When you make an application, you are asked to nominate the people in respect of whose passing you wish to make a payout to meet or contribute to funeral-related expenses. You will need to give us information about the health of each person you nominate. You are also asked to choose a benefit amount for each such person.
If your application is accepted, you become a "Plan Holder". Each person you nominate and we accept is a "Nominee". Once the first payment has been made for your plan, all your Nominees are part of your plan.
From the time you become a Plan Holder, you must observe the rules of the Plan ("the Rules"). In particular, you must ensure regular fortnightly payments are made to us for as long as you wish to remain a Plan Holder.
Subject to the Rules, and provided you remain a Plan Holder, we will make a payout following a Nominee's passing. This payout is provided as the result of an insurance policy obtained by us from an insurer. After we are informed of a Nominee's passing and we have been provided with the information we require, we will make a claim on the insurer.
A payout will usually be made within 7 days of the date on which our claims requirements are met. The payout will be made to "the Payee" who will be you, except where you are the Nominee.