SignatureSuper Insurance Guide Fact Sheet Association and SignatureSuper Personal Plans AMP Life Limited

Transcription

1 SignatureSuper Insurance Guide Fact Sheet Association and SignatureSuper Personal Plans AMP Life Limited Issued 30 June 2014 AMP Corporate Super The information in this Fact Sheet forms part of the SignatureSuper Product Disclosure Statement dated 1 January 2014 for association plan and personal members. Registered trademark of AMP Life Limited ABN

2 Contents Insurance by AMP Life Limited 3 Insurance for Personal members and Family members 8 Other insurance information 28 Understanding superannuation terms 32 Details of insurance cover 22 The Product Disclosure Statement, your Plan Summary and the Fact Sheets This Insurance Guide Fact Sheet is one of the Fact Sheets for SignatureSuper. It describes the insurance cover that may be available to you in SignatureSuper. The other Fact Sheets are: a Member Guide Fact Sheet, which describes the features (including fees) available in SignatureSuper, and an Investment Guide Fact Sheet, which provides information about investment risks, the investment options available in SignatureSuper and the Investment Fee for each investment option. You will receive a Plan Summary booklet with your Welcome Letter, which describes the benefits and features specific to your membership of SignatureSuper. It may also note that some benefits and features in the Fact Sheets may not apply to you. You or your family member may also request a copy by contacting the Customer Service centre on The information in this document forms part of the SignatureSuper Product Disclosure Statement (PDS) dated 1 January It is of a general nature only and is not based on your personal objectives, financial situation and needs. You should consider whether the information in this Fact Sheet is appropriate for you in accordance with your objectives, financial situation and needs. You should consider the PDS, your Plan Summary and all Fact Sheets before making any decision about whether to acquire or continue to hold your account. The Fact Sheets and your Plan Summary are important documents. You should read them in conjunction with the PDS to understand how SignatureSuper works. If you would like advice on your insurance cover in SignatureSuper, contributions to your account, or investment options, you can call us on This advice will be provided by AMP Direct Pty Ltd. An advice fee will not be charged. If you would like to obtain other financial advice, ongoing financial advice or other information about your account, you should speak to a licensed financial planner.for an explanation of words and phrases, see Understanding superannuation terms on page 32. Changes to this Fact Sheet Information in this Fact Sheet, as well as the other Fact Sheets, the Plan Summary and the PDS, may change from time to time. We may update information which is not materially adverse to you by issuing a PDS Update. You can obtain this updated information simply by: visiting amp.com.au/signaturesuper/pds, or contacting us to request a free paper copy of the updated information, or asking your financial planner (if applicable). AMP Superannuation Limited (ASL) and other providers ASL is the trustee of the AMP Superannuation Savings Trust (of which SignatureSuper is a part) and is referred to as ASL, trustee, we or us in this Fact Sheet. No other company in the AMP group or any of the investment managers of the investment options or the Insurer named in this Fact Sheet: is responsible for any statements or representations made in this Fact Sheet, or guarantees the performance of ASL s obligations to members nor assumes any liability to members in connection with SignatureSuper. Neither ASL, nor any other company in the AMP group, nor any of the investment managers of the investment options, guarantees the performance of this super fund or the investment options or any particular rate of return. The repayment of capital is not guaranteed, unless expressly stated. Except as expressly disclosed in the PDS or a Fact Sheet, investments in the investment options are not deposits or liabilities of ASL, AMP Bank Limited ABN , AFSL No (AMP Bank), any other member of the AMP group or any of the investment managers. ASL is not a bank. AMP Bank does not stand behind the Trustee. The investment options are subject to investment risks, which could include delays in repayment and loss of income and capital invested. This offer is available only to persons receiving (including electronically) the PDS, Plan Summary and Fact Sheets within Australia. We cannot accept cash or applications signed and mailed from outside Australia. Monies received or paid must always be in Australian dollars. This offer is subject to the terms and conditions described in the PDS, Plan Summary and Fact Sheets. We reserve the right to change these terms and conditions with, in the case of an increase in fees, at least 30 days notice, otherwise notice will be provided before or as soon as practicable after the change occurs. Any application forms enclosed do not form part of the PDS, Plan Summary and Fact Sheets. AMP companies receive fees and charges in relation to SignatureSuper outlined in the PDS and Fact Sheets. AMP employees and directors receive salaries and/or benefits from the AMP group. Issued by AMP Superannuation Limited ABN , AFSL No , RSE Licence No. L , the trustee of the AMP Superannuation Savings Trust ABN

3 Insurance by AMP Life Limited Including insurance cover in your super account can be a protection for peace of mind. It may also be a tax effective way of financially protecting you and your family should you die or become disabled. This Fact Sheet includes general insurance information relating to insurance cover provided by AMP Life Limited. Please refer to your Plan Summary or your latest member statement to confirm the insurance cover that applies to your Plan. Advantages of insurance cover in SignatureSuper Insurance premiums are deducted from your SignatureSuper account (if not paid for by your SignatureSuper employer). There may be an ability to apply for additional insurance cover to meet your personal goals. Interim Accident cover (if you have to provide evidence of health) while your application is being assessed see heading under Details of insurance cover section. Ability to view your current insurance cover online at any time using My Portfolio, available via signaturesuper.amp.com.au or you can call us. Access to your insurance on the move with the AMP s new mobile app. Download this today from the Apple App Store (Apple) or Google Play TM Store app (Android TM ). Google Play and Android are trademarks of Google Inc. Apple is a trademark of Apple Inc. For Employer Sponsored members you may also have the advantage of: corporate insurance premium rates, generally cheaper than personal premium rates, and not having to provide evidence of health, through Automatic Acceptance Limits (AALs) (see further details later in this section), if certain conditions are met. You should talk to a financial planner to consider your insurance needs and the best way to meet them. What insurance cover is available The type and amount of insurance cover we provide will depend on a range of factors including, for Employer Sponsored members, the category of membership you join in your employer s plan and your employment status. Family/Spouse members may be able to apply for insurance cover under the SignatureSuper Plan. (See Family/spouse members below). Your Plan may offer members one of the following insurance covers: Death Only cover (including Terminal Illness benefit), or Death (including Terminal Illness benefit) and Total and Permanent Disablement (TPD) cover, or Death (including Terminal Illness benefit) and Temporary Salary Continuance (TSC) cover, or Death (including Terminal Illness benefit) and TPD and TSC cover. Please refer to your Plan Summary or your latest Member Statement to confirm the insurance cover that applies to you. Your Insurer (for members of Association Plans) Where stated in your Plan Summary, AMP Life Limited ABN (the Insurer) will be the Insurer for your Plan. (for members of Personal Plans) AMP Life is the insurer for your Personal Plan if: AMP Life was the Insurer for your Association Plan (see Leaving the SignatureSuper Association Plan section of your Member Guide Fact Sheet), or insurance cover was not provided for you in your former Employer Plan and you apply for cover in SignatureSuper Personal, or you apply for a Personal Plan as a family member. Insurer consent AMP Life Limited: has given and has not withdrawn its consent in relation to being named in this Fact Sheet, and has not issued or caused the issue of this Fact Sheet. 3

4 Policy documents The insurance cover in your Plan is provided under policies of insurance issued to the trustee by the Insurer. In all cases, insurance cover for a member is subject to the terms and conditions of the insurance policies issued by the Insurer. In the event of any inconsistency between the terms and conditions of the insurance policies and this Fact Sheet, the terms and conditions of the insurance policies prevail. Eligibility for insurance Eligibility criteria for insurance and applications for cover Death and TPD cover is available to Employer Sponsored members between age 15 and the applicable insurance cessation age (see When does insurance cover start and cease? ), and Personal and Family members between age 16 and age 65 (for death cover) or age 55 (for TPD cover) (see When does cover start for Family members? and When does cover cease for Family members? ). TSC cover is only available to permanent employees (see Insurance Definitions ) working 15 hours or more per week and who are Employer Sponsored members in the Plan between ages 15 and 65. TSC cover is not available to Family members. Eligibility criteria for continuation of cover in SignatureSuper Personal For Employer Sponsored members of an Association Plan and employee members of an Employee Plan transferring to SignatureSuper Personal: death cover will be continued in a Personal Plan if they are below the applicable insurance cessation age at the date of transfer to a Personal Plan, and TPD cover will be continued if they are below age 60 at the date of transfer. For family members transferring to SignatureSuper Personal, death cover will be continued in a Personal Plan if they are below age 70 at the date of transfer to a Personal Plan, and TPD cover will be continued if they are below age 60 at the date of transfer. All members transferring to SignatureSuper Personal must also meet the additional criteria set out in the applicable Member Guide Fact Sheet. Personal members can only have TSC cover in their Personal Plan if: they meet the rules for continuation of cover in SignatureSuper Personal (see the applicable Member Guide Fact Sheet) they held TSC cover in their former Employer Plan or former Association Plan immediately prior to their transfer to SignatureSuper Personal they are transferred to SignatureSuper Personal as a result of ceasing employment with their SignatureSuper employer, and they were less than 60 years of age at the time of transfer. A personal member cannot apply for TSC cover or any increase in TSC cover. The table below outlines the cover available: Cover available Death cover Regularly working 15 hours or more per week Regularly working less than 15 hours per week TPD cover TSC cover 7 7 Completing home duties in a full-time capacity TSC cover is only available to permanent employees working 15 hours or more per week. Note: For Employer Sponsored members, your SignatureSuper employer will confirm your hours per week upon joining SignatureSuper and at the point of claim to decide if you are eligible for the applicable insurance cover. The SignatureSuper employer should advise AMP Life of changes in your working hours. Premiums will be charged based on the last advice to us and not refunded retrospectively. If your Plan has Family membership, then Family members aged 16 and over may apply for insurance cover (if provided for your category of membership and it is agreed between your SignatureSuper employer, the Insurer and us). For Family members your eligibility for insurance will be assessed by AMP Life when you submit your application form. The part of the definition used to assess your illness or injury depends on your hours of work at the time of the event that caused the TPD claim. In the event of a claim, you will also be asked to confirm your hours of work at point of TPD claim with your employer. TSC cover is not available to Family members. Employer Sponsored members insurance cover Standard insurance cover Standard cover is insurance cover that is usually calculated by a formula. The Association has selected the standard cover formula that applies to your membership category. There are four formulas the associations can choose from: Aged based sum insured (the member s age and occupation will determine the sum insured) Your annual salary Year of future service (from your current age to your 65th birthday), or Fixed dollar amount of cover. The standard insurance cover and formula that applies to you is shown in your Plan Summary. 4

5 The value of your standard cover is calculated: when you join the Association Plan, either monthly based on your up-to-date details or at the most recent annual review date, when you change your multiple of the standard cover, On your death, or On the last day of work if you are making a TPD claim. Default insurance cover When you join the Plan as an eligible Employer Sponsored member, AMP Life may automatically provide you with default cover without the need to apply for cover or supply any evidence of health (subject to you qualifying for automatic cover and acceptance by AMP Life where your cover exceeds the Automatic Acceptance Limit see Automatic Acceptance section). Standard cover is the formula upon which your default cover is based. Default insurance cover is generally equal to the standard cover or a multiple of your standard cover. The Association has selected the default cover that applies to your Association Plan or membership category. The amount of default insurance cover that applies to you is shown on your Plan Summary. Note: If your Association Plan has transferred from another Insurer to AMP Life, then you should read the section Takeover terms for insurance below. When does default cover commence? Default cover commences effective from when you join the Plan, subject to you satisfying the eligibility conditions. When we receive a contribution for you, we will deduct the cost of your cover effective from the date cover commenced. If we don t receive a contribution within 120 days of your membership of the Plan starting, your cover will be cancelled (but only after we have advised you). How standard cover and default cover are calculated Example John is an Employee member of the XYZ SignatureSuper Plan. John has a salary of $50,000. The standard cover formula selected by the employer for the XYZ SignatureSuper Plan is three times salary. The default cover multiple selected by the employer for the XYZ Plan is two times the standard cover. Standard cover = $150,000 (ie 3 x $50,000). Default cover = $300,000 (ie 2 x $150,000). John s insurance cover will be equal to the default cover of $300,000. Note: The above example is provided by the way of illustration only and is based on the factors given. The example should not be taken as the actual amount of standard and default cover you will receive. Can I have Death Only cover, decrease or opt out of cover altogether? Yes, you can opt out of cover altogether or if you wish you may decrease your units of cover or cancel any default TPD cover by writing to the trustee. The Plan Summary sets out any minimum units of cover applicable to your Plan. TPD cover cannot be greater than death cover nor can you have TPD only cover. Please see your Plan Summary for more details of your Plan design. If you need to change your insurance cover please contact us. Minimum Death & TPD cover for Employee members If AMP Life has agreed to provide insurance for your Plan and providing you meet the insurance eligibility requirements, you will have Death and TPD cover according to the default arrangements for your Plan. AMP Life will continue to check each year at your Plan s annual review date to ensure your Death and TPD cover at least equals the minimum cover described below. Any change to the amount of your insured cover may also affect your insurance premiums in the same proportion and in accordance with the premium rate tables that apply to your Plan. Age range Minimum Death & TPD cover ($) , , , , , and over Nil Additional insurance cover You may be able to apply to increase your Death Only cover or Death and TPD cover. You may be able to apply to increase your cover by nominating either: a multiple of the standard cover available in your category, or a specified amount (if available). If you are an Employer Sponsored member and join outside of the eligibility criteria you may be able to subsequently apply for TSC cover. If you are an eligible Employer Sponsored member, your TSC cover will initially be limited to the Automatic Acceptance Limit (AAL) when your salary is provided by your SignatureSuper employer. If your monthly benefit exceeds the AAL making you eligible for higher TSC cover, your TSC cover will be limited to the AAL until you provide information about your health and your application for additional cover is accepted by us. When applying for additional insurance cover, you may need to provide evidence of health (see Will you need to provide details of your health). Check your Plan Summary, your Member Statement or call AMP Corporate Super Customer Service to see what additional cover is available to your Plan or (category). 5

6 How much additional cover can you have? If your Plan allows additional cover as a multiple of standard cover, your Plan Summary will set out the maximum multiple of standard cover for your category. However, your total cover cannot exceed the maximum cover limits set out below (see Insurance for Personal Members and Family members). How do you apply for additional cover? Where additional cover is available, complete the Additional Insurance Cover form available by calling us. You can apply at any time. You need to be either: At work (see the definition in Insurance Definitions ) on the day you apply for cover, or On leave for reasons other than illness or injury. You may also need to provide evidence of health, as outlined below. Will you need to provide details of health? You will not need to provide information about your health if: you are applying up to the maximum number (specified in the Plan Summary) times the standard 1 cover for your Plan (or category), and the total cover required does not exceed the AAL for your Plan, and when you apply, you are At work actively performing your normal duties and work hours or on leave for reasons other than illness or injury and you apply within: three months of first being eligible for additional cover in the Plan, or 30 days from the date of your Welcome Letter (if this is later). If you do not meet these conditions, you will need to provide details of your health. AMP Life will consider your medical history, your likely future good health, your occupation, lifestyle and family history before deciding whether to accept your application for additional cover. Depending on the evidence supplied, your application for insurance cover may be rejected or may be accepted subject to conditions, or accepted with special limits or premium rates imposed. When will your additional cover commence? If your application is accepted, we will write to you to confirm the increase in cover and the premium that will apply. Additional cover will commence from the date AMP 1 If your SignatureSuper employer has selected two times the standard formula for your Plan or membership category as your default insurance, generally only three times the standard formula (and not three times the default) will be available without the need for you to provide information about your health. You will need to check your Plan Summary, your Member Statement or call AMP Corporate Superannuation Customer Service to check the conditions that apply to you. Life accepts your application. Until then, your current level of cover will apply. While your completed application is being assessed you will have Interim Accident cover (see Interim Accident cover ). If you decline your additional cover, once assessed If you decide not to go ahead with the additional insurance cover once AMP has confirmed the increase and premium that will apply, contact AMP Corporate Super Customer Service. What does additional cover cost? Your Plan Summary sets out the base premiums payable for additional cover. Your additional cover will also depend on AMP s assessment. Commencing cover - Automatic Acceptance Limit (AAL) AMP Life may provide an AAL for Employer Sponsored members. Please see your Plan Summary for any AAL which applies to your Plan. This means that even if you can t get cover under a personal insurance policy because of your health or your leisure activities, you may still be able to get additional cover up to the Automatic Acceptance Limit cover under SignatureSuper without having to provide information about your health or activities. To qualify for automatic acceptance cover all of the following must apply: An AAL must apply to your Association Plan (or relevant membership category). You must be an employee of the SignatureSuper employer. You must join the Association Plan (or category) within three months of first becoming eligible. You must be At work performing your normal duties and work hours on the day you join, or be absent for reasons other than illness or injury, eg annual leave, and Your SignatureSuper employer cannot have previously made Superannuation Guarantee (SG) contributions for you to another super fund. Your SignatureSuper employer must certify these things when they tell us you are joining the Association Plan (or category). If this certification is incorrect, AMP Life may have the right to void the insurance cover and refuse to pay any insured amount. Note: If you choose to join your Association Plan more than three months after you were first eligible to join the Plan, an AAL will not be available. You will need to provide evidence of your health. See What if an AAL doesn t apply? below. What if an AAL doesn t apply? If you don t qualify for an AAL, or if it is not available for your Association Plan, you will need to apply for cover. 6

7 You will need to provide information about your health and medical history so AMP Life can assess your application. Depending on the evidence supplied, insurance cover may be refused or accepted subject to conditions, or accepted with special limits, or premium rates imposed. While your completed application is being assessed you may have Interim Accident cover (see Interim Accident cover section). When does insurance cover start and cease? Cover (if applicable) starts from when you join SignatureSuper, subject to eligibility conditions, even if you haven t contributed to your Association Plan. When we receive a contribution we will deduct the costs of your cover from the date it started. If we don t receive a contribution within 60 days of your membership of the Association Plan starting we will cancel your cover (but only after we have advised you). A claim for benefits will not be considered if your cover is cancelled as a consequence of not receiving an employer contribution. Your cover as an Employer Sponsored member will stop in SignatureSuper when: You cease to be an employee or non-executive director with the SignatureSuper employer. However, you may be transferred to Flexible Lifetime Super or SignatureSuper Personal and insurance cover may be continued, subject to certain eligibility conditions (see your Plan Summary), Your account is transferred to Flexible Lifetime Super or SignatureSuper Personal because it is dormant, You cease to be a member of SignatureSuper, For permanent employees with TSC cover, your TSC cover will stop when your regular hours have reduced below the minimum 15 hours per week, You die, You have been paid a Terminal Illness benefit, unless your Death cover is more than $2 million, in which case the remaining Death cover is paid on death, You have been paid a TPD benefit (however some Plans may allow TSC benefits to continue to be paid after a TPD benefit is paid) (See your Plan Summary), For TSC cover, the TSC benefit payment period expires, For TPD and TSC cover when your Death cover ceases, Your SignatureSuper employer is not paying your premiums and there isn t enough money in your account to pay them. We will write to you giving 60 days notice before your cover stops to give you time to make additional contributions to your account (upon receipt of your request), You write to us and tell us you want to cancel your cover or close your account, Your SignatureSuper employer writes to us and tells us they want to cancel the cover that applies to your Plan (or membership category), For TSC cover, when you are on unpaid leave (including parental leave)*, For Death and TPD cover, you are on unpaid leave (including parental leave) for more than two years and AMP Life has not agreed to provide insurance cover beyond two years*, Your overseas secondment continues beyond three years and AMP Life has not agreed to provide insurance cover beyond three years**, or You reach the insurance cessation age for your Plan, which can be up to: age 70 for Death cover***, or age 65 for TPD and TSC cover, whichever occurs first. * See Insurance cover during unpaid leave in the Other Insurance information section. ** See Insurance cover while working overseas in the Other Insurance information section below. *** If your employer has chosen Years of Future Service formula or the Age Based scale then the insurance will cease at age 65. 7

8 Insurance for Personal members and Family members What insurance cover is available for Personal members and Family members? SignatureSuper may offer Personal members and Family members: Death Only cover (including Terminal Illness benefit). Death (including Terminal Illness benefit) and Total and Permanent Disablement (TPD) cover. Death (including Terminal Illness benefit), TPD and Temporary Salary Continuance (TSC) cover) (Personal members only). Death (including Terminal Illness benefit) and TSC cover (Personal members only). Note: TSC is not available to Family members. Your Plan Summary will advise what insurance cover you may apply for. Family members insurance cover (in an Association Plan and in a Personal Plan) If offered, insurance Family members aged 16 and over can apply for insurance cover in an Association Plan or Personal Plan at any time, (subject to underwriting and acceptance by AMP Life,) as long as you are: age 65 or under for Death cover, or age 55 or under for TPD cover. Your parent or guardian will need to co-sign your application if you are under age 18. If offered, insurance cover available is either: Death Only cover, or Death and TPD cover. When you apply, you nominate the type and amount of cover you want. The minimum amount of cover you can apply for is $30,000, and TPD cover is only available with Death cover. You will need to provide evidence of your health, as outlined on the application form, so AMP Life can assess your application. While your completed application is being assessed you will have Interim Accident cover (see Interim Accident cover section). AMP Life will consider your medical history, your likely future good health, your occupation, lifestyle and family history before deciding whether to accept your application for cover. If your application for cover is accepted, we will write to you to confirm your cover and the premium rate that will apply. Your cover will commence from the date that AMP Life accepts your application. The amount of your cover will be indexed unless you have chosen to opt out of this feature then your cover will remain fixed (see Indexation of Death cover and Indexation of TPD cover in the Details of cover section). How to apply for Family insurance If offered, you can apply for Family insurance when you apply to become a Family member (see your Member Guide Fact Sheet). If you are an existing Family member, you can apply to add insurance to your Family member account. Contact AMP Corporate Super Customer Service and we will send you the relevant application form. Depending on the evidence supplied, your application for insurance cover or application for additional insurance cover may be rejected, or may be accepted subject to conditions, or accepted with special limits or premium rates imposed. Maximum amount of cover for Family members (Only applicable to the members of Association Plans) The maximum amount of cover that a Family member can apply for in an Association Plan is: Insurance cover Death cover TPD cover Maximum cover limit When does cover start for Family members? $1 million $1 million Cover commences on the date AMP Life accepts your application for insurance and advises you in writing that cover has been accepted. When we receive a contribution we will deduct the costs of your cover from the date it started. If we don t receive a contribution within 60 days of your account starting we will cancel your cover (but only after we have advised you). A claim for benefits will not be considered if your cover is cancelled as a consequence of not receiving a contribution. 8

9 When does cover cease for Family members? Insurance cover for a Family member in an Association Plan or Personal Plan ceases on the earlier of the following: You cease to be a member of SignatureSuper. You reach the insurance cessation age which for family members is 85 for Death cover and 65 for TPD cover. You die. You have been paid a TPD benefit. You have been paid a Terminal Illness benefit equal to the value of your Death cover. You write to us to cancel your cover (upon receipt of your request). There isn t enough money in your account to pay the premiums. If this occurs, we will write to you and give 60 days notice before your cover stops to give you time to make additional contributions to your account. The Employer Sponsored member you have a relationship with ceases to be employed by the SignatureSuper employer or leaves the Plan) However, you will be transferred to a Personal Plan and insurance cover may be continued, subject to certain eligibility conditions (see Leaving the SignatureSuper Association Plan section in your Member Guide Fact Sheet). You cease to be in a family relationship with the Employer Sponsored member (Family members only) However, you will be transferred to a Personal Plan and insurance cover may be continued, subject to certain eligibility conditions (see Leaving the SignatureSuper Association Plan section in your Association Plan Member Guide Fact Sheet). Your account is transferred to a personal plan because it is dormant, or The Plan terminates. Note: that the Employer Sponsored member or the Family member must inform us if the Family member is no longer in a Family member relationship with the Employer Sponsored Member. Applying for insurance cover in SignatureSuper Personal (Personal members only) As a Personal member, you may be able to apply to have insurance cover added to your super account by nominating the type and amount of cover you require. The minimum amount of cover you can apply for is $30,000, and TPD cover is only available with Death cover. If offered, insurance cover is available to Personal members aged 16 and over and you can apply for death only cover or death and TPD cover as long as you are: age 65 or under for Death cover, or age 55 or under for TPD cover. When you apply, you nominate the dollar amount of cover you want. Your parent or guardian will need to co-sign your application if you are under age 18. All applications for cover will be subject to you providing satisfactory evidence of your health and your application being accepted by AMP Life. To apply for insurance cover contact AMP Corporate Super Customer Service. You may apply for additional Death or Death and TPD cover at any time, however this is also subject to you providing satisfactory evidence of health and the Insurer accepting your application. AMP Life will consider your medical history, your likely future good health, your occupation, lifestyle and family history before deciding whether to accept your application for cover. While your completed application is being assessed you may have Interim Accident cover (see Interim Accident cover section). Depending on the evidence supplied, your application for insurance cover or application for additional insurance cover may be rejected, or may be accepted subject to conditions, or accepted with special limits or premium rates imposed. You are unable to apply for additional TSC cover, however personal members can reduce their existing TSC cover (if any). If your application for cover is accepted, AMP Life will write to you to confirm your cover and the premium rate that will apply. Maximum amount of cover for personal members The maximum amount of cover that a Personal member can apply for is: Insurance cover Death cover TPD cover Maximum cover limit When does cover start for Personal members? $1 million $1 million If you have applied for cover or additional cover, such cover commences on the date AMP Life accepts your application for insurance and advises you in writing that cover has been accepted. When does cover cease for Personal members? Insurance cover ceases on the earlier of the following: You cease to be a member of SignatureSuper. You reach the insurance cessation age which for personal members is 85 for Death cover and 60 for TPD and TSC cover: You die. You have been paid a TPD benefit. You have been paid a Terminal Illness benefit equal to the value of your Death cover. For permanent employees with TSC cover, your TSC cover will stop when your regular hours have reduced below the minimum 15 hours per week. For TSC cover, when you are on unpaid leave (including parental leave)*. 9

10 For TSC cover, the TSC benefit payment period expires. For TPD and TSC cover, when your Death cover ceases. You write to us to cancel your cover (upon receipt of your request). There isn t enough money in your account to pay the premiums. If this occurs, we will write to you and give 60 days notice before your cover stops to give you time to make additional contributions to your account. For death and TPD cover, you are on unpaid leave (including parental leave) for more than two years and AMP Life has not agreed to provide insurance cover beyond two years*. Your overseas secondment continues beyond three years and AMP Life has not agreed to provide insurance cover beyond three years**. The Plan terminates. * See Insurance cover during unpaid leave in the Other Insurance information section. ** See Insurance cover while working overseas in the Other Insurance information section below. 10

11 Insurance premiums In this section, we outline the insurance premiums that may apply to your insurance arrangements with SignatureSuper. Payment of premiums Your annual statement will set out the insurance premiums deducted from your super account. Premiums are deducted from your super account at the end of every month (unless you are an Employer Sponsored member and your SignatureSuper employer has agreed to pay your premiums) and are payable from the date cover commences. To pay for your cover we will deduct your insurance premium in the following order: First, from any monies held in Choice investment option(s), excluding any amount held in Term Deposits. If there is insufficient money in Choice investment option(s), we will then deduct from the MySuper investment option. Premiums are payable from when your cover starts until it stops. TSC premiums are not payable if you are receiving a TSC payment. For Employer Sponsored members only, if your SignatureSuper employer has agreed to pay your insurance premiums and your SignatureSuper employer stops paying them, we will change your category of membership and deduct any unpaid premiums and all future premiums from your account. We will confirm this change to you with an interim statement. If there isn t enough money in your account to pay for your premiums, your cover will stop. We will write to you giving 60 days notice before this happens. Will your premiums change? (for Employer Sponsored members only) We recalculate your premiums when we complete your Association Plan s annual review. Premium rates are based on your age and generally increase as you get older. For Family Members and Personal Members only if indexation (if applicable) applies then premiums will change accordingly. For indexation increases see the sections Indexation of Death cover and Indexation for TPD cover and To age 65 benefit period additional features (for TSC cover). For all members, if you make a change to your cover, such as increasing your Death cover, your premium will be adjusted to reflect this change. Your new premium will apply from the date that AMP Life accepts the proposed changes to your cover. AMP Life has the right to vary premium rates for all of SignatureSuper in the future. AMP Life must give AMP Superannuation Limited three months notice in writing before changing the rates. We must give you at least 30 days notice before changing these rates. Generally, for Employer Sponsored members, the new rates will apply from your Plan s next annual review. Government duties In addition to the premiums for any insurance cover Government stamp duty or a similar tax may also be payable (stamp duty is either incorporated into the base premium rates or is an additional charge). Any additional stamp duty on insurance premiums will be: deducted from your account when your insurance premium is deducted, or paid by your employer if your employer is paying your insurance premium. Your Member Statement will show the amount of any additional stamp duty or tax deducted. If a State or Territory Government stamp duty or tax applies to you, it will be based on the State or Territory we record as your address. As stamp duty and tax differ between States/Territories, it is important that you inform us of any changes to your address. Additional stamp duty charges currently vary between 1.5% and 11% of the cost of premiums, depending on the insurance benefits and the State or Territory we record as your address. Additional stamp duty charges can change without notice (up and down), as governments introduce a new stamp duty or revise an existing one or as we change our address records. AMP may also change the way we recover stamp duty, from incorporating it into the base premium rates to making it an additional charge. 11

12 Insurance premiums for Employer Sponsored members How is your premium calculated? Your insurance premium may be calculated annually at your Association Plan s annual review at the end of each month or at any time if there is a substantial change in membership of your Association Plan, to reflect the profile of insured members in your Plan. It may also be recalculated when the amount of your insurance cover changes (eg following a salary increase). The premium rates for your Association Plan may depend on many factors, including: your Association Plan s or category s occupation mix, your Association Plan s or category s gender mix, the number of insured members in your Association Plan, your Association Plan s past claims experience, stamp duty (refer section above on Government duties ), and whether you have selected additional insurance. Where you have to provide details of your health to obtain cover, eg. if you apply for additional cover, the premiums deducted from your account may also depend on your health at the time you applied and were accepted for cover. Your Plan Summary tells you your premium and stamp duty for the next year and your Member Statement tell you your premium and stamp duty for the previous year. Insurance premiums for Personal and family members How is your premium calculated? A number of factors are taken into account when calculating the cost of your insurance premiums. The cost of your cover depends on the amount, type of cover and the premium rates applying to you. Premium rates are differentiated by: your age, your gender, amount of cover you have or want, type of cover you have or want (Death Only or Death and TPD), your smoking status (not applicable to Personal members), and your occupation. The insurance premium rates for standard lives are set out in the sections, Personal member premium rate guide and Family member premium rate guide. Note: Additional premium loadings may apply for a particular member, based on the member s health, pastimes and occupation. This will be determined when the member s application for insurance is underwritten by AMP Life. For Personal members, any loadings applied to your premiums in your former Association Plan will be transferred across to the Personal Plan. 12

13 Occupational loading For Family members, depending on your occupation an occupational loading may apply. This will apply to the TPD component. For Personal members, the occupation loading will depend on the loading in the Employer Sponsored Plan/category that the member used to be in. Occupational Class TPD Factor White collar 1.00 Light blue collar 1.75 Blue collar 2.50 White Collar: Professional and administrative staff (eg lawyers, accountants and clerical workers) who do not perform any manual work or sales staff not involved in deliveries and travel. Light Blue Collar: Light manual worker working in an office or low risk environment, completing full-time home duties, retail assistant and barber. Blue Collar: Skilled craftsmen and tradesmen, skilled or semi-skilled workers who perform manual work (eg electrician, bricklayer, boilermaker and painter). Note: Death or Death and TPD insurance cover may not be available for some occupations. Calculating the cost of your cover for Death/TPD cover Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Premium quotes Refer to the sections, Personal member premium rate guide and Family member premium rate guide. Locate the applicable rate that applies to you, based on your age next birthday, gender and smoking status (if applicable). Multiply the Death/TPD rate by the occupation and additional premium loadings if applicable. Multiply this by the amount of cover you require (sum insured). Divide the total by $1,000 to calculate your annual premium. Divide the annual premium by 12 to calculate your monthly premium. You can also obtain an indicative premium quotation by contacting your financial planner or AMP Corporate Super Customer Service. To provide an indicative premium quotation, we will need to know details about the proposed Personal or Family member s: date of birth, gender, amount of cover desired, type of cover (Death or Death and TPD), smoking status (if you are a Family member), and occupation. Note: Where the member is being underwritten for insurance cover, additional premium loadings may apply, based on the member s health, pastimes and occupation. This will be determined when the application for insurance is underwritten by AMP Life. 13

14 Personal member premium rate guide Please refer to your Member Statement for the actual premium amount deducted from your SignatureSuper account. Insurance premium rates for personal members* Death cover or Total Permanent Disablement (TPD) cover Annual premium rate per $1,000 sum insured Age next birthday Death TPD Males Females Males Females

15 Age next birthday Death TPD Males Females Males Females N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A * The Personal member premium rates set out above and on the previous page are for standard lives where no loadings or occupational factors (see below) apply. Before deciding on what terms and whether to provide new or additional insurance cover, AMP Life will consider your medical history, your likely future good health, your occupation, lifestyle and family history. Refer to your Plan Summary and Member Statement which will tell you the applicable premium rates as they may vary from the above table. For all members, your Plan Summary and Member Statement will tell you your premium and stamp duty (if applicable) for the next year. Stamp duty may be payable in addition to the rates above. These rates are a guide only, so you should obtain an indicative premium quotation by contacting your financial planner or AMP Corporate Super Customer Service (contact details are on the back cover and in your Plan Summary). The premium rates are not guaranteed. AMP Life has the right to vary the premium rates applicable to members in the Plan in the future. Note: Death or Death and TPD insurance cover may not be available for some occupations. Insurance premium rates for standard lives, TSC cover (two year benefit period), and Annual premium rate for Personal members per $100 monthly benefit. 15

16 Insurance premium rates for personal members* TSC cover (2 year benefit period) Annual premium rate per $100 monthly benefit. CPI (i) No No Sex Male Female Benefit period 2 year 2 Year Waiting period 1 month 2 months 3 months 6 months 1 month 2 months 3 months 6 months Age next birthday

17 CPI (i) No No Sex Male Female Benefit period 2 year 2 Year Waiting period 1 month 2 months 3 months 6 months 1 month 2 months 3 months 6 months Age next birthday (i) CPI indexation does not apply. * The Personal member premium rates set out above and on the previous page are for standard lives where no loadings or occupational factors (see below) apply. Before deciding on what terms and whether to provide new or additional insurance cover, AMP Life will consider your medical history, your likely future good health, your occupation, lifestyle and family history. Refer to your Plan Summary and Member Statement which will tell you the applicable premium rates and stamp duty (if applicable) as they may vary from the above table. Stamp duty may be payable in addition to the rates above. These rates are a guide only, so you should obtain an indicative premium quotation by contacting your financial planner or AMP Corporate Super Customer Service (contact details are on the back cover and in your Plan Summary). The premium rates are not guaranteed. AMP Life has the right to vary the premium rates applicable to members in the Plan in the future. Note: TSC insurance cover may not be available for some occupations. 17

18 Insurance premium rates for personal members* TSC cover (To age 65 benefit period) Annual premium rate per $100 monthly benefit CPI (i) Yes Yes Sex Male Female Benefit period To 65 To 65 Waiting period 1 month 2 months 3 months 6 months 1 month 2 months 3 months 6 months Age next birthday (i) CPI indexation will apply to your TSC benefit annually at the end of each year of continuous disablement while on claim. Indexation will cease once you are no longer considered disabled by AMP Life. 18

19 * The Personal member premium rates set out above and on the previous page are for standard lives where no loadings or occupational factors (see below) apply. Before deciding on what terms and whether to provide new or additional insurance cover, AMP Life will consider your medical history, your likely future good health, your occupation, lifestyle and family history. Refer to your Plan Summary and Member Statement which will tell you the applicable premium rates and stamp duty (if applicable) as they may vary from the above table. Stamp duty may be payable in addition to the rates above. These rates are a guide only, so you should obtain an indicative premium quotation by contacting your financial planner or AMP Corporate Super Customer Service (contact details are on the back cover and in your Plan Summary). The premium rates are not guaranteed. AMP Life has the right to vary the premium rates applicable to members in the Plan in the future. Note: TSC insurance cover may not be available for some occupations. Family member premium rate guide Please refer to your Member Statement for the actual premium amount deducted from your SignatureSuper account. Insurance premium rates for family members* Death cover or Total Permanent Disablement (TPD) cover Annual premium rate per $1,000 sum insured Age next birthday Death cover TPD cover Male Female Male Female Non-smoker Smoker Non-smoker Smoker Age next birthday Non-smoker Smoker Non-smoker Smoker

20 Age next birthday Death cover TPD cover Male Female Male Female Non-smoker Smoker Non-smoker Smoker Age next birthday Non-smoker Smoker Non-smoker Smoker N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A The premium rates above and on the previous page apply as at the date of this Insurance Guide Fact Sheet. * The Family member premium rates set out above and on the previous page are for standard lives where no loadings or occupational factors (see below) apply. Before deciding on what terms and whether to provide new or additional insurance cover, AMP Life will consider your medical history, your likely future good health, your occupation, lifestyle and family history. 20