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We’ve recently contacted some customers to let them know we’ll be refunding a portion of their premiums paid, and reducing future premium payments.
This refund and change to premiums are the result of a review undertaken by Resolution Life, which focused on the application of premium increases to level premium policies, and how these were explained in the supporting disclosure materials and documents.
What you need to do
No action is required. We will electronically transfer your refund payment to the bank account that your premiums are paid from on the date that was advised in your communication. Depending on your financial institution it may take 5-10 business days for this payment to appear in your account. Once the payment is complete, we will send you a confirmation letter.
If you have questions
• Please read our frequently asked questions below
• Email us at levelpremiumrates@resolutionlife.com.au
• Use our online chat function to speak with one of our team
• You can also contact your financial adviser
• For specific queries, call us on 133 731, select option 4 and enter the 5-digit extension 50059.
Making a complaint
Should you wish to make a complaint regarding the outcome of this change, you can do so by contacting us using the contact details above. You can find more information about making a complaint and the complaints process on our website resolutionlife.com.au/complaints.
If you aren’t satisfied with the outcome of Resolution Life’s dispute resolution process, you can take your complaint to the Australian Financial Complaints Authority (AFCA). AFCA is an external dispute resolution body which provides fair and independent financial services complaint resolution that is free to consumers.
Their contact details are:
Australian Financial Complaints Authority
GPO Box 3
MELBOURNE VIC 3001, Australia
Phone: 1800 931 678
Email: info@afca.org.au
Online: afca.org.au
There may be a time limit for referring your complaint to AFCA, which is usually two years from the time when you receive your complaint outcome from Resolution Life. You can contact AFCA or visit their website for more details.
Frequently asked questions
How do I know the recent communication I’ve received about a refund payment is not a scam?
We’d like to reassure you that the communication you’ve received from Resolution Life is genuine.
However, if you’re concerned and would like to check it is not a scam, please read your letter and the information on this webpage carefully.
You can also find out more about us and our company history at resolutionlife.com.au/about-us.
Alternatively, if you have a financial adviser, please contact them.
Why am I receiving this refund payment and a reduction in my future premiums?
This refund and reduction to your future premiums are the result of a review undertaken by Resolution Life. The review focused on the application of premium increases to level premium policies like yours, and how these were explained to you in the supporting disclosure materials and documents. It was concluded that the explanations weren’t clear enough and as such, Resolution Life has decided to refund you a portion of your past premiums and reduce your future premiums.
The refund amount also includes interest for the period of time for which you have been refunded (review period). Please note, there have been multiple premium rate changes during the review period and these changes will affect the levels of interest applied.
Which of my benefits are eligible for a refund payment and reduction to future premiums?
Please refer to the letter that has been sent to you for details of the benefits and types of cover that you hold which are eligible for a refund payment and reduction to your future premiums.
What do I need to do to receive the refund payment?
No action is required. We will automatically pay the refund to the same bank account that your premiums are paid from. Once the payment is complete, we will send you a confirmation letter.
Can I change the bank account my refund payment is paid to?
If you pay your premiums by direct debit from a bank account, we will automatically pay your refund to that account. If you have questions or concerns about this, please contact us as soon as possible.
• Call us on 133 731, select option 4 and enter the 5-digit extension 50059 to speak with our team OR
• Email us at levelpremiumrates@resolutionlife.com.au and include your policy number in your message.
How did Resolution Life calculate my refund payment?
You can request a copy of how your refund payment has been calculated by contacting us.
• Call us on 133 731, select option 4 and enter the 5-digit extension 50059 to speak with our team OR
• Email us at levelpremiumrates@resolutionlife.com.au and include your policy number in your message.
How did Resolution Life calculate my new premiums?
You can request a copy of how your new premiums have been calculated by contacting us.
• Call us on 133 731, select option 4 and enter the 5-digit extension 50059 to speak with our team OR
• Email us at levelpremiumrates@resolutionlife.com.au and include your policy number in your message.
Is my current level of cover affected by this refund payment or the reduction to future premiums?
No. Your cover is not affected and remains in place.
What is a level premium?
To learn more about level premiums you can read more at Understanding level premiums - Resolution Life.
Will my premiums increase in the future?
We cannot advise on any other changes to your premiums which may occur in the future. Please refer to the letter that has been sent to you for details of what has currently changed.
Why am I receiving a refund for only some of the insurance benefits I have on my policy?
Not all insurance benefits were eligible to be included in the policy review undertaken by Resolution Life. Please refer to the letter that has been sent to you for specific information about the insurance benefits for which you’re receiving a refund.
If you’d like further details, please contact us.
• Call us on 133 731, select option 4 and enter the 5-digit extension 50059 to speak with our team OR
• Email us at levelpremiumrates@resolutionlife.com.au and include your policy number in your message.
Is the refund payment assessable for taxation purposes?
Please seek advice from your financial adviser or a registered tax agent to find out if your refund payment will be assessable for taxation purposes.
I have another active insurance policy with Resolution Life. Will I receive a refund payment for that?
If you have multiple active insurance policies with Resolution Life and more than one product and benefit type are eligible for a refund payment, you will receive a separate communication for each policy.
What is the review period and why is Resolution Life only refunding policies back to 31 March 2017?
Resolution Life has reviewed affected products from the present day back to 31 March 2017, as this includes the period in which substantial and material premium increases were implemented for impacted benefits under these products.
These increases were originally made in response to the Australian Prudential Regulation Authority (APRA) requiring life insurers to review their premiums for income protection cover, to seek to ensure the future sustainability of income protection products.
In undertaking the review, Resolution Life deemed it appropriate to include other types of products, such as life insurance (death cover), total & permanent disablement (TPD) and trauma cover, as well as income protection products.
Will I receive updated documentation for my policy?
Your updated insurance schedule will be sent to you and will show your updated policy details, including a summary of your ongoing premiums.
You may receive further communications about your insurance from Resolution Life, as well as further information about your refund payment. Types of communication may include, a premium change letter, annual statement and/or payment due notice.
Where can I obtain a copy of the disclosure materials and documents that are relevant to my policy?
You can request a copy of the disclosure materials and documents relevant to your policy by contacting us.
• Call us on 133 731, select option 4 and enter the 5-digit extension 50059 to speak with our team OR
• Email us at levelpremiumrates@resolutionlife.com.au and include your policy number in your message.
Further information and support
What you need to know
The insurance cover for your product is issued by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life). Your product is issued by Resolution Life or by Equity Trustees Superannuation Limited ABN 50 055 641 757, AFSL No. 229757, RSE Licence No. L0001458 (Trustee) as trustee of either the National Mutual Retirement Fund ABN 76 746 741 299 RSE 1056310 or the Super Retirement Fund ABN 40 328 908 469 RSE 1067361 (each a ‘Fund’). If Resolution Life is the issuer of the insurance policies to the Trustee for your product, the Trustee will receive the benefit from Resolution Life and provide the benefit to eligible Fund members.
If the information on this page is factual information only, it does not contain any financial product advice or make any recommendations about a financial product or service being right for you. Any advice is provided by Resolution Life, is general advice and does not take into account your objectives, financial situation or needs. Before acting on this advice, you should consider the appropriateness of the advice having regard to your circumstances, as well as the product disclosure statement and policy document for your product. Any guarantee offered in your product is only provided by Resolution Life. Any Target Market Determinations for your product can be found at resolutionlife.com.au/target-market-determinations.
Resolution Life is part of the Resolution Life Group and can be contacted at resolutionlife.com.au/contact-us or by calling 133 731.
