NAB PERSONAL LOAN Cover
NAB PERSONALLOAN CoverProduct Disclosure StatementIssue No. 3Preparation date: 1 July 2017This Product Disclosure Statement is issued by:MLC Limited, ABN 90 000 000 402 AFSL 230694
Throughout this Product Disclosure Statement:CONTENTSReferences to:Are to be read as:1. WHY BUY NAB PERSONAL LOAN COVER 4‘we’, ‘us’, ‘our’,‘MLC’MLC Limited as the insurerand issuer of this insurance.‘you’, ‘your’You as both the policy owner(s) andthe life/lives insured.NABNational Australia Bank LimitedPDSProduct Disclosure Statement2. HOW IT WORKS 2.1 Who can apply 2.2 How to apply 2.3 Is this the right insurance for you 2.4 If you’re replacing your existing insurance 2.5 What you need to tell us 2.6 When does your policy start 2.7 What you’ll receive from us each year 66667777Within this booklet, words that are in bold (such aspre-existing condition) have special meaning and areexplained in section 7 definitions.The full terms and conditions for the insurance product arecontained in the policy document. Just call us on 13 22 95and we’ll send you a free copy. If you take out this insurancewe’ll send you a policy document.3. WHAT’S COVERED 3.1 Life cover 3.2 Disablement cover 3.3 Critical illness cover 3.4 Involuntary unemployment cover 8891011Important information4. WHAT’S NOT COVERED 4.1 When a claim won’t be paid 12125. YOUR PREMIUM 5.1 How your premium is calculated and charged 5.2 Minimum premium 5.3 How you pay your premium 5.4 Will premiums change 5.5 If you pay out your loan early 5.6 Commission and other benefits 141414141515156. MORE INFORMATION YOU NEED TO KNOW 6.1 Welcome pack 6.2 Cooling off period 6.3 Cancelling your policy 6.4 When will your policy end 6.5 When two people apply for the loan 6.6 Making a claim 6.7 How is a claim paid 6.8 Resolving complaints 6.9 Product changes 6.10 Transfer of ownership 6.11 Tax 1616161616171818202021217. DEFINITIONS 22MLC Limited ABN 90 000 000 402 AFSL 230694 (MLC) is theinsurer and issuer of NAB Personal Loan Cover, which hasbeen branded by National Australia Bank Limited ABN 12004 044 937, AFSL and Australian Credit Licence 230686(NAB). NAB is the distributor of NAB Personal Loan Cover.MLC Limited uses the MLC brand under licence. MLCLimited is part of the Nippon Life Insurance Group and nota part of the NAB Group of Companies. MLC is the issuerof this PDS and takes full responsibility for the whole PDS.Your contract is with MLC.The insurance policy is not a deposit with or a liability ofNAB, or any of its related bodies corporate.Neither NAB, nor its related bodies corporate, guaranteesor accepts any liability for this product.Any financial advice in this PDS is general only and has notbeen prepared having regard to your particular objectives,financial situation or needs. You should read this PDS andconsider your personal circumstances before acting on anyinformation or advice in this PDS.NAB Personal Loan Cover is offered only in Australia.You are not obliged to buy NAB Personal Loan Cover anddon’t need to have NAB Personal Loan Cover to beapproved for a NAB Personal Loan and if you wish you maybe able to arrange this type of insurance with a differentinsurer.DUTY OF DISCLOSURE 30PRIVACY 31We receive your premium and your benefits are paid fromMLC Limited’s Statutory Fund No. 1.
1. WHY BUY NAB PERSONALLOAN COVERYou’ve worked hard to establish some security for you and yourfamily. But, unfortunately, life doesn’t always go to plan.Here are just some of the benefits you’ll get with NAB PersonalLoan Cover:What would happen if you couldn’t pay your personal loanbecause you lost your job, suffered a serious disability or criticalillness or, worst of all, you died? security of knowing you have help to pay your loan ifsomething happens to youMoney will never make up for hardship or replace a loved onebut it can help you and your family be financially secure ifsomething happens and you’re not able to repay your loan. m onthly benefits should you become disabled, critically ill orinvoluntarily unemployed, andThis insurance is designed to help you pay your NAB PersonalLoan commitments if something happens to you. up to 80,000 to pay-out your loan should you die if more than one person takes out the loan, up to two peoplecan apply to be insured on the same policy.NAB Personal Loan Cover also offers: hassle-free application with no medical examinations, andThe below table is a summary of the benefits payable: peace of mind wherever you are – even if you become criticallyill, disabled or die whilst overseas, you’re still covered.What’sincluded?What does itcover?Payments to help withyour loan commitmentsWhat are thewaiting periods?For moreinformation aboutwhat’s covered goto page:For moreinformation aboutwhat's not coveredgo to page:lifeDeathA lump sum up to 80,000.nil812critical illnessConditions such asheart attack – withwith evidence ofsevere heart muscledamage, majororgan transplant,paralysis.A monthly benefit forup to 24 months, to amaximum of 5,000per month.30 days1012disablementYour inability towork due to injuryor illness, such asinjury from a caraccident.A monthly benefit,to a maximum of 5,000 per month.30 entsuch asredundancy.A monthly benefit forup to four months,to a maximum of 5,000 per month.30 days1112Getting to know your insuranceTo make this insurance cover more affordable, there are specificexclusions, waiting periods and defined terms that apply to thiscover. It’s important that you read the entire PDS carefully for fulldetails of what is covered and what is not covered. If you’d like afree copy of the policy document, please call us on 13 22 95.If you have any questions about the contents of this PDS or thisproduct please contact us on 13 22 65. You may also wish toconsult with your financial or your medical adviser.
2. HOW IT WORKS2.1 Who can apply2.4 If you’re replacing your existing insuranceYou can apply for NAB Personal Loan Cover if you:It’s a good idea to compare your existing insurance with theinformation in this PDS to make sure you don’t lose any importantbenefits. are aged 18 to 54 are an Australian resident, and have received this PDS in Australia.2.2 How to applyYou can apply for NAB Personal Loan Cover by: v isiting nab.com.au/insurance and applying for the insuranceonline, or c ompleting and submitting the application form and we’ll dothe rest.2.3 Is this the right insurance for youNot all insurances with the same name provide the same benefits.For example, different insurances provided by different companiesmay cover different illnesses. Or the illnesses may need to be at adifferent stage of advancement for you to receive payment.Decide what you want the insurance to do for you. Then read thePDS carefully from cover to cover so you understand what theinsurance includes and check if it meets your needs. If it doesn’tyou could be financially disadvantaged if you need to make aclaim.We also recommend you talk with a qualified financial adviser.This insurance is designed to cover your NAB Personal Loan andthis PDS is designed to help you decide if this insurance suits you.For more information, talk to your NAB banker, financial adviser,medical practitioner or call us on 13 22 95.One risk you need to manage is to make sure you don’t cancelyour existing policy before your new insurance is in placeotherwise you may not be insured if something happens.Another risk is that any pre-existing conditions that you mayhave developed before the start date of this insurance will beexcluded from life, critical illness and disablement cover underthis insurance.2.5 What you need to tell usYour Duty of Disclosure is set out on page 30. For this productyou are required to answer the questions we ask you truthfullyand completely. If you do not do this, it may impact yourinsurance policy or any claim you make on the policy.2.6 When does your policy startIf we accept your application we’ll send you a policy document,setting out the terms and conditions of the policy, and a policyschedule outlining the policy start date and the premiumamount you will need to pay. These documents form the basisof your contract with us and you’ll need to refer to them whenmaking a claim. We recommend you put them in a secure placetogether with this PDS.The policy typically starts one or two days after the loan isapproved. In some circumstances it may be slightly later as aresult of a processing lag. Be aware that you won’t have insuranceon your loan until the application is accepted. The policy startdate will be stated in your policy schedule.2.7 What you’ll receive from us each yearYou’ll receive a new policy schedule each year to replace theprevious one. Each policy schedule will set out your benefitdetails, reflecting any changes to your loan amount andpremiums you’ll need to pay.
3. WHAT’S COVEREDNAB Personal Loan Cover provides the following types ofinsurance cover:3.1 Life coverWe’ll help pay your loan (up to 80,000) as a lump sum to yourloan account if you die.Benefits of life cover: the security of knowing a lump sum will be paid to helppay off the loan the sum insured is automatically adjusted to your loanbalance each year on your policy anniversary, and any disablement, critical illness or involuntaryunemployment benefits you receive do not affect yourlife benefit.Life cover also provides cover should you die anywhere inthe world – we’ll pay a lump sum (up to 80,000) to your loanaccount so your family has one less thing to worry about.You’re not covered for: any loan repayment arrears (including interest) that havebeen outstanding for more than two months any accrued interest that is more than two months old, and any portion of the loan balance due to economic costs,penalty interest and statutory charges (if applicable) asdefined in your loan agreement.How benefits are calculated and paidWe’ll pay the sum insured (up to 80,000) as a lump sum toyour loan account if you die. 3.2 Disablement coverHelps you meet your monthly loan repayments (up to 5,000 permonth) if you’re continuously disabled for more than 30 days.Benefits of disablement cover: security of knowing you have help with your loan repaymentsif you become disabled benefits begin to accumulate after the waiting period, and benefits are paid into your loan account on a monthly basis inarrears. The first payment starts 30 days after the waitingperiod ends.Peace of mind anywhere in the world – we make loan repaymentsto your loan account (up to 5,000 per month) for up to sixmonths while you’re overseas. Your benefit can continue if youreturn to Australia.How benefits are calculated and paidIf you’re continuously disabled for more than 30 days, you geta monthly benefit paid to your loan account to cover yourloan repayments up to 5,000 per month. Once your claim isaccepted, benefits begin to accumulate from day 31 (followingthe waiting period).Benefits will be paid until the first of the following occurs: you’re no longer disabled the loan balance is repaid you reach your policy anniversary following your 65thbirthday, or you die.
3.3 Critical illness coverHelps you meet your loan repayments (up to 5,000 per month) forup to 24 months if you’re diagnosed with a defined critical illness.You must meet the policy definition of the critical illness.In some cases a condition must progress to a certain pointbefore it meets the definition.Benefits of critical illness cover:3.4 Involuntary unemployment cover security of knowing you have help with your loan repaymentsif you become critically illHelps you meet your loan repayments (up to 5,000 per month)for up to four months if you’re unemployed due to circumstancesbeyond your control. critical illnesses covered are cancer – excluding specifiedearly stage cancers, chronic kidney failure, coronary arterybypass surgery, heart attack – with evidence of severe heartmuscle damage, major organ transplant, paralysis, andstroke – in the brain and of specified severityBenefits of involuntary unemployment cover: security of knowing you have help with your loan repaymentsif you become involuntarily unemployed benefits begin to accumulate after the waiting period benefits begin to accumulate after the waiting period benefits are paid into your loan account on a monthly basisin arrears. The first payment starts 30 days after the waitingperiod ends benefits are paid into your loan account on a monthly basis.The first payment starts 30 days after the waiting period enddate, and you can make as many critical illness claims as you needduring the life of the policy however you can’t claim for thesame critical illness more than once. If you did suffer thesame critical illness and that critical illness caused you to becontinuously disabled for more than 30 days, then you couldclaim under the disablement benefit each insured person can make one claim a year, and up tothree claims over the life of the policy as long as you’regainfully employed prior to your claim for involuntaryunemployment on each of your second or third claim. if you’re still disabled after 24 months you can make a claimto receive disablement benefits, and if you die your estate can make a claim for life cover.Critical illness cover also provides peace of mind anywhere in theworld – if you were to suffer a defined critical illness, such as aheart attack – with evidence of severe heart muscle damage,we make loan repayments to your loan account while you’reoverseas.How benefits are calculated and paidIf you were gainfully employed and then become involuntarilyunemployed you get a monthly benefit paid to your loanaccount to cover your loan repayments (up to 5,000 per month)for up to four months.Once your claim is accepted, benefits begin to accumulate fromday 31 (following the waiting period).Benefits will be paid until the first of the following occurs: you’re no longer involuntary unemployed, orHow benefits are calculated and paid until the loan is repaid, orIf you suffer a defined critical illness, you get a monthly benefitpaid to your loan account to cover your loan repayments up to 5,000 per month for up to 24 months. Once your claim isaccepted, benefits begin to accumulate from day 31 (followingthe waiting period). we’ve paid you benefits for four consecutive months.Benefits will be paid until the first of the following occurs: the loan balance is repaid you reach your policy anniversary following your 65thbirthday, or you die.
4. WHAT’S NOT COVERED4.1 When a claim won’t be paidThere are some instances where a claim will not be paid, asdetailed in the table below. The exclusion to each type of coveris indicated with an (x) in the applicable column. We haveexclusions to help keep this insurance more affordable for you.Insurance coverExclusionsA pre-existing condition, refer page 28LifeCritical illnessxxAny injury, illness or symptoms contracted within thefirst 30 days of the policy start date DisablementInvoluntaryunemploymentxxAny injury, illness or symptoms contracted within thefirst 90 days of the policy start datexIntentional self-inflicted injury or illnessxxAs a result of a disability for which you’ve received benefitsunder your policyxWritten or verbal notification of impending unemployment receivedbefore the start date or within 60 days of the policy start datexYour fixed term contract, seasonal or casual work endingxChoosing to end your employmentxYour position automatically ceasing under a partnershipagreement or lawxUnemployment due to industrial actionxUnemployment due to normal and uncomplicated pregnancyor childbirthxBecoming unemployed when employed by your familyxYour business temporarily ceasing to trade if you’reself-employed or in a business partnershipxSuicide or attempted suicide within 13 months of thepolicy start datexBeing under the influence of alcohol or drugsxxxxInvolvement in criminal activityxxxxWar or warlike operationsxxxx
5. YOUR PREMIUMIf you’d like to discuss your premium, you can call us on 13 22 95.Our rates are indicative only and are subject to change. We’llconfirm what your actual premium is after your annual review inyour policy schedule each year.5.1 How your premium is calculated and chargedYour premium is calculated based on: the loan balance the term of your loan according to your loan agreement, and the loan repayment.This information is used to calculate both your initial and yourrenewal premium. The renewal premium is calculated 55 daysbefore each policy anniversary and is based on the estimatedloan balance on the next policy anniversary.The premium isn’t subject to a policy fee or GST. Stamp dutyand other government charges and levies are already included inthe premium.If two people are insured, the premium is the total of theindividual amounts for each person.5.2 Minimum premium5.4 Will premiums changeYour premium is adjusted on your policy anniversary andtakes into account any changes to your loan balance andloan repayments.We may also make changes to the premium rates which couldincrease or decrease your premium. Whilst we work hard to keepyour insurance affordable, there are factors that may change yourpremium rates such as increased rates of claims, increasedbusiness costs, improved benefits or discounts offered. We mayalso pass on to you any costs incurred when implementinggovernment legislation or fees charged by third parties.Individuals aren’t singled out for premium rate changes and we’llcontact you about any changes at least 30 days before they takeeffect. Most premium changes are implemented on the nextanniversary of your policy start date following a change, unlesswe notify you otherwise. These changes will be shown in yourupdated policy schedule.The premium quoted may be different from the actual premiumin your policy schedule if your circumstances change from thetime of the initial quote to when the loan draws down, eg if youchange the loan term or amount.The minimum premium is 150 per annum.5.5 If you pay out your loan early5.3 How you pay your premiumWe’ll refund the unused portion of your premium if you pay outyour loan early.You can choose at the time of loan application to have yourpremium funded annually by your loan. Interest will be chargedon your premium at the same rate of your loan.Alternatively your premium can be debited from a credit cardor NAB transaction account and you can choose to pay monthlyor annually.If you haven’t paid your premiums by the date they’re due you’llreceive a reminder letter. If you don’t pay your outstandingpremiums by the due date listed in the letter, your insurancecover and your policy will end.If you pay out your loan early, whilst you’re receiving a benefit,no further benefits will be payable after the date the loan ispaid off.If we pay a life cover benefit under this policy, your policy endsand we will not refund any unused portion of your premium.5.6 Commission and other benefitsA commission of twenty percent (20%) of your first year’spremium (excluding government charges) is paid to NAB.The commission payable is included in the premium you payfor the insurance.MLC will pay a distribution allowance to a related body corporateof NAB, National Wealth Management Services Limited in respectof the distribution of MLC’s insurance products. This payment willdepend in part on the value of MLC’s insurance portfolio relatingto insurance distributed through NAB and its related bodiescorporate and the performance of NAB and its related bodiescorporate against agreed annual performance criteria.
6. MORE INFORMATIONYOU NEED TO KNOW6.1 Welcome pack6.5 When two people apply for the loanYou’ll receive a welcome pack containing everything you need toknow about your policy including the policy schedule and policydocument. Your policy document and current policy schedulewill be your insurance contract with MLC. Please keep thesedocuments safe for any future claims.If two or more p
5,000 per month. 30 days 9 12 involuntary unemployment Involuntary unemployment such as redundancy. A monthly benefit for up to four months, to a maximum of 5,000 per month. 30 days 11 12 Here are just some of the benefits you’ll get with NAB Personal Loan Cover: security of knowing y
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