Why do you need Recovery Insurance?
Suffering a serious sickness or injury can have a devastating effect on you and your family.
Fortunately, as medical technologies advance and treatments improve, if you get sick or seriously injured, your likelihood of recovering is better than ever. And when you’re concentrating on getting better, the last thing you want to worry about is how you’ll cope financially.
If you were diagnosed with cancer today, what would you need to do, what would you want to do and how would you fund these things?
Recovery Insurance provides you with a cash lump sum allowing you to take care of the things that are really important to you and can assist your physical recovery. It gives you choices, and can be used for things like medical costs, travel expenses, childcare, in-home care, lost revenue, funding a change in lifestyle or early retirement, or event to top up Income Security Insurance.
Recovery Insurance Benefit
Provides a lump sum payment on diagnosis of over 45 specified serious medical conditions.
Recovery Insurance Partial Benefit
We can also pay a portion of your sum insured if you suffer an early diagnosis of certain medical conditions.
Recovery Insurance Children's Benefit
Children of the insured person are now covered for up to $100,000. This cover is provided at no additional cost and does not require you to complete an application form. All children of the insured person are automatically covered. Children’s cover has been extended. Children of the insured person are now covered from 3 months to 21 years old. Your Children’s cover conversion benefit has been enhanced. Children can take their own PLP Recovery Insurance policy, up to $100,000, when they turn 21. No medical evidence will be required.
Special Events Increase Benefits
Major life events often mean you need to increase your Recovery Insurance. In the following circumstances you can purchase additional cover, irrespective of your state of health at the time:
- Having a child (by birth or adoption)
- Becoming a full-time carer for the first time
- Death of your spouse
- Effecting or increasing your mortgage
- Entering private practice or becoming a partner or director in a company for the first time.
Non Qualifying Death Benefit
Provides a payment up to $15,000 of the Recovery Insurance sum insured upon death or terminal illness if you do not have a Life Insurance policy in place, and not otherwise entitled to claim under your Recovery Insurance cover.
Accelerated or Standalone Cover
You can choose to have your Recovery Insurance standalone or attached to your Life Insurance. If you select the latter option (known as accelerated cover), any payment made under this benefit, with the exception of the children’s benefit, will reduce your Life Insurance sum insured.
Life Insurance Buyback Benefit - Accelerated Cover Only
If you have selected accelerated Recovery Insurance, a built-in Life Insurance buyback benefit is automatically included. This allows you to apply to reinstate your Life Insurance cover up to an amount equal to the Recovery Insurance payment, 12 months following this payment, irrespective of your state of health at the time.
Recovery Insurance Buyback Option - Accelerated Cover Only
If you have selected accelerated Recovery Insurance, you can also select the Recovery Insurance buyback option. This allows you to reinstate the amount of your Recovery Insurance sum insured 12 months after a claim, irrespective of your state of health at the time. An additional premium applies to this option.
Medical Conditions Covered by Recovery Insurance
For full definitions, please refer to the Recovery Insurance policy document.
Cardiac and Vascular
- Coronary artery angioplasty – triple vessel*
- Coronary artery angioplasty – less than triple vessel*#
- Coronary artery bypass grafting surgery*
- Heart attack during cardiac procedure*
- Heart surgery (open) #
- Out-of-hospital cardiac arrest
- Repair or replacement of aorta*
- Repair or replacement of aorta – minimally invasive surgery*#
- Repair or replacement of heart valves*
- Severe congestive cardiac failure
- Significant heart attack*
Cancer and Blood Disease
- Aplastic anaemia
- Advanced diabetes*
- Advanced diabetes – diagnosis benefit*#
- Early stage cancer – diagnosis benefit*#
- HIV – medically acquired
- HIV – occupationally acquired
- Creutzfeldt-Jakob disease
- Dementia/Alzheimer’s disease
- Dementia/Alzheimer’s disease – diagnosis benefit#
- Major head trauma
- Motor neurone disease*
- Multiple sclerosis*
- Multiple sclerosis – diagnosis benefit*#
- Muscular dystrophy
- Muscular dystrophy – diagnosis benefit#
- Parkinson’s disease
- Parkinson’s disease – diagnosis benefit#
- Peripheral neuropathy
- Systemic Lupus Erythematosus (SLE) with nephritis#
- Systemic sclerosis
- Chronic liver failure
- Chronic lung failure
- Colostomy and/or Ileostomy#
- Kidney failureC
- Major burns
- Major organ transplant*C
- Primary pulmonary hypertension
- Serious burns
- Severe inflammatory bowel disease
- Benign intracranial tumourC
- Blindness – one eye#
- Deafness – one ear#
- Intensive care treatment#C
- Loss of independent existence
- Loss of limbsC
- Loss of limbs – single limb#
- Loss of speechC
- Paralysis – diplegiaC
- Paralysis – hemiplegiaC
- Paralysis – paraplegiaC
- Paralysis – quadriplegia/tetraplegiaC
- Severe osteoporosis
- Severe rheumatoid arthritis
*If any of these serious medical conditions occur within 90 days of the risk commencement date of cover, or the date cover is reinstated, no benefit amount is payable.
#Partial payment benefits. Please refer to the policy document for full details.
c Also included as a children's benefit serious medical condition. Please refer to the policy document for full details.
PLP Policy Upgrade 2018
Your PLP Cover is Even Better
We are continually reviewing the cover we provide to our Members to ensure it best meets your needs.
A recent review of our Special Events Increase benefit identified a need for Members to increase their Life Insurance, Recovery Insurance and TPD cover when increasing their shareholding in a business, practice or partnership.
So, we’ve added new ‘special event’, to your Special Events Increase benefit. If you increase your shareholding in a business, practice or partnership and incur debt or liabilities of more than $25,000, you can apply to increase your Life Insurance, Recovery Insurance or TPD sum, without underwriting.
We have also improved the cover we provide for the children of Members with Recovery Insurance Cover.
- Children of the insured person are now covered for up to $100,000.
This cover is provided free of charge and does not require you to complete an application form. All children of the insured person are automatically covered.
- Children’s cover has been extended.
Children of the insured person are now covered from 3 months to 21 years old.
- Your Children’s cover conversion benefit has been enhanced.
Children can take their own PLP Recovery Insurance policy, up to $100,000, when they turn 21. No medical evidence will be required.
All changes apply from 10 December 2018.
Terms and Conditions
Interim cover is only available on the following terms:
1. We will pay the policy owner an interim cover benefit if the person to be insured suffers an injury caused by violent, accidental, external, and visible means.
2. The interim cover benefit is the amount of cover you applied for in your application form, up to a maximum of:
- $500,000 for applications for Life Insurance.
- $150,000 for applications for Recovery Insurance.
- $150,000 for applications for TPD.
3. There is no interim cover where:
- the application is to replace an existing MAS policy for the same sum insured; or the person to be insured has previously had an insurance application refused or postponed or been offered non-standard terms by an insurer or where they have previously claimed under a disability policy with any insurer; or
- the application is not accompanied by a payment method for future premiums which has been approved by MAS; or
- we believe the application would have been deferred or accepted with special terms (e.g. loadings, exclusions or reduced benefit terms) once the underwriting assessment had been completed; or
- is outside our then current underwriting criteria/guidelines.
4. An interim cover benefit will not be payable in respect of a claim arising as a direct or indirect result of any of the following:
- a self-inflicted act of the person to be insured; or
- participation in a criminal activity by the person to be insured; or
- bodily injury to the person to be insured which occurred before the date of the application, or
- the deliberate taking or using of non-prescription drugs, or any intoxicating substance including alcohol which renders the person to be insured incapable of normal personal care.
5. Interim cover ends, without notice, on the earliest of the following:
- 60 days after the application was received by MAS; or
- the policy commencement date; or
- the risk commencement date of a cover applied for; or
- the date the policy owner withdraws the application for cover; or
- the date MAS declines to accept the cover; or
- the date a claim payment is made for one of the proposed benefits.