Monthly Payment Option
Terms and Conditions

Last updated: July 2022



upcover Pty Ltd ABN 17 628 197 437 (“upcover”) can offers Pay by the Month options via arrangement with upcover payments Pty Ltd (ABN 71 665 469 009). upcover payments arranges a premium facility in relation to this policy on behalf of the insurer of the policy. upcover Pty Ltd ABN 17 628 197 437 (“upcover”) is a Corporate Authorised Representative (CAR 1299211) of Experience Insurance Services Pty Ltd (539078). If you would like to take up this offer please read the following and click the acknowledgement contained on the upcover website when you select the Monthly payment option.

This endorsement (and SPDS, where applicable) makes the following changes to the premium payment rights and obligations in the Policy Wording and/or Product Disclosure Statement (PDS) provided to you for the above policy and sets out our automatic renewal process in relation to these policies.

It is important you read it together with the applicable Policy Wording and/or PDS and other policy documents given to you and keep it in a safe place.

To the extent this document is inconsistent with any provision in the Policy Wording and/or PDS or other policy document, this endorsement (and SPDS, where applicable) takes precedence.

By entering your payment details on the Monthly Payment – Direct Debit screen and clicking the acknowledgement, you agree to the following changes to the policy terms and conditions.

Premium Funding Contract

1. This premium funding contract is made between you and the credit provider, Upcover Payments Pty Ltd (ABN 71 665 469 009).

2. The first instalment is due on the inception date of the policy followed by eleven further equal monthly instalments due one (1) day prior to each monthly anniversary of policy inception.

3. The monthly instalment payment will include an instalment administration charge as specified in the ‘Monthly Payment Breakdown’ provided to you on the upcover website.

4. As security for payment of monthly instalments you assign to upcover payments by way of security all of your interest in the insurance policy. If you do not make the monthly instalments when due to upcover payments, they may exercise your rights under the policy, including your right to cancel the policy.

5. If you notify us that you are experiencing financial hardship, we will consider providing appropriate 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 we will not exercise our right under clause 6 to cancel the insurance policy until we have complied with this clause.

6. upcover payments, upcover or the insurer may not cancel the insurance policy unless all of the following are satisfied:
            a. you are in default of one or more obligations under this premium funding contract, including non-payment of                  an amount due under the premium funding contract; and
            b. we have notified you that the insurance policy may be cancelled if the default has not been remedied with 14                  days of deemed receipt of the notice;
             c. where you have indicated circumstances of financial hardship, we have met the requirements in clause 5; and
             d. at the time of the cancellation of the insurance policy, you have not remedied the default.

7. The cancellation notice will have the effect of cancelling the policy from the earlier of:
              a. the time when another contract of insurance between you and the insurer or some other insurer, being one                   which is intended to replace this contract is entered into; and
              b. three (3) business days from the time you were given the notice.

8. In the event the policy is cancelled due to non-payment, refund rights are as stated in the policy.

9. Any insurer that has issued a policy to you via upcover may refuse to pay a claim under the policy if at least one instalment has remained unpaid for a period of at least 14 days from its due date.

10. You may cancel the insurance policy at any time without consent from upcover. If you cancel the insurance policy, you may be liable for any monthly fees outstanding at the time of cancellation. You have no liability otherwise to make further payments under either the insurance policy or the premium funding contract.

11. On cancellation of any insurance policy paid by monthly payment the fees paid to upcover payments are non-refundable and you may be liable for any outstanding fees. Please also refer to any applicable cancellation provision in the relevant insurer’s policy wording.

12. Your instalment payments and collection are administered by upcover on behalf of the insurer.

13. 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.

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

15. 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 We may request additional documentation from you to assist us in resolving any complaints or disputes, and you must provide all reasonable assistance to us to facilitate resolution of any complaints or disputes in a timely manner.

16. 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.

17. 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

18. If you have any payment enquiries, please contact upcover on 1300 UPCOVER or

19. You agree to update upcover with any changes to your details, so as to enable it to administer collection of your monthly instalments.

Renewals Process for automatically renewing your policy

To ensure continuing protection we will normally send you a renewal offer at least 14 days before the renewal date of the policy. It will set out the terms on which we are prepared to enter into renewal.

Where you receive a renewal offer, you must tell us if the information contained in it is incorrect or incomplete and you must comply with your ‘Duty of Disclosure’. If you do not the insurer may reduce or refuse to pay a claim or cancel the renewed policy.

If nothing needs to be disclosed and you are happy with the renewal offer terms you do not have to do anything as we will automatically renew on those terms and deduct/charge the new renewal premium from your nominated account/credit card, unless you tell us not to.

If you do not wish to take up the renewal offer you must contact us prior to the renewal to advise us. If we do not offer to renew your policy, we will send you a notice telling you this.

Each renewal is a separate policy, not an extension of the prior policy.

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