insurance

The Fund offers the following insurances:

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.
 
To apply for insurance or to increase your cover you can            

death and total disablement cover

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.)
 
Default cover for Death and Total and Permanent Disablement generally commences when the Fund receives a completed Application for Membership, or receives your first Superannuation Guarantee (SG) employer contribution (whichever occurs first). Default cover is provided on the condition that the first SG contribution is received within 120 days of you first being eligible for that SG contribution.
 
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.
 

Increasing your insurance cover

REI Super members can now apply online to increase their level of insurance cover- death, disability or salary continuance.

Fast and simple, your online insurance application takes less than 10 minutes to complete.

You will receive an immediate decision on your application.  Where additional information is required by MetLife Insurance, your application is immediately forwarded to a dedicated underwriter who will contact you on your preferred number and time.

To apply simply login to your REI Super account and go to the 'insurance' area of your account.

 
You may also vary your insurance cover by completing an
Adjusting Your Insurance Cover Form, together with a Personal Statement to be assessed by the Fund Insurer.  Please note however completing a paper based application may take longer to be processed than applying online.
 
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.
 

salary continuance insurance

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 online simply by logging in to your REI Super account and going to the 'insurance' area of your account.
 
You can also apply by using this Application Form.  Cover is subject to underwriting.
 

more information

Full details and a table of the level of insurance cover and options are shown in the Product Disclosure Statement.
 
A Product Disclosure Statement can be posted to you - please send us your details by email.

overseas travel

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.