insurance

To estimate the cover you require and how much it might cost, try the  insurance quote calculator.  To see how to use the calculator please refer to these short videos on estimating life insurance and estimating income insurance needs.

The ‘default’ level of insurance cover is two units.

 

Permanent Employees working at least 15 hours per week are eligible to receive two units of Death and Total and Permanent Disablement cover. 

 

To check the level of cover per unit please refer to this table.

 

Employees working less than 15 hours per week and casual employees are eligible to receive two units of death only cover. (Please advise the Fund if you change your work status - this can be done by sending the Fund an email or by using this Change of Membership Details Form.)

 

On joining REI Super, you can opt for a further unit of cover, that is up to three units of cover in total, without the need for health evidence - this is considered the 'automatic acceptance limit'. To be eligible for this additional cover, you need to apply for the extra unit within 120 days of joining the Fund and the first SG contribution must be received by the Fund within 120 days of being eligible for a SG contribution.

 

Each insurance unit costs $1.00 per week for Death and Total and Permanent Disablement cover and $0.75 per week for Death only cover. The cost is deducted from the employer contribution account, monthly in arrears. For more information on cover refer to this table.

 

If you do not wish to have insurance cover, you can opt out on your membership application form, or advise the Fund in writing.

 

You may vary your insurance cover by completing an

Adjusting Your Insurance Cover Form. You may apply to increase your level of insurance at any time and will be required to complete a Personal Statement to be assessed by the Fund Insurer.

 

As Total and Permanent Disablement is contingent on the Member working full time, this cover may be cancelled if the Fund is advised that you have left employment. Cover can be reactivated without further documentation if we are advised that you have been re-employed within 120 days of leaving your previous employer. 

 

Your new employer can advise that you have commenced employment using a Transfer Form or by sending the Fund an email.

 

For most of us our most valuable asset is our ability to earn an income.  If we find ourselves unable to work it can have serious repercussions for our own and our family's lifestyle and our wealth.  For this reason many choose to insure this asset through Salary Continuance insurance (otherwise known as Income Protection insurance).

 

Salary Continuance insurance is available to REI Super Members employed on a permanent full-time basis (15 hours p.w. or more).  Members are able to apply to cover up to 85% of their assessable income, including sales commissions.  The REI Super policy entails a 90 day waiting period and a maximum payment period of two years.  REI Super Elite members have the option of shorter waiting periods.

 

If an insured Member is unable to work as a result of injury or sickness arising during or outside working hours, they may lodge a claim to apply for an income benefit. The level of income benefit provided is dependent on the units of cover held and the assessable income at the time of incapacity. 

 

One unit of cover is equivalent to an annual gross income benefit of $5,200 (i.e. $100 per week). The cost is $0.25 per week for one unit of cover.  Premiums do not increase with age and are deducted from the Member's superannuation account and do not require additional contributions for funding.  For more information on the cost of cover refer to this table or refer to the income protection component of this calculator.

 

As Salary Continuance Insurance is contingent on the Member working, this cover may be cancelled if the Fund is advised that you have left employment. Cover can be reactivated without further documentation if we are advised that you have been re-employed within 120 days of leaving your previous employer. Your new employer can advise that you have commenced employment using a Transfer Form or by sending the Fund an email.

 

You can apply for Salary Continuance Insurance using this Application Form.  Cover is subject to underwriting.

 

As a Member, you will be covered for insurance benefits while overseas except when on the calendar day immediately prior to the date you leave Australia, the country to which you are travelling is the subject of an Australian Government travel advisory notice advising against all travel.

 

If you travel against this advice which is later downgraded, you will be covered from the date the Australian Government travel advisory notice changes from advising against all travel.

When a Member is not an Australian resident or a New Zealand citizen, the Member will only be covered for a period of 90 days while overseas.