INSURANCE
Apart from helping you provide for your retirement we are also committed to protecting your life and protecting your income! You might be asking yourself what that means for me!
Club Plus has designed for its members low-cost insurance options. Insurance is very personal and the amount of insurance that you require depends on your personal circumstances. Through Club Plus Super you have the flexibility and the option to change your levels of insurance to suit your needs. You have the following insurance benefits:
- Death, Terminal Illness & Total & Permanent Disablement Cover
- Income Protection Insurance
All members of Club Plus are automatically set up to receive one unit of Death and TPD Insurance Cover when they join the fund. This cover is automatic and available without any evidence of health and costs $1.50 per week.
All members of Club Plus are automatically set up to receive income protection insurance. This cover is also automatic and available without evidence of health.
If you have an existing insurance policy outside of Club Plus, either through another superannuation fund or independently of superannuation, Club Plus may be able to help you save money. Club Plus has negotiated attractive insurance premiums and is able to provide a quotation that may allow you to transfer your existing policy, with all its existing benefits, into Club Plus at Club Plus rates. To apply, simply complete and return the Insurance Transfer Form.
If you would like to know more about insurances click here to read the fact sheet
Death, Terminal Illness & Total & Permanent Disablement
As a Club Plus member you will be automatically covered for one unit of Death, Terminal Illness and Total and Permanent Disablement Insurance Cover at a cost of $1.50 per week on joining the fund. Death, Terminal Illness & TPD insurance cover is provided 24 hours a day, 7 days a week provided you have sufficient funds in your member's account to continue paying premiums.
How much do I have and how much do I require?
There are many factors to take into account when determining how much cover you need, for example, to ensure your family is protected in the event of your death you may want to have enough cover to allow your family to pay off a mortgage and other loans, and/or meet the cost of your children’s education and for your family to maintain a comfortable lifestyle. With the right amount of cover, you can feel confident that you and your family will have financial security. On joining the fund you have automatic insurance cover, however this can be changed to suit your personal circumstances. You can apply for any number of units of cover subject to the $2,000,000 limit. The table shows the level of cover for one unit of Death, Terminal Illness and TPD insurance cover at a member’s age. Where a member obtains additional units of cover, the number of units of cover is multiplied by the amount shown in the table. To work out what level of insurance cover you currently have, please check a recent member’s statement or check your details on line.
Do I have enough insurance cover?
Club Plus members have access to Money Solutions, a commission-free financial advisory service who are retained by Club Plus to provide advice to members. One of the services offered by Money Solutions is a needs assessment worksheet for life insurance. This is a first step in determining whether your current level of insurance is adequate for your needs.
How do I apply for additional cover?
Additional cover can be applied for at any time provided that your total amount of insurance cover does not exceed $2,000,000. If you wish to apply for an amount up to $800,000 of Death, Terminal Illness and Total and Permanent Disablement Cover, please complete the ‘Short Personal Statement’ which can be found on the website or by contacting the member hotline on 1800 680 627. Please note that in all cases, additional insurance cover is subject to acceptance by the insurer. The insurer’s decision will be based on the information that you provide in the Personal Statement and any other medical evidence collected.
Downloads: