CHANGES TO KIDS’ ACCIDENT COVER FROM 2 FEBRUARY 2022
At HCF, we take care of more than just health insurance so you and your family can be protected when life's hurdles come your way. Our Kids’ Accident Cover is part of our Recover Cover range that pays cash straight to you for many common injuries that happen because of an accident. This can help you cover unexpected costs like splints, extra treatments and therapies, or even keeping the house running while your child gets better.
From time to time, we make changes to our products to make sure we’re always showing our members that Uncommon Care we’re known for.
That’s why on Wednesday 2 February 2022 we’ll be making some changes to our current Kids’ Accident Cover. If you have an active Kids’ Accident Cover policy on 2 February 2022, these changes will impact you.
This also means you won’t be able to purchase this version of Kids’ Accident Cover after 2 February 2022.
WHAT'S CHANGING FROM 2 FEBRUARY?
Here’s a summary of the changes coming into effect from 2 February 2022:
- The cover period will be extended to allow you to cover your child for longer. Kids’ Accident Cover policies will now expire when your child turns 22 instead of 17.
- A new 2 tier pricing structure will be introduced based on your child’s age. See table below.
KIDS’ ACCIDENT COVER PREMIUMS FROM 2 FEBRUARY 2022
Child’s Age Weekly Fortnightly Monthly Quarterly Half Yearly Yearly Tier 1 – NO CHANGE 0-16 $0.90 $1.80 $3.90 $11.70 $21.60 $43.20 Tier 2 – NEW FOR EXTENDED AGE BAND 17-21 $1.50 $3.00 $6.50 $19.50 $36.00 $72.00
- The amount we’ll pay for most impairments will increase but the Maximum Benefit of $100,000 will stay the same. Download the comparison table below to see what's changing.
COMPARISON OF BENEFITS
Kids' Accident Cover benefit comparison from 2 February 2022
Please read the Kids’ Accident Cover Product Disclosure Statement, Policy Document and Financial Services Guide available by calling 1800 560 855 or visiting hcf.com.au/lifeinfo, and consider your financial situation, objectives, and needs before deciding on these products as any advice provided does not take these into account. In addition to these documents, you should also read the Target Market Determination (TMD) for the product, which is available at hcf.com.au/lifeinfo. Kids’ Accident Cover is issued by our own HCF Life Insurance Company Pty Ltd. ABN 37 001 831 250, AFSL 236 806 (HCF Life). HCF Life is a wholly owned subsidiary of The Hospitals Contribution Fund of Australia Limited ABN 68 000 026 746, AFSL241 414 (HCF). The premiums for Kids’ Accident Cover are paid to HCF Life. HCF receives commission from HCF Life for their sale of up to 40% of the first year's premium plus an additional commission of 80% of HCF Life's underwriting profit each year calculated as premiums less claims and expenses. HCF's staff may receive an incentive depending on the annual premium of these products which they sell. This will not exceed 15% of the first year's premium.
LIFE INSURANCE CODE OF PRACTICE
HCF Life is a member of the Financial Services Council and we are bound by its Life Insurance Code of Practice which sets out the Australian life insurance industry’s key commitments and obligations to customers. Further information is available at fsc.org.au