As a result of the Protecting Your Super reforms there will be an increase in your insurance premiums paid for Death, Death and Total and Permanent Disablement (TPD) and Income Protection. These rates are effective from 1 July 2019.
Below is a summary of the different types of cover available through the fund and some examples to show you the impact of this price increase.
|Type of cover||Maximum cover||Cost of cover (deducted from your account in arrears in monthly installments)|
|Death & Total and Permanent Disablement levels of cover vary with age and occupation||Standard – $199,251*||$219.96 p.a.|
|Fixed cover (subject to insurer approval). Cost of cover varies with age, contributing status, gender, occupation and smoking status.|
|Death||Unlimited death cover.
$5 million terminal illness cover.
|Example: 45 year old female, employer-sponsored, white collar occupation category will cost $177 p.a. for $300,000 of Death cover.|
|Death & Total and Permanent Disablement||Unlimited death cover.
$5 million Total and Permanent Disablement cover (amount of cover cannot exceed Death cover). $5m terminal illness cover.
|Example: 45 year old male, personal member, white collar occupation category, non-smoker will cost $507 p.a. for $300,000 of Death and TPD cover.|
|Income Protection||The lesser of:
75% of last agreed annual salary or wages (as earned in one calendar month), plus superannuation contributions of 10%; or $30,000 per month.
|Example: 45 year old female, employer-sponsored, white collar occupation category, non-smoker for up to 2 year benefit period with a 30 day waiting period will cost $95.00 per month for $10,000 per month cover.|
*The example is based on males and females aged between 30 and 40 on their next birthday with a ‘Standard’ occupation category. If you’d like to change your occupation category, please log into our secure member portal or fill out our Insurance Variation Form. To help you work out your category, our Insurance Guide on page 19 has the descriptions we use.
To see the new rates for the cover that you hold with us, please refer to the applicable rate tables below. We have provided examples to show you how to use the new rates to calculate the premium you will pay from 1 July 2019.