Default Death Benefit
1 Unit
($3.98 default cover)
Insurance
What would happen to you and your family if you were injured or die? When unfortunate events strike they can be devastating for you and your family. With AUST(Q), you have the security of knowing that, if anything happens to you, we can provide insurance cover that will assist you and provide peace of mind.
Death, Income Protection and Total & Permanent Disablement Insurance
The Fund provides 24 hours a day insurance cover for Death, Income Protection and Total and Permanent Disablement (TPD) benefits (if applicable) for eligible members. On joining the Fund, eligible AUST(Q) members will automatically be covered for 1 Unit of Death Insurance and Income Protection Insurance cover. TPD Insurance cover is an optional benefit. Members can apply for additional death cover and for TPD cover by completing the Application for Insurance in the Member Handbook and Product Disclosure Statement. Requests for additional death cover and/or TPD cover are subject to acceptance by our insurer.
The table below shows the Death benefits provided by 1 unit of cover:
Members age at next birthday |
Default Death Benefit ($3.98 default cover) |
Members age at next birthday |
|
up to age 51 |
$100,000 |
59 |
$46,667 |
52 |
$93,333 |
60 |
$40,000 |
53 |
$86,667 |
61 |
$33,333 |
54 |
$80,000 |
62 |
$26,667 |
55 |
$73,333 |
63 |
$20,000 |
56 |
$66,667 |
64 |
$13,333 |
57 |
$60,000 |
65 |
$6,667 |
58 |
$53,333 |
After 65 |
NIL |
Members
of AUST(Q) may apply to increase their Death insurance cover up to a
maximum of an additional 3 units. Details about the level of cover and
costs of additional units of Death cover are contained in the
Application for Insurance at the back of the Member Application and
Product Disclosure Statement.
Additional Death cover (optional) scale
Members age at next birthday |
1 Additional Unit |
2 Additional Units ($3.98 default cover & $3.90) - $7.88 |
3 Additional Units ($3.98 default cover & $5.85) - $9.83 |
Up to age 51 |
$ 132,500 |
$ 165,000 |
$ 197,500 |
52 |
$ 125,433 |
$ 157,533 |
$ 189,633 |
53 |
$ 118,367 |
$ 150,067 |
$ 181,767 |
54 |
$ 111,300 |
$ 142,600 |
$ 173,900 |
55 |
$ 104,233 |
$ 135,133 |
$ 166,033 |
56 |
$ 97,167 |
$ 127,667 |
$ 158,167 |
57 |
$ 87,450 |
$ 114,900 |
$ 142,350 |
58 |
$ 77,733 |
$ 102,133 |
$ 126,533 |
59 |
$ 68,017 |
$ 89,367 |
$ 110,717 |
60 |
$ 58,300 |
$ 76,600 |
$ 94,900 |
61 |
$ 48,583 |
$ 63,833 |
$ 79,083 |
62 |
$ 38,867 |
$ 51,067 |
$ 63,267 |
63 |
$ 29,150 |
$ 38,300 |
$ 47,450 |
64 |
$ 19,433 |
$ 25,533 |
$ 31,633 |
65 |
$ 9,717 |
$ 12,767 |
$ 15,817 |
66 |
0 |
0 |
0 |
The Income Protection Insurance premium is calculated by multiplying the Superannuation Guarantee contribution received into the Fund (currently equivalent to 9% of your weekly rate of pay) on your behalf by 12.5%*. The Income Protection Insurance premium is deducted from each employer contribution received.
Eligible AUST(Q) members will be provided with up to 90% of their income if they suffer Total Disablement or Partial Disablement (refer to member handbook for definitions) for up to 2 years after the waiting period. In addition an amount equal to 9% of your IP benefit will be paid to tour AUST(Q) superannuation fund account as superannuation contributions.
*Whilst the Superannuation Guarantee rate is 9%.
The following table shows the premium and benefit based on an example of weekly incomes:
Income Protection Benefit payable
Weekly pay |
Weekly premium |
Weekly income benefit paid to you** |
Paid weekly to your AUST(Q) super account |
$600 |
$6.75 |
$540.00 |
$48.60 |
$800 |
$9.00 |
$720.00 |
$64.80 |
$1,000 |
$11.25 |
$900.00 |
$81.00 |
** Benefits are paid fortnightly and are taxable.
Additional Total Permanent Disablement (TPD) cover
Separate to the TPD benefit provided under the IP arrangement (Provided by AIP P/L) Comminsure enables members to apply for optional Total and Perm Disablement cover for a cost of $2.25 per week for the following level of cover:
Members age |
Additional Total and Permanent |
Members age |
Additional Total and Permanent |
Up to age 56 |
$ 30,000 |
62 |
$ 12,000 |
57 |
$ 27,000 |
63 |
$ 9,000 |
58 |
$ 24,000 |
64 |
$ 6,000 |
59 |
$ 21,000 |
65 |
$ 3,000 |
60 |
$ 18,000 |
66 and above |
NIL |
61 |
$ 15,000 |
||
For more detailed information, please refer to pages 13 – 19 in the Member Handbook and Product Disclosure Statement.