Insurance options
Insurance. It's always great to know that you have it. From one day to the next, life can take you to unexpected places and situations, like illness or injury. Insurance offers you peace of mind, security and financial protection. It's important to consider your options and review where you are, especially if your circumstances have changed and a family now relies upon you.
Insurance
If you were a member prior to 12 January 2009 your rates and cover may be different. Further details are available here, or contact us for details.
At Australian Enterprise Super, you have a number of insurance options to protect yourself and your family should the unexpected occur.
As a member, you may be entitled to insurance cover to protect you and your family if illness or injury prevents you from working or in the event that you die. The insurance cover available includes:
- death and total and permanent disablement insurance (TPD)
- income protection insurance which can provide you with an income over the short term
Death and total and permanent disablement insurance (TPD)
AutoCover
If you are an eligible employer-sponsored member, AutoCover automatically provides one unit of insurance cover.
Personal/self-employed and spouse members must apply for cover.
AutoCover costs just $1 per week and applies 24 hours a day, 7 days a week. The amount of cover you may receive is based only on your age, without reference to your gender, health or occupation.
The value of each unit of death and TPD insurance is shown in the following table.
ChoiceCover
ChoiceCover allows you to choose the right amount of extra insurance cover. You can choose to apply for the amount of ChoiceCover that suits you, subject to providing satisfactory evidence of your health.
Apply to purchase insurance cover up to a maximum insured benefit of $3 million subject to the completion of appropriate medical evidence and acceptance of cover by the Insurer. We will let you know if any exclusions or conditions apply due to your personal circumstances.
Cost of cover
ChoiceCover units cost $1 per unit per week and the amount of cover per unit is shown in the table above.
| Amount of AutoCover and ChoiceCover |
|||
| Age Next Birthday | Amount for one unit of AutoCover or ChoiceCover ($1 per week) |
Age Next Birthday | Amount for one unit of AutoCover or ChoiceCover ($1 per week) |
| 15 | $120,748 | 43 | $60,374 |
| 16 | $120,748 | 44 | $54,281 |
| 17 | $120,748 | 45 | $48,189 |
| 18 | $120,748 | 46 | $42,280 |
| 19 | $120,748 | 47 | $38,588 |
| 20 | $120,748 | 48 | $35,080 |
| 21 | $120,748 | 49 | $31,387 |
| 22 | $120,748 | 50 | $27,695 |
| 23 | $120,748 | 51 | $24,187 |
| 24 | $120,748 | 52 | $21,786 |
| 25 | $120,748 | 53 | $19,386 |
| 26 | $120,748 | 54 | $16,986 |
| 27 | $120,748 | 55 | $14,401 |
| 28 | $120,748 | 56 | $12,001 |
| 29 | $120,748 | 57 | $10,893 |
| 30 | $120,748 | 58 | $9,601 |
| 31 | $120,748 | 59 | $8,493 |
| 32 | $120,748 | 60 | $7,201 |
| 33 | $120,748 | 61 | $6,000 |
| 34 | $120,748 | 62 | $4,800 |
| 35 | $120,748 | 63 | $3,600 |
| 36 | $120,748 | 64 | $2,400 |
| 37 | $110,963 | 65 | $2,400 |
| 38 | $101,362 | 66* | $2,400 (death only) |
| 39 | $91,761 | 67* | $2,400 (death only) |
| 40 | $81,976 | 68* | $2,400 (death only) |
| 41 | $72,375 | 69* | $2,400 (death only) |
| 42 | $66,282 | 70* | $2,400 (death only) |
| *TPD restrictions apply. | |||
Eligibility
Your eligibility will be assessed when you become an employer-sponsored Australian Enterprise Super member and if you are eligible, AutoCover normally commences from the date you started with your contributing employer.
To be eligible for Auto Cover:
- you were actively performing full and normal duties on the day employment commenced
- your employer pays an initial super contribution within the deadlines required by SG law, but no later than 180 days after you started work.
AutoCover is optional and you can opt out at any time by telling us in writing or completing the Death and TPD Insurance Opt Out Form.
How to apply
To apply for ChoiceCover, complete an Insurance Application Form.
To apply for cover in excess of $1,000,000, you will also need to complete a Personal Statement.
Both forms are available from this website, or contact us to have a copy sent to you.
Income Protection
Income Protection (IP) insurance is an option if you are employed either full-time, or part-time for more than 15 hours per week. It is not available to casual employees.
IP may provide you with an income for up to two years if you are unable to work due to total but temporary illness or injury. Benefits cover 85% of pre-disability income (75% payable to you and 10% paid as a superannuation contribution), to a maximum benefit of $25,000 per month.
A waiting period of 30 days applies between the event and receipt of payments. If the insurer admits your claim, benefits commence being paid monthly in arrears at the end of this period.
Full details are contained in the Product Disclosure Statement which can be downloaded from this website.
| Income Protection premiums (excluding stamp duty & any GST) | ||
| Age next birthday | First $1,000 of monthly cover | Each extra $250 of monthly cover |
| To 30 | $4.528 | $1.131 |
| 31 - 40 | $6.092 | $1.525 |
| 41 - 45 | $9.104 | $2.275 |
| 46 - 50 | $12.145 | $3.037 |
| 51 - 55 | $16.968 | $4.242 |
| 55 - 60 | $23.987 | $5.997 |
| 61 - 65 | $25.842 | $6.461 |
The premium depends on your age and the amount of cover selected.
How to apply
To apply for Income Protection, complete an Income Protection Application Form available from this website, or contact us to have a copy sent to you.
You will also need to complete a Personal Statement if you are applying for cover in excess of $8,000 per month, or if you answered ‘Yes' to any of the questions on the Income Protection Application Form.
How to find out more
To find out more about insurance, please review the Product Disclosure Statement.
About the Fund
Australian Enterprise Super is tailored to the retail industry and supports small to medium enterprises. With simple, low–cost investment options, our industry super fund gives you the benefits of low fees, excellent services and one-on-one support, making it easy to manage your super.
The broad appeal of our retail industry super fund lies in our straight-forward approach to meeting member’s needs. Our wealth of experience, extensive industry knowledge, and relationships with key associations enable us to offer an outstanding client service and the expertise to help you manage your super easily and effectively.
When you’re looking for a fund that focuses on the retail industry and supports small to medium enterprises, consider the facts – for years, Australian Enterprise Super has been providing quality superannuation solutions for a range of clients, with personalised service that truly meets individual needs. To find out more about our hospitality and retail industry super fund focused options, contact Australian Enterprise Super today. Read more
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Australian Enterprise Super is a division of Professional Associations Super, an industry fund with over 445,000 members across Australia and over $1.5 billion of funds under management. Professional Associations Super divisions include SMARTpension, RecruitmentSuper, and Accountants Super
Find us by searching: Superannuation Calculator, Superannuation Calculators, Superannuation Calculator Australia, Super Calculator Australia, Salary Sacrifice Calculator, Salary Sacrifice Super Calculator, Co Contribution Calculator, Super Co Contribution Calculator, Small Medium Enterprise, Small Business Superannuation, Small Business Superannuation Fund, Retail Industry Super Fund, Hospitality Superannuation
This information is of a general nature only and does not take into account your personal objectives, situation or needs. Before making a decision about Australian Enterprise Super, you should consider your own requirements and the relevant Product Disclosure Statement. Contact us for a copy.