Tasplan Super Insurance Booklet

 
 
Tasplan Super Insurance Booklet
Tasplan Super
Insurance Booklet
ISSUED | JANUARY 2015
Tasplan Super Insurance Booklet
TASPLAN | INSURANCE BOOKLET




Contact Details
Head Office:                CONTENTS
Level 8, 1 Franklin Wharf


                            1                                                                                   5
Hobart TAS 7000                   About Tasplan Super insurance                                                     Cover commencement,
Postal Address:                     Types of cover offered. . . . . . . . . . . . . . . . . . . 3                   termination and reinstatement
GPO Box 1547
Hobart TAS 7001                     Cover on joining Tasplan. . . . . . . . . . . . . . . 4                            Applying for cover. . . . . . . . . . . . . . . . . . . . . 16
                                    Occupation rating. . . . . . . . . . . . . . . . . . . . . . 4                     When will cover commence. . . . . . . . . . 16
Telephone:
1800 005 166                                                                                                           When cover ends. . . . . . . . . . . . . . . . . . . . . . 16
Email:
info@tasplan.com.au         2     Death and Total
                                  & Permanent Disablement
                                                                                                                       Reinstatement of cover. . . . . . . . . . . . . . . . 17

Website:
tasplan.com.au

Issuer: Tasplan Ltd
                                     What does it cover?. . . . . . . . . . . . . . . . . . . . . 5
                                     Basic Cover. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
                                     Fixed Cover. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
                                                                                                                6   Limitations and exclusions
                                                                                                                       Limited Cover. . . . . . . . . . . . . . . . . . . . . . . . . . 18
                                                                                                                       Exclusions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
RSE Licensee L0000680                Additional Cover. . . . . . . . . . . . . . . . . . . . . . . . 6

                                                                                                                7
AFS Licence No. 235391
ABN: 13 009 563 062                  What does it cost?. . . . . . . . . . . . . . . . . . . . . . 7                Important information
(Trustee)
                                     Changing your Death                                                              Frequently asked questions. . . . . . . . . . . 19
Fund Registration                    or TPD Cover. . . . . . . . . . . . . . . . . . . . . . . . . . . . 7            About the insurer. . . . . . . . . . . . . . . . . . . . . . 20
Details:
                                                                                                                      Duty of disclosure. . . . . . . . . . . . . . . . . . . . . . 20

                            3
ABN: 14 602 032 302
(Tasplan Super)                   Income Protection                                                                   Privacy Collection Statement. . . . . . . . . 20
RSE No. R1000924
SFN: 123481940
                                     What does it cover?. . . . . . . . . . . . . . . . . . . . . 9                   Complaint handling procedures. . . . . . 22
SPIN: TPN0100AU                      Monthly benefit. . . . . . . . . . . . . . . . . . . . . . . . 10

                                                                                                                8   Insurance terms explained
MySuper Unique
Identifier:
                                     Waiting and benefit periods . . . . . . . . . . 11
14602032302734                       Additional benefits. . . . . . . . . . . . . . . . . . . . 11                     Key definitions. . . . . . . . . . . . . . . . . . . . . . . . . 23
                                     What does it cost?. . . . . . . . . . . . . . . . . . . . . 12                    Schedule of medical
                                     Changing your                                                                     condition definitions. . . . . . . . . . . . . . . . . . 27
                                     Income Protection Cover. . . . . . . . . . . . . . 14
                                                                                                                9   How much insurance is enough?. . . . . . 28

                            4     Insurance transfers
                                     Eligibility criteria. . . . . . . . . . . . . . . . . . . . . . . 15
                                     How to transfer your cover. . . . . . . . . . . . 15




                            About this document
                            This booklet forms part of the Tasplan Super Product Disclosure Statement dated January 2015. It contains important
                            information about Insurance Cover through Tasplan Super. The Insurance Policy contains the full terms and conditions
                            and copies of the policy are available upon request. A reference to the PDS means the Tasplan Super PDS and this booklet
                            collectively. Any reference throughout this booklet to ‘the Trustee’, ‘we’ or ‘us’ means Tasplan Limited ABN 13 009 563 062
                            RSE: L0000680. ‘Fund’ or ‘Tasplan’ means the superannuation fund known as Tasplan Super (RSE: R1000924). Any reference to
                            ‘financial advisor’ means a licensed or appropriately authorised, financial advisor
                            Obtaining up-to-date information
                            The information contained in this booklet is up-to-date at the time of preparation. However, some of the information can
                            change from time to time. We will update the booklet when we become aware of any material adverse change to the
                            information contained in this booklet, or a material omission from the booklet. Updated information is available free of
                            charge from tasplan.com.au/pds or by calling us on 1800 005 166.
                            Disclaimer
                            The information in this booklet is general information only and does not take into account any person’s individual financial
                            objectives, financial situation or needs. We recommend that you speak to a financial advisor if you need any specific advice.
                            The rights of members are ultimately governed by the Trust Deed governing Tasplan and any underlying insurance policies
                            securing death and disablement benefits. Whilst the Trustee has taken all due care in preparation of this booklet, it reserves
                            its right to correct any errors and omissions. If there is any inconsistency between the Trust Deed or insurance policy and this
                            booklet, the Trust Deed and insurance policy (as applicable) will prevail.
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Tasplan Super Insurance Booklet
FIND OUT MORE > Customer Service 1800 005 166




1
            Most people insure their car, home and contents,
            but forget their most valuable assets - their life and
                                                                         Types of cover offered
            their ability to earn an income.                             Tasplan offers competitive Death Only, Death and
                                                                         Total & Permanent Disablement (TPD) and Income
            Insurance cover is an essential part of any financial plan
About       because it protects you and your family in the event of
                                                                         Protection Cover.

Tasplan     your unexpected death or disablement.                         Death
Super       This booklet outlines your insurance options with             What is it?            Death Only insurance cover can
Insurance   Tasplan and explains the conditions, limitations and                                 provide dependants with a lump
                                                                                                 sum benefit of up to $5 million
            exclusions which may apply.                                                          if you die or become terminally
                                                                                                 ill while covered under the
            Tasplan’s insurance is provided by CommInsure (the                                   Fund’s policy.
            insurer). Please refer to section 7 for more information
            about the insurer.                                            Who may be             Members of Tasplan aged 15 or
                                                                          eligible for cover?    older and less than 70.
            You may be eligible for some cover without health
            checks on joining Tasplan, or you can apply for extra         Why do I need it?      In the event of your death:
            cover at any time by completing an application form                                  •   You want to relieve your family
            which is available at the back of this booklet. If you                                   of debt.
            experience certain life events you may be able to                                    •   You want to secure your family’s
            increase your cover without detailed checks. You may                                     financial future.
            also be able to transfer existing cover into Tasplan.         Total and Permanent Disablement (TPD)

            Tasplan can provide you with free general advice on           What is it?            Total and Permanent Disablement
            insurance within super. If you need more specific or                                 (TPD) insurance cover provides you
                                                                                                 with a lump sum benefit of up to
            personalised advice, we can refer you to a financial                                 $2 million paid in the event of your
            advisor in your area who can help with any aspect of                                 TPD.
            your Tasplan account.
                                                                          Who may be             Members of Tasplan aged 15 or
            If you have any questions, please contact                     eligible for cover?    older and less than 65.
            Tasplan’s Client Services Team on 1800 005 166
            or info@tasplan.com.au.                                       Why do I need it?      In the event of your total
                                                                                                 and permanent disablement:
                                                                                                 •   You want to secure your family’s
                           How much cover do you need?                                               financial future.
                           Try our calculator which is available                                 •   You want to cover the increased
                           at tasplan.com.au/calculators                                             medical expenses associated
                                                                                                     with your sickness or injury
                                                                                                     without exhausting your
                                                                                                     retirement savings.
            Cost-effective protection
                                                                                                 •   You want sufficient money to
            Tasplan insurance is an affordable way to protect you                                    be able to modify your home
            and your family.                                                                         or car and buy any medical
                                                                                                     equipment needed to cope
            Some benefits of Tasplan insurance include:                                              with your disability.
            • Tasplan negotiates with insurers for discounted
              group rates which means that you generally pay less
              than you would if you personally applied for cover.
            • The insurance premiums are paid out of your
              Tasplan account rather than from your pocket.
            • Your premiums are solely to cover the cost of
              your insurance cover. These are paid in full to the
              insurer (i.e. Tasplan does not take a cut) and no
              commissions are paid to Tasplan from the insurer,
              nor are any commissions paid to advisors.
            • You can apply to increase*, reduce or cancel your
              insurance at any time to suit your needs.
            *Please note health information will usually need to
            accompany your application.
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                        Income Protection                                            Occupation rating
                        What is it?           A replacement income when              The type of work you do will determine your
                                              you are unable to work at full         occupation rating. Generally, the riskier your job, the
                                              capacity or at all, due to sickness
About                                         or injury. It can replace up to 85%
                                              of your monthly employment or
                                                                                     more you pay for insurance.

Tasplan                                       net business income if you can’t       Tasplan’s three occupational ratings are:
Super                                         work due to sickness or injury (up
                                              to $20,000 or $25,000 per month        General
Insurance                                     depending on the benefit period).      - all members not otherwise classified as a White Collar
                                              Up to 75% will be paid directly to        or Professional member.
                                              you and 10% will be contributed to
                                              your account with Tasplan.             White Collar
                                                                                     - duties must be limited to professional, managerial,
                        Who may be            Members of Tasplan aged 15 or
                        eligible for cover?   older and less than 65 who at             administrative, clerical, secretarial or similar ‘white
                                              the time of application reside in         collar’ tasks which do not involve manual work, and
                                              Australia.                                are undertaken entirely within an office environment
                                                                                        (noting that travel from one workplace to another
                        Why do I need it?     In the event you cannot work
                                              because of sickness or injury:            does not prevent you from meeting this definition).

                                              •   To help protect the income you     Professional
                                                  earn and the lifestyle you live    - is a White Collar member; and
                                                  especially if you have a family.
                                                                                     - earns over $80,000 p.a. from their profession; and
                                              •   So you don’t need to rely on       - either:
                                                  just your savings, your family,
                                                  or the public health system            -- has a tertiary qualification;
                                                  in the event of sickness or
                                                  accident.                              -- is
                                                                                            	 a member of a professional institute or
                                                                                            registered by a Government body; or
                                                                                         -- is employed in a senior managerial role.
                       Cover on joining Tasplan                                      If you don’t advise us what work you do, your
                                                                                     occupation rating will be General.
                       Death and TPD
                       If you meet certain eligibility criteria, you may             You can advise us of your occupation rating on joining
                       automatically be provided with Basic Cover for Death          Tasplan, or by completing an Occupational Rating form
                       and TPD.                                                      which is available at tasplan.com.au/forms.

                       You may also be able to apply for some Fixed Cover            If you change jobs or duties and your occupation rating
                       without detailed health checks within 90 days of              changes, it is your responsibility to advise Tasplan
                       joining Tasplan.                                              so that your premium and cover can be adjusted
                                                                                     accordingly.
                       If you are not eligible for Basic Cover on joining Tasplan,
                       or you just wish to increase your cover, you can apply
                                                                                                    Uncertain about your
                       for Additional Cover.
                                                                                                    occupation rating?
                       Please refer to section 2 for more information on Death                      Please document your employment
                       and TPD Cover.                                                               activities and email a request to
                                                                                                    info@tasplan.com.au for an official review.
                       Income Protection
                       Income Protection is not automatically provided when
                       you join Tasplan. The type and amount of this cover
                       you can apply for depends on your circumstances and
                       requirements.

                       You can find out more about Income Protection Cover
                       in section 3.




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FIND OUT MORE > Customer Service 1800 005 166




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              What does it cover?                                           Basic Cover
              You can choose between:                                       If your employer starts making Super Guarantee
              •	Death & TPD Cover                                          contributions into Tasplan on your behalf (i.e. you have
Death and        Offers protection for death, Terminal Illness and          a ‘participating employer’), you may automatically
                                                                            be provided with Basic Cover up to your age-based
                 permanent disablement.
Total &                                                                     Automatic Acceptance Limit (AAL). Otherwise, you
Permanent     •	Death Only Cover
                 Offers protection for death and Terminal Illness only.
                                                                            will need to submit an application and provide health
Disablement                                                                 evidence which is acceptable to the insurer.
              While Death & TPD offers broader protection than
                                                                            If you are eligible for Basic Cover but:
              Death Only Cover, it does come at an additional cost.
                                                                            •   are 65 years of age or more; or
              Tasplan’s Death & TPD cover provides the following
              protection:                                                   •	if you have had a TPD claim admitted, or are eligible
                                                                               to receive a TPD benefit, from Tasplan, another
              Death                                                            super fund or life insurance policy;
              Death insurance cover provides your dependants,               you will only be eligible for Death Only Cover.
              nominated beneficiaries or your estate with a benefit         You will not be eligible for Death & TPD Basic Cover.
              if you die while covered by Tasplan insurance.
                                                                            If your first employer contribution is received
              Terminal Illness                                              by Tasplan within 120 days of you commencing
              If you are diagnosed with a Terminal Illness that is          employment with your employer, you will be provided
              likely to result in your death within 12 months, you          with Basic Cover on the date you commenced
              may be eligible to receive your death benefit sooner.         employment, provided your employer was a
              This is included with any Death insurance cover at no         participating employer at that date, otherwise on such
              additional cost.                                              later date that they become a participating employer.

              TPD                                                           If you are unsure if your employer is a participating
                                                                            employer of Tasplan, you should check with us.
              TPD Cover provides a lump sum benefit in the event
              that you become Totally and Permanently Disabled,             If your first employer contribution is received by
              are unlikely to return to work as a result of a sickness or   Tasplan more than 120 days after you commenced
              injury, and you meet the TPD definition relevant to your      employment with your employer, then your Basic
              circumstances under the policy.                               Cover will be Limited Cover. Your Basic Cover start date
                                                                            will be 120 days prior to the date your first employer
              Higher Death Cover                                            contribution is received by Tasplan. Limited Cover
              If your Death Only Cover is higher than your Death            will continue until such time as the underwriting
              & TPD Cover and you receive a TPD benefit, you can            requirements of the insurer have been met and it has
              choose to keep your remaining Death Only Cover in             provided written agreement that full cover will apply.
              force by keeping your account open and continuing to
              pay the premiums associated with this cover.                  If you are not in active employment on the date you
                                                                            commence employment, any Basic Cover provided
              Interim Accident                                              will be Limited Cover until you return to active
              If you apply for cover, or apply for an increase in cover     employment for two consecutive months, after which
              that requires acceptance by the insurer, you will receive     time you will receive full cover. Please refer to section 8
              Accidental Death or Accidental Death & TPD Cover              for the definition of active employment.
              while your application is being considered.                   Please refer to section 6 for more information on
                                                                            limitations and exclusions that may affect your cover.
                             More information on what’s covered
                             Please refer to section 8 for important
                             information about these types of cover.




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TASPLAN | INSURANCE BOOKLET




                       Table 1 – Basic Cover amounts                               Table 2 – Fixed Cover limits
                        Age Next      Amount         Age Next      Amount                                   Occupation Rating
                                                                                    Age Next
                        Birthday                     Birthday
                                                                                    Birthday    Professional   White Collar   General
                        16 – 20       $33,600        56            $25,743
                                                                                    16-47       $182,000       $172,000       $91,000
                        21 – 23       $67,200        57            $22,773
                                                                                    48          $152,000       $144,000       $76,000
                        24 – 47       $100,800       58            $19,803
                                                                                    49          $138,000       $130,000       $69,000
                        48            $84,159        59            $16,833
                                                                                    50          $123,000       $117,000       $62,000
                        49            $76,239        60            $13,860
                                                                                    51          $109,000       $103,000       $55,000
                        50            $68,316        61            $11,880
                                                                                    52          $95,000        $90,000        $48,000
                        51            $60,396        62            $9,900
                                                                                    53          $81,000        $76,000        $41,000
                        52            $52,476        63            $7,722
                                                                                    54          $66,000        $63,000        $33,000
                        53            $44,553        64            $6,138
                                                                                    55          $52,000        $49,000        $26,000
                        54            $36,633        65 – 70       $5,001*
                                                                                    56          $47,000        $44,000        $24,000
                        55            $28,713
                                                                                    57          $41,000        $39,000        $21,000
                       *Death Only Cover applies from age 65                        58          $36,000        $34,000        $18,000
                       Please note that your amount of Basic Cover will             59          $31,000        $29,000        $16,000
                       change over time depending on your age in line with          60          $25,000        $24,000        $13,000
                       the table above. However, your Basic Cover premiums          61          $22,000        $21,000        $11,000
                       will generally remain the same each year unless we
                                                                                    62          $18,000        $17,000        $9,000
                       advise otherwise. Please refer to ‘What does it cost’ for
                       more information.                                            63          $14,000        $14,000        $7,000
                                                                                    64          $12,000        $11,000        $6,000
                       Fixed Cover                                                  65-70*      $9,000         $9,000         $5,000

                       Extra cover on joining Tasplan without                      *Death Only Cover applies from age 65
                       detailed health checks.
                       If you are eligible for Basic Cover, you can apply to
                                                                                   Additional Cover
                       increase your Death & TPD or Death Only Cover up to         Additional Cover can also be applied for as Death Only
                       the age-based limits in Table 2, without needing to         or Death & TPD Cover.
                       provide detailed health information.
                                                                                   You can apply for Additional Cover by submitting a
                       You will need to submit a completed Short Form              completed Application for Insurance Cover with Personal
                       Underwriting form within 90 days of the date shown          Statement which is provided at the back of this booklet.
                       on your Welcome Letter which you will receive shortly       Your application must be accepted by the insurer for
                       after joining Tasplan. This form is available at tasplan.   cover to apply.
                       com.au/forms.
                                                                                   Additional Cover amounts will remain fixed, however
                       If the insurer is satisfied with your answers to the        the premiums will increase each year depending on
                       questions on this form, you will be provided with           your age and any indexation that applies. Please refer
                       Fixed Cover. If further information is required, you may    to ‘What does it cost’ for more information.
                       need to complete a full application in order to receive
                       Additional Cover.                                                         Remember to nominate
                                                                                                 your beneficiaries
                       Unlike Basic Cover, this Fixed Cover amount will not                      Make sure that your death benefits are
                       automatically reduce each year. Your premiums will                        paid in accordance with your wishes on
                       therefore increase each year in accordance with your                      your death. For more information on
                       age and any indexation that applies to your cover.                        how to nominate a beneficiary and your
                                                                                                 nomination options please contact Tasplan.
                       Please refer to the ‘What does it cost’ section for more
                       information.




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FIND OUT MORE > Customer Service 1800 005 166




What does it cost?                                           Table 4 – Fixed Cover and Additional
                                                             Cover costs
The cost of your cover depends on your age, the type
of cover you hold and your occupation rating.                           Annual premiums per $1,000 of Cover
                                                                       Professional White Collar General
Basic Cover amounts change over time, which means
                                                              Age
that the premiums generally don’t change from year to                  Death Death Death Death Death Death
                                                              Next
year unless there is an increase in your cover or when        Birthday Only & TPD Only & TPD Only & TPD
you turn 65 and no longer have TPD Cover.                     16 – 47   $0.62 $1.53     $0.66 $1.64     $1.21   $3.07
Where cover is a fixed amount, it doesn’t reduce as           48        $0.74   $1.84   $0.80 $1.96     $1.47   $3.67
you get older, as it does with Basic Cover, and will only     49        $0.82 $2.03     $0.87 $2.15     $1.62   $4.06
increase if indexation applies. The premiums increase         50        $0.91   $2.27   $0.96 $2.40     $1.80   $4.53
each year in accordance with your age and the amount
                                                              51        $1.00   $2.55   $1.10   $2.71   $2.03   $5.10
of cover you have at that time.
                                                              52        $1.17   $2.95   $1.24   $3.12   $2.34   $5.87
Please note that premium loadings may apply to any            53        $1.38   $3.47   $1.47   $3.67   $2.74   $6.91
Additional Cover. These would be advised to you in a
                                                              54        $1.66   $4.22   $1.75   $4.43   $3.34   $8.39
letter regarding acceptance of the cover.
                                                              55        $2.16   $5.38   $2.26   $5.69   $4.27   $10.74
The costs for Basic Cover and Fixed Cover/Additional          56        $2.38 $5.99     $2.52   $6.36   $4.75   $11.97
Cover are outlined in Tables 3 and 4.
                                                              57        $2.68 $6.78     $2.85 $7.17     $5.38   $13.53
Table 3 – Basic Cover costs                                   58        $3.08 $7.79     $3.26   $8.23   $6.17   $15.55

           Weekly Premiums                                    59        $3.65   $9.15   $3.84 $9.68     $7.25   $18.32
                                                              60        $4.42   $11.09 $4.68 $11.77 $8.79       $22.21
           Professional    White Collar    General
 Age                                                          61        $5.14   $12.98 $5.44 $13.70 $10.28 $25.92
 Next     Death Death Death Death Death Death
                                                              62        $6.17   $14.42 $6.52 $15.27 $12.31 $28.79
 Birthday Only & TPD Only & TPD Only & TPD
                                                              63        $7.90   $15.81 $8.37 $16.76 $15.80 $31.62
 16 – 20   $0.59   $1.24   $0.67   $1.42   $0.84     $1.77
                                                              64        $9.96   $16.56 $10.52 $17.53 $19.87 $33.11
 21 – 23   $1.18   $2.48   $1.34   $2.84   $1.68     $3.54
                                                              65        $12.20 $16.23 $12.93 $17.20 $24.40 $32.45
 24 – 65   $1.77   $3.72   $2.01   $4.26   $2.52     $5.31
                                                              66 – 70* $12.20 $0.00     $12.93 $0.00    $24.40 $0.00
 66 – 70* $1.77    N/A     $2.01   N/A     $2.52     N/A
                                                             *Death Only Cover applies from age 65
*Death Only Cover applies from age 65
                                                             Changing your Death or TPD
                                                             Cover
                                                             We understand that your needs may change over time,
                                                             so we’ve made it easy for you to change your cover to
                                                             suit your needs.

                                                             There are a number of ways you may apply to increase
                                                             your Death Only or Death & TPD Cover. You can also
                                                             request that your cover be reduced or cancelled.

                                                             Cover indexation
                                                             When you apply for Fixed Cover and/or Additional
                                                             Cover, you can request for that cover to be indexed
                                                             annually on your insurance application form.
                                                             If accepted, this cover will increase by 5% on 1 July
                                                             each year.

                                                             Increasing cover
                                                             You may be eligible to increase your cover up to your
                                                             age-based limit shortly after joining Tasplan without
                                                             needing to complete a full application. Please see Fixed
                                                             Cover for more information.
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                      If eligible, you will need to submit a Short Form           Please note that you can only increase your existing
                      Underwriting form, completed to the insurer’s               types of cover under the life events option. You can’t
                      satisfaction, within 90 days of the date shown on your      apply for cover that you do not already hold. For
                      Welcome Letter which you will receive soon after            example, if you have opted out of TPD Cover previously
                      joining Tasplan. This form is available at tasplan.com.     and hold Death Only Cover, you will only be able
                      au/forms.                                                   to increase your Death Only Cover under the life
                                                                                  events option.
                      You can apply to increase your cover at any time
                                                                                  The maximum amount of Additional Cover you can
                      using the Application for Insurance Cover with Personal
                                                                                  apply for under the life events option is the lesser of:
                      Statement contained at the back of this booklet.
                      Additional copies of this form are available at tasplan.    • the current amount of cover that you hold with
                      com.au/forms.                                                 Tasplan; and
                                                                                  • $150,000.
                      The maximum amounts of cover are:
                                                                                  Any increases in cover will be subject to the same
                        Type of cover              Maximum cover                  individual conditions, restrictions, exclusions and
                        Death                       $5 million                    premium loadings, if any, applying to your existing
                                                                                  Tasplan insurance cover.
                        TPD                         $2 million
                                                                                  You can exercise the life events option a maximum of
                      If you apply to increase your cover, you will be provided   4 times since becoming a member of Tasplan, and only
                      with Interim Accident Cover for up to 120 days for          once within any 12 month period.
                      the same type of cover for which you are applying
                                                                                  To be eligible to increase your cover under the life
                      for, while your application is being considered by the
                                                                                  events option, you must:
                      insurer. The amount of Interim Accident Cover will be
                      the lesser of the amount of cover you have applied for      • submit a Life events cover option form completed to
                      and $1,000,000 less the amount of any insured cover           the insurer’s satisfaction;
                      you currently have with Tasplan. Please refer to section    • submit your application within 120 days of the life
                      8 for more information on Interim Accident Cover.             event occurring;

                      Any increase in your insurance cover is subject to          • provide proof satisfactory to the insurer that the
                      written acceptance by the insurer, or Tasplan if that         life event has taken place, and the date that it took
                      responsibility has been delegated by the insurer.             place; and
                      Acceptance of cover may sometimes be offered                • not have had an application for cover or an increase
                      subject to exclusions, premium loadings or special            in cover, declined by the insurer.
                      conditions.                                                 You can apply for an increase in cover under the life
                                                                                  events option by completing the Life events cover option
                      Increases due to life-changing events                       form which is available at tasplan.com.au/forms.
                      If your personal or financial situation changes as a
                      result of a major life event taking place, you can apply    Reducing or cancelling cover
                      to increase your cover without needing to complete          You can reduce or cancel your cover at any time.
                      a full insurance application or provide detailed health
                      information. We call this the ‘life events option’.         You can do this by completing an Application to
                                                                                  reduce or opt out of cover form. This form is available at
                      If you already have cover with Tasplan, you can apply
                                                                                  tasplan.com.au/forms or by calling 1800 005 166.
                      to increase that cover within 120 days of the following
                      ‘life events’:                                              If you are under age 25 at the time of cancelling your
                      • marriage                                                  cover, your Basic Cover will be reinstated on your 25th
                                                                                  birthday (conditions apply). Please refer to section 5 for
                      • divorce
                                                                                  more information.
                      • the birth or adoption of your child
                                                                                  If you elect to reduce your Basic Cover, please note that
                      • your child’s first day of primary or secondary school
                                                                                  the premiums applicable to this cover will change to
                      • the death of your spouse                                  the standard Additional Cover annual costs per $1,000
                      • you take out a mortgage to initially purchase your        of cover as outlined in Table 3.
                        primary residence*
                                                                                  There are no costs associated with cancelling or
                      *This does not include refinancing existing mortgages or
                      mortgages relating to an investment property.               reducing your insurance cover.



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3
             What does it cover?                                            Self-employed

                                                                            If you are self-employed, your pre-disability income
             If your application is accepted by the insurer, a disability
                                                                            is the total monthly amount earned by your business
             benefit is paid if you become either Totally Disabled
                                                                            over the financial year as a direct result of your personal
             or Partially Disabled as defined under Tasplan’s
Income       insurance policy.
                                                                            exertion (i.e. the business earnings that would stop
Protection   This generally means that you are unable to work in
                                                                            if you could not work due to sickness or injury) or
                                                                            activities through your regular occupations, less
             your own occupation, either at all or at full capacity,        your share of the business expenses (but before the
             due to sickness or injury, and that you are under the          deduction of income tax) for that business (or relevant
             regular care of a medical practitioner.                        proportion for part of a financial year).

             One month after the end of your chosen waiting                 How much cover can you apply for?
             period, you will receive disability benefits on a monthly
             basis if and while you are considered by the insurer           You can apply to insure up to 75% of your current gross
             to be Totally or Partially Disabled up to the end of the       annual income. You also have the option to request
             benefit period, subject to the conditions of the policy.       an additional 10% to be paid as a superannuation
                                                                            contribution payment. Alternatively, you can nominate
                            More information on what’s covered              some other monthly benefit amount of cover which
                            Please refer to section 8 for important         cannot be higher than 85% of your gross annual
                            information including the insurer’s             income advised.
                            definitions for Totally Disabled and            If your application is accepted by the insurer, you will
                            Partially Disabled                              be advised a monthly benefit amount of cover.

             What income can you insure?                                    A maximum monthly benefit of $25,000 per month
                                                                            applies to the Short Term benefit period, and $20,000
             When applying for Income Protection Cover, you must            per month if you choose the Long Term benefit period.
             advise your current gross annual income.
                                                                            You do not need to insure your full current gross
             The income you can insure (your pre-disability income)         income if you don’t feel that it is necessary. You can
             depends on whether you are employed or self-                   choose to insure a monthly benefit amount of cover
             employed,                                                      less than this if you do not need this much to meet
             Your pre-disability income is the monthly value of the         your living expenses.
             annual remuneration you earned (using the following
             definitions) immediately before becoming disabled.
                                                                            Optional super contribution cover
                                                                            If you chose to insure an amount of cover which is
             Employed
                                                                            more than 75% of your gross annual income, any
             Pre-disability income for permanent employees                  percentage above 75% will be payable as a super
             includes income specified in your contract of                  contribution into your Tasplan Super account.
             employment. It includes overtime, bonuses and shift
                                                                            Examples: Income Protection for a $57,000
             allowances (all averaged over the last 3 years) as well as
             any packaged elements not received directly as taxable         gross annual salary
             earnings (e.g. salary sacrificed super contributions).

             If you are not employed on a permanent basis,
                                                                             Example 1 – 75% insured cover
             your pre-disability income will be your total monthly           Cover amount (75%)		 $42,750
             value of remuneration (including overtime, bonuses              Monthly benefit			$3,562*
             and shift allowances) from all of your regular
             occupations over the 12 months immediately prior
             to becoming disabled.                                           Example 2 – maximum cover (75%) plus
             Your pre-disability income excludes director’s fees,
                                                                                          10% super contribution
             compulsory employer super entitlements (Super                   Cover amount (75%)		          $42,750
             Guarantee), investment income and profit distribution.          Plus 10% super contribution		 $5,700
                                                                             Total cover amount		          $48,450
                                                                             Monthly benefit			$4,037*


                                                                            *Rounded down to the nearest dollar.


                                                                                                                                       9
TASPLAN | INSURANCE BOOKLET




                       Monthly benefit                                              Disability income
                                                                                    Your Total or Partial Disability monthly benefit received
                       Please note that your disability benefit (the amount
                                                                                    will be reduced by any disability income you receive
                       that you actually receive if you make a successful claim
                                                                                    from other sources as a direct result of your sickness
                       for Income Protection benefits), may vary from your
                                                                                    or injury.
                       monthly benefit amount of cover and the amount of
                       pre-disability income earned (defined under ‘What            Disability income is the sum of:
                       income can you insure?’). The amount that you will
                                                                                    a)	any income (other than benefits received under
                       receive will depend on whether you are Totally or
                                                                                        this Policy), or commutation of an income, paid
                       Partially Disabled, and whether you are receiving any
                                                                                        or payable as a result of your sickness or injury,
                       disability income.
                                                                                        including sick leave payments, any amounts
                       Total Disability monthly benefit                                 payable under legislation such as workers’
                       If you are Totally Disabled, the amount of your disability       compensation or motor accident compensation;
                       benefit will be your monthly benefit (including the              and any benefits payable under other Income
                       optional super contribution if selected and taking into          Protection policies; and
                       account your pre-disability income) reduced by any           b)	any social security benefits paid or payable; and
                       disability income you receive.
                                                                                    c)	any income earned by you from personal exertion
                       Partial Disability monthly benefit                               while disabled; and
                       If you are Partially Disabled and are earning less than
                                                                                    d)	any income which, in the insurer’s opinion, you
                       your pre-disability income as a result of your disability,
                                                                                        could reasonably be expected to earn in your
                       the amount of your disability benefit will be your
                                                                                        occupation while disabled excluding any income
                       monthly benefit reduced by any disability income. If
                                                                                        actually earned from your employer; and
                       you elected to receive the optional super contribution
                       benefit, this will also be reduced by any disability super   e)	any annual or long service leave you receive while
                       received. Disability super is any payments you are               you are disabled;
                       entitled to and continue to receive from, or on behalf
                                                                                    for a month during which a disability benefit is payable
                       of, your employer, during a period of disability
                                                                                    under this policy.
                       or rehabilitation.
                                                                                    Any income described in paragraphs a), b) or c) above
                       Your partial monthly benefit will be reduced by the
                                                                                    which is in the form of a lump sum or is exchanged for
                       amount calculated using the following formula:
                                                                                    a lump sum has a monthly equivalent of 1/60th of the
                              current income                                        lump sum over a period of 60 months.
                                                                  monthly
                                                           x
                         pre-disability income*                   benefit
                                                                                     Example – Total Disability monthly
                       for each month you are continuously Partially                            benefit with disability income
                       Disabled, where current income is the income
                                                                                     Monthly benefit:              $4,000 per month
                       earned during the month.
                                                                                     Worker’s compensation:        $1,000 per month
                       *Or indexed pre-disability income                             (Disability income)

                                                                                     Calculation:
                        Example – P
                                   artial Disability                                $4,000 - $1,000 = $3,000
                                  monthly benefit
                                                                                     Total Disability monthly benefit:       $3,000
                        Pre-disability income:         $4,000 per month
                        Monthly benefit:               $3,000 per month
                        Current income:                $2,000 per month

                        Calculation:
                        $2,000
                                x $3,000 = $1,500
                        $4,000

                        Partial Disability monthly benefit: $1,500




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Waiting and benefit periods                                  premiums will be waived during any period in which a
                                                             disability benefit is being paid.
Your chosen waiting period and benefit period will
                                                             If the sickness or injury which causes your disability is
affect when you can start receiving benefits, how long
                                                             directly related to normal pregnancy or childbirth, the
you can receive benefits for, as well as how much you
                                                             waiting period will not start any earlier than the last day
pay for your Income Protection Cover.
                                                             of the qualifying period. The qualifying period is the
Benefit period                                               three month period which immediately follows your
The benefit period is how long you can receive               pregnancy, and during which you are Totally Disabled or
payments for if you qualify for an Income Protection         Partially Disabled from the relevant sickness or injury.
claim. Tasplan provides two benefit period options:          The longer the waiting period, the lower your premiums
•	Short Term                                                – but you should make sure you have sufficient leave
   Provides benefit payments if you are Totally              entitlements and/or savings to cover your costs during
   Disabled or Partially Disabled for a maximum              the waiting period you select.
   period of 2 years. Payments will cease after 2 years,
   when you are no longer Totally or Partially Disabled,
                                                             Additional benefits
   you turn 65, or you die, whichever occurs first.          Indexation of monthly benefits
•	Long Term                                                 If you are receiving a disability benefit payment and
   Provides benefit payments until you are no longer         your benefit period is greater than 2 years, your monthly
   Totally or Partially Disabled, you turn 65, or you die,   disability benefit will be increased by the percentage
   whichever occurs first.                                   increase in the consumer price index at the end of each
                                                             consecutive 12 month period for which the benefits are
Please note that the terms ‘Short’ and ‘Long’ relate to
                                                             payable, up to a maximum of 5%.
the difference in the maximum benefit period offered
under each of these types of cover rather than the           Interim Accident Cover
duration of the cover itself. You will remain covered
                                                             If you apply for Income Protection Cover, or apply for an
while you continue to be eligible for, and
                                                             increase in your cover, you will receive Interim Accident
pay the associated premiums for, your Income
                                                             Cover while your application is being considered for up
Protection Cover.
                                                             to 120 days.
While the Short Term benefit period is generally
                                                             The amount of the benefit the insurer will pay for
cheaper, you should make sure that you have
                                                             Income Protection Interim Accident Cover will be the
sufficient savings to look after yourself once the
                                                             lesser of:
benefit period finishes.
                                                             (a)		 the sum of the following:
Waiting period
                                                             		 (i) the insured percentage times pre-disability
The waiting period is the period of time you have
                                                             			 income less the amount of any monthly
to be Totally or Partially Disabled before you can qualify
                                                             			 benefit or partial monthly benefit payable; and
for Income Protection benefits.
                                                             		 (ii) 10% times pre-disability income less the
You must be Totally Disabled for 14 out of 19
                                                             			 amount of any super monthly benefit payable;
consecutive days of the waiting period to qualify
 for a disability benefit.                                   (b)		 the total amount of cover applied for, expressed
                                                             		 as a monthly figure reduced by the amount of any
Tasplan offers the following waiting period options:
                                                             		 cover you have in force; and
•   30 days
                                                             (c)		 $15,000 per month reduced by the amount of any
•   60 days                                                  		 cover you have in force.

•   90 days                                                  Interim Accident Cover is limited to a benefit period of 2
                                                             years. If you have existing Income Protection cover with
The waiting period starts from the day when you first
                                                             Tasplan, your waiting period will be the same as your
consult a medical practitioner and they certify that you
                                                             current cover, otherwise a 90 day waiting period will
are disabled. You do not receive a benefit payment
                                                             apply to this cover.
during the waiting period, and you continue to pay
premiums during this time. Your Income Protection            For more information on Interim Accident Cover, please
                                                             refer to section 8.

                                                                                                                     11
TASPLAN | INSURANCE BOOKLET




                       Rehabilitation expense benefit                                   Recurrent Income Protection benefit
                       The insurer will pay the expenses of a rehabilitation            If you become disabled again from the same or a
                       program provided:                                                related cause within 6 months of you last receiving
                       •	It is not an excluded rehabilitation program under            a disability benefit, you will not have to repeat the
                          the policy;                                                   waiting period.
                       •	a medical practitioner certifies that program is              This will be treated as a continuation of the original
                          necessary for your rehabilitation;                            claim, and both periods of disability will be added
                       •	the expenses are approved by the insurer in writing           together determine when the benefit period ends.
                          before they are incurred;
                       •	the expenses are incurred directly assist to you              What does it cost?
                          in returning to work in a gainful occupation or to
                          undertake a vocational retraining program because             The cost of your cover depends on your age,
                          of your disability;                                           occupation rating, monthly benefit, waiting period and
                       •	it pays the costs directly to the provider of the             benefit period. The cost of cover generally increases
                          applicable service; and                                       each year as you get older.

                       •	the maximum amount of such expenses will be                   If the insurer considers you a higher health risk when
                          paid for any one disability is the lesser of:                 you apply for cover, you may need to pay a higher
                          - the expenses; and                                           premium rate than normal (known as a ‘premium
                                                                                        loading’). This loading may need to be charged in
                         - 6 times your monthly benefit;
                                                                                        order to cover the additional risk. Any premium
                       	less any amounts that can be claimed from
                                                                                        loadings will be advised to you in a letter regarding
                         other sources for the expenses.
                                                                                        acceptance of cover.
                       An excluded rehabilitation program is any program
                       providing hospital treatment or general treatment                The costs for Short Term and Long Term Cover are
                       within the meaning of the Private Health Insurance Act           outlined in Tables 5 and 6.
                       2007 (Cth) or any other program which might cause
                       this policy to cease to be exempt from any legislation
                       in connection with health insurance, including the
                       Private Health Insurance Act 2007 (Cth) or any succeeding
                       legislation in connection with health insurance.




                       Table 5 – Short Term Cover costs
                                                                   Annual premium rates per $100 of monthly benefit
                       Age Next           Professional                        White Collar                       General
                       Birthday
                                          30 day*    60 day*     90 day*      30 day*     60 day*    90 day*     30 day*    60 day*     90 day*
                        16 – 30           $2.83      $2.27       $1.13        $3.96       $2.83      $1.70       $6.22      $4.52       $2.27
                        31 – 35           $3.39      $2.27       $1.13        $4.52       $3.39      $1.70       $7.35      $5.66       $2.83
                        36 – 40           $4.52      $3.39       $1.70        $6.22       $4.52      $2.27       $9.62      $6.79       $3.39
                        41 – 45           $5.66      $4.52       $2.27        $8.49       $6.22      $2.83       $13.01     $9.62       $5.09
                        46 – 50           $8.49      $6.79       $3.39        $12.44      $9.62      $5.09       $19.23     $15.27      $7.35
                        51 – 55           $12.44     $10.18      $5.09        $17.54      $14.71     $7.35       $27.72     $23.19      $11.32
                        56 – 60           $20.36     $17.54      $8.49        $28.28      $24.32     $12.44      $44.68     $38.46      $19.23
                        61 – 65           $24.89     $20.74      $10.18       $35.07      $29.41     $14.71      $54.86     $45.82      $23.19

                       *Waiting period




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Table 6 – Long Term Cover costs
                                         Annual premium rates per $100 of monthly benefit
Age Next          Professional                   White Collar                     General
Birthday
                  30 day*    60 day*   90 day*   30 day*    60 day*    90 day*    30 day*    60 day*    90 day*
 16 – 20          $7.46      $5.97     $3.57     $8.28      $6.63       $3.96      $15.57     $12.46     $7.44
 21               $7.46      $5.97     $3.57     $8.28      $6.63       $3.96      $15.57     $12.46     $7.44
 22               $7.54      $6.04     $3.53     $8.38      $6.70       $3.92      $15.75     $12.60     $7.37
 23               $7.62      $6.10     $3.52     $8.47      $6.79       $3.91      $15.91     $12.74     $7.36
 24               $7.72      $6.17     $3.52     $8.59      $6.86       $3.91      $16.12     $12.89     $7.36
 25               $7.84      $6.27     $3.53     $8.70      $6.96       $3.93      $16.36     $13.08     $7.38
 26               $7.96      $6.36     $3.54     $8.83      $7.07       $3.95      $16.61     $13.29     $7.41
 27               $8.20      $6.55     $3.67     $9.11      $7.28       $4.09      $17.11     $13.68     $7.67
 28               $8.52      $6.82     $3.80     $9.46      $7.57       $4.23      $17.79     $14.22     $7.93
 29               $8.94      $7.15     $3.96     $9.93      $7.95       $4.39      $18.67     $14.93     $8.25
 30               $9.45      $7.56     $4.11     $10.49     $8.40       $4.56      $19.73     $15.78     $8.56
31                $10.06     $8.04     $4.28     $11.18     $8.93       $4.76      $20.99     $16.79     $8.93
32                $10.76     $8.62     $4.48     $11.96     $9.57       $4.98      $22.47     $17.98     $9.35
33                $11.58     $9.27     $4.73     $12.86     $10.31      $5.25      $24.16     $19.36     $9.85
34                $12.50     $10.01    $5.01     $13.89     $11.11      $5.56      $26.10     $20.88     $10.45
35                $13.54     $10.83    $5.34     $15.05     $12.03      $5.93      $28.27     $22.61     $11.14
36                $14.70     $11.75    $5.76     $16.33     $13.05      $6.40      $30.68     $24.53     $12.01
37                $15.97     $12.77    $6.23     $17.73     $14.19      $6.93      $33.33     $26.66     $13.01
38                $17.35     $13.89    $6.80     $19.28     $15.44      $7.56      $36.24     $29.00     $14.20
39                $18.87     $15.10    $7.46     $20.96     $16.77      $8.29      $39.40     $31.51     $15.58
40                $20.51     $16.41    $8.24     $22.79     $18.23      $9.16      $42.82     $34.25     $17.20
41                $22.28     $17.81    $9.14     $24.75     $19.79      $10.16     $46.49     $37.18     $19.08
42                $24.13     $19.31    $10.17    $26.81     $21.45      $11.30     $50.37     $40.31     $21.22
43                $26.11     $20.90    $11.34    $29.02     $23.22      $12.61     $54.53     $43.62     $23.67
44                $28.21     $22.56    $12.66    $31.35     $25.07      $14.07     $58.89     $47.10     $26.44
45                $30.40     $24.31    $14.14    $33.78     $27.01      $15.71     $63.46     $50.76     $29.51
46                $32.67     $26.14    $15.78    $36.30     $29.04      $17.53     $68.22     $54.56     $32.94
47                $35.01     $28.02    $17.56    $38.90     $31.13      $19.50     $73.09     $58.49     $36.65
48                $37.44     $29.95    $19.47    $41.59     $33.28     $21.64     $78.16      $62.51     $40.65
49                $39.89     $31.91    $21.54    $44.32     $35.46     $23.93     $83.27     $66.62      $44.96
50                $42.38     $33.91    $23.72    $47.09     $37.68     $26.35     $88.48     $70.80     $49.52
51                $44.32     $35.46    $25.64    $49.25     $39.40     $28.49     $92.53     $74.03     $53.52
52                $46.22     $36.98    $27.57    $51.36     $41.08     $30.63     $96.50     $77.19     $57.55
53                $48.05     $38.45    $29.48    $53.40     $42.72     $32.76     $100.32    $80.26     $61.56
54                $49.83     $39.86    $31.35    $55.36     $44.29     $34.84     $104.02    $83.22     $65.45
55                $51.71     $41.35    $33.13    $57.45     $45.95     $36.81     $107.94    $86.34     $69.16
56                $53.94     $43.16    $34.36    $59.93     $47.97     $38.18     $112.62    $90.11     $71.73
57                $56.00     $44.80    $35.33    $62.22     $49.78     $39.25     $116.91    $93.53     $73.76
58                $57.74     $46.20    $35.96    $64.16     $51.33      $39.96     $120.55    $96.44     $75.07
 59               $59.05     $47.24    $36.13    $65.61     $52.50      $40.14     $123.27    $98.63     $75.42
 60               $59.73     $47.77    $35.71    $66.36     $53.08      $39.67     $124.68    $99.74     $74.56
 61               $59.46     $47.58    $32.82    $66.06     $52.87      $36.47     $124.13    $99.33     $68.52
 62               $57.82     $46.27    $30.61    $64.25     $51.40      $34.02     $120.70    $96.57     $63.90
 63               $53.98     $43.19    $27.24    $59.98     $47.99      $30.27     $112.70    $90.17     $56.88
 64               $45.82     $36.65    $21.40    $50.92     $40.73      $23.78     $95.66     $76.51     $44.68
 65               $25.32     $20.25    $7.97     $28.13     $22.50      $8.86      $52.86     $42.29     $16.63
*Waiting period                                                                                                   13
TASPLAN | INSURANCE BOOKLET




                       Changing your Income
                       Protection Cover
                       Cover indexation
                       You can elect to have your Income Protection Cover
                       indexed annually at the time of applying for or
                       transferring your Income Protection Cover to Tasplan.
                       This means that your insured monthly benefit amount
                       of cover increases by 5% in July each year.

                       This can be useful if you expect your income to
                       increase over time as your cover progressively increases
                       without needing to complete an application for
                       assessment each time you receive a pay rise.

                       Please note the amount of disability benefits payable
                       if you are eligible to claim on this policy will be
                       determined as described earlier in this section.

                       Please note that choosing to index your cover will
                       affect your premiums. As indexation increases your
                       amount of cover, this will increase your premiums.

                       Increasing cover
                       You can apply to increase your Income Protection
                       cover at any time using the Application for Insurance
                       Cover with Personal Statement contained at the back of
                       this booklet. Additional copies of this form are available
                       at tasplan.com.au/forms.

                       The maximum monthly benefits are:

                        Benefit period               Maximum monthly benefit
                        Short Term                    $25,000 per month
                        Long Term                     $20,000 per month

                       Reducing or cancelling cover
                       You can reduce or cancel your cover at any time.

                       You can do this by completing an Application to
                       reduce or opt out of cover form. This form is available at
                       tasplan.com.au/forms or by calling 1800 005 166.

                       There are no costs associated with cancelling or
                       reducing your insurance cover.




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FIND OUT MORE > Customer Service 1800 005 166




4
            Do you have insurance cover elsewhere?                     Eligibility criteria
            You may be able to transfer your current Death, TPD
                                                                       To be eligible to transfer your insurance cover into
            or Income Protection Cover from another super fund,
                                                                       Tasplan, you must:
            or in the case of Income Protection, from an employer
Insurance   sponsored group Income Protection policy, into your        • complete an Insurance Transfer form to the
                                                                         insurer’s satisfaction;
transfers   Tasplan Super account.
                                                                       • be under 55 years of age at the date of transfer;
            By transferring your cover, you can consolidate your
            cover when you consolidate your super accounts,            • be actively employed immediately before the date
            without needing to provide detailed health                   of the transfer;
            information or complete a full insurance application.      • transfer your total account balance with your other
                                                                         super fund into Tasplan;
            If your request to transfer your existing cover into
            Tasplan is successful, your new cover will have            • not be terminally ill with a life expectancy of less
            premiums applied at Tasplan’s current rates as outlined      than 12 months;
            in this Booklet. Any individual conditions, exclusions,    • not have been paid, eligible to be paid, or lodged a
            restrictions or premium loadings that apply to the           claim for permanent incapacity or TPD benefits from
            transferred cover will continue to apply following           Tasplan, another fund, workers’ compensation or an
            the transfer.                                                insurance policy;
            Death Only or Death & TPD Cover                            • provide an up-to-date statement which as evidence
                                                                         of the cover to be transferred within 45 days of the
            Any Death Only or Death & TPD Cover transferred into
                                                                         date it was issued by your other super fund; and
            your Tasplan account will be applied in addition to your
            existing Tasplan cover. Please note that your Death        • have sufficient money in your account to pay the
            Only or Death & TPD Cover cannot exceed $1.5 million         premium for the transferred cover, otherwise the
            following a transfer of cover. As such, your transferred     cover will not be considered to have started, your
            cover may be scaled back to ensure that the total of         application will not be considered to have been
            your transferred cover plus your existing Tasplan cover      proceeded with and the insurer’s acceptance
            does not exceed this limit.                                  will be void.

            Income Protection                                          How to transfer your cover
            Transferred Income Protection Cover will be applied        To apply to transfer your insurance, please complete
            in addition to any existing Income Protection Cover        an Insurance Transfer form which is contained at the
            held within your Tasplan account. The monthly benefit      back of this booklet. Additional forms are available at
            will be subject to a maximum of 85% of your insurable      tasplan.com.au/forms.
            income.
                                                                       You will also need to provide an up-to date statement
            Please note that your total monthly benefit amount         or declaration from your other super fund that is less
            cannot exceed $10,000 per month following a                than 45 days old which includes details of:
            transfer of cover. As such, your transferred cover         • the amount and type/s of cover you hold;
            may be scaled back to ensure that your cover does
            not exceed this limit.                                     • any exclusions, special conditions or loadings that
                                                                         apply; and
            If the benefit period under your current policy is not     • benefit and waiting periods applicable (Income
            available with Tasplan, you will be provided with cover      Protection Cover only).
            for the next shortest benefit period that is available.
            For example, if your current policy has a 5 year benefit   Transferred cover will start the date your total account
            payment period, the Short Term benefit period will be      balance from your former fund is received by Tasplan.
            applied to the transferred cover.                          If your total account balance is not received, the
                                                                       transferred cover will be considered not to have
            If the waiting period under your current policy is not     started, and any paid premiums in respect of that cover
            available under Tasplan’s insurance policy, you will be    will be refunded.
            provided with the next longest waiting period. For
            example, if your current policy has a 65 day waiting                     Consolidating your super accounts?
            period, a 90 day waiting period will be applied to the                   Check if you have insurance with your
                                                                                     other fund before consolidating your
            transferred cover.                                                       accounts, as your cover will be cancelled
            Please contact our Client Services Team to confirm how                   when your account is closed. If you want
                                                                                     to transfer your insurance cover, you
            your transferred Income Protection Cover will                            should do this before you rollover your
            be treated.                                                              account balance.

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TASPLAN | INSURANCE BOOKLET




5
                       Applying for cover                                           If your employer contribution is received more than 120
                                                                                    days after you started working for your contributing
                        Type of cover          How to Apply                         employer, your cover will start no more than 120 days
                                                                                    prior to the date that your first employer contribution
                        Basic Cover            Automatically provided to eligible
                                               members with a participating         is received.
Cover                                          employer.
commencement,           Fixed Cover            Eligible members need to
                                                                                    Other types of cover
termination and                                submit a completed Short Form        Fixed Cover, Additional Cover and Income Protection
reinstatement                                  Underwriting form within 90          Cover will commence on the date that the insurer
                                               days of the date shown on their
                                                                                    accepts your application for cover.
                                               Tasplan Welcome Letter. This is
                                               sent out shortly after the account   You will receive written confirmation of
                                               is established.
                                                                                    the application’s acceptance and the cover
                        Additional Cover       Eligible members must submit
                                                                                    commencement date. Cover may be declined in some
                                               a completed Application for
                        Income Protection      Insurance Cover with Personal        circumstances. You will be advised in writing if this is
                        Cover                  Statement at any time.               the case.
                                               A copy is available at the back of   Conditions, exclusions, limitations or premium loadings
                                               this booklet.
                                                                                    may apply to your cover acceptance. If applicable,
                       Forms are available at tasplan.com.au/forms or by            these will be provided to you in a letter regarding
                       calling 1800 005 166.                                        acceptance of cover.

                       Please note that your application for cover will be          If there are insufficient funds in your account to pay
                       assessed by the insurer, who will decide to accept or        the premiums for any Fixed Cover within 90 days of
                       decline your application based on the information            its acceptance, that cover will be considered never to
                       you provide. You may be asked to provide additional          have started.
                       information or undertake a medical assessment to
                       support your application if necessary.                       When cover ends
                       If your application is accepted, the insurer may choose      Your cover will end on the earliest of:
                       to apply conditions, exclusions or premium loadings          • your death;
                       to your cover. If applicable, these will be outlined in a
                                                                                    • the date a TPD benefit becomes payable for you
                       letter regarding acceptance of cover.
                                                                                      under the Tasplan policy, except for any excess
                       If you disagree with the insurer’s decision, you can           Death Cover above the Death & TPD Cover amount
                       either cancel your cover, or you can lodge a complaint.        (please refer to Higher Death Cover below);
                       Please refer to section 7 for more information.
                                                                                    • the date a Terminal Illness benefit becomes payable
                       When will cover commence                                       for you under the Tasplan policy;

                                                                                    • reaching cover expiry age (65 for TPD and Income
                       Basic Cover                                                    Protection, 70 for Death Cover);
                       If you have been automatically provided with Basic
                       Cover, your cover will become activated when a               • ceasing to be a Tasplan member;
                       contribution has been allocated to your account.
                                                                                    • the date Tasplan receives a written request from you
                       Your cover will start on the later of:                         to cancel your cover;
                       • the date that your employer became a ‘participating        • the end of the month in which there are insufficient
                         employer’ of Tasplan;                                        funds in your account to pay your premiums due,
                                                                                      except in respect of any Fixed Cover for which you
                       • the date you commenced employment with your
                                                                                      have been accepted within the last 90 days;
                         employer; or
                                                                                    • the date that you join any armed forces, other than
                       • the beginning of the period for which your first
                                                                                      the Australian Armed Forces Reserve; and
                         employer contribution is received.
                                                                                    • the date that the policy with the insurer terminates
                                                                                      and is not replaced by another policy.




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FIND OUT MORE > Customer Service 1800 005 166




Please note, if you are no longer earning an income,        Such reinstatement of cover is subject to:
for reasons other than sickness or injury, your Income      • you being in active employment at the time
Protection Cover will continue and premiums will              of reinstatement; and
continue to be deducted. However, your entitlement
                                                            • payment of the premiums associated with
to a disability benefit payment will be affected. In this
                                                              your cover.
case, you should carefully consider if you want to pay
the premiums for your cover to continue for when you        If you are not in active employment at the time of
return to earning an income, or if you wish to reduce or    reinstatement, your insurance cover will be Limited
cancel the cover.                                           Cover until you return to active employment for two
                                                            consecutive months. Please refer to section 6 for more
Higher Death Cover                                          information on Limited Cover.
If your Death Only Cover is higher than your Death
& TPD Cover and you receive a TPD benefit, you can
choose to keep your remaining Death Only Cover in
force by keeping your account open and continuing to
pay the premiums associated with this cover.

Reinstatement of cover
Voluntary cancellation of cover
If you change your mind after cancelling your cover,
you will need to reapply for cover using the Application
for Insurance Cover with Personal Statement. You will not
be eligible for Basic Cover or Fixed Cover.

If you were under 25 when you cancelled your Basic
Cover, your Basic Cover will be automatically reinstated
on your 25th birthday for the amount applicable to
a person who is 25 years of age. You can request to
cancel this cover at any time.

If you are not in active employment on the date your
cover is reinstated, it will be Limited Cover until you
have been in active employment for two consecutive
months. Please refer to section 6 for more information
on Limited Cover.

Involuntary cancellation of cover
Your cover may cease involuntarily as a result of:
• your account balance being insufficient to cover
  your premium payments due; or

• you joining the armed forces, other than the
  Australian Armed Forces Reserve.

If your circumstances change so that one of these
reasons for your cover ceasing no longer applies, then
your cover may be reinstated at your previous level
of cover prior to cessation of cover effective from the
date the next premium is received by the insurer. Any
special conditions that applied to your previous level of
cover will continue to apply to the insured cover that is
reinstated.




                                                                                                                  17
TASPLAN | INSURANCE BOOKLET




6
                       You need to be aware of the following limitations and           •	Subject to 14 days prior written notice, if you die or
                       exclusions which may affect your insurance cover.                  become terminally ill directly or indirectly because
                                                                                          of a pandemic illness or other condition caused
                       Limited Cover                                                      by, or related to, the pandemic illness in any way,
Limitations            Limited Cover means that you will be covered only
                                                                                          and your death or Terminal Illness occurs within 30
                                                                                          days of your cover commencing, recommencing or
and                    for a claim arising from a sickness that first becomes
                                                                                          increasing cover (but only the increased amount is
exclusions             apparent or an injury that first occurs, on or after the
                       day your cover last commenced, recommenced or
                                                                                          not payable).
                       increased.                                                      •	An Income Protection benefit will not be paid if the
                       Limited Cover applies in the following circumstances:              sickness, injury or medical condition is directly or
                                                                                          indirectly caused by intentional self-inflicted injury
                       • In respect of Basic Cover, if your first employer
                                                                                          or infection or attempt at suicide (whether or not
                         contribution is not received by Tasplan within 120
                                                                                          you are sane at the time), your service in the armed
                         days of you commencing employment with your
                                                                                          forces of any country; or war.
                         employer.*
                                                                                       •	An Income Protection benefit will not be paid if
                       • You are not in active employment on the date your
                                                                                          the sickness or injury causing your disability relates
                         cover commences or is reinstated.**
                                                                                          either directly or indirectly to normal pregnancy
                       *Limited Cover will continue until such time as the insurer’s      or childbirth. Normal pregnancy and childbirth
                       underwriting requirements are met and the insurer agrees           symptoms (outlined in section 8) are excluded for
                       in writing to provide cover which is not Limited Cover.            the duration of your pregnancy, and for 3 months
                       **Limited Cover will apply until you have been in active           following the end of your pregnancy.
                       employment for two consecutive months.                          The insurer may not may a benefit in the case of:

                       Exclusions                                                      •	Any fraud or misrepresentation by you or the
                                                                                          Trustee, or if you failed to disclose any aspect
                       The insurer may apply an underwriting exclusion or
                                                                                          under your duty of disclosure in relation to the
                       special conditions to your insurance policy. You will
                                                                                          policy, including in relation to a claim. Please refer
                       be advised of this in a letter regarding acceptance of
                                                                                          to section 7 for more information on your duty
                       your cover.
                                                                                          of disclosure.
                       The insurer will not pay a benefit in the following
                       circumstances:
                       •	If the reason for the claim is caused directly or
                          indirectly by war (whether declared or not),
                          revolution, invasion, rebellion or civil unrest, unless
                          you die on war service.

                       •	If the claim in respect of Death, Terminal Illness or
                          TPD was a result of suicide, a self-inflicted injury,
                          action or infection (whether intended or not) or
                          suicide, while sane or insane. Income Protection
                          benefits will not be paid in this case, and Death
                          or TPD benefits will not be paid if the event occurs
                          within 12 months of your cover commencing
                          or increasing.

                       •	If the payment would cause the insurer to infringe
                          any legislation in connection with health insurance.




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