Corporations Regulations 2001

If the superannuation product does not offer insurance cover, the Product Disclosure Statement is not required to include any of the information in this clause.

If the superannuation product offers insurance cover, section 8 must:

describe, in the form of a summary, the main types of insurance cover that a person can acquire; and

describe, in the form of a summary, how to apply for insurance cover; and

include a statement to the effect that there are costs associated with insurance cover; and

describe, in the form of a summary, who is responsible for paying the insurance costs and how they are calculated.

If the superannuation product offers insurance cover by default, section 8 must:

describe, in the form of a summary, the level and type of cover; and

state:

the actual cost of the cover in dollars, or the range of costs that would be payable depending on a person’s circumstances; and

who is responsible for paying the costs; and

state whether a person can:

decline to acquire the cover; or

cancel the cover; and

state how a person can decline to acquire the cover or cancel the cover; and

state whether a person can change the person’s insurance cover; and

state how a person can change the person’s insurance cover; and

state, in the form of a warning, that, unless a person declines to acquire the default insurance cover or cancels it, the cost of the cover will be deducted from the person’s account or from the person’s contributions (as applicable); and

include information about eligibility for, and the cancellation of, the insurance cover; and

include information about any conditions and exclusions that are applicable to the insurance cover.

If the superannuation product does not offer insurance cover by default but offers insurance cover as an option, section 8 must include the following information:

the level and type of insurance cover available;

the actual cost of the cover in dollars, or the range of costs that would be payable depending on a person’s circumstances;

eligibility for, and the cancellation of, the insurance cover;

any conditions and exclusions that are applicable to the insurance cover;

any other significant matter in relation to insurance cover.

The superannuation trustee:

may provide the information in paragraphs (3)(h) and (i) and subclause (4); and

may provide additional information about insurance cover;

If information about:

eligibility for, or the cancellation of, the insurance cover; or

any conditions and exclusions that are applicable to the insurance cover;

If information about:

the level and type of optional insurance cover available; or

the actual cost of the optional insurance cover in dollars, or the range of costs that would be payable depending on a person’s circumstances; or

any other significant matter in relation to insurance cover;