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Since 1 October 2017, Resolution Life no longer accepts applications for new Firstcare - Lifetime Protection
If you have an existing Firstcare - Lifetime Protection (FLP) plan, understanding what your insurance covers you for and the features it offers can help you make the most of your policy. Here, we highlight some of the features that an FLP policy may have. Please speak to your adviser about the features the policy you hold may offer if you choose to review your existing cover options.
Types of cover
Firstcare - Lifetime Protection offered a range of plans tailored to meet your personal insurance needs, helping secure your tomorrow by protecting what you have today. A Firstcare – Lifetime Protection plan may include the following cover types:
Death cover
We pay a lump sum if the insured person dies or is diagnosed with a terminal illness. This can help cover mortgage and other debt payments and provide loved ones with the funds they need to help them continue their lifestyle.
Total and Permanent Disability (TPD) cover
We pay a lump sum if the insured person becomes totally and permanently disabled and is unable to work. This can help cover rehabilitation costs and other debts.
Trauma cover
We pay a lump sum which can support the insured persons recovery and adjustment to life if they suffer a serious illness or injury such as, cancer or a stroke.
Income protection cover
We pay a monthly benefit if the insured person becomes totally or partially disabled due to an illness or injury which temporarily stops them from working.
Business Overheads cover
We pay a monthly benefit to help support the insured person’s business expenses if they become totally or partially disabled due to an illness or injury which temporarily stops them from working.
Product features
This article is a highlight and provides a high-level summary of the features that an FLP policy may have. Please refer to your own policy and the relevant product disclosure statement for specific details applicable. The information contained in this article is factual information only and it does not contain any financial product advice or make any recommendations about a financial product or service being right for you. This information is not intended to represent or be a substitute for professional financial or tax advice. You may wish to speak to your adviser about the way these features operate and how they may apply to your circumstance.
Some benefits and features automatically included in your policy under Death cover:
| Benefit and/or Feature | What it means for you? |
| Death benefit | We pay the Death cover sum insured amount if the insured person passes away. |
| Funeral benefit | We will pay in advance up to $20,000 of your total sum insured in advance to cover funeral expenses. The Death cover sum insured amount will reduce by the amount we pay under the Funeral benefit. |
| Terminal illness benefit | If the insured person becomes terminally ill, we will pay the death cover sum insured as an advanced payment. Terminally ill means that, as a direct result of any condition caused by an illness or injury, the ‘insured person’ has a life expectancy of 12 months or less. |
| Indexation Feature (sometimes called inflation adjustment) |
Each year, unless otherwise agreed, upon your policy anniversary, we will increase the insured amounts for all insured persons on your policy. This means that either:
whichever is higher. To learn more about inflation adjustment, visit Inflation adjustment - Resolution Life |
| Guaranteed Future Insurability Feature |
You can increase the insured amount under your Death cover without providing evidence of health, occupation or pastimes when one of the following life events occurs:
For more information about how Guaranteed Future Insurability works, visit: Guaranteed future insurability - Resolution Life |
Some additional benefit options you can choose to add to your policy, under Death cover:
| Additional benefit options | What it means for you? |
| Business Safeguard option |
This option is designed to be used for business purposes such as:
It allows you to increase the level of Death cover without further medical evidence. This gives you the flexibility to structure your insurance in line with your growing business. |
| Waiver of premium option |
You can choose one of the following 2 types of options: 1. Individual Life - you do not have to pay a premium for a particular ‘insured person’ if they become totally disabled before the policy anniversary after their 59th birthday and while they continue to remain totally disabled. 2. Nominated Life - you do not have to pay a premium for all ‘insured persons’ if the nominated ‘insured person’ is totally disabled before the policy anniversary after their 59th birthday and while they continue to remain totally disabled. |
| Children's Trauma cover option |
We will pay the insured amount listed in the policy if:
Said child must be listed as the insured person on the policy in order to be covered under the Children’s Trauma benefit. |
Some benefits and features automatically included in your policy under Total and Permanent Disablement (TPD) cover:
| Benefit and/or Feature | What it means for you? |
| TPD benefit |
We will pay the TPD insured amount outlined in the policy, in the event the insured person becomes totally and permanently disabled and are unable to work. |
|
TPD Partial benefit |
We will pay the TPD partial insured amount outlined in the policy in the event that the insured person suffers total and irrecoverable loss of:
If the loss satisfies both the condition of both the TPD benefit and the Partial TPD benefit, we will only pay the TPD benefit. |
|
Financial planning benefit |
We will reimburse the cost of financial planning advice up to $2,000 (in addition to the amount of the benefit we paid) if you are eligible for a benefit under your policy. |
|
Death Benefit feature |
We will pay $10,000 (or the TPD cover or Trauma cover ‘insured amount’ if it is lower than $10,000) to you, in the event the insured person passes away while the plan is in force. This feature is only available if the ‘insured person’ is not being provided with Death cover under their plan or any other plan where Resolution Life is the insurer. We pay under this Death Benefit feature if the ‘insured person’ passes away while this plan is in force. |
|
Indexation feature (sometimes called inflation adjustment) |
Each year, unless otherwise agreed, upon your policy anniversary, we will increase the insured amounts for all insured persons on your policy. This means that either:
whichever is higher. To learn more about inflation adjustment, visit Inflation adjustment - Resolution Life |
|
Guaranteed Future Insurability Feature |
You can increase the insured amount under your Death cover without providing evidence of health, occupation or pastimes when one of the following life events occurs:
For more information about how Guaranteed Future Insurability works, visit: Guaranteed future insurability - Resolution Life |
Some additional benefit options you can choose to add to your policy, under Total and Permanent Disablement (TPD) cover:
| Additional benefit options | What it means for you? |
| Own Occupation option |
This optional benefit is payable in the event the insured person suffers an illness or injury that wholly prevents them from engaging in their ‘own occupation’ for at least 3 months in a row and is unlikely to ever work in your own occupation. |
| TPD Plus option |
Under this option, we will automatically restore the Death cover insured amount to the amount it was before it was reduced by the payment of the TPD benefit. |
| Waiver of Premium option |
You can choose one of the following 2 types of options: 1. Individual Life - you do not have to pay premium for a particular ‘insured person’ if they become totally disabled before the policy anniversary after their 59th birthday and while they continue to remain totally disabled. 2. Nominated Life - you do not have to pay premium for all ‘insured persons’ if the nominated ‘insured person’ is totally disabled before the policy renewal date after their 59th birthday and while they continue to remain totally disabled. |
| Business Safeguard Option |
This option is designed to be used for business purposes such as:
It allows you to increase the level of TPD cover without further medical evidence. This gives you the flexibility to structure your insurance in line with your growing business. |
Some benefits and features automatically included in your policy under Trauma cover:
| Benefit and/or Feature | What it means for you? |
| Trauma benefit |
We will pay the insured amount in the event the insured person is diagnosed with a medical condition or undergoes a medical procedure listed in the policy. |
| Financial planning benefit |
We will reimburse the cost of financial planning advice up to $2,000 (in addition to the amount of the benefit we paid) if you are eligible for a benefit under the Life Protection Plan. |
| Death Benefit feature |
We will pay $10,000 (or the TPD cover or Trauma cover ‘insured amount’ if it is lower than $10,000) to you, in the event the insured person passes away while the plan is in force. This feature is only available if the ‘insured person’ is not being provided with Death cover under their plan or any other plan where Resolution Life is the insurer. |
Some additional benefit options you can choose to add to your policy, under Trauma cover:
| Additional benefit options | What it means for you? |
| Partials Plus/ Package option |
We pay the insured amount outlined in the policy in the event the ‘insured person’:
|
| Premier/Advanced/Optimum Trauma Reinstatement option |
This option allows you to restore Trauma cover after we have paid the Trauma benefit, without providing evidence of the ‘insured person's’ health, occupation or pastimes. This option does not apply to benefit amounts paid under the Partials Package option. Please refer to the PDS for details about the conditions of this benefit which apply to your specific policy. |
| Premier/Advanced/Optimum Buy Back option |
This option allows you to restore Death cover for an ‘insured person’ by the amount it was reduced after payment of the Trauma Benefit, without providing evidence of the insured person’s health, occupation or pastimes. This option does not apply to benefit amounts paid under the Partials Package option. Please refer to the PDS for details about the conditions of this benefit which apply to your specific policy. |
| Children's Trauma cover option |
We will pay a benefit under this option if:
Said child must be listed as the 'insured person' on the policy in order to be covered under the Children’s Trauma cover option. Please refer to the PDS for details about the conditions of this benefit which apply to your specific policy. |
| Waiver of Premium option |
You can choose one of the following 2 types of options: 1. Individual Life - you do not have to pay the Life Protection Plan premium for a particular ‘insured person’ if they become totally disabled before the plan anniversary after their 59th birthday and while they continue to remain totally disabled. 2. Nominated Life - you do not have to pay the Life Protection Plan premium for all ‘insured persons’ if the nominated ‘insured person’ is totally disabled before the plan anniversary after their 59th birthday and while they continue to remain totally disabled. |
Some benefits and features automatically included in your policy under Income Protection cover:
| Benefit and/or Feature | What it means for you? |
| Total Disability benefit |
We pay this benefit in the event the insured person is totally disabled and has satisfied the conditions of your policy. Please refer to the PDS for details about the conditions of this benefit which apply to your specific policy. Applies to:
|
| Partial Disability benefit |
We pay this benefit in the event the ‘insured person’ is partially disabled and has satisfied the conditions of your policy. Please refer to the PDS for details about the conditions of this benefit which apply to your specific policy. Applies to:
|
| Major Fracture or Loss feature |
We pay under the Major Fracture or Loss feature each time the ‘insured person’ experiences one of the major fractures or losses listed in their policy. Applies to Advanced Plan only. |
| Trauma feature |
We pay under the Trauma feature if the ‘insured person’ experiences any of the trauma conditions or undergoes any of the medical procedures listed in their policy. Applies to Advanced Plan only. |
| Death feature |
We pay under the Death feature if the ‘insured person’ passes away while they are totally disabled or partially disabled and they are receiving an ‘income benefit’ under this Income Protection Plan. The maximum we will pay under this benefit under all Resolution Life income protection plans is $60,000. Applies to:
|
| Rehabilitation Costs feature and Rehabilitation bonus |
Either or both of these rehabilitation benefits may be paid while the ‘insured person’ is totally disabled, both during the waiting period and while we are paying an ‘income benefit’ under the Income Protection plan (and the Rehabilitation Bonus may be paid up to 3 months after the ‘insured person’ returns to continuous full-time ‘remunerative work’. Applies to:
|
| Accommodation benefit, Domestic Transport benefit and Overseas benefit |
Disability away from home—One of these benefits may be paid (which may be in addition to an ‘income benefit’) if the ‘insured person’ becomes totally disabled more than 100 km away from home and has satisfied the conditions of your policy. Accommodation benefit and Domestic Transport benefit applies to Advanced Plan only. Overseas Transport benefit applies to:
|
| Family Support benefit |
We may pay this benefit (in addition to an ‘income benefit’) if the ‘insured person’ is totally disabled and an immediate family member stops working to look after the ‘insured person’ and has satisfied the conditions of your policy. Applies to Advanced Plan only |
| Return to work bonus |
We may pay this benefit if the ‘insured person’ returns to work for at least 30 hours per week, after participating in an occupational rehabilitation programme, approved by us, for at least 3 months. Applies to:
|
Some additional benefit options you can choose to add to your policy, under Income Protection cover:
| Additional benefit options | What it means for you? |
| Superannuation Contribution option |
Superannuation—With this additional premium option, contributions to the ‘insured person’s’ superannuation may continue to be made while they are receiving an ‘income benefit’ and they have satisfied the conditions of your policy. Applies to:
|
| Day 1 Accident option |
We pay under this option if the ‘insured person’ is totally disabled for at least 3 days in a row during the waiting period due to an 'accident'. Applies to:
|
| AIDS Exclusion option |
We will not pay the 'insured person' a benefit for disability arising from the presence of HIV, or AIDS or any AIDS-related illness if the AIDS Exclusion option applies to your Income Protection Plan. Applies to:
|
| Claims Escalation Option |
If this option applies to your Income Protection Plan, we will increase benefit payments made to you under a claim by the percentage increase in the Consumer Price Index (CPI) 12 months after the end of the waiting period and every 12 months after that. Applies to:
|
1Check your Product Disclosure Statement (PDS), policy document and policy schedule for more details about the cover your policy offers.
What you should know
Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life) is the issuer of Firstcare – Lifetime Protection plans. Where those plans are held within superannuation plans for which Equity Trustees Superannuation Limited ABN 50 055 641 757, AFSL No. 229757, RSE Licence No. L0001458 (ETSL) as trustee of the National Mutual Retirement Fund ABN 76 746 741 299 (Fund) is the issuer, Resolution Life is the issuer of these life insurance plans to ETSL which in turn provides the benefit to Fund members.
Any advice on this webpage is provided by Resolution Life, and is general advice and does not take into account your objectives, financial situation or needs. Therefore, before acting on this advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs, as well as the Firstcare – Lifetime Protection product disclosure statement and policy document, available from Resolution Life at resolutionlife.com.au or by calling 133 731, before making a decision on whether to acquire, or continue to hold, the product.
Read Resolution Life’s Financial Services Guide (FSG) for information about our products and services, including the fees and other benefits that Resolution Life Group companies and their representatives may receive in relation to products and services provided to you. The FSG is available at resolutionlife.com.au/financial-services-guide.
The Target Market Determinations (TMDs) for this financial product can be found at resolutionlife.com.au/target-market-determinations , which describes the key features and attributes of a financial product that affect whether it is likely to be consistent with the objectives, financial situation and needs of consumers in the target market.
Resolution Life is part of the Resolution Life Group and can be contacted on 133 731 or askus@resolutionlife.com.au.
