Duty of disclosure
Hostplus has taken out a contract of insurance with MetLife Insurance Limited ABN 75 004 274 882 AFSL 238096 (‘MetLife’ or the ‘Insurer’) to provide the insurance benefits in the Fund. On becoming a member, you are bound by the terms and conditions of this contract of insurance.
In exercising the following rights, the insurer may consider whether different types of cover can constitute separate contracts of insurance. If they do, the insurer may apply the following rights separately to each type of cover. For example, Death, TPD and Income Protection benefits may be treated as separate contracts. Additionally, default cover and any additional cover may also be treated separately.
If you, the person to be insured, do not tell the Insurer something that you know or could reasonably be expected to know about your health and which could affect the insurer’s decision to provide you with insurance and the type and/or level of cover provided, then the insurer may treat such an omission as a failure to disclose relevant information; and may avoid the contract within 3 years of entering into it. If the Insurer chooses not to avoid the contract, the Insurer may, at any time reduce the amount of insurance provided. This would be worked out using a formula that will take into account the premium that would have been payable if the Insurer had told everything it should have been told by you. However, if the contract has a surrender value, or provides cover on death, the Insurer may only exercise this right within 3 years of entering into the contract.
If the Insurer chooses not to avoid the contract or reduce the amount of insurance provided, the Insurer may, at any time vary the contract in a way that places the Insurer in the same position the Insurer would have been in if we had told the Insurer everything it should have been told. However, this right does not apply if the contract has a surrender value or provides cover on death.
If the failure to tell the Insurer something is fraudulent, the Insurer may refuse to pay a claim and treat the contract as if it never existed.
At times we may need to collect sensitive information from you such as medical information and family relationship details to process insurance applications and benefit claims. This information is used by Hostplus and our insurers to assess your eligibility for an insured benefit. We will always seek your express consent before we collect any sensitive information from you, and we will ensure that the collection of this information is absolutely necessary.