FirstNet Adviser help
Insurance
How do I open a new online account?
You can open an account online in just 5 steps.
Step 1 - Client details
Supply your client’s name, address, contact information, as well as their tax file number (or exemption) and the product type you would like to invest into (super, retirement or investments).
Step 2 - Account details
Choose how you would like to fund your client’s investment - direct debit, direct credit, BPAY or cheque. Provide your client’s bank account details. If you have elected to open a super or pension account, you will also need to supply rollover or contribution information.
Step 3 - Transaction details
Enter your client’s investment amount and select the specific option(s) you would like to invest into. If applicable, you can choose a model portfolio as your investment selection. You can also view how your investment is allocated according to asset class and fund manager (where applicable).
Step 4 - Confirm details
Here you check all the information you have entered and submit the application.
Step 5 - Confirmation
The process is complete and the application has been submitted. You will need to get the client to sign the appropriate forms. When we receive your client’s payment and signed forms the account will be opened.
Note - Anti-Money Laundering requirements
Since 12 December 2007 (or 31 January 2008 for managed investment products), the “Know Your Client” (KYC) requirements of the Anti-Money Laundering and Counter-Terrorism Financing Act require the collection and verification of a client’s identification information.
Generally, Colonial First State must establish the identity of its clients at the application stage. For superannuation products, we need to establish the client’s identity when they withdraw (i.e. cash out) their superannuation funds (although this can be completed at anytime before withdrawal occurs).
This online application process incorporates Know Your Client ID requirements relating to the Anti-Money Laundering and Counter Terrorism Financing laws for individuals and sole traders only.
You can either send the completed:
- online application (which includes the Identification and Verification Forms),
- online application and attach copies of ID documents certified by you with no need for the Identification and Verification Forms. If your licensee requires you to complete the IFSA/FPA standardID form, you can attach these.
For more information regarding AML and to access the standard IFSA/FPA client ID forms, go to the Forms Library.
What are automatic acceptance and forward underwriting limits?
Eligible employees will have their insurance cover accepted automatically up to a specified limit without having to provide any health evidence. This is known as the Automatic Acceptance Limit (AAL).
Any additional cover above this limit will need to be assessed by the insurer. This process is known as underwriting. If this additional cover is accepted a Forward Underwriting Limit (FUL) will be provided on the employees' account.
The AAL and FUL only apply to Employer-selected cover. All Investor-selected cover must be underwritten.
Example: An employee receives a $350,000 Death and TPD Employer-selected cover amount based on the insurance formula selected by their employer. This plan has an AAL of $250,000. As the cover amount is over the AAL this will need to be underwritten by the insurer. If the insurer accepts the application they may provide, for example, a Forward Underwriting Limit of $450,000. This employee’s cover can now increase in line with the employer selected insurance design up to $450,000 without having to provide any further health evidence. If however the employees cover increase to $500,000 their application would once again need underwriting as it is above the Forward Underwriting Limit.
What are the different types of occupation groups?
The following occupational groups are intended as a guide for Temporary and Permanent Disablement (TPD) and Salary Continuance Insurance (SCI) applicants, and may change at any time.
FirstChoice Personal Super, FirstChoice Wholesale Personal Super and Rollover and Superannuation Fund
| Occupation Group | Example |
| Professional* | Occupations of a professional nature. To qualify in this category, you must satisfy the following:
|
| White Collar | Doctors, architects, lawyers, clerical workers. |
| Light Blue Collar | Building foreman, watchmakers, home duties (TPD only). |
| Blue Collar | Bricklayers, plasterers, plumbers. |
*This is not available for the Rollover and Superannuation Fund.
FirstChoice Employer Super
| Occupation Group | Example |
|---|---|
| Professional | Occupations of a professional nature. To qualify in this category, you must satisfy the following:
|
| White Collar | Occupations that require no manual work and do not satisfy the professional definition. For example, clerical, administration, managerial and sales roles not involved in any deliveries or travelling. |
| Light Blue Collar | Occupations that involve up to 20% manual activity. For example, retail sales representatives and supervisors of manual workers who do not perform the manual work themselves. |
| Medium blue collar | Skilled occupations with a moderate amount of manual work. Workers must possess a trade certificate or appropriate license and have no unusual accident hazard (for example working at heights above 15 metres, underground or underwater). For example, electricians, mechanics or plumbers. |
| Heavy blue collar |
Skilled occupations with a heavy amount of manual work, or where the potential for disability is high. For example, bricklayers, pavers or couriers. |
| Heavy blue collar (Death only) | Skilled occupations with a heavy amount of manual work, or where the potential for disability is high and/or the potential for rehabilitation into other forms of employment is low. The insurer will restrict cover to death only. For example, concreters, plant operators or tree surgeons. |
| Uninsurable | Occupations that are determined as hazardous or other occupations where the insurer will decline to provide cover on an individual basis. For example, underground miners, explosives handlers or professional sports persons. |
What are outstanding requirements?
When an application requires underwriting our insurer may require extra information or medical tests to assess the application. It is this further information that we refer to as outstanding requirements.
What is cover status?
The cover status gives an indication about the state of the cover applied for. It can be used to track the progress of the application throughout the process. The list below outlines the various cover statuses:
- Cancelled
- Conditional acceptance
- Expired
- Accepted
- Outstanding requirements
- Transfer
- Awaiting underwriting
- Declined
What are exclusions?
Exclusions are conditions that the insurer can apply to insurance cover which may prevent the payment of benefits in certain circumstances.