plan1-July-2017
American ExpressEzicover Life Insurance18-January-2016
AMPAMP Life Insurance1-January-2017
AMPAMP elevate10-June-2017
ANZANZ Life Insurance21-May-2016
AsteronAsteron Life Complete27-November-2017
AussieAussie Life Plan5-July-2010
AvantPDS available by calling or sending email to providern/a
Bank of QueenslandTerm Life Insurance1-June-2017
BankwestClassic Life Insurance5-July-2017
BendigoBendigo SmartCover20-May-2015
BTBT Protection Plans25-February-2017
Budget DirectBudget Direct Life Insurance10-Nov-2015
BupaBupa Life Insurance28-Oct-2011
CGUCGU Life1-May-2017
CitibankPrime Life Cover24-December-2015
ClearViewClearView LifeSolutions21-October-2016
CommInsureComminsure Protection17-September-2017
GIOGIO Life Protect30-March-2015
GuardianGuardian Life Insurance7-June-2016
HBFHBF Ezicover Life Insurance01-July-2016
HCFSmart Term Insurance16-September-2016
HSBC BankEasy Life Insurance01-July-2017
InsuranceLine Life InsuranceInsuranceline Life Insurance29-June-2017
MacquarieMacquarie Life Active07-June-2014
MedibankMedibank Life Insurance23-Dec-2015
MetLifeTerm Life Insurance12-August-2005
MLCMLC Life Cover Insurance30-June-2017
NABNAB Essential Life insurance18-July-2017
NIBnib Value Life Insurance20-June-2017
NobleOakPremium Life Direct17-October-2016
OnePathOneCare Life Cover19-August-2017
OnePathEasyProtect Life12-March-2014
OzicareOzicare Life Cover24-January-2017
Q SuperQSuper Accumulation and Income Accounts17-May-2016
RealFamily Life Cover15-November-2016
Rest Industry SuperREST Super Insurance1-Dec-2017
St. GeorgeSt.George Protection Plans25-February-2017
SuncorpSuncorp Life Protect20-February-2015
TALTAL Lifetime Protection20-July-2016
TALTAL Accelerated Protection1-April-2017
VirginVirgin Life Insurance30-June-2017
WestpacWestpac Protection Plans25-February-2017
WoolworthsWoolworths Life Insurance19-May-2016
ZurichZurich Wealth Protection15-May-2017
ZurichZurich Futurewise1-October 2016

This table was last checked on December 10 2017. 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.

Speak to an expert about new or existing cover

Please enter your full name
Please enter a valid email address
It's important to give us a valid phone number
Gender
Smoker
Date of Birth
This is your current income. Everyone‘s situation is different so you might also want to discuss with an insurance consultant. Calculator
Please enter your occupation
By submitting this form, you agree to the finder.com.au privacy policy
Get quotes

Maurice Thach

An insurance-savvy writer for finder.com.au who loves finding an answer to the question "Am I covered for ________?"

Was this content helpful to you? No  Yes

Related Posts

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Ask a question