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A Product Disclosure Statement (PDS) is a legally required document provided by an insurer that sets out the key features, coverage, exclusions, conditions, and costs of an insurance policy. You must receive a PDS before or at the time of purchase, and it is the definitive source of what your policy does and does not cover.
Insurance sales brochures and comparison websites summarise cover but rarely include all exclusions and conditions. The PDS is the contract. If a claim is declined based on an exclusion, the insurer will reference the PDS — regardless of what a sales person said verbally. Spending 30 minutes reading the key sections (particularly 'what is covered', 'what is not covered', and 'your obligations') before purchasing can prevent significant financial pain at claim time.
A Target Market Determination (TMD) is a document required since October 2021 under the Design and Distribution Obligations (DDO) regime. It describes the type of consumer the product is designed for and distribution conditions. Insurers and brokers must take reasonable steps to ensure the product is distributed only to consumers who are within the target market. The TMD is separate from the PDS but together they frame the suitability of an insurance product.
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