Death and total disablement cover
Death and Total and Permanent Disablement cover as from 22 June 2012
Through REI Super you are able to obtain insurance for Death and Total and Permanent Disablement.
As with our Salary Continuance Insurance, the occupation profile and purchasing power of REI Super means that premiums are extremely attractive.
Default cover as from 22 June 2012
The ‘default’ level of insurance cover is four units.
Default cover for Death and Total and Permanent Disablement (TPD) generally commences when the Fund receives your 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 (employer contribution) is received within 6 months of you first being eligible for that SG contribution.
If you join REI Super after 6 months of being first eligible, or more than 18 months have passed since the last Employer Contribution, Limited Cover* will apply to your Default Cover for 12 months from the date the insurance commences.
If you are in Active Employment on the day your insurance has been in place for 12 months, full cover will commence.
If you are not in Active Employment after 12 months have elapsed, Limited Cover will continue until you return to Active Employment for 30 consecutive days.
On joining REI Super, you can opt for a further two units of cover, that is up to six (6) units of cover in total, without the need for health evidence - this is considered the 'automatic acceptance limit.'
Eligibility for additional cover
To be eligible for this additional cover, you need to apply for the extra unit within 6 months of joining the Fund and the first SG contribution must be received by the Fund within 6 months of being eligible for a SG contribution.
How much does it cost?
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.
To view the amount of 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.
* Limited Cover means you are only covered for an Illness that first becomes apparent, or an injury that first occurs, on or after the date cover commenced.
Increasing your insurance cover
The maximum amount of cover you can apply for is 20 units.You can now apply online to increase your 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 in most cases 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.
You can also use our online insurance quote calculator.
This tool will help you to estimate:
- how much Death and Total and Permanent Disablement insurance you need and calculate the premium
- how much Salary Continuance Insurance you need and the cost
Life Events Benefit
You are able increase your cover by 1 unit of the Insured Benefit Scale without the need for health evidence upon undergoing one of the following events:
- getting married;
- adopting or becoming the natural parent of a child; or
- obtaining a mortgage on a newly purchased property in which you intend to reside in immediately after its purchase.
You must apply using the application form and provide us with evidence satisfactory to us to confirm that any of the above events has taken place within three months of the event occurring and be in Active Employment on the date of the application.
The Life Events Benefit may only be used once and any increase in cover cannot exceed the maximum of 20 units.
Continuation Of Cover When A Member Leaves Employment
When you leave employment your Death and TPD cover continues providing:
- you stay a Member of the Fund; and
- we can continue to deduct the applicable premiums from your superannuation account.
Your TPD cover will continue for a period of 12 months after you leave employment. If you do not direct your new employer to pay contributions to REI Super your TPD cover will cease but you will retain your Death cover.
If you commence leave without pay from your Employer you can request that your TPD cover continues for up to 24 months from the date the leave without pay commences. You need to request this before the first 12 months of leave without pay have passed otherwise TPD cover will cease after 12 months.
Overseas Residence And Travel
If you are an Australian Resident or New Zealand Citizen and who is residing overseas you will be provided with cover. If you are not an Australian or New Zealand Citizen, we will provide cover while overseas for a period of up to 90 days from any date you leaves Australia.
No Benefit will be paid for a member if his or her Illness or Injury is directly or indirectly caused by War outside Australia.
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