Insurance Cover

AustSafe Super offers Death Cover along with Death and Total & Permanent Disablement [TPD] cover at very competitive rates to members. The level of cover is taken in 'units' and you can decide to take one 'unit' of Death and TPD Cover for as little as $1.13 per week or $1.10 per week for white collar workers.

Alternatively you can call our customer service hotline 1300 131 293 (or 07 3013 8767 for Brisbane metropolitan area).

The information provided below is effective from 1 January 2007. Terms and conditions applicable up until 1 January are as detailed in the 2005 Annual Report.

Insurance cover is now provided automatically to all eligible members. We recommend seeking financial advice when considering the appropriate level of cover for you. Austsafe Financial Advisers are available for this purpose. You are able to cancel cover at any time.

You are an eligible member if:

Your completed and signed Member Application is received by AustSafe Super within six months (180 days) of commencing work with your employer, and
You are not off work due to sickness or injury when you complete and sign the Member Application.

Note: Insurance cover is currently not available to Spouse or Allocated Pension members.

If you are not in active employment when you complete and sign the Member Application, you will be eligible to apply for insurance cover after you have completed sixty (60) consecutive working days in active employment. Active employment means that you are employed (including being on paid leave, except for reason of sickness or injury) by an AustSafe Super employer to carry out identifiable duties and in the insurers opinion you are not restricted by illness or injury from being capable of performing those duties on a full time basis (30 hours per week), even if not working on a full time basis.

If you are an eligible member and you are regularly working more than fifteen (15) hours per week for an employer who is contributing to the Fund, you may choose to take Death and Total & Permanent Disablement (TPD) insurance cover at a cost of $1.13 per unit per week or $1.10 per unit per week for white collar workers.

If you are an eligible member and you are working fifteen (15) or less hours per week for an employer who is contributing to the Fund, you may choose to take Death Only cover at a cost of $0.80 per unit per week.

The premium scale below is effective from 1.1.2007

	1 Unit	5 Units	10 Units	15 Units	17 Units
Cost per week Death and TPD Cover	$1.13	$5.65	$11.30	$16.95	$19.21
Cost per week Death Cover Only	$0.80	$4.00	$8.00	$12.00	$13.60

Example:
A member is 55 years old and is covered for 12 units of death only cover. What is his weekly premium if he is not a white collar employee?
12 x 1.13 (1 unit of cover) = $15.60 per week.

This member dies, what is the benefit payable?
At age 55, 1 unit of cover is $7,500. Therefore 12 units of cover is 12 x 7,500 =$ 90,000

Am I a white collar employee?

You can be classified as a white collar employee if you are employed to work solely in an office environment. Examples: professionals, office based managers, administration and office work, sales executives - with no manual work.

What is TPD?

Total and Permanent Disablement (TPD) is defined in the insurance policy 1 covering the fund as:-

a member suffering the loss of use of two limbs or the sight of both eyes or the use of one limb and the sight of one eye (where limb is defined as the whole hand or the whole foot), or
a member having being absent from their occupation with the employer through injury or illness for six consecutive months and having provided proof to the satisfaction of the insurer that the member has become incapacitated to such an extent as to render the member unlikely ever to engage in any gainful profession, trade or occupation for which the member is reasonably qualified by reason or education, training or experience.

You must also satisfy the definition of permanent incapacity contained in the Superannuation Industry (Supervision) legislation to enable the Fund to release your benefit.

How much cover can I have?

The level of cover depends on the number of units of cover you have and your age at the date of death or disablement. You can have up to 17 units of cover subject to maximum cover of $500,000 or $750,000 for white collar workers.

Examples of the amounts of cover available for 1, 5, 10, 15 and 17 units of cover are shown in the following table:

Age at Date of Death or Disablement	Cover 1 Unit	Cover 5 Units	Cover 10 Units	Cover 15 Units	Cover 17 Units
Age 40 or less	30000	150000	300000	450000	500000
41	28500	142500	285000	427500	484500
42	27000	135000	270000	405000	459000
43	25500	127500	255000	382500	433500
44	24000	120000	240000	360000	408000
45	22500	112500	225000	337500	382500
46	21000	105000	21000	315000	357000
47	19500	97500	195000	292500	331500
48	18000	90000	180000	270000	306000
49	16500	82500	165000	247500	280500
50	15000	75000	150000	225000	255000
51	13500	67500	135000	202500	229500
52	12000	60000	120000	180000	204000
53	10500	52500	105000	1575000	178500
54	9000	45000	90000	135000	153000
55	7500	37500	75000	112500	127500
56	6000	30000	60000	90000	102000
57	4500	22500	45000	67500	76500
58	3000	15000	30000	45000	51000
59	2500	12500	25000	37500	42500
60	2500	12500	25000	37500	42500
61	2500	12500	25000	37500	42500
62	2500	12500	25000	37500	42500
63	2500	12500	25000	37500	42500
64	2500	12500	25000	37500	42500
65	Nil	Nil	Nil	Nil	Nil

Examples of the amounts of cover available for 1, 5, 10, 15 and 17 units of cover for white collar employees are shown in the following table:

Age at Date of Death or Disablement	Cover 1 Unit	Cover 5 Units	Cover 10 Units	Cover 15 Units	Cover 17 Units
Age 40 or less	45000	225000	450000	675000	765000
41	42750	213750	427500	641250	726750
42	40500	202500	405000	607500	688500
43	38250	191250	382500	573750	650250
44	36000	180000	360000	540000	612000
45	33750	168750	337500	506250	573750
46	31500	157500	315000	472500	535500
47	29250	146250	292500	438750	497250
48	27000	135000	270000	405000	459000
49	24750	123750	247500	371250	420750
50	22500	112500	225000	337500	382500
51	20250	101250	202500	303750	344250
52	18000	90000	180000	270000	306000
53	15750	78750	157500	236250	267750
54	13500	67500	135000	202500	229500
55	11250	56250	112500	168750	191250
56	9000	45000	90000	135000	153000
57	6750	33750	67500	101250	114750
58	4500	22500	45000	67500	76500
59	3750	18750	37500	56250	63750
60	3750	18750	37500	56250	63750
61	3750	18750	37500	56250	63750
62	3750	18750	37500	56250	63750
63	3750	18750	37500	56250	63750
64	3750	18750	37500	56250	63750
65	Nil	Nil	Nil	Nil	Nil

What evidence of health do I have to provide if I want insurance cover?

No Evidence Required
You will not need to provide evidence of health if you request one (1) unit of insurance cover (Death and TPD or Death only) when you first join and you were in active employment.

Evidence Required
You will have to provide evidence of health if:

you want insurance cover and you were in active employment when you join AustSafe Super: or
you don't take any insurance cover out when you join the fund but later on decide you want insurance cover: or
you already have cover and want to increase it: or
you want more than 1 unit of cover when you first join the fund.

Transfer of Insurance Cover

You can transfer your cover from another fund (as long as this cover was provided as part of of a employer sponsored superannuation group arrangement) subject to providing evidence of such cover. The number of units of cover of cover you receive under the AustSafe Super fund will be closely matched to the cover transferred for death and TPD and equivalent fixed cover for salary continuance insurance.

Under these circumstances, you will not need to provide medical evidence in respect of any insurance transferred.

When does cover start?

Cover will start on the date you commence work with your employer provided a completed and signed member application form is received by AustSafe Super within 180 days of commencing work with your employer, and you are not off work due to sickness or injury when you complete and sign the application form.
If you are not in active employment when you complete your application form, cover will commence after evidence of health has been received by AustSafe Super and your application for cover has been accepted.
If you select additional units of insurance cover, your insurance commences when satisfactory evidence of health has been received and accepted by the insurer and you are advised of the acceptance in writing.
If you don't take insurance cover when you first join the fund, and apply for insurance at a later date, your cover will commence when the required evidence of health has been received, and your application for cover has been accepted.

Insurance premiums

Insurance premiums will start being deducted from your account once an "on-time" contribution has been received. Premiums will be deducted on a weekly basis from your account while you have a positive account balance. Premiums will continue to be deducted whilst you are employed and for 11 months after termination of employment. One month cover will be provided free of charge after your last premium deduction. If there is insufficient funds in your account, premiums will cease to be deducted, and insurance cover will stop.

You will be advised of this with your AustSafe Super Annual Member Statement or written to before you have insufficient funds.

When does cover stop?

If you have a positive account balance insurance cover will cease on the earliest of:

12 months after you have ceased work with an AustSafe Super employer;
The end of the week in which your account balance in the fund equals zero, unless the insurer agrees otherwise.
the date on which you are paid a Death, terminal illness or TPD benefit under this insurance;
the date you cease to be a members of the fund;
the date we receive written advice from you that cover is to cease;
the date you commence duty with the armed services of any country; or
your 65th birthday.

If you have Death and TPD cover and your hours of work drop to below an average of 15 hours per week over a 13 week period, you will no longer be eligible for TPD insurance cover. You must notify AustSafe Super so that your insurance premiums can be reduced accordingly.

Is continuation of Death Cover available after I leave AustSafe Super?

If you cease employment with a participating employer in AustSafeSuper, you may be able to take up a 'continuation' option to obtain a personal life insurance policy from the Fund's insurer. The policy is for death cover only and will be issued without having to supply medical evidence but will be subject to certain conditions.

To be eligible, you must:

Be under 60 years of age;
Not have left your employment for duty with the armed forces;
Not be ceasing employment for reasons of ill-health or be entitled to receive a disablement benefit;
Our underwriting requirements for occupation and pastimes are met;
Premiums are not overdue for you at the time cover ceases;
You are no longer an employee of an AustSafe Super employer or a member of the fund;
Apply for this cover, and pay the correct premium within 60 days of ceasing work with your employer.

Is cover available if I go on unpaid leave?

If you are given unpaid leave of absence from your job (includes maternity leave), you can continue your cover while on leave of absence provided you are not joining the armed forces. The maximum period of cover is 12 months. Premiums must continue to be paid for the period of leave.

Terminal Illness

If you have death cover insurance through AustSafe Super, and you are diagnosed as having a Terminal Illness, the Insurer will provide a lump sum payment, equal to your death cover amount. Terminal Illness means that you have been diagnosed as having a Terminal Illness which, in the opinion of the Insurer, will most likely lead to your death within twelve months.

Salary Continuance Insurance

AustSafe Super members are also able to apply for Salary Continuance Insurance cover, which has been arranged by AustSafe Super under a group insurance scheme, at discounted premium rates. This is optional for all Full Time or Permanent Part Time members (not seasonal workers) who work at least 15 hours per week for a participating AustSafe Super employer.

For a copy of the Salary Continuance Insurance Booklet please contact AustSafe Super or visit our website. The Salary Continuance Insurance Booklet comprises Part D of the AustSafe Super Product Disclosure Statement. You should read both the Salary Continuance Insurance Booklet and this Handbook if you wish to apply for Salary Continuance Insurance cover.