Monthly Payment Option
Premium Funding Contract Terms and Conditions 

Welcome

1. upcover Pty Ltd ABN 17 628 197 437 can offer you pay by the month options via an arrangement with upcover payments Pty Ltd (ABN 71 665 469 009). upcover payments Pty Ltd arranges a premium facility in relation to your insurance policy on behalf of the insurer. upcover Pty Ltd is a Corporate Authorised Representative (CAR 1299211) of Experience Insurance Services Pty Ltd (AFSL 539078). 
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2. This Premium Funding Contract is made between you and upcover payments Pty Ltd ("upcover payments"). This Premium Funding Contract is not a contract between you and your insurer, or upcover Pty Ltd ("upcover").

3. By selecting the Monthly Payment option under a quote from upcover you are agreeing to the terms and conditions of this Premium Funding Contract. Please make sure to read these terms carefully before accepting a quote. If you do not agree to these terms you should not select the Monthly Payment option. 

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Your Insurance Policy and this Premium Funding Contract 

4. This Premium Funding Contract is a request for pay by the month insurance.

5. The Premium Funding Contract varies your premium payment rights and obligations in the Policy Wording and/or Product Disclosure Statement (PDS) provided to you in respect of your insurance policy and sets out the automatic renewal process in relation to that policy.
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6. It is important that you read this Premium Funding Contract together with the quote provided by upcover and the applicable Policy Wording and/or PDS and other policy documents from your insurer, and that you keep these materials in a safe place should you wish to refer or rely on them later.
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7. To the extent this Premium Funding Contract is inconsistent with any provision in the Policy Wording and/or PDS or other policy document provided to you, this Premium Funding Contract takes precedence.

How Premium Funding Works

8. upcover payments takes on financial risk to provide you with the monthly payment arrangement. In return and by entering this Premium Funding Contract you assign to upcover payments by way of security your interest in your insurance policy. This means that for the duration of the Premium Funding Contract upcover payments can exercise your rights under the insurance policy, this includes directing upcover to cancel the policy, which it may choose to do if you do not comply with the terms of this Premium Funding Contract (but subject always to upcover payments' responsibilities under clause 14 and acting reasonably). 

9. The insurer is responsible for administering the insurance policy you hold, including where that policy has been issued to you via upcover. When you make a claim under the policy, you must be up to date on your payments. Under the policy the insurer may have the right to refuse payment of a claim if even one of your instalment payments is 14 days late and they may not progress a claim until the policy including all outstanding instalments is paid in full by you. You should make sure to read and understand the terms of your insurance policy, including the claims process.  

10. If upcover payments is entitled to a payment from the insurer and the insurer does not pay upcover payments, you do not have any liability to upcover payments for this payment.

Instalment Payments

11. When you obtain a quote from upcover and select the Monthly Payment option you will receive details of your Monthly Payment break down. This payment breakdown along with your Payment Schedule is accessible for you to refer to in your email or online for the duration of the policy.

12. The first instalment payment will be due on the date that you choose to start your insurance policy, followed by eleven further equal monthly instalments due one (1) day prior to each monthly anniversary of policy inception. In situations where the insurance partner charges a non-refundable underwriting fee this will be charged in the first instalment as an upfront charge.

13. The monthly instalment payment will include instalment administration and service charges as specified in the ‘Monthly Payment Breakdown’.

Financial Hardship 

14. If you notify upcover or upcover payments that you are experiencing financial hardship, these circumstances will be considered, including whether it is appropriate (acting reasonably) to provide assistance to you in ways including, but not limited to:
           a. a repayment freeze or suspension; or
            b. assisting you to contact a financial counselling agency,
           c. assisting you with a repurchase.
and upcover payments will not exercise any right under clause 6 to cancel the insurance policy until this clause has been complied.

Cancellation of your Policy for default

15. upcover payments can direct upcover and your insurer cancel your policy if you do not make payments when due, and in line with the process set out here:
            a. upcover payments relies on you to provide us with the correct payment details to process your monthly                  payments;
            b. If a payment is unable to be processed:
                       (i)  three additional attempts will be made to successfully process the payment; and 
                       (ii) you will be notified on your nominated email and mobile phone by text message on each of the three                             attempts to process your payment. Each notification will provide you with the opportunity to update your                             payment details, and to provide notice of financial difficulty that should be taken into account; and 
                       (iii) if the third attempt is unsuccessful, (and you have not made a notification about financial difficulties that                             has been accommodated) your policy will be cancelled for non-payment.

16. Cancellation of your policy for non-payment will be effective from the date stated on the cancellation notice issued under clause 15. 

Cancellation of your Policy by you

17. You may cancel your insurance policy at any time and for any reason.

18. If you elect to cancel your insurance policy, you may be liable for any monthly fees outstanding in accordance with your Payment Schedule at the time of cancellation. You have no liability otherwise to make further payments under either the insurance policy or the Premium Funding Contract.

Your Rights to Refunds

19. You pay for your insurance policy under this Premium Funding Contract on a monthly basis in advance. In most instances of cancellation this means you will not have paid for services beyond the cancellation date. You may receive a refund if, for example, you have requested to cancel a monthly instalment policy. If this occurs,  then a refund will be arranged for fees paid for that monthly instalment period, using your nominated payment details. upcover and upcover payments do not hold monies beyond a cancellation date.

20. Refunds may not include non-refundable underwriting fees which may be charged by our insurance partners (incl. GST). 

Disputes and Complaints 

21. If you have any disputes or complaints in relation to the insurance policy, please contact the insurer.

22. If you wish to raise a dispute or submit a complaint about the payment plan, you should do so by contacting upcover on 1300 UPCOVER or support@upcover.com. You may be asked to provide additional documentation to assist in resolving any complaints or disputes, and you must provide all reasonable assistance to facilitate resolution of any complaints or disputes in a timely manner.

23. Where the dispute cannot be resolved within 21 days, we will notify you of the reason for the delay as well as an indication of when we expect to resolve the complaint or dispute.

24. If you are not satisfied with the outcome of your complaint after it has been through the internal disputes process described above, you can contact the Australian Financial Complaints Authority using the contact details listed below:: 

       Phone 1800 931 678
       Email info@afca.org.au
       Website https://www.afca.org.au/about-afca/contact-us 

25. If you have any payment enquiries, please contact upcover on 1300 UPCOVER or support@upcover.com.

26. You agree to keep your payment details up to date, so as to enable the collection of your monthly instalments.

 Renewals – Process for automatically renewing your policy

27. Where you have taken out an insurance policy via upcover, and to  ensure you have access to continuing protection you will receive a renewal offer in writing at least 14 days before the renewal date of the policy. 

28. The renewal offer from upcover will set out the terms of that proposed renewal including as it relates to this Premium Funding Contract, and the date the renewal will be effective.

Unless you provide notice to upcover that you do not want to renew or if you do not want to utilise pay by the month option before the notified effective renewal date, the policy – and the terms of this Premium Funding Contract will automatically renew, and you will continue to be charged accordingly.

You have specific obligations towards upcover and your insurer in responding to renewal offers, including regarding making important disclosures. You must ensure that you comply with these obligations if you elect to renew under the offer issued by upcover and your insurer. These obligations are distinct from your Premium Funding Contract.  If upcover notifies you that it is not renewing your policy, these Premium Funding Terms will also automatically expire on the notified termination date.

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