Important Information on what has changed

New Life cover class for a group of policies

To help ensure we continue to meet our claims promise and the sustainability of the portfolio, we have created a new Life cover class for a group of policies. In summary, this class applies if your policy forms part of an arrangement involving the life insured’s circumstances being assessed and an interest in the policy being transferred, including through a transfer of ownership.

This class is defined as including policies where:

• there is or will be an arrangement or facility with an entity for the transfer of a legal or beneficial interest in your policy (such as a co-ownership arrangement or a change of ownership); and
• that arrangement or facility involves an entity that carries or carried on (or is or was authorised to carry on) a financial services business in connection with the transfer of legal or beneficial interests in life policies, or a similar business; and
• under or in connection with that arrangement or facility:
  • there is or may in future be an assessment of the life insured (e.g. a health assessment or statistical modelling); and
  • an entity, other than you, is entitled to receive directly or indirectly all or some of the benefits that may become payable under the policy.

Policies in this class will have a substantial increase in premiums.