Suncorp Employee Superannuation Plan

Transcription

1 Suncorp Employee Superannuation Plan Insurance premium rates guide Issued 29 October 2011

2 Contents Insurance 3 Why is insurance important? 3 Why have insurance through super? 3 About this guide 3 Understanding the Suncorp Employee Superannuation Plan What type of member are you? 3 Examples of how to calculate premiums 4 Stamp duty 4 Employees of the Suncorp Group and Associate Employers with Standard (Default) Cover 5 Employees of the Suncorp Group and Associate Employers with Standard (Default) Cover and additional, Member Selected cover 6 Family members with cover 8 Employees who have left employment with the Suncorp Group or an Associate Employer and wish to reinstate their cover 9 Insurance cover levels - Standard Cover 10 Death only cover for casual employees 10 Insurance premium rates Standard Cover 11 Death only cover and cover (Standard rates) 11 cover (Standard rates) 12 Insurance premium rates Member Selected Cover 14 Death only cover and cover (Individual rates) 14 Insurance premium rates Reinstated Cover 15 cover (Individual rates) 15 Contact us back cover Insurance Why is insurance important? Today we take out insurance for all our assets, including the car, boat, house and personal valuables such as jewellery. However, many people neglect to insure their most important asset themselves, and their ability to earn an income. Fortunately, the Suncorp Employee Superannuation Plan offers a range of insurance options tailored to help protect you and your family from life s uncertainties. Insurance offered through the Suncorp Employee Superannuation Plan is provided by Asteron Life (Insurer). Asteron Life is part of the Suncorp Group and is an award-winning insurer with a proud heritage of protecting Australians that stretches back for 175 years. Why have insurance through super? By attaching insurance to your Suncorp Employee Superannuation Plan account, you can have your insurance premiums conveniently and tax-effectively deducted from it. Which means it can potentially be cheaper than buying insurance outside super. If you re an eligible employee of the Suncorp Group, you have the added benefit of having your insurance premiums for your Standard (Default) Cover paid for by your employer (including any applicable stamp duty). And in the event of your death, your valid nominated beneficiary may be able to choose to receive your death benefit in the form of a Suncorp WealthSmart Pension. If you are eligible to receive a TPD benefit, we ll pay the benefit to your Suncorp Employee Superannuation Plan account. To access any TPD benefits, you must satisfy a condition of release. If you satisfy a condition of release, we will pay the benefit to you, less any applicable tax. About this guide This guide contains the base insurance premium rates for standard and individual insurance cover and should only be used as an indication. The premiums you pay may depend on your particular circumstances and medical conditions. For more information about what factors may affect your premiums, please see the Suncorp Employee Superannuation Plan PDS and Member Booklet. Understanding the Suncorp Employee Superannuation Plan What type of member are you? There are a number of different types of members within the plan and it s important to know which category you fall into. The following table provides a summary of the different membership categories within the plan: Category name Employed member Non-employed member Who is included in this category? Currently employed members of the Suncorp Group, including currently employed members of GILD Insurance Litigation Pty Ltd (GILD) A member who has left employment with the Suncorp Group or an associated employer Suncorp Portfolio Services Limited (ABN , AFSL , RSE Licence No L ) is the Trustee and issuer of this guide and takes responsibility for its contents. The Suncorp Employee Superannuation Plan is part of Suncorp WealthSmart Business Super (SPIN RSA0003AU). Suncorp WealthSmart is part of the Suncorp Master Trust (SMT) (ABN , RSE Fund Registration No. R ). The Trustee is the trustee of the SMT. Insurance cover offered through the Suncorp Employee Superannuation Plan is provided by Asteron Life Limited (Asteron Life) (ABN , AFSL ) in a non-participating policy issued to the Trustee. Subject to confirmation from the Federal Court, from 1 January 2012, insurance cover offered through the plan will be provided by Suncorp Life & Superannuation Limited (SLSL) (ABN , AFSL ) and any references to Asteron Life and Asteron Life Limited should be replaced by SLSL. The Trustee, Asteron Life, SLSL and Suncorp-Metway Limited (ABN , AFSL ), are related bodies corporate of Suncorp Group Limited (ABN ). Various products and services are provided by different entities of the Suncorp Group. The different entities of the Suncorp Group are not responsible for, or liable in respect of, products or services provided by other entities of the Suncorp Group. The obligations of the Trustee and the Insurer aren t guaranteed by any other company within the Suncorp Group. Except as otherwise stated, Suncorp and its subsidiaries don t guarantee the repayment of capital invested in or the investment performance of this product. This product is not a bank deposit or other liability and is subject to investment risk including possible delays in repayment and loss of the interest and principal invested. The information contained in this guide is of a general nature only and does not constitute financial advice. We haven t taken into consideration your personal objectives, circumstances or financial needs. Before deciding to open an account or continuing to hold an interest, you should consider how the information contained in the Suncorp Employee Superannuation Plan Product Disclosure Statement (PDS) and Member Booklet relates to your own situation. We recommend that you speak to a financial adviser who will be able to help you with your investment and insurance decisions. The information provided in this guide is up to date at the time of preparation. We may change or update this information from time to time. You can get a copy of the Suncorp Employee Superannuation Plan PDS and Member Booklet from our website, or by logging into your Suncorp Employee Superannuation Plan account via Suncorp WealthSmart online, at suncorp.com.au. If you d like a free, printed copy of the PDS and Member Booklet, contact us on or staff.super@suncorp.com.au. Associate employee member Family account members Employees of an employer associated with the Suncorp Employee Superannuation Plan, but not employed by the Suncorp Group A family member with a Suncorp Employee Superannuation Plan account linked to an employed, non-employed or associate employee member Suncorp Employee Superannuation Plan Insurance premium rates guide 3

3 Examples of how to calculate premiums To calculate premiums, you ll need to know: The member s age next birthday The member s gender The sum insured for Standard Cover The sum insured for Member Selected Cover (if applicable) The type of insurance benefit payable, i.e. Death only cover, Death & Total and Permanent Disability (TPD) cover and/or cover For cover, the benefit period and waiting period (for most members, the benefit period is 2 years and the waiting period is 28 days) For casual members who receive a sum insured based on paying an insurance premium of $1 per week, information about the level of insurance cover provided can be found on page 10 of this guide. For all other members, the annual premiums for all other insurance cover (including a fixed benefit amount and salary based cover), can be calculated as: Standard Cover for Death only, and cover Annual premium = Sum insured x Premium rate from table (Standard Cover) Member Selected Cover for Death only, and reinstated cover Annual premium = Sum insured x Premium rate from table (Individual Cover) Employees of the Suncorp Group and Associate Employers with Standard (Default) Cover All rates assume acceptance of insurance on standard terms and conditions, with no exclusions or loadings and are charged at standard rates. Insurance premiums are deducted from your account balance on or around the 1st of each month. Example 1 George has just turned 25, works in the Call Centre and earns $50,000 pa (excluding super). He has Standard (Default) Cover, which was provided to him when he joined the Suncorp Employee Superannuation Plan. To calculate the cost of his insurance premium, the following steps need to be completed: Step 1 Calculate George s sum insured Standard (Default) Cover Standard (Default) Cover = 17.5% of salary x future years & complete days of service to age 70 = (0.175 x $50,000) x 45 = $393,750 of cover = 75% of salary = 0.75 x $50,000 = $37,500 annual benefit = $3,125 monthly benefit (annual benefit 12) Step 2 Calculate the annual cost of George s insurance premiums Stamp duty Stamp duty is payable in addition to premiums and varies by state or territory. For cover, any stamp duty charged is already included in the TPD element of the premium. = Sum insured x Premium rate from table (Standard Cover) = $393,750 x 0.52 = $ annual insurance premium for cover = $37,500 x = $ annual insurance premium for cover Step 3 Calculate the monthly cost of George s insurance premiums = annual insurance premium 12 = $ = $17.06 monthly insurance premium for cover = annual insurance premium 12 = $ = $8.41 monthly insurance premium for cover Step 4 Calculate the total annual and monthly cost of George s insurance premiums Total annual premium (use amounts from Step 2) Total monthly premium (use amounts from Step 3) = premium + premium = $ $ = $ total annual premium = premium + premium = $25.47 total monthly premium 4 Suncorp Suncorp Employee Superannuation Plan Insurance premium rates guide 5

4 Employees of the Suncorp Group and Associate Employers with Standard (Default) Cover and additional, Member Selected cover All rates assume acceptance of insurance on standard terms and conditions, with no exclusions or loadings. Rates are applied based on the following: Standard (Default) Cover is changed at standard rates Additional, member selected cover above the Standard (Default) Cover amount is charged using individual rates Insurance premiums are deducted from your account balance on or around the 1st of each month. Example 2 James has just turned 35, is a Team Leader in the Call Centre and earns $65,000 pa (excluding super). He has Standard (Default) Cover, which was provided to him when he joined the Suncorp Employee Superannuation Plan and he has previously applied for and been accepted for an additional $200,000 of Member Selected cover. To calculate the cost of his insurance premium, the following steps need to be completed: Step 1 Calculate James sum insured Standard (Default) Cover Member Selected cover Total cover Standard (Default) Cover = 17.5% of salary x future years & complete days to service to age 70 = (0.175 x $65,000) x 35 = $398,125 of cover = $200,000 additional cover = Standard (Default) Cover + Member Selected cover = $398,125 + $200,000 = $598,125 total cover = 75% of salary = 0.75 x $65,000 = $48,750 annual benefit = $4, monthly benefit (annual benefit 12) Step 2 Calculate the annual cost of James insurance premiums Step 3 Calculate the monthly cost of James insurance premiums = annual insurance premium 12 = $ = $29.91 monthly insurance premium for cover = annual insurance premium 12 = $ = $13.44 monthly insurance premium for cover Step 4 Calculate the total annual and monthly cost of James insurance premiums Total annual premium (use amounts from Step 2) Total monthly premium (use amounts from Step 3) = premium + premium = $ $ = $ total annual premium = premium + premium = $43.35 total monthly premium Standard (Default) Cover (per Example 1) = $ annual insurance premium for Standard (Default) Cover Member Selected cover = Sum insured x Premium rate from table (Individual Cover) = $200,000 x 0.64 = $ annual insurance premium for Member Selected cover Total premium for = Standard (Default) Cover insurance premium + Member Selected cover insurance premium = $ $ = $ total annual insurance premium for cover (per Example 1) = $ annual insurance premium for cover 6 Suncorp Suncorp Employee Superannuation Plan Insurance premium rates guide 7

5 Family members with cover All rates assume acceptance of insurance on standard terms and conditions, with no exclusions or loadings and are charged at individual rates. Insurance premiums are deducted from your account balance on or around the 1st of each month. Example 3 Gina has just turned 25 and has applied for $350,000 of cover. Gina has no medical conditions and does not participate in any hazardous pursuits. To calculate the cost of her insurance premium, the following steps need to be completed: Step 1 Calculate the annual cost of Gina s insurance premiums Member Selected cover = Sum insured x Premium rate from table (Individual Cover) = $350,000 x 0.23 = $80.50 annual insurance premium for Member Selected cover Step 2 Calculate the monthly cost of Gina s insurance premiums = annual insurance premium 12 = $ = $6.71 monthly insurance premium for cover Employees who have left employment with the Suncorp Group or an Associate Employer and wish to reinstate their cover You can apply to reinstate your cover with the benefit of limited underwriting within six months of the date you left your employer. If you apply to have your cover reinstated, and your application is accepted, premiums will be based on Individual rates. All rates assume acceptance of insurance on standard terms and conditions, with no exclusions or loadings and are charged at Individual rates. Insurance premiums are deducted from your account balance on or around the 1st of each month. Example 4 Steven has just turned 25, left employment with the Suncorp Group and wishes to reinstate his cover. His salary at his new job as a Team Manager is $75,000 pa (excluding super). Steve has no medical conditions, does not smoke or participate in any hazardous pursuits. Step 1 Calculate Steven s sum insured sum insured = 75% of salary = 0.75 x $75,000 = $56,250 annual benefit = $4, monthly benefit (annual benefit 12) Step 2 Calculate the annual cost of Steven s insurance premiums = Annual benefit x Non-smoker individual premium rate = $56,250 x = $ base annual insurance premium ( base premium ) Occupation adjustment Final annual insurance premium = Base premium x Occupation factor = $ x 0% (White Collar) = $0 = Base premium + Occupation adjustment = $ $0 = $ final annual insurance premium Step 3 Calculate the monthly cost of Steven s insurance premiums = annual insurance premium 12 = $ = $14.55 monthly insurance premium for cover 8 Suncorp Suncorp Employee Superannuation Plan Insurance premium rates guide 9

6 Insurance cover levels - Standard Cover Death only cover for casual employees The insurance cover levels below are based on an insurance premium of $1.00 per week and assume your premiums are paid monthly. Death only cover Male & Female Death only cover Male & Female , , , , , , , ,098 Insurance premium rates Standard Cover Death only cover and cover (Standard rates) The annual premium rates below are per $1,000 of insured benefits. They include stamp duty and assume your premiums are paid monthly. You can only hold TPD cover with Death cover and it can t exceed the level of your Death cover Non-employed members do not have cover for ages For members aged 66 70, a different definition of TPD applies for more information, please see Key definitions and concepts in the Insurance section in the Suncorp Employee Superannuation Plan Member Booklet For more information on the insurance available within the Suncorp Employee Superannuation Plan, please see Insurance in the Suncorp Employee Superannuation Plan PDS and Member Booklet , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,700 Death Only Male Female Male Female Death Only Male Female Male Female * * * * * Suncorp Suncorp Employee Superannuation Plan Insurance premium rates guide 11

7 Insurance premium rates Standard Cover cover (Standard rates) The annual premium rates below are per $1,000 of insured benefits. They exclude stamp duty and assume your premiums are paid monthly. For more information on the insurance available within the Suncorp Employee Superannuation Plan, please see Insurance in the Suncorp Employee Superannuation Plan PDS and Member Booklet. You can apply for cover of up to 75% of your salary (excluding superannuation), to a maximum limit of $30,000 per month Explanation of member categories Category name GIOA GIOB DEF Description GIO Schedule A members GIO Schedule B members Non-employed members Standard cover for all member categories (except GIOA, GIOB and DEF) 2 year benefit period, 28 day waiting period Male Female Male Female Insurance premium rates Standard Cover cover (Standard rates) continued The annual premium rates below are per $1,000 of insured benefits. They exclude stamp duty and assume your premiums are paid monthly. For more information on the insurance available within the Suncorp Employee Superannuation Plan, please see Insurance in the Suncorp Employee Superannuation Plan PDS and Member Booklet. You can apply for cover of up to 75% of your salary (excluding superannuation), to a maximum limit of $30,000 per month Standard cover for members in GIOA and GIOB categories To age 65 benefit period, 28 day waiting period Male Female Male Female Suncorp Suncorp Employee Superannuation Plan Insurance premium rates guide 13

8 Insurance premium rates Member Selected Cover Death only cover and cover (Individual rates) The annual premium rates below are per $1,000 of insured benefits. They include stamp duty and assume your premiums are paid monthly. You can only hold TPD cover with Death cover and it can t exceed the level of your Death cover If you re a non-employed member (a member who has left employment with the Suncorp Group or an associated employer) without existing insurance cover, insurance is not available within your super account If you re a non-employed member with existing insurance cover, you can apply for an increase to your Death only or cover For members aged 66 70, a different definition of TPD applies please see Key definitions and concepts in the Insurance section in the Suncorp Employee Superannuation Plan Member Booklet For more information on the insurance available within the Suncorp Employee Superannuation Plan, please see Insurance in the Suncorp Employee Superannuation Plan PDS and Member Booklet. Death only cover and cover for all member categories Insurance premium rates Reinstated Cover cover (Individual rates) Occupation categories For reinstatement of cover, the level of insurance premium payable depends on your occupation, according to one of the following pre-defined occupation categories and other factors. Your insurance premium may have an additional loading based on your occupation rating factor below. Occupational rating factors Occupation rating factor Category Insurance premium loading 1 Professional -10% 2 White Collar 0% 3 Light Blue / Grey Collar 50% 4 Blue / Skilled Blue Collar 100% 5 Heavy Blue Collar 175% Death Only Male Female Male Female Death Only Male Female Male Female * * * * * Hazardous Uninsurable Occupation category definitions 1. Professional University qualified white collar professionals using their qualification (for which membership of a professional or government body is necessary as a requisite for practising in the occupation, e.g. lawyer, accountant etc). It also includes persons working in a strictly clerical and business environment where the work is of a sedentary nature, who ve held the position in a well established business or organisation for at least two years and their net earned income exceeds $100,000 pa. It doesn t include persons who perform manual work, supervise manual workers or need to get out and about on a regular basis (these are generally customer facing occupations requiring regular direct customer contact). 2. White Collar Workers where the work is of wholly a sedentary nature, in an office environment and does not involve manual work or supervision of manual workers. It also includes some indoor occupations which require tertiary qualifications and involve light physical work, e.g. osteopath, acupuncturist. 3. Light Blue / Grey Collar Includes most occupations which don t involve manual work and aren t included in categories 1 and 2. This includes people who aren t limited to an office environment involving purely desk type duties, but whose duties involve the need to get out and about on a regular basis where these activities are integral to the performance of the occupation. These are generally customer-facing occupations, e.g. salespersons, some shopkeepers, field surveyor. 4. Blue / Skilled Blue Collar Includes occupations involving light manual work performed by skilled craftspeople or tradespeople in non-hazardous industries. It also includes those involved mainly in the supervision of manual workers which may involve them in some manual work. People who qualify under this category will normally have technical qualifications and may require licensing, e.g. qualified mechanic, auto electrician. Unskilled or semi-skilled workers involved even in light manual work aren t included in this occupation category. 5. Heavy Blue Collar Includes occupations involved in heavy manual work performed by semi-skilled or unskilled workers. It also includes light manual work performed by semi-skilled workers. 6. Hazardous Workers involved in hazardous or very heavy manual work and/or who present special underwriting difficulties, e.g. underground miner, offshore worker. The Suncorp Employee Superannuation Plan doesn t offer cover to members with hazardous occupations. 14 Suncorp Suncorp Employee Superannuation Plan Insurance premium rates guide 15

9 Insurance premium rates Reinstated Cover cover (Individual rates) continued The annual premium rates below are per $1,000 of insured benefits, exclude stamp duty, assume your premiums are paid monthly and are applicable to former employees of the Suncorp Group or an Associated Employer who has applied to have their cover reinstated after leaving only. Your application to reinstate your cover must be submitted to us and accepted by the Insurer within six months of leaving employment with the Suncorp Group or an Associate Employer Reinstated cover for all member categories at Individual Rates (except GIOA and GIOB) 2 year benefit period, 28 day waiting period Male premium rates Insurance premium rates Reinstated Cover cover (Individual rates) continued The annual premium rates below are per $1,000 of insured benefits, exclude stamp duty, assume your premiums are paid monthly and are applicable to former employees of the Suncorp Group or an Associated Employer who has applied to have their cover reinstated after leaving only. Your application to reinstate your cover must be submitted to us and accepted by the Insurer within six months of leaving employment with the Suncorp Group or an Associate Employer Reinstated cover for all member categories at Individual Rates (except GIOA and GIOB) 2 year benefit period, 28 day waiting period Female premium rates Non- Male Non- Male Non- Female Non- Female Suncorp Suncorp Employee Superannuation Plan Insurance premium rates guide 17

10 Insurance premium rates Reinstated Cover cover (Individual rates) continued The annual premium rates below are per $1,000 of insured benefits, exclude stamp duty, assume your premiums are paid monthly and are applicable to former employees of the Suncorp Group or an Associated Employer who has applied to have their cover reinstated after leaving only. Your application to reinstate your cover must be submitted to us and accepted by the Insurer within six months of leaving employment with the Suncorp Group or an Associate Employer Reinstated cover for members in GIOA and GIOB categories To age 65 benefit period, 28 day waiting period Male premium rates Insurance premium rates Reinstated Cover cover (Individual rates) continued The annual premium rates below are per $1,000 of insured benefits, exclude stamp duty, assume your premiums are paid monthly and are applicable to former employees of the Suncorp Group or an Associated Employer who has applied to have their cover reinstated after leaving only. Your application to reinstate your cover must be submitted to us and accepted by the Insurer within six months of leaving employment with the Suncorp Group or an Associate Employer Reinstated cover for members in GIOA and GIOB categories To age 65 benefit period, 28 day waiting period Female premium rates Non- Male Non- Male Non- Female Non- Female Suncorp Suncorp Employee Superannuation Plan Insurance premium rates guide 19

11 Issuer: Suncorp Portfolio Services Limited ABN AFSL No RSE Licence No. L Insurer: Asteron Life Limited ABN AFSL No How to contact us: Suncorp Employee Superannuation Plan GPO Box 2585 (IPC: LS004) Brisbane QLD staff.super@suncorp.com.au suncorp.com.au /10/11 A