About this calculator

This calculator is provided by AIA Australia Limited (ABN 79 004 837 861, AFSL 230043) (the Insurer). The Insurer is responsible for the calculation methodology used by this calculator.

This calculator should be used as a guide only, to assist you in estimating the cost of insurance based on the information you provide.

To the maximum extent permitted by law, the Insurer and the trustee of HESTA take no responsibility for reliance by any person on the information in or relating to this calculator. The quotation provided by this calculator does not constitute financial product advice. Before acting on the quotation, you should consider the relevant Product Disclosure Statement.

Limitations

Not an offer of insurance

This calculator is intended to be used as a general guide only, and does not constitute an offer of insurance. To apply for cover, you may need to submit a fully completed application and other relevant information requested. Any estimate produced by this calculator is an indication of likely costs and may vary from any offer made to you.

Not intended to influence decision about specific financial product

This calculator is not intended to influence any person to make a decision about any particular insurance or other financial product. Before making any decision about your insurance cover, you should consider the insurance products available to you and you may want to seek advice from a licensed financial adviser.

Currency of information

This calculator has been prepared based on the legislative and regulatory environment as at December 2022. Please be aware that should the legal and regulatory environment change, this may not be reflected within the results of the calculator.

Availability of cover

This calculator makes no assessment as to the availability of cover to you. Cover may not be available to some people, because of limitations on cover for health reasons or due to their occupation or for other reasons, and any application for cover may be subject to acceptance by the Insurer. The Insurer may not agree to provide you with the amount of cover recommended by this calculator.

Needs and advice

This calculator does not take into account all of your personal financial needs, circumstances and objectives, or your tax circumstances or personal health situation, and is not intended to be relied on as advice for the purposes of making a decision in relation to any financial products. You should consider your own financial position and insurance requirements before making a decision, and reassess your needs as your circumstances change. You may wish to consult a licensed financial adviser to assist you in working out your insurance needs and selecting an appropriate insurance product for you.

Existing cover

If you are intending to apply and replace any existing cover that you hold as part of making an application, you should not cancel your existing cover until we have confirmed that we have accepted your application. If we don’t accept your application, it could mean you have no cover.

The general risks of replacing life insurance cover may include, but are not limited to:

• implications of any errors or omissions in your new application
• your existing policy containing differing terms, conditions, features and/or benefits to a new policy (e.g. waiting periods and qualifying periods restarting)

This information is general only and you should seek financial advice about the risks of replacing your policy to receive information that is specific to your circumstances.

If you wish to apply for cover with AIA Australia, please review the below Member Declaration and be aware that the following declarations are made as part of any application continuing.

Member Declaration

HESTA has taken out a contract of insurance with an Insurer to provide the insurance benefits in the Fund. On becoming an insured member, you are bound by the terms and conditions of this contract of insurance. When you apply for insurance cover and before that cover is accepted by the Insurer, you have a duty to tell the Insurer anything that you know, or could reasonably be expected to know, that may affect the Insurer’s decision to provide the insurance and on what terms.

About this application

The life insurance policy being applied for with this application is a consumer insurance contract within the meaning of the Insurance Contracts Act 1984 (Cth). When you apply for life insurance, we conduct a process called underwriting. It’s how we decide whether we can cover you, and if so, on what terms and at what cost.

We will ask questions we need to know the answers to. These will be about your personal circumstances, such as your health and medical history, occupation, income, lifestyle, pastimes, and current and past insurance. The information you give us in response to our questions is vital to our decision.

The duty to take reasonable care

When applying for insurance, there is a legal duty to take reasonable care not to make a misrepresentation to the Insurer before the contract of insurance is entered into.

A misrepresentation is a false answer, an answer that is only partially true, or an answer which does not fairly reflect the truth.

This duty applies to a new contract of insurance and also applies when extending or making changes to existing insurance, and reinstating insurance.

If you do not meet your duty

If you do not meet your legal duty, this can have serious impacts on your insurance. There are different remedies that may be available to us. These are set out in the Insurance Contracts Act 1984 (Cth).These are intended to put us in the position we would have been in if the duty had been met.

Your cover could be avoided (treated as if it never existed), or its terms may be varied. This may also result in a claim being declined or a benefit being reduced.

Please note that there may be circumstances where we later investigate whether the information given to us was true. For example, we may do this when a claim is made.

Before we exercise any of these remedies, we will explain our reasons and what you can do if you disagree.

Guidance for answering our questions

You are responsible for the information provided to us. When answering our questions, please:

• Think carefully about each question before you answer. If you are unsure of the meaning of any question, please ask us before you respond.
• Answer every question.
• Answer truthfully, accurately and completely. If you are unsure about whether you should include information, please include it.
• Review your application carefully before it is submitted. If someone else helped prepare your application (for example, your adviser), please check every answer (and if necessary, make any corrections) before the application is submitted.

Changes before your cover starts

Before your cover starts, we may ask about any changes that mean you would now answer our questions differently. As any changes might require further assessment or investigation, it could save time if you let us know about any changes when they happen.

If you need help

It’s important that you understand this information and the questions we ask. Ask us or a person you trust, such as your adviser for help if you have difficulty understanding the process of buying insurance or answering our questions.

If you’re having difficulty due to a disability, understanding English or for any other reason, we're here to help. If you want, you can have a support person you trust with you.

Notifying the Insurer

If, after the cover starts, you think you may not have met your duty, please contact us immediately and we’ll let you know whether it has any impact on the cover.

Privacy

By completing this application you consent to the collection and use of any personal information, including information that may be of a sensitive nature HESTA or AIA Australia may collect about you, in the normal course of business as in the manner outlined in HESTA and AIA Australia's respective privacy policies. A copy of HESTA’s privacy policy can be obtained by visiting HESTA’s website. A copy of AIA Australia's privacy policy can be obtained by visiting www.aia.com.au. These policies are designed to protect your interests and are consistent with the requirements of the Privacy Act 1988.

I declare that:

• I acknowledge and have read my duty to take reasonable care and all of my details on the insurance cover application are correct.
• I have read and accept the terms and conditions within the HESTA Product Disclosure Statement.
• I understand all the conditions I must meet to be eligible to obtain insurance cover. I agree that my insurance cover will not commence until the premium has been paid and my application for insurance cover has been accepted by the Insurer. I acknowledge insurance cover is provided by an external insurance company.
• I have read and consent to the handling, collection, use and disclosure of my personal and sensitive information in the manner described in the Privacy section of this disclaimer and the AIA Australia Privacy Policy available at aia.com.au and the HESTA’s Privacy Policy.
• I understand that the reduced premiums for Office-based occupation category will not commence until AIA Australia has accepted the risk.
• By applying for cover or for any change, variation of cover, I agree that I am electing for my insurance to start and continue, even if my superannuation account is, or becomes, inactive*; has not had a balance of at least $6,000 ever; or I am under age 25. This declaration includes any additional benefit that I may add to my account in the future, until I notify otherwise. I understand I will also be excluded from being transferred to the ATO if I am deemed ‘inactive low balance’.

* ‘inactive’ means no contributions or rollovers have been received for a continuous period of 16 months (or longer) in my superannuation account

By completing an insurance cover application, I consent to the collection and disclosure of information about me for the purposes shown.