How to read a financial product disclosure statement (PDS)
Hey, before you buy any financial product, it's super important to check out the product disclosure statement (PDS). I mean, it’s good to know what you're signing up for right? A PDS is like a guidebook that tells you all the important deets about the product so you can make an informed decision. The PDS usually covers all the essential elements of the product, so take the time to go through it carefully.
A sneak peek into a product disclosure statement
In Australia, it is mandatory for a PDS to be provided to you before purchasing a financial product. A PDS must contain specific information as outlined by the law. This typically includes details about the product's benefits, potential risks, fees, terms and conditions, and complaints procedures.
The following product disclosure statement documents are in PDF format. To access them, please make sure you have Adobe Reader installed.
ClearView: ClearView Clearchoice PDS
Integrity: Integrity PDS
MetLife: MetLife Protect PDS
MLC: MLC Insurance PDS
NEOS: NEOS PDS
OnePath: OnePath OneCare PDS
Zurich: Zurich Wealth Protection PDS
Last updated: August 2023
Quick tips on reading a product disclosure statement
When you're looking to buy a financial product, it's super important to read through the whole PDS document. Don't just skim it! Take your time to really understand what you're getting into. And if you have any questions along the way, jot them down and have a chat with your financial adviser.
If you're trying to find something in a PDS, there are some tricks:
First, check out the table of contents at the start of the document. It'll help you jump to the right section in a snap.
If you're reading on a screen, take advantage of the search function. Look up keywords like 'benefits' or 'fees' for quick access to relevant info.
Don't forget the glossary—it's usually included! It'll explain any fancy words you're not familiar with.
Key things to
look for
Hey, when you're checking out a product, make sure you don't just look at the fees. Take a closer look at all the important details, too. Like, if you're checking out life insurance, it's super important to learn about how the insurer defines different types of cover, what specifically falls under your policy, any medical jargon they use, and the process for filing a claim.
If you’re left with any questions after reading a PDS, that’s not a bad thing! Reach out to us to clarify any questions you may have.