LIFE INSURANCE INDUSTRY

GENERIC PERSONAL STATEMENT (GPS)

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Asteron





Tower


 
 

NOTICEBOARD

  
 



The current GPS is the same as the previous.


  
 

THE GPS

 



The GPS has been designed for the use of advisers to assist in streamlining the insurance application process.

The GPS provides insurers with the standard information necessary to start the underwriting process on the person to be insured.

It replaces all the personal health, occupation and activities questions which are usually in the insurer’s product-specific application form and it can be used to place cover with a single company or to place components of cover (eg income protection and term/TPD) with more than one company, regardless of the policy ownership or benefit amount.

The GPS can be used to gather information either as part of fact finding or later in the advice process.

It should be accompanied by, and attached to, the insurer’s product application.

Whilst it should not be used to “shop” cases around the market it will facilitate the re-application to another insurer if one declines cover and another indicates a willingness to underwrite, for example.


INSTRUCTIONS FOR USE

  1. If the GPS is being copied for use by more than one insurer, each copy must have an original signature. To facilitate this, after printing out one copy, photocopy the number of declaration pages (page 2 of 20) needed for the number of insurers being used.

  2. The name of the insured needs to be written in the box on the footer of each page to ensure if pages go astray they can be identified.

  3. Information such as policy ownership, nomination of beneficiaries, PDC’s etc need to be completed on the insurer’s own product application form. Also all declarations must be signed on the GPS and the insurer’s own product application.

  4. If a specific health or pursuits questionnaire needs to be completed, either:
    - use the insurer’s questionnaire as a guide to completing the generic questionnaires within the GPS; or
    - complete and submit the insurer’s questionnaire.

  5. Please use a black pen when completing this form, for scanning purposes..

  6. The adviser should retain a copy of each client's GPS for their records.

  7. Applications dated after the expiry date will not be valid. Contact us if you would like a 7 day expiry reminder email.

  8. Contact Us on support@thegps.com.au