Life Insurance Product Disclosure Statement (PDS)

Before purchasing a life insurance policy, be sure to read the insurer’s product disclosure statement (PDS) to make sure what you’ll be covered for and under which circumstances your claim might be denied.

A life insurance product disclosure statement (PDS) can be defined as a document that contains all the details regarding the terms and conditions of the insurance product you’re interested in, and which Australian insurers are legally required to provide you with. In a nutshell, a PDS outlines what your life insurance policy covers, and to what extent, as well as what it doesn’t include.

What is the purpose of a product disclosure statement?

An insurance disclosure statement aims to provide you with all the key features, benefits, and exclusions of an insurance policy, as well as the terms and conditions of the policy including definitions of claimable events and exclusions. By going through an Australian insurer’s PDS, you can feel more confident in your purchasing decision because you’ll know all the risks associated with the policy.

However, PDS information does not take your individual requirements into account. So, when reviewing the coverage and restrictions, you should consider your lifestyle, budget and family dynamic before making a decision.

Why you should read the disclosure statement before buying

It is vital that you consult the relevant PDS before agreeing to any policy. The product disclosure statement contains important product information on the policies offered by each insurer including:

  • What is and is not covered,
  • Policy definitions,
  • Entry and expiry age,
  • Minimum and maximum sum insured,
  • Basic premium information and methods of payment,
  • Built-in benefits,
  • Additional policy options,
  • The cooling-off period, and
  • How to cancel your policy.

The PDS’ below are in PDF format. Please ensure you have Adobe Reader, so that you can access each document.

Frequently Asked Questions

What should l do if I don’t have a copy of my original product disclosure statement?

You should contact the insurer to request a copy as they are required to retain these to ensure they can meet their policy obligations.

What if I have questions about a particular section within the PDS?

Please give us a call on 1300 135 205. We will help you find and understand the information

Published: October 10, 2018
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