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Master Trust |
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INSURANCE |
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The Aon Master Trust has a number of insurance options to provide financial protection in the event of disablement or death. For an overview, see Insurance and your super:
Conditions apply to the insurance options so you should contact us for details. Death and total and permanent disablement Members can select unlimited cover for death insurance and up to $3 million for total and permanent disablement (TPD) insurance. A minimum level of death and TPD insurance cover applies to eligible members of Corporate Super and Personal Super (applies only to new members of Personal Super on or after 1 July 2010) who are insured under the standard AIA Australia policy*. This minimum is age-based and is $243,101 up to age 42 (inclusive), reducing to nil at age 65. See Insurance and your super:
Members can opt out of, reduce, fix or apply to increase their cover at any time. * If employers have a special arrangement such as an insurer other than AIA Australia, employer-paid insurance premiums, or cover for defined benefit members, the minimum level of cover will not apply. TPD definitions For more information on the insurer's definitions for total and permanent disablement, see Insurance and your super:
TPD cover - no death cover required From 1 July 2011, members can apply for TPD cover without the requirement to have death cover as well. If the member wants both types of cover, with TPD cover higher than death cover, they can apply for that too. In either case, they can apply for up to $3 million of TPD cover. Premium rates for TPD cover in excess of death cover will be 20% higher than standard rates. Life stages cover Life stages allows members to apply for higher death and TPD cover - no health evidence required - on certain life events:
Eligibility and applications The application form is being developed. To apply for increased cover under this facility, the member must:
Exclusions and restrictions
Loyalty program When a member reaches five years of insured membership in the Aon Master Trust and at every fifth anniversary thereafter, they will be invited to increase their level of death and TPD cover and they will not need to provide evidence of health with their application. The system will flag upcoming dates. Income protection The Aon Master Trust's income protection benefit offers coverage of up to 75% of taxable salary in the event of total disability. The maximum monthly benefit is $30,000. Waiting periods of 30, 60 or 90 days are available and there is a choice of short-term income protection (benefit payment period of up to two years) or long-term (benefit payment periods of up to five years or to age 65). See Insurance and your super:
Agreed value income protection policies Personal Super members looking for greater certainty around future claims can apply for an agreed value income protection policy. A number of terms and conditions apply, including a 20% premium loading. See Insurance and your super: Cover to age 70 Members approaching age 65 and in a professional or white collar occupation may now be able to continue their cover to age 70, with a maximum benefit period of two years and monthly benefit payments limited to the lesser of 75% of salary and $10,000. To be eligible, the member must continue to be permanently and gainfully employed for at least 15 hours a week at age 65. Contact us for premium rate information. Rehabilitation expense benefit If the member attends a rehabilitation program that includes a return to work plan, the cost of the program (up to a maximum amount of six monthly income protection benefit payments) will be paid in addition to the payments the member receives. To qualify, the member must be receiving income protection benefit payments when they attend the program and the return to work plan must be approved by the insurer. Recurrent disability benefit If, within the first 12 months of returning to work following a claim, the member's previous disability recurs and makes them unable to work, it will be treated as the same claim. This means that no further waiting period will apply, and the benefit period will be reduced by the first claim period. Additional lump sum on death If the member dies while receiving income protection benefit payments, an amount equal to three monthly benefit payments will be paid as a death benefit. Competitive premiums The Aon Master Trust seeks out the most competitive premium rates, terms and conditions. Premiums are based on occupation, age, amount of cover and (for income protection) gender, and are deducted monthly. See Insurance and your super:
Insurance forms To apply for or increase additional voluntary insurance cover, update their occupational status, change insurance options or opt out of insurance members should complete the relevant form. Insurance quote calculator The insurance quote calculator will help you calculate the cost of insurance cover in the Aon Master Trust. Underwriting requirements in Personal Super The underwriting requirements tables outline the medical and financial underwriting requirements that apply to all applications for voluntary death, TPD and income protection cover in Personal Super. Direct access to group underwriters Got a pre-assessment enquiry? Need to discuss a substandard or declined decision? AIA Australia offers direct access to group underwriters. Transferring insurance cover into the Aon Master Trust Members can apply to transfer insurance cover they have in another super fund or policies held outside super into the Aon Master Trust with no health evidence required. See the Individual insurance transfer questionnaire for more information. Automatic transfer of cover to Personal Super Death and TPD cover Members leaving Corporate Super with account balances of $5,000 or more are transferred automatically to Personal Super. Death and TPD cover amounts continue automatically on transfer with no health evidence required. Income protection Members under age 65 who transfer to Personal Super may apply within 60 days of leaving their employer to continue their IP cover in Personal Super. They will be required to confirm their occupation and continued employment and that they meet the minimum work hours requirement. They will also be required to complete an AIDS declaration. When insurance cover ceases Refer to the Product Disclosure Statement or When insurance cover ceases: |
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