Your premium is not tax deductible and benefits don’t count as income.

If you hold your policy for personal purposes, the premium is usually not tax deductible.

Benefits you get paid are usually not assessable as income or capital gains.

We base this on our views of the way current tax laws are interpreted. Tax law interpretations change over time. If this is important to you, seek independent tax advice about your circumstances.

ALI Group’s My Protection Plan is only available through an ALI-authorised mortgage broker.

Certain eligibility requirements must be met in order to obtain cover. Refer to question ‘Who is eligible to apply for cover?’ for more information.

Your premiums are paid via direct debit from a bank account or credit card. You can select to pay your premiums monthly, fortnightly, or weekly. Click here to read the Direct Debit Service Agreement.

It’s important to know when claims will not be paid so you can decide if My Protection Plan is right for you.

A benefit will not be paid for any claim if an exclusion or qualifying period applies. Please refer to the PDS for more information about exclusions that apply.

Pre-existing medical conditions affect claims
Any claim arising directly or indirectly from a pre-existing medical condition will not be paid.

A pre-existing medical condition is an illness, injury or condition that was the subject of a medical consultation in the 5 years immediately before the policy start date, and:

• the life insured was aware of; or
• a reasonable person in the circumstances could be expected to be aware of.

To determine if your claim relates to a pre-existing medical condition, we may ask for information about the life insured’s medical history.

For example: Sian bought a My Protection Plan policy and is the life insured. Ten months before the policy start date, Sian was treated for breast cancer. Because Sian knew she had a breast cancer condition within the 5 years before she bought the policy, she will not be able to claim for any medical condition directly or indirectly related to her breast cancer.

Trauma Benefit qualifying periods for certain conditions
My Protection Plan does not provide a Trauma Benefit for certain conditions which first occur, become reasonably apparent or are first diagnosed in the 90 days after:

• your policy start date
• your policy reinstatement date
• the date you increase any benefits, for that increased benefit amount.

The 90-day qualifying period applies to each trauma condition with an asterisk (*) on the list on page 15 of the PDS.

Further, we will not pay any benefit for a trauma condition that is directly or indirectly related to a condition which we do not cover because of the 90-day qualifying period explained above.

For example: Charles bought a My Protection Plan policy. He is the only life insured on the policy and is the policy owner. Six weeks after his policy start date, Charles was diagnosed with prostate cancer (of specified severity). The Trauma Benefit qualifying period applies to this condition. Unfortunately, because it’s less than 90 days after his policy start date, Charles is not covered and will not receive a Trauma Benefit for this event.

Your cover commences on your policy start date, which is the date we accept your application and is also noted on your policy schedule.

Your first premium will be due at the start of the second month of cover. The first 30 days of your policy are complimentary.

To be eligible for this policy, each life insured must:

- have or be seeking to take out an eligible loan, or be the partner of someone who has applied for My Protection Plan
- be 18 to 59 years old
- be an Australian or New Zealand citizen, or hold an Australian Permanent Residency Visa
- have more than $100,000 but no more than $1,000,000 in total Death and Terminal Illness Benefit across all My Protection Plan policies issued by Zurich at the time of the new application (including this policy)
- have lived in Australia on a permanent basis for at least 6 months continuously during the past 12 months. Being away from Australia for work purposes or holidays does not count for determining if they have lived in Australia continuously.

The policy owner must receive this PDS in Australia. If you don't meet these requirements, or if you're not sure whether you do, please contact us.

See the Product Disclosure Statement and Policy Document for more information.

My Protection Plan is issued by Zurich Australia Limited. ALI Group distributes and administers My Protection Plan.

The person or persons who own a My Protection Plan policy are the policy owners and are noted on the policy schedule. If the policy is owned by more than one person, it will be held jointly. The policy owner is responsible for making premium payments and is entitled to receive any benefits which become payable. When the policy is held by joint policy owners, in the event that one policy owner dies, the policy ownership transfers to the surviving policy owner.

Yes. You can cancel your policy at any time. The cancellation effective date will be aligned with your paid to date. Please note; jointly owned policies require authorisation from both policy owners. 

You can cancel your policy by: 
• calling ALI Group Team on 1800 006 776; or
• write to us with your instructions to cancel (include the date, policy number, full name, date of birth and signature); or
• requesting a cancellation form which you can complete, signing and return it to us via post (GPO Box 4737, Sydney NSW 2001) or email ([email protected]).

If affordability is a concern, visit our How to keep cover affordable page which outlines ways that you can manage your cover to suit your budget.  

You can ask us to increase or decrease your Death and Terminal Illness Benefit and Trauma Benefit amounts (within the policy limits) at any time   after your policy start date. 

You can request to increase or decrease your Death and Terminal Illness Benefit to a:
• maximum of $1,000,000
• minimum of $100,000.

You can also increase or decrease your Trauma Benefit to a:
• minimum of $30,000
• maximum of 50% of the Death and Terminal Illness Benefit.

Changes to your benefit amounts will usually change your premiums. You will start paying a new premium once we have accepted your request.

You cannot increase your cover if your premium payments are not up to date.

A change to your Death and Terminal Illness Benefit amount will change your Specified Injury Benefit amount. The Specified Injury Benefit amount is 3% of your Death and Terminal Illness Benefit up to $7,500.

Both policy owners must agree to cancel cover for the life insured.

We’ll change the policy to reflect that the cover for that life insured has been cancelled. Cover for the remaining life insured will continue. Your premium will decrease.

Easy. Call 1800 006 776 (9am-6pm AEST Monday-Friday) and speak to one of our team members. Or send us a message.

Whether or not the life insured smokes affects your premium. Higher premiums apply for those who have smoked cigarettes, e-cigarettes, nicotine replacements or any other substance in the last 12 months. We ask the life insured’s smoker status in the My Protection Plan application. If the life insured was a smoker at that time, but has stopped smoking for 12 months or more, you should tell us and we will re-calculate your premium based on the non-smoker rate.

See the Product Disclosure Statement and Policy Document for more information.

Your My Protection Plan isn’t linked to your loan and the policy does not end if your loan stops or you pay it off. However, if you pay off your loan, or the loan is cancelled, you may need to review this policy to make sure it meets your needs.

Your policy will continue for as long as you pay your premiums, regardless of any changes to the life insured’s health, occupation, or pastimes. This means that your policy can continue until the policy anniversary after the life insured turns:
• 75 years old (for Death and Terminal Illness Benefit)
• 65 years old (for Trauma Benefit and Specified Injury Benefit).

Your policy also ends as soon as one of the following happens.
• You cancel the policy
• The last remaining life insured dies
• The last remaining life insured is diagnosed with a terminal illness and we pay the Death and Terminal Illness Benefit
• We cancel or avoid the policy according to our legal rights
• We cancel the policy because you did not pay your premiums
• The life insured is no longer an Australian or New Zealand citizen or an Australian permanent resident

We will tell you before your policy is going to end, except where the life insured dies or ceases to be an Australian or New Zealand citizen or an Australian permanent resident, or you cancel the policy. 

See the Product Disclosure Statement and Policy Document for more information.

If you are the sole policy owner and life insured, you can nominate up to five beneficiaries to receive the death benefit. If you do not nominate any beneficiaries, your death benefit will go to your estate.

Beneficiaries can be individuals only.

If you die and your policy is jointly owned, we pay the Death and Terminal Illness Benefit to the surviving policy owner. For more details, please refer to page 9 of the Product Disclosure Statement and Policy Document.

If you (the policy owner) suffer from a terminal illness, one of the listed trauma events, or a specified injury, the benefits are paid to you and the funds can be used for any purpose. For more details, please refer to pages 14-17 of the Product Disclosure Statement and Policy Document. 

We have prepared some helpful Q and As regarding the class action. Click here to read.