Industry Division Members
For Industry Division members, Death, Terminal Illness & Total & Permanent Disablement (TPD) cover and Short Term Income Protection insurance is automatic. This means that for Death, Terminal Illness & TPD, you won’t have to provide any evidence of health and you’ll still be covered for 1 unit up to age 70.
New members who join the Industry Division have the option to take up a second unit of Death, Terminal Illness & TPD cover within 60 days of receiving their welcome letter.
Personal Division Members
New eligible members of Club Plus Super's Personal Division have the option to take up one unit of Death, Terminal Illness & TPD cover and up to $5,000 per month Short Term Income Protection cover within 60 days of receiving their welcome letter without providing evidence of health. Cover provided this way will be subject to a 3 year pre-existing condition and suicide exclusion.
If additional cover is required or the Personal Division member does not want the 3 year exclusion, they can apply with the insurer by completing a Personal Statement form. Their request will be subject to the insurer accepting their cover with satisfactory evidence of health.
The automatic insurance cover provided is unitised. One unit of cover costs $3.20 per week.
The actual amount of cover will depend on your age and will decrease each year as you get older (see table below).
|AgeNext Birthday||Cover (One Unit) $||Age||Cover (One Unit) $|
You can apply for extra insurance by completing a Personal Statement form
Short Term Income Protection covers you for up to 90% of your salary for which Superannuation Guarantee contributions have been paid by your employer if you are a member of the Industry Division and is payable for a maximum period of two years.
The cost of insurance is deducted each time your employer makes an SG contribution and is equal to 9.35% of the employer (SG) contribution paid to your account.
For Personal Division members, the cost of cover is deducted monthly and equal to 0.849% of the insured income advised.