PROTECT YOUR INCOME IF YOU CAN T WORK

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1 This document forms part of the NGS Super Member Guide (Product Disclosure Statement) dated 1 April 2014 PROTECT YOUR INCOME IF YOU CAN T WORK FACT SHEET 7 1 APRIL 2014 It s vital that you re prepared for the unexpected. NGS Super gives you and your family financial peace of mind by providing insurance cover in case you die, are terminally ill or become disabled and can t work. Take the time to consider your financial situation and what you would do if you were unable to work. A little planning can mean you avoid considerable financial distress and hardship by ensuring you have the right amount of insurance cover. NGS Super offers flexible insurance options so you can request the cover that suits you. With NGS Super s income protection (IP) insurance cover 1, you can: have income protection cover 1 providing monthly income payments if you become temporarily disabled through illness or injury choose the waiting time before your payments start choose the period for which payments will continue to be paid request the amount of income protection 1 insurance cover you need ask to change the amount of your cover at any time² have income protection until you re 65 years old. And, you ll be covered 24 hours a day, seven days a week. NGS Super also offers: Death and terminal illness cover until you re 70 years old Total and permanent disablement cover until you re 65 years old. For more information about this type of insurance cover please refer to the Death, terminal illness and disablement cover fact sheet which is available on the NGS Super website at (select Super Members > Fact sheets, Reports & PDS). 1 Your insurance cover depends on your eligibility, the insurer agreeing to provide you with this cover and the terms and conditions of the policy. 2 If you ask for your cover to be increased (or income protection waiting period to be reduced), you won t receive this extra cover until the insurer agrees to provide it and notifies you in writing. NGS SUPER PROTECT YOUR INCOME IF YOU CAN T WORK 01

2 YOUR MOST IMPORTANT ASSET IS YOU If you are a member of the NGS Super Industry Plan and you meet the eligibility requirements for insurance cover, you automatically receive cover when you join. If you are a member of the NGS Super Personal Plan and you are eligible, you can request insurance cover. You will need to provide the insurer with evidence of your good health before they will agree to provide it. Other conditions may also apply. What income protection insurance does NGS Super offer? The following table gives you a snapshot of your income protection (IP) insurance features. Table 1 Cover Benefit payment Maximum cover Cover expiry age Income protection Monthly payment of up to 75% of your pre-disability income plus up to 10% of your pre-disability income payable as a monthly super contribution to the Fund. Your monthly IP benefit is payable after your chosen waiting period (30, 60, 90 or 180 days). Monthly payments will continue for your chosen benefit period (two years, five years or to age 65) oruntil you: cease to be disabled reach age 65, or die whichever occurs first. $41,093 per month for a benefit period of two years or five years (29 units) 3 i.e. $31,174 per month for a benefit period to age 65 (22 units) 4 Age 65 If you were formerly a Cuesuper member and transferred to NGS Super on 1 April 2011, the features of your IP cover on transfer are explained on page 14. However, you are able to vary your IP cover by taking advantage of the additional IP features outlined in Table 1. With any request to vary your cover, you will need to show evidence of good health before this cover may be provided. 3 If your chosen benefit period is two years or five years, a maximum monthly benefit is provided of up to 75% of your pre-disability income of up to $498,784 per annum, and 50% of the next $238,056. The maximum income benefit is therefore $41,093 (29 units) per month. 4 If your chosen benefit period is to age 65, a maximum monthly benefit is provided of up to 75% of your pre-disability income up to $498,784 per annum. The maximum income benefit is therefore $31,174 (22 units) per month. NGS SUPER PROTECT YOUR INCOME IF YOU CAN T WORK 02

3 Automatic standard cover Automatic standard cover applies only for Industry Plan members who meet the eligibility requirements for insurance cover. Personal Plan members can request cover but they must show evidence of good health before the insurer agrees to provide the cover. NGS Super provides two levels of automatic standard cover: NGS General and NGS Plus. The level of automatic standard cover you receive will be determined by your employer s occupational category in NGS Super when you first join the Fund. See Table 2 for details. When you join NGS Super, we ll send you a welcome kit which includes details of your automatic standard cover. Table 2 Additional information for Personal Plan members If you are a Personal Plan member and you request cover, you will need to provide details of your current occupation. Your occupational category will be determined by the insurer when they assess your application. NGS Super will write to you to advise you of the insurer s decision including details of any cover you have received. Cover NGS General 5 NGS Plus 5 Income protection Two units of cover with monthly payments for up to two years after a 90-day waiting period. You may also select up to two additional units of cover within 120 days of the date of your welcome letter from the Fund (without the need to provide health evidence), if you need to cover a higher salary range. Four units of cover with monthly payments for up to two years after a 90-day waiting period. You may also select up to two additional units of cover within 120 days of the date of your welcome letter from the Fund (without the need to provide health evidence), if you need to cover a higher salary range. The NGS Plus occupational category applies to people employed by a school or other body that provides education as its primary function, or people whose occupational duties are limited to professional, managerial, clerical, secretarial or similarly white collar nature tasks that do not involve manual work and are conducted entirely within an office environment (such as Credit Unions or other employers in the finance sector). This includes people employed in an occupation that meets this definition and whose job requires them to travel from one office environment to another. If you do not meet the criteria for the NGS Plus occupational category then the NGS General occupational category will apply. If you join NGS Super and receive NGS General insurance cover, and your occupation changes in the future, we will accept your application as long as your new occupation satisfies the NGS Plus requirements and subject to provision of health evidence and acceptance by the insurer. To apply for NGS Plus cover you will need to complete the Insurance Variation form and Personal Statement available on our website at (select Super Members > Forms). 5 If you join NGS Super and receive NGS General insurance cover, and you are engaged in an occupation that satisfies the NGS Plus occupational category requirements, you can apply within 120 days of the date of your welcome letter from the Fund for NGS Plus automatic cover (4 units) without the need to provide health evidence. You can also elect an additional two units of cover within this120 day period. NGS SUPER PROTECT YOUR INCOME IF YOU CAN T WORK 03

4 Who is eligible for income protection insurance cover? Your eligibility for insurance cover depends on your NGS Super membership. Table 3 shows the eligibility criteria for each membership type and your insurability (which may include evidence of good health, occupation, income and details of hazardous pursuits you may be involved in) which the insurer needs to assess. Table 3 You are a member of Eligibility Insurability - Health evidence NGS Super Industry Plan You are eligible for automatic standard cover if: you are an employee you are a member of NGS Super you reside in Australia your employer contributes 6 to NGS Super on your behalf you are aged between 15 and 64 you have not been a member of NGS Super before, and you have never claimed or been eligible to claim a disability income benefit, total and permanent disablement benefit or terminal illness benefit from a superannuation fund, insurance company or statutory scheme. To receive full automatic standard cover you must be in active employment when cover commences. See page 12 When does my insurance cover in NGS Super commence? Standard cover is provided automatically on joining NGS Super 7 if you meet the eligibility requirements. No health evidence is needed. You can request up to two additional units of IP cover above standard cover without health evidence within 120 days of the date of your welcome letter from the Fund. For details regarding death and disablement cover, please refer to the Death, terminal illness and disablement cover fact sheet. To apply for an increase in cover above the standard cover or to reduce your waiting period, complete and return: Insurance Variation form Personal Statement NGS Super Personal Plan You can apply for insurance cover if you: reside in Australia have enough money in your account to cover the premiums, and are aged between 15 and 64. You will need to apply to the insurer for any insurance cover you would like to have. This is not provided automatically. Evidence that you are in good health is needed before the insurer agrees to provide or increase cover. To request cover, complete and return: Insurance Variation form Personal Statement. 6 For this purpose contributions made by your employer do not include salary sacrifice contributions. 7 Former Cuesuper members who transferred to NGS Super on 1 April 2011 and former UCSuper members who transferred to NGS Super on 1 March 2012, received cover equivalent to their cover in the former fund. Any request to vary this cover will need evidence of insurability from you before cover may be provided. NGS SUPER PROTECT YOUR INCOME IF YOU CAN T WORK 04

5 The details: your income protection (IP) insurance options Income protection (IP) cover replaces some of your income if you are under age 65 and can t work because you are sick or have been injured. Standard income protection insurance cover If you are a member of the NGS Super Industry Plan (i.e. your employer made Superannuation Guarantee contributions to NGS Super on your behalf within 120 days of you joining the Fund) and you meet the eligibility requirements for insurance cover, you will automatically receive standard IP cover when you join the Fund. NGS Plus standard IP cover is four units of IP3 8 cover with a 90-day waiting period, paid for up to two years. NGS General standard IP cover is two units of IP3 8 cover with a 90-day waiting period, paid for up to two years. If you were formerly a Cuesuper member and transferred to NGS Super on 1 April 2011, your IP cover, features and premiums are explained on page 14. However, you can apply to the insurer to take advantage of the IP cover features outlined in this section. If you do make a request to change any of the features of your cover, you will need to show evidence of good health before the insurer may agree to provide it. If you are a member of the NGS Super Personal Plan, you can request IP cover by completing and returning an Insurance Variation form and Personal Statement. NGS Super will write to you once you request has been assessed. Table 4 shows the IP cover choices available. Table 4 Feature Length of waiting period before payments commence Options IP6 180 days IP3 90 days IP2 60 days IP1 30 days Payment period up to two years up to five years up to age 65 Units of cover Each unit of cover provides an income protection benefit of up to 85% of your income (including up to a 10% super contribution) for each $20,000 of pre-disability income. For instance, for a pre-disability income of $80,000, four units of cover would provide a monthly benefit calculated as: 85% of ($20,000 x 4) / 12 months = $5,667 per month including super. If you are eligible for IP cover when you join NGS Super, you receive standard IP cover (four units of cover for NGS Plus and two units of cover for NGS General) providing IP benefits for up to two years after a 90 day waiting period (IP3). You can request to increase your cover by up to two units (to cover an annual income of $120,000 for NGS Plus and $80,000 for NGS General based on evidence of your income) within 120 days of the date of your welcome letter from the Fund or within 120 days of receiving a salary increase, without the need to show evidence of good health. You can do this by completing an Insurance Variation form available on our website at (select Super Members > Forms). If your request relates to a salary increase, please attach proof of your income. You can request up to 29 units as needed to cover your annual income (for a payment period of two or five years), or up to 22 units (for payment period to age 65). IP cover for people who are temporarily disabled If the insurer considers you are temporarily disabled (ie. because you have an accident or become sick), you may receive a monthly income benefit, with payments starting after a specified waiting period. The waiting period is determined by the option you select e.g. for IP3 the waiting period is 90 days. All benefit payments you receive are included in your taxable income. A few things aren t covered Disablement is not covered if it is caused directly or indirectly by: Intentional self-inflicted injury, whether while sane or insane Normal pregnancy or childbirth, or war. Benefits may not be payable if, in the opinion of the insurer, you were employed preferentially because you were suffering a medical condition that was likely to cause you to become disabled within three years of the commencement of insured cover. 8 IP3 cover refers to income protection insurance cover with a 90-day waiting period. Table 4 shows the other IP options available. NGS SUPER PROTECT YOUR INCOME IF YOU CAN T WORK 05

6 Income from other sources may have an effect on your IP benefit from NGS Super Your benefit may be reduced if you receive income from other sources, relating to the period you are disabled, such as: paid sick leave, workers compensation, social security benefits or from another source of disability payment any payments you may receive or are due to receive for the same period from another insurance policy providing income benefits that relate to your employment income for the same period from personal exertion (such as related to a graded return to work) any amounts, including any fringe benefits, which you continue to receive from your employer while you are disabled. IP cover provides a monthly income benefit (payment) of up to 75% of your monthly pre-disability income, plus up to 10% of your monthly pre-disability income as a super contribution paid into your NGS Super account. The monthly payment you receive will be based on your pre-disability income, the number of units of cover you have and whether you are receiving income from other sources. The insurer will require monthly progress reports over the period that you receive your payments. You may also need to provide further medical evidence or undergo any examinations that the insurer requires. Example 1 Sonia receives a salary of $80,000 a year. She has four units of NGS Plus standard IP cover, and each unit provides cover for $20,000 of income, which gives her cover for $80,000 worth of income. This is sufficient to cover her full annual salary, which means she is eligible for the full 85% IP benefit which provides a monthly income benefit of 75% of her pre-disability monthly income plus up to 10% of her pre-disability monthly income which will be paid to her NGS Super account. Sonia has a serious car accident and can t work for six months. After expiry of the waiting period, her four units of IP cover provide cover for a maximum total monthly benefit of $5,667 (85% x $80,000/12). Sonia receives 75% of her monthly benefit as income, which is $5,000 (75% x $80,000/12). The remainder of her total monthly benefit is $667 and this goes into her account with NGS Super as a super contribution. Example 2 Justin earns an annual salary of $42,000 and has two units of NGS General IP cover (which gives him cover for a salary of $40,000). He has a skiing accident and injures himself and can t work for six months. Justin s maximum IP benefit will be at the rate of 85% of $40,000, which is $34,000 a year or $2, per month. His cover provides an income at the rate of 75% of $42,000, which is $31,500 a year, or $2,625 a month, after expiry of the waiting period. Since the maximum he is entitled to is $34,000 per year, the remaining benefit allows for super contributions of $2,500 a year or $ a month (in this case, equal to approximately 6% of his salary). Since Justin s salary is higher than his IP cover, his IP benefit works out to be less than 85% of his annual salary 81% in this case. Had he successfully applied for an additional unit of IP cover, he would have been eligible for the full benefit of 85% of his annual salary (75% income and 10% super). Example 3 Tom earns an annual salary of $95,000 and has four units of NGS Plus standard IP cover ($80,000). Tom is eligible to increase his number of IP cover units, however he decides to stay with the standard level of cover. Tom is unable to work for eight months due to illness. While 75% of Tom s actual salary of $95,000 amounts to $5, a month, the total monthly benefit his four units of cover provides will be only $5,667 (85% x $80,000/12) after the expiry of the waiting period. In Tom s case, the standard cover is not enough to cover 75% of his pre-disability earnings so he would not be eligible for a superannuation contribution benefit. Had Tom increased his IP cover to five units to fully cover his annual salary he would have been entitled to receive a maximum benefit of $6, per month (85% x $95,000/12). Of this amount, $5, would have been paid as a monthly income benefit ($71,250 a year) and the remaining $ would have been available to be paid as 10% monthly super contributions (or $9,500 per year). NGS SUPER PROTECT YOUR INCOME IF YOU CAN T WORK 06

7 Guaranteed extra IP cover You may encounter specific life events that require changes to your IP insurance cover, such as getting a promotion or buying a house. In this case, you can apply to increase your existing IP cover or to reduce current waiting period without needing (subject to certain conditions, timeframes and limits) to show evidence of good health. An active employment test will apply at the date you apply to increase your cover. If you do not meet the active employment test, your increase in cover will be limited cover. The life events for which you can apply to vary cover are: getting a job promotion getting married when you start a family (birth or adoption) commencing a new mortgage to purchase a residential home your child s first day at school (primary or secondary) getting a divorce death of your spouse first becoming eligible for Centrelink carer s allowance. Please note that you cannot utilise this option more than twice in any two-year period and conditions apply. You can apply for either of the following options, if you are aged 64 or younger, without needing to show evidence of good health: 1. An additional unit of IP cover. Please note that any increase is subject to you having sufficient average income from all qualifying sources of employment to support your eligibility for additional cover 2. A one-step reduction in your benefit waiting period e.g. from 90 to 60 days. You can only choose one of these two options - you cannot increase your cover and also decrease your waiting period at the same time. Although keeping in mind, while not under this guaranteed extra cover provision, you can also request to increase your cover (by up to two units - to cover an annual income of $120,000 for NGS Plus and $80,000 for NGS General) within 120 days of receiving a salary increase. Interim accident cover If you have applied for IP cover or to increase your IP cover, you receive interim accident cover while the insurer considers your request. This cover provides for a two-year benefit payment period (conditions apply). The amount of interim accident cover you receive will be the lesser of: the monthly benefit being applied for 85% of your monthly pre-disability income. The maximum amount of interim accident IP cover available is $15,000 per month with the same waiting period as the benefit for which you are applying and a benefit payment period of up to two years. Interim accident IP cover will start from the date NGS Super receives your application for IP cover and continue until the earliest of: the date you withdraw your application for cover the date the insurer accepts or rejects your application for cover 120 days from the date NGS Super receives your application for IP cover. To apply for guaranteed extra IP cover, complete the Guaranteed Extra Cover Option form which is available on the NGS Super website at (select Super Members > Forms). Your form must be received by NGS Super within 60 days of the life event or within 60 days of receiving your next member statement. If your current cover has been issued with any special conditions or exclusions, these will also apply to your adjusted cover. NGS SUPER PROTECT YOUR INCOME IF YOU CAN T WORK 07

8 Cost of income protection cover Table 5 Waiting period Cost per week for one unit of NGS Plus cover NGS Plus Table 5 shows the cost for single units of NGS Plus IP cover for each of the benefit payment and waiting periods. For more details on the cost of income protection cover, you can refer to the NGS Plus income protection premiums fact sheet available on our website at (select Super Members > Fact sheets, Reports & PDS). Two year benefit Five year benefit To age 65 benefit IP6 180 days $0.40 $1.93 $3.55 IP3 90 days $0.45 (NGS Plus standard cover of 4 units = cost of $1.80 per week) $2.28 $3.87 IP2 60 days $0.92 $2.49 $4.06 IP1 30 days $1.30 $2.87 $4.40 NGS General For NGS General, the cost of one unit of IP cover depends on your age last birthday. Tables 6, 7, 8 and 9 show the cost for one unit of NGS General IP cover for each of the benefit payment and waiting periods. For more details on the cost of income protection cover, you can refer to the NGS General income protection premiums fact sheet available on our website at (select Super Members > Fact sheets, Reports & PDS). Table 6. Cost per week for one unit of NGS General IP6 cover (waiting period 180 days) Age Last Birthday Two year benefit Five year benefit To age 65 benefit Less than 19 $0.43 $0.64 $ $0.52 $0.81 $ $0.53 $0.90 $ $0.57 $1.01 $ $0.75 $1.40 $ $1.17 $2.31 $ $1.92 $3.83 $ $3.06 $6.21 $ $4.64 $9.62 $ $5.37 $6.64 $15.29 Table 7 Cost per week for one unit of NGS General IP3 cover (waiting period 90 days) Age Last Birthday Two year benefit Five year benefit To age 65 benefit Less than 19 $0.48 $0.86 $ $0.58 $1.09 $ $0.62 $1.21 $ $0.66 $1.35 $ $0.87 $1.88 $ $1.36 $3.07 $ $2.26 $5.11 $ $3.58 $8.29 $ $5.44 $12.66 $ $5.87 $8.30 $19.12 NGS SUPER PROTECT YOUR INCOME IF YOU CAN T WORK 08

9 Table 8 Cost per week for one unit of NGS General IP2 cover (waiting period 60 days) Age Last Birthday Two year benefit Five year benefit To age 65 benefit Less than 19 $1.25 $1.73 $ $1.37 $1.97 $ $1.40 $2.13 $ $1.64 $2.63 $ $2.14 $3.58 $ $2.85 $4.92 $ $3.86 $7.16 $ $5.40 $10.62 $ $7.53 $15.54 $ $9.18 $11.99 $32.22 Table 9 Cost per week for one unit of NGS General IP1 cover (waiting period 30 days) Age Last Birthday Two year benefit Five year benefit To age 65 benefit Less than 19 $1.79 $2.30 $ $1.96 $2.63 $ $2.00 $2.83 $ $2.35 $3.50 $ $3.06 $4.77 $ $4.07 $6.55 $ $5.52 $9.54 $ $7.71 $14.16 $ $10.75 $20.45 $ $12.33 $14.99 $40.27 Additional income protection cover You can apply for additional IP cover at any time. To apply for increased cover (or waiting period to be reduced), you will need to complete an Insurance Variation form and a Personal Statement, which is available on our website at (select Super Members > Forms). Please note that NGS Super does not have access to information about your salary and doesn t automatically increase your cover to match salary changes. If you hold standard cover (i.e. four units for NGS Plus or two units for NGS General), you can increase your insurance cover without having to provide evidence of health in the following situations: following a specified life event (subject to certain conditions) you can take advantage of the guaranteed extra IP cover option, which provides an increase of one unit of cover or reduction in waiting period. Full details of life events and conditions for applying for guaranteed extra IP cover are outlined on page 7. Any additional IP cover you apply for will be provided on the same terms and conditions as your existing IP cover. For example, if you have IP3 cover with a two-year payment period, any additional units provided will be IP3 cover with a two-year payment period, unless you apply to change your waiting period or your benefit payment period for all your IP cover (please see page 11 for more information about changing your IP cover). To recap, when applying for extra IP cover (for circumstances other than those described above) or to increase your benefit payment period or reduce your waiting period, complete and return an Insurance Variation form and a Personal Statement available on our website at (select Super members > Forms). Depending on your circumstances you may need to provide additional health information. How many units of income protection cover do you need? If you are a full-time employee, your income protection monthly benefit is calculated by using the annual salary you earned immediately before the date of your disablement divided by 12. If you are not a full-time employee (that is, a casual employee) your income protection monthly benefit will be based on the total amount you earned from all of your employers during the two years immediately before the date of your disablement, divided by 24. requesting an increase of up to two additional units of standard cover within 120 days of the date of your welcome letter from the Fund applying for up to two additional units within 120 days of receiving a salary increase. You will need to provide proof of the salary increase NGS SUPER PROTECT YOUR INCOME IF YOU CAN T WORK 09

10 Maximum income protection benefits The insurer sets a maximum amount for IP benefits. So, for two and five year payment periods your monthly benefit is calculated as the lowest of: the insured amount that is, the number of units you have purchased multiplied by $1,417 per month 85% of your monthly pre-disability income (however your monthly income above $41,565 will be covered for a lower replacement percentage) a benefit of $41,093 per month. If you have chosen a payment period up to age 65, your monthly income protection benefit is calculated as the lowest of: the insured amount that is, the number of units you have purchased times $1,417 per month 85% of your monthly pre-disability income a benefit of $31,174 per month. Premiums for your income protection cover will depend on: whether you have NGS Plus or NGS General cover the payment option you have requested (i.e. two years, five years or up to age 65) the number of units of cover you have requested your waiting period your age (NGS General only). Your level of income protection cover and premiums Use Workbox 1 to determine the number of units of cover you may need, your preferred waiting period and benefit payment period and your monthly premium. For more details on the cost of income protection cover, you can refer to the NGS Plus income protection premiums fact sheet or the NGS General income protection premiums fact sheet which are available on our website at (select Super Members > Fact sheets, Reports & PDS). Workbox 1 (valid for salaries up to $498,784 p.a.) Your IP benefit (1) Your annual salary (2) Number of units of IP cover needed to cover annual salary Your salary / $20,000 (one unit of cover) Your details $ per year units needed to cover annual salary (rounded up to the next higher unit) (3) Your income benefit each month Total maximum benefit (85%) First determine your total maximum IP benefit: 85% x $20,000 x number of units of cover / 12 = total maximum monthly benefit $ per month Your monthly income benefit is the lower of: a) 75% x annual salary / 12 and b) 75% x $20,000 x number of units of cover / 12 Your monthly super contribution is: Your maximum monthly benefit less your monthly income benefit. Income benefit $ per month Super contributions $ per month (4) Decide the waiting period you would like: 30, 60, 90, 180 days Standard cover provides a waiting period of 90 days. days waiting period (5) Decide the benefit payment period you would like: two years; five years; to age 65 benefit payment period (6) Find the weekly premium rate table that applies to your occupational classification. Use: Table 5 for NGS Plus, or Table 6, 7, 8 or 9 for NGS General (the appropriate NGS General table will depend on the waiting period chosen). Read the cost per week for one unit of cover based on: your chosen benefit payment period, and your age last birthday (NGS General only). Multiply the cost per week by the number of units required (see (2) above). Your weekly premium rate is: $ per week NGS SUPER PROTECT YOUR INCOME IF YOU CAN T WORK 10

11 Changing your cover You can apply to start, stop, increase or decrease your income protection cover at any time. You can request to increase your cover by two units within 120 days of the date of your welcome letter from the Fund without needing to show evidence of insurability. If you are eligible for guaranteed extra cover, you can request to increase your cover (within certain limits) within the required timeframes without needing to show evidence of good health. Any other requests to start or increase your cover will need to be accompanied by evidence of your insurability. However, if you choose to reduce or cancel cover, you will need to provide evidence to the insurer of your insurability for any insurance cover you request from NGS Super in the future. Requesting cover: the paperwork Table 10 shows you the forms and health information you need to complete and return to request a change to your cover. Table 10 Request Reduce or cancel cover Apply for cover Apply to change Occupational Classification Change IP waiting period Increase IP benefit payment period Increase number of units of IP cover Insurance Variation form Personal Statement Longer waiting period Shorter waiting period Unless: If you are eligible and you apply to increase standard IP cover by up to two units within 120 days of the date of your welcome letter from the Fund, or within 120 days of your salary increasing If you request an increase in IP cover utilising guaranteed extra IP cover (within certain limits) within 60 days of a specific life event occurring or within 60 days of receiving next member statement. When applying for a different income protection benefit period, your request will be treated as a new application. The terms under which your existing cover has been accepted are not guaranteed to be retained and this may result in limitation/s or exclusion/s being applied to your full IP cover and may impact future insurance applications. The insurer will require information from you and this will depend on the level of cover or the nature of the change you re applying for. This information may include a medical examination. You must provide all the requested information so that the insurer can assess your application. Your application may be declined if you don t provide certain information or if your application is unclear or not signed. Once the insurer has assessed your application, NGS Super will write to let you know the decision including whether any special conditions, restrictions or exclusions applied to your cover. If the insurer cannot provide the cover variation you ve requested, NGS Super will let you know in writing. Your insurance premiums will be adjusted accordingly. NGS SUPER PROTECT YOUR INCOME IF YOU CAN T WORK 11

12 Transferring your insurance cover If you re an NGS Super member who has insurance cover in another super fund or an individual policy outside of super (e.g. from a life insurer) you can request to transfer your cover into NGS Super, subject to the following conditions being met: once new cover has been confirmed in writing as accepted by NGS Super, the cover in the former fund or individual policy is then cancelled you have not received or are eligible to receive a disablement benefit from another super fund or insurance arrangement you are not terminally ill with a life expectancy of less than 12 months you are not restricted because of injury or illness, from carrying out the identifiable duties of your current and normal occupation for at least 30 hours per week (even if at the time of application you are working less than 30 hours per week) you transfer (if your transferred cover is with another super fund and once new cover has been confirmed in writing as accepted by NGS Super) the whole of your former super account balance into NGS Super you do not take a continuation option, reinstate or transfer your former fund or individual policy, to any other part of the former fund or any individual insurer or fund you provide a copy of an up-to-date statement or other written evidence (dated within 45 days of your application to transfer cover being received by NGS Super) confirming the type and level of cover (including details of any exclusions that apply) you hold with your former fund or individual insurer you satisfactorily complete the Insurance Transfer form, available on our website at (select Super Members > Forms). Acceptance of your transfer request will depend on whether the insurer accepts your transfer application. Some limitations may apply. You must not cancel your existing cover until you receive written confirmation from NGS Super that your transfer request has been accepted together with the terms that apply to your cover. If the insurer accepts your application, you will receive an amount of cover equivalent to the level of cover currently held with your former fund or individual insurer, and any special conditions such as exclusions will continue to apply in NGS Super. When does my insurance cover in NGS Super commence? NGS Super Industry Plan members If you are an Industry Plan member, your automatic standard insurance cover will start on the later of: the date you satisfy the insurer s eligibility conditions the start of the period covered by your employer s first super contribution paid to NGS Super on your behalf (this doesn t include salary sacrifice contributions). This contribution must be received from the employer you were employment by when you joined NGS Super. To receive full cover, you must be in active employment (for a definition of active employment, see page 14 of this fact sheet) on the date your cover in NGS Super starts. If you are not in active employment on the date your cover starts, you will receive limited cover until you have been in active employment for 40 consecutive working days for which you are rostered to work. If NGS Super receives your first employer super contribution (this doesn t include salary sacrifice contributions) after 120 days of commencing employment with your NGS Super employer, you will still be eligible for standard insurance cover. However, you will receive only limited cover for the first two years of continuous membership in NGS Super. Full cover will be provided after this two year period provided you are in active employment on your next rostered working day immediately following the two year period. If you are not in active employment on that day, you ll continue to receive limited cover until you return to active employment for 40 consecutive working days for which you are rostered to work. NGS SUPER PROTECT YOUR INCOME IF YOU CAN T WORK 12

13 If your cover is limited cover because your first employer super contribution is not received within 120 days, no insurance benefit will be paid within the first 13 months of cover with NGS Super if: your death is due to suicide your total and permanent disablement is due to either: intentional self-inflicted injury or infection attempted suicide regardless of whether or not you are sane at the time. Personal Plan members Your insurance cover will start on the date the insurer accepts your application for insurance cover. When does my insurance cover cease? Income protection cover will cease on the earliest of any of the following: the date of your death the date you turn 65 the date NGS Super receives written advice from you that you want to cancel your cover the date you cease to be a member of NGS Super the date on which there are insufficient funds in your account to cover your next premium deduction the date you join any armed forces, other than the Australian Armed Forces Reserve the date the NGS Super insurance policy with the insurer terminates, unless that policy is replaced immediately by a policy with another insurer providing equivalent cover. Reinstatement of your cover If you have cancelled your NGS Super insurance cover and you subsequently re-apply for cover, your application will be subject to evidence of your good health and acceptance by the insurer. If you are an NGS Super Industry Plan member and your insurance cover has stopped involuntarily, due to: insufficient funds in your NGS Super account to cover the next premium deduction you join any armed forces, other than the Australian Armed Forces Reserve your cover may be reinstated at the previous level provided the following conditions are met: i. your employer s super contribution is received by NGS Super within six months from the date that cover last ceased with NGS Super ii. you remained a member of NGS Super from the time the cover ended until the time the required employer contribution is received iii. you are actively employed with an NGS Super contributing employer on the cover recommencement date. If your employer super contribution is not received by NGS Super within six months from the date your cover last ceased through NGS Super, but conditions (ii) and (iii) above are satisfied, you will only receive standard insurance cover from the cover recommencement date. If you are not in active employment on the cover recommencement date but meet all other conditions for reinstatement of cover, you will receive limited cover until you return to active employment for 40 consecutive working days after which time, full cover will apply. Industry members: cover while on unpaid leave If you have income protection cover and you are taking leave without pay, cover will continue automatically in NGS Super while you are on leave without pay as long as there are sufficient funds in your NGS Super account to cover the insurance premiums and you have a pre-disability income 9 to support your benefit. 9 For a member employed on a permanent basis, pre-disability income is your annual salary at the disability date divided by 12. For all other insured members this will be your total income received during the two years prior to your disability date divided by 24. NGS SUPER PROTECT YOUR INCOME IF YOU CAN T WORK 13

14 Definitions Disablement/disablement You are disabled if you suffer a sickness or injury and as a result you are: unable to perform one or more of the important duties of your own occupation (those necessary to produce your pre-disability income before any claim for a benefit under the IP cover is made) earning less than your pre-disability income are under the regular care of a registered medical practitioner (as defined by the insurer). Casual employee You are classified as a casual employee if you are employed by an employer for a defined and usually short period without rights to or an expectation of continued employment and are not entitled to sick or holiday pay. Casual employment does not include permanent or temporary employment. Active employment You are in active employment if: you are employed (including being on fully paid leave except leave which is caused by sickness or injury) by an NGS Super employer on a casual, permanent or temporary basis to carry out identifiable duties you are actually performing those duties, and in the opinion of the insurer you are not restricted by sickness or injury from carrying out those duties on a full time basis (i.e. for at least 35 hours per week) or the duties of your usual occupation on a full time basis even if you are then not working on a full time basis. Limited cover If you have limited cover you are covered only for claims arising from a sickness that first becomes apparent or an injury which occurred on or after the date you first became eligible for insured cover. Insurability When a request for insurance cover is made to the insurer, and in making their assessment as to whether this cover can be provided, the insurer may ask for a range of evidence to determine the member s insurability. This evidence may include evidence of good health, income, occupation and hazardous pursuits. Pre-disability income Your pre-disability income is the monthly amount earned from your own occupation as an employee of your employer(s) immediately before becoming disabled. For a noncasual member this will be taken as the salary amount you earned immediately prior to the disability date divided by 12. For a casual or self-employed member this will be taken as the total salary amount you earned from all employers, or from being selfemployed, during the two years immediately prior to the disability date divided by 24. Disability date Disability date means the date on which you first became disabled. Salary Salary means the gross annual salary earned from an employer(s), including: the value of a fringe benefit which: (i) you receive from your employer by way of salary sacrifice (ii) you would benefit from at least six months after the date on which the salary, which you sacrificed for the fringe benefit, would have first become payable by your employer performance related annual bonuses and commissions (averaged over the lesser of the preceding 3 years and the period for which you have been in receipt of such bonuses or commissions) but excludes director s fees, any compulsory employer superannuation entitlements, overtime, investment income and profit distribution. If you are self-employed, salary means the pre-tax income that is generated by you or your business as a result of personal exertion and: includes any allowances or fringe benefits paid to you which you may convert into cash salary at their option, or which we agree to treat as part of your income any other allowances or fringe benefits which we agree to treat as part of your pre-tax income, but does not include any necessary business expenses incurred in producing that income or any compulsory superannuation contributions. Income protection (IP) cover for former Cuesuper accumulation members This section outlines features and premiums for Income Protection (IP) cover for former accumulation members of Cuesuper on transfer to NGS Super on 1 April IP cover outlined here replaces some of your income if you are under age 65 and can t work because you are sick or have been injured. You have access to IP features and options offered by NGS Super which are outlined on page 2. However, if you want to increase any aspects of your cover (e.g. a shorter waiting period or higher cover), you will need to show evidence of good health before the insurer will agree to provide this cover. As a former Cuesuper member, if you apply to increase your current level of cover and your application is accepted by the insurer, the cost of this new level of cover will be determined using the premium rates available in Table 11. NGS SUPER PROTECT YOUR INCOME IF YOU CAN T WORK 14

15 If you apply for any of the other NGS Super IP features (e.g. a different waiting period or a payment period, with or without a higher number of units), and your application is accepted by the insurer, the cost of this cover will be determined based on your occupational classification and as outlined in premium rate Tables 5, 6, 7, 8, and 9. IP cover features for former Cuesuper members Length of waiting period before payments commence 60 days Payment period Up to age 65 Payments will cease on return to work or when a death or disablement benefit is paid. Units of cover One unit of cover IP benefit of 75% of $20,000 salary a year Your IP cover provides units of cover (rounded up to the next highest unit) to give an income benefit of 75% of your annual salary at the time you transferred. Your IP cover provides a monthly income benefit of up to 75% of your monthly predisability income. The monthly benefit you receive will be based on your pre-disability income, the number of units of cover you have and whether you are receiving income from other sources. The insurer requires monthly progress reports while you receive payments. You may also need to provide medical evidence and undergo any examinations required by the insurer. If your salary increases, it s important that you review your IP cover to ensure you have enough cover. If you experience a specific life event (subject to certain conditions) you can take advantage of the guaranteed extra IP cover option which provides an increase of one unit of cover (you are not able to request a reduction in your waiting period, which is a standard 60 days for former Cuesuper members). Full details of specific life events and conditions for applying for guaranteed extra IP cover are outlined on page 7. Example of income protection cover Simon has just turned 44 and earns a salary of $70,000 a year. He receives four units of standard IP cover (rounded up to the next higher unit), with each unit providing $20,000 of cover giving Simon cover for up to a maximum of $80,000 of salary. If Simon is injured or becomes ill and can t work, this cover will give him a monthly income benefit payment of $4,375 (or $52,500 a year), which is 75% of his pre-disability salary. Insurance premiums for Simon s cover are based on his age at his next birthday for each unit of cover. Using Table 11 (below) Simon s premiums will be: 4 units x $2.21 = $8.84 a week or $ a year Simon s premiums are deducted from his account each week. Cost of income protection cover for former Cuesuper members Table 11 shows the weekly premium rates based on your age at your next birthday for one unit of cover, which provides a monthly income benefit of $1,250. Table 11 Age next birthday Cost Age next birthday Cost Age next birthday Cost 16 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $2.89 NGS SUPER PROTECT YOUR INCOME IF YOU CAN T WORK 15

16 Your level of income protection cover and premiums for former Cuesuper members Use Workbox 2 to determine the number of units of cover you may need and your weekly premium. Workbox 2 Your IP benefit Your details (1) Your annual salary (2) Number of units of IP cover needed to cover annual salary Your salary / $20,000 (one unit of cover) $ a year units needed to cover annual salary (rounded up to the next higher unit) (3) Your income benefit each month Total maximum benefit (85%) First determine your total maximum IP benefit: 75% x $20,000 x number of units of cover / 12 = total maximum monthly benefit $ a month Your monthly income benefit is the lower of: a) 75% x annual salary / 12 and b) 75% x $20,000 x number of units of cover / 12 (4) Find the weekly premium rate that applies to you based on your age next birthday using the premium rates in Table 11. Weekly premium x number of units of cover. Income benefit $ a month Your weekly premium rate is: $ If you would like to take advantage of the other NGS Super IP cover options, you can use Workbox 1 (on page 10) to determine the cost of cover for your desired option. If you are thinking about income protection insurance cover, you should consider obtaining professional advice from a licensed financial adviser to understand how this works for your personal situation. NGS Super offers a financial planning service. To make an appointment or to speak with a planner, call We also have representatives who can provide you with general advice and explain the options available though NGS Super Contact us Our website is your one-stop shop for information about NGS Super. You can also contact us via the contact us page at or call our Customer Service Team on between 8.00am and 8.00pm (AEST/AEDT), Monday to Friday Important information This factsheet provides key information for Industry and Personal members of NGS Super. You should consider all the information contained in the Member Guide (Product Disclosure Statement) and incorporated Fact Sheets dated 1 April 2014 before making a decision about investing in NGS Super. The information provided in this fact sheet is general information only and does not take into account your objectives, financial situation or needs. Before making a financial decision, please assess the appropriateness of the information to your individual circumstances and consider seeking professional advice. The NGS Financial Planning Service is offered to members of NGS Super (ABN ) through an arrangement with Mercer Financial Advice (Australia) Pty Ltd (MFA) (ABN ) which holds an Australian Financial Services Licence No (1113) NGS SUPER PROTECT YOUR INCOME IF YOU CAN T WORK 16

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