The premium you pay may increase each year due to:
- regular age increases (if your policy has stepped premiums)
- some discounts cease during the life of your policy like the new cover reward discount
- any increase in tax, duty or charge introduced by government; and/or
- a fee for administering your policy is charged (currently we do not charge any policy fees);
- if your sum insured increases (including through the Indexation Benefit)
- You vary your policy, for example you add a new type of insurance; and/or
- We change the premium rates*
Each year we’ll send you an annual anniversary notice outlining your premium payable.
* The cost of your insurance cover is not guaranteed, and the insurer can change the premium rates. Decisions to change premium rates do not occur because of changes to an individual customer’s own circumstances, but rather are determined in relation to the group of policies.
Premium payments for Encompass Protection policies are paid through direct debit, either by credit card or debit card, ensuring you don’t accidently forget a payment. You can choose to pay your premium monthly or yearly. If you pay your premium monthly, we’ll apply a premium frequency loading to your premium, which helps cover the costs of collecting your premium more frequently.
Interim accident cover is designed to provide you with limited cover while your application is being assessed by us and is available free of charge. It starts as soon as we receive your fully completed application form, a completed personal statement and a completed premium deduction authority.
Guaranteed renewable means that we guarantee to renew your cover each year until it expires, provided premiums are paid when due. This means we won’t cancel cover, place further restrictions on it or increase premiums because of changes to the insured person’s health, occupation or pastimes.
Tags: About my policy
If you cancel your Encompass Protection policy during the cooling-off period and you haven’t made a claim, your policy will be cancelled from the commencement date, and we’ll refund any premiums you’ve paid. If your cover is inside super, your refund may need to be preserved within super.
If you cancel your policy after the cooling-off period, premiums aren’t refundable.
Yes, you can cancel your Encompass Protection policy if you no longer need it. You can let your adviser know or simply call us on 1300 476 030 or email us at firstname.lastname@example.org and we’ll let you know what you need to do.
We know life is constantly changing, and you may need to make changes to your Encompass Protection policy from time to time. In many cases, general policy alterations such as changes of address or bank account details can be completed over the phone. For more complex policy alterations, we may require additional information. Either way, simply call us on 1300 476 030 or email us at email@example.com and we’ll make the process as easy for you as possible.
Your Encompass Protection policy starts when your application has been assessed and approved by us, and we have received your first premium. As soon as your cover is approved, a welcome letter will be sent to you via email, along with a policy schedule outlining the full details of your cover, including your policy’s commencement date.
If you’re applying for life insurance, or increasing the insurance cover you already have, it’s important you tell us about any change in your health or financial circumstances. If during this process, you’ve forgotten to tell your adviser something, we recommend you contact them as soon as possible to discuss. Alternatively, you can contact us directly by phoning us on 1300 476 030 or sending an email to firstname.lastname@example.org
Once you’ve been accepted for insurance cover, you don’t need to update us of any changes to your health, financial circumstances or occupation.