The Fund is also able to offer additional insurance
arrangements to those detailed earlier, underwritten by
PrefSure Life Limited, on competitive rates and terms.
There are three types of additional cover available.
They are:
Lump Sum Death Benefit
You can apply for any amount of cover in $1,000 multiples,
with a minimum amount of cover of $50,000. The
maximum amount of death cover you can have from this
benefit and the Death and TPD benefit is $2,000,000.
Lump Sum Death and Total and Permanent
Disablement (TPD) Benefit
You can apply for any amount of cover in $1,000 multiples,
with a minimum of $50,000 and a maximum of $1,600,000.
Salary Continuance Insurance (SCI)
There are two types of cover to choose from:
Short term: the benefit is payable for a maximum period
of 2 years for any one disability; or
Long term: the benefit is payable for a maximum period
to age 65.
What are the insurance costs?
The cost for Death and Death and TPD cover depends
on the amount of cover you have, your age, your sex,
smoker/non-smoker, and any exclusion on your cover or
loadings to your premium applied by the insurer.
Premiums are deducted from your account monthly.
The premium rates for this cover can be found on the next
page of this PDS.
When does cover commence?
Cover commences from the date the insurer accepts your
application for cover.
When does cover cease?
In general, cover ceases when you request cover to cease,
or when you have insufficient money in your account to
meet the Trustee's minimum account balance, or you reach
the maximum cover age.
Are there exclusions and restrictions?
Yes. For any additional insurance cover, no benefit shall be
payable where the direct or indirect cause of the claim is:
Suicide occurring in the first 13 months after the date
that the cover commences or is reinstated after having
lapsed; or
Any deliberately self-inflicted injury which occurs at any
time; and
Any such exclusion as the Insurer may apply to an
insured person as a condition of acceptance of cover.
Terms and conditions
For all terms and conditions of additional insurance cover
please refer to the policy.
How do I find out more?
If you are interested in finding out more about Additional
Insurance, please contact Member Services.
Local Government and Energy
Industries Superannuation
Schemes Members
If you are transferring into the Fund from either the Local
Government or Energy Industries Superannuation Schemes
and you were covered for Voluntary Insurance under one of
those schemes, then you may be able to continue that
cover in the Fund. For further information please contact Member Services.
Salary Continuance Insurance Details
Click Here
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