Insurance in your super

Transcription

1 Insurance in your super Employer-sponsored and personal superannuation members. This document was prepared on 3 August The information in this document forms part of the Statewide product disclosure statement (PDS) prepared on 3 August

2 Contents Insuring your life with Statewide 2 Your insurance at a glance 4 Income protection insurance 6 Death and total and permanent disablement (TPD) insurance 10 What else do you need to know about your insurance? 15 Important information The information in this booklet forms part of the Statewide product disclosure statement (PDS) prepared on 3 August 2015 for employer-sponsored and personal superannuation members which offers an interest in Statewide, division 1 and 2 respectively within the Statewide Superannuation Trust (the fund). The fund is a regulated and complying superannuation fund. Statewide Superannuation Pty Ltd ABN Australian Financial Services Licence (AFSL) Number , is the issuer and Registrable Superannuation Entity (RSE) licensee and trustee of the fund and is authorised to offer a MySuper product (unique identifier ). The information in this booklet is not personal advice. In providing this information to you we have not taken into account your objectives, financial situation or needs. We recommend that you seek professional financial advice from a licensed adviser. Insuring your life with Statewide Your most important asset is your life. Just think for a moment how much value do you really place on it? Have you ever thought about how your family or those who depend on you would cope should you suffer a serious injury, illness or fatal accident? How would they manage to pay the rent or mortgage? And what about household commitments like food, childcare or credit card repayments? We insure our home, its contents and our car surely we should insure our most important asset our life! That s where Statewide insurance can help. This booklet provides you with all the details you need to know about Statewide s cost-effective insurance so you can understand how to make the most of your options and ensure you ve got the right level of cover to protect yourself and your family. This booklet may be updated or replaced at any time. Changes that are not materially adverse will be updated and made available on our website at Page 2 Insurance in your super

3 PP What type of member are you? Employer-sponsored member If you joined Statewide through your employer, you re what s known as an employer-sponsored member. All the information in this booklet is for you. Personal member If you didn t join through your employer (for example, you re self-employed) you ll be what s known as a personal member. Personal members are not eligible for automatic insurance cover and need to apply for any level of cover. Other important information you need, which is different to that for employer-sponsored members, will be clearly highlighted in this booklet with the symbol shown on the left. Salarylink member If you re a Salarylink member, you should read the information in this booklet together with the Salarylink member booklet. You don t receive automatic insurance cover as you already have insurance cover under the Local Super division. The information in this booklet is relevant to any additional voluntary insurance you have or apply for in Statewide. If your Salarylink insurance ceases (for example, if you cease employment or cease Salarylink contributions or if you move from permanent employment to casual employment), your Salarylink insurance cover may be converted to units of insurance cover in Statewide. Please call us on for further information. Former Marketlink member If you re a former Marketlink member of the Local Super division, your insurance cover was transferred to Statewide from your Marketlink account on 1 July 2013 pursuant to the transitional arrangements in place at that time. You would have received a newsletter prior to 1 July 2013 about how these arrangements apply to your insurance cover. Please call us on to find out more. What insurance do you have through Statewide? If you re a new employer-sponsored member, you re automatically provided with a basic level of insurance to protect you and/or your family. Eligible members aged 15 years or over receive automatic basic insurance upon joining consisting of: four units of income protection insurance, if you re aged under 65, and four units of standard death (including terminal illness) and total and permanent disablement (TPD) insurance, if you re aged under 65. Why have insurance through Statewide? There are a number of benefits when it comes to having insurance through your super, including: Save money! If you were to purchase insurance through a retail insurance company, outside of super, you re likely to pay more because you won t have the same buying power as a super fund purchasing insurance on behalf of thousands of members. Statewide insurance is provided by MetLife Insurance Limited, ABN AFSL (the Insurer). Premium payments are easy and convenient You won t have to remember to arrange for insurance payments because we deduct all premiums straight from your super account and they don t come out of your take-home pay. It s as easy as that! Flexibility select the level of insurance that suits you Eligible members receive an automatic basic level of four units of standard death and TPD insurance and four units of income protection insurance. If you need additional insurance to cover your liabilities or debt, you can apply to increase your insurance for death and TPD, death only and income protection by using eapply, the online insurance application available in the secure online area of our website, Statewide.On.Line, or by completing the Insurance application and personal statement form. Insurance through Statewide means you have peace of mind in knowing that we ve got you covered 24 hours a day, seven days a week. (Insurance benefits and cover are subject to the full terms and conditions contained in the Insurance policy with the Insurer. A copy of the policy may be provided to you upon request at no charge. You will only be entitled to insurance benefits to the extent that the trustee receives insurance proceeds in respect of you under the policy with the Insurer. The trustee has the right to change the Insurer from time to time.) Get calculating! Our insurance calculator can help you estimate how much life insurance you might need for your situation. To use it, just go to the Calculators page in the Tools section on and follow the prompts! Insurance in your super Page 3

4 Your insurance at a glance Statewide provides three types of insurance: Insurance type Income protection Death (including terminal illness) and total and permanent disablement (TPD) (definition of TPD can be found on pages 11-12) Overview To be eligible for automatic acceptance you must be an employer-sponsored member aged 15 or over and under the age of 65. If you re a personal member you ll need to complete an application form and will be subject to underwriting. Income protection insurance provides a regular income should you become temporarily disabled through illness or injury and are unable to work for an extended period of time. Regular income protection has a maximum benefit period of two years, but you can apply for insurance with a benefit period up to age 65. See pages 6-9. To be eligible for automatic acceptance you must be an employer-sponsored member aged 15 or over and under the age of 65 (however, insurance extends to age 70). Death and TPD insurance provides a lump sum benefit: to you, if an illness or injury prevents you from ever working again in any occupation or work for which you re reasonably qualified to you, if you re certified as terminally ill (see page 15) to your estate and/or dependants (e.g. spouse) in the event of your death. Statewide will transfer your account balance to the Cash option in the event of your death, see page 16. PP Standard, white collar or professional occupation scales Statewide offers three occupation scales for death and TPD, death only and income protection insurance, depending on your occupation. Eligibility for white collar or professional occupation scales is determined by the Insurer in its absolute discretion. Standard If you re a new employer-sponsored member, when you first join Statewide you ll be provided with standard insurance. You may be eligible to receive higher cover for the same cost if the Insurer is satisfied you fall within one of the following categories. White collar You may be eligible for cover under the white collar scale if in your occupation or work your duties are primarily of a clerical, administrative or management nature and are undertaken entirely within an office environment (excluding travel time between home and work). Professional You may be eligible for cover under the professional scale if, in addition to meeting the white collar criteria above: you hold a tertiary qualification (e.g. diploma or degree) relevant to your current occupation or are a member of the relevant professional institute of your occupation, or are engaged as a senior member of your employer s management/ executive team and you earn in excess of $100,000 per annum from your profession. To find out which occupation scale you fit into, go to the Insurance section at and use the occupation wizard. Personal members Personal members may apply for income protection insurance, death and TPD and/or death only insurance and obtain insurance cover if they satisfactorily complete the Insurance application and personal statement form and the Insurer accepts the risk on an individual case by case basis. Death (including terminal illness) only Eligible members aged 15 or over and under the age of 70 can choose to purchase death only insurance instead of death and TPD insurance, or apply for additional death only insurance. Death only insurance provides a lump sum benefit, which is generally paid to your Estate and/ or dependants (e.g. spouse) in the event of your death, once we are notified (see page 16), or to you if you re certified as terminally ill (see page 15). Page 4 Insurance in your super

5 Eligibility for insurance All Statewide members aged 15 or over are eligible for income protection insurance up to their 65th birthday, and are eligible for death and TPD and/or death only insurance up to their 70th birthday, and may be subject to underwriting. Pension members are not eligible to apply for insurance cover. Employer sponsored members If you re an employee of an employer who has just joined Statewide (i.e. your employer was not previously a Statewide employer), eligibility for automatic insurance cover commences from the date your employer joins the fund. However, you will be subject to New Events Cover for at least 12 months (see below). In all other cases, eligibility for automatic insurance cover commences from the date you join the service of a Statewide employer. Whenever automatic insurance cover is offered, you need to be in active employment in order to be eligible to apply for full cover (see below for the definition of active employment ). If you re not in active employment when you first join Statewide, new events cover will apply for a maximum of two years, but will end earlier if you return to active employment for 30 consecutive days. New events cover will also apply if you join Statewide more than six months after you commenced employment with a Statewide employer, or if we don t receive your first employer contribution within 180 days. In these circumstances, new events cover will apply in the same way it applies for personal members (see below). You will not be eligible for automatic acceptance if you have previously been paid a TPD benefit from a super fund or life company, or if you are currently applying for, or are entitled to apply for, a TPD benefit from any source. Please contact us on for further details. What is active employment? Are you covered while overseas? Yes, you are covered 24 hours a day on a worldwide basis; however, if you lodge a claim while you are overseas, you may be required to return to Australia at your own expense for assessment. If you plan to travel outside Australia, you should be aware that there is an exclusion on claims that were caused by war or war-like activity outside of Australia. Are there any exclusions? There is a general exclusion on deliberate self inflicted injuries for income protection cover (for more details on income protection insurance exclusions and limitations, see pages 6-8). There is also an exclusion for suicide and self-inflicted injury for death and TPD cover if you join the fund more than 180 days after you started working for a Statewide employer, or if you apply for any additional voluntary death and TPD or death only cover over and above any default cover received upon joining the fund. This exclusion for death and TPD only applies for the first 12 months after the cover is accepted. Income protection benefits may not be paid for longer than 12 months in some circumstances (e.g. if you are a non resident of Australia, Canada, NZ, UK or USA). Sanctions and embargoes Statewide and the Insurer have a duty to comply with any applicable sanction and embargo regimes. As such, there is an exclusion for cases where sanctions and embargoes apply under United Nations resolutions or laws and regulations of the European Union, USA or Australia. Transfers You may be able to transfer cover from another super fund. See page 15 for more information. This means that you are employed by your employer and, in the Insurer s opinion, capable of performing your identified duties without restriction by any illness or injury for at least 35 hours a week. You don t need to be actually working 35 hours per week to meet this requirement though, only capable of doing so. What is new events cover? New events cover means you won t be covered for an illness that first becomes apparent, or an injury that first occurs, before your insurance cover commences or is increased ( pre-existing condition ). This means that any death, TPD or income protection benefits may not be payable under the automatic insurance arrangements if you make a claim relating to a pre-existing condition prior to the date cover commenced. Insurance in your super Page 5

6 Income protection insurance Let s face it you probably need to work to earn an income. And the reality is if you re unable to work due to illness or accident you ll still need to pay bills, mortgage payments, credit card and other loan repayments. This is where income protection insurance can really support you and/or your family should the worst happen. A closer look at regular income protection insurance If you re a new employer-sponsored member, you have most likely been provided with four units of standard basic income protection insurance providing $2,000 per month of benefit for up to two years, at a cost of $2.04 per week. If your first contribution is received within 180 days of commencement of employment and you re in active employment * (i.e. capable of working at least 35 hours a week) you receive full cover. Otherwise you ll receive new events cover, for the same cost, for a period of up to 24 months, depending on your circumstances. You can apply to increase your insurance up to what is known as the automatic acceptance limit (AAL). The AAL for income protection is up to 12 units of insurance without requiring underwriting in limited circumstances. To obtain the increased cover you must apply within 60 days of Statewide sending you your new member welcome letter by using the Automatic acceptance (AAL) form available on our website. After this time, or if you purchase more than 12 units in total, you ll be required to answer a range of health, occupation and lifestyle questions, and increased cover is subject to approval by the Insurer. You can only apply to alter your cover once within the 60 days without requiring underwriting. After this you may apply again as many times as you like, although you ll be required to provide evidence of good health and cover is subject to approval by the Insurer. The table below shows you how much each unit of income protection insurance is worth and costs for the three occupation scales: Occupation scale Standard White collar Professional Value per unit per month $500 per month of benefit per unit $625 per month of benefit per unit $750 per month of benefit per unit Cost per unit per week 51 cents 51 cents 51 cents PP Remember, you need to apply and be accepted for the white collar or professional scale otherwise you will receive the standard level of cover if you make a claim, regardless of your occupation at claim time. Eligibility for white collar or professional occupation scales is determined by the Insurer in its absolute discretion. Personal members If you re a personal member (i.e. you did not join Statewide through a Statewide employer, e.g. you re selfemployed) the cost of your income protection insurance is the same; however, there s no automatic basic cover and you ll have to apply for any level of cover. You ll be required to provide full health information on your Insurance application and personal statement form. There is no automatic insurance for personal members. What s income protection insurance worth? Each unit of income protection insurance is given a specific dollar value, depending on your occupation scale standard, white collar or professional (see the table above). In the event of your temporary disability, you ll receive a monthly benefit to the amount covered (before tax), for a period of up to two years. Before being able to claim an income protection benefit you ll need to be off work for 45 calendar days. This is called the waiting period. After the end of the waiting period, if you re still unable to work, the monthly benefit will begin to accrue. Benefits are paid monthly in arrears. The maximum benefit that can be paid is the lesser of 85% of your pre-disability salary, with 75% being paid to you and 10% being paid into your Statewide account, or the amount of your insurance cover. Income protection benefits may be paid up until your 65th birthday. Long term income protection insurance While Statewide s regular income protection insurance covers you for up to two years, some of our members have chosen to purchase long term income protection insurance, providing even greater peace of mind. With long term income protection insurance, you re also required to maintain your regular income protection insurance. Your level of cover for long term income protection insurance cannot be greater than your level of regular income protection insurance. The waiting period for long term income protection insurance is two years and 45 days in other words, it commences after your regular income protection insurance has been paid to you for two years. Long term income protection benefits may be paid up until your 65th birthday. Further exclusions or limitations may apply (see page 8). To find out which occupation scale you may fit into, go to and use the occupation wizard. Please see page 4 for information on the occupation scales. *Active employment means a person who is employed and, in the opinion of the Insurer, is capable of performing their identifiable duties without restriction by any illness or injury for at least 35 hours per week (whether or not they are actually working those hours). New events cover means the person is only covered for an illness that first becomes apparent, or an injury that first occurs, on or after the date cover commenced, recommenced or was increased. Page 6 Insurance in your super

7 How much are the premiums for long term income protection insurance? It depends on your age and the level of insured benefit you re looking for. All premiums will be deducted from your super account on a monthly basis. Look at the table below: Annual premium for long term income protection per $1,000 of insured benefit Age next birthday Male $ Female $ Age next birthday Male $ Female $ Every year your premiums will increase It s important that you understand that the cost, or premiums, for your long term income protection insurance will increase each year as you get older. How could long term income protection insurance work for you? Tom is aged 34 and earns $80,000 per year. Tom has decided it s time to review his insurance. He currently has 12 units of regular income protection insurance with Statewide. He decides to apply for long term income protection insurance. Tom wants to be sure that he would be able to cope financially should he be unable to work indefinitely. At age 34 Tom s annual rate per $1,000 of long term income protection insurance is $9.04, and to cover 85% of his income he will require $68,000 of long term income protection insurance. The cost will therefore be 68 x $9.04 or $ per annum. This example is for illustration purposes only. Applying for additional cover You can apply for additional income protection insurance at any time by using eapply, the online insurance application available in the secure online area of our website, Statewide.On.Line, or by completing the Insurance application and personal statement form. You ll be required to answer questions about your health, occupation, family history and lifestyle and additional information may be required from your doctor. Any additional cover will be subject to acceptance by the Insurer, and exclusions and premium loadings may apply. What else do you need to know about income protection insurance? When is an income protection benefit paid? When an income protection benefit is paid will depend on the type of income protection insurance you have: Regular income protection Generally, you need to be unable to work for 45 calendar days before a benefit becomes payable. Benefits will be payable for a maximum of two years from the date the 45- day waiting period expires unless you hold long term income protection insurance. Long term income protection You must maintain your regular income protection insurance and be disabled for two years (i.e. the maximum regular income protection payment period) and 45 calendar days before a long term income protection benefit becomes payable. Benefits will be payable up to age 65 from the end of the waiting period. Benefits will be paid monthly in arrears and will be reduced by any payment made under a similar policy and by any Workers Compensation payments or other statutory compensation. Social Security payments will also be offset in some circumstances. A benefit will not be paid where the disability is caused directly or indirectly by self-inflicted injury, attempted suicide, an act of war, service in any armed forces and for normal and uncomplicated pregnancy, caesarean birth, threatened miscarriage, participation in in-vitro fertilisation or other medically assisted fertilisation techniques and normal discomforts of pregnancy, including but not limited to morning sickness, backache, varicose veins, ankle swelling and bladder problems. A proportional benefit is paid if you resume employment at a reduced rate of income while still partially disabled, provided the waiting period has ended. See page 8 for more details. The waiting period is waived if you suffer a recurrence of a disability from the same or related injury or illness within six months of ceasing to receive benefits. However, the claim will be treated as a continuation of the previous claim for benefits (this applies to regular income protection insurance only). If you have long term income protection insurance, your long term income protection insurance benefit will only commence once your regular income protection insurance benefit ceases after the maximum 24-month payment period. What definition of income will be used in calculating your income protection benefit? For employees who are in permanent employment, income is defined as the total monthly regular income received from your employer for personal exertion for your usual occupation (including salary sacrifice amounts but excluding overtime, profit distributions, director s fees and any other non-regular payments). Where your income includes commission and bonuses, these components will be averaged over three years. Insurance in your super Page 7

8 For employees not employed on a permanent basis or who are unemployed, income is the average of your regular income from your employer over the previous 12 months or the actual period of employment if less than 12 months, subject to a minimum averaging period of six months. If you directly or indirectly own part or all of the business or professional practice from which you earn a regular income, earnings will include the gross revenue generated by the business as a result of your personal exertion, less eligible business expenses. Earnings exclude investment income, business expenses and mandated superannuation contributions. Monthly income will be averaged over the previous 12 months. What definition of disabled is used for income protection insurance? You will be regarded as being disabled or having a disability, if as a result of an illness or injury occurring you are: unable to perform at least one income producing duty of your occupation (i.e. a duty that generates at least 20% of an insured member s monthly income), and not working in any occupation, whether or not for reward, and under the regular care, as well as following the advice, of a medical practitioner. What limits will be applied to your income protection benefit? The following benefit limits apply to members who are eligible to receive income protection insurance benefits: Income protection benefits paid are limited to a maximum of 85% of income, even if your level of insured cover exceeds this amount. This is made up of 75% of income paid to you (this reduces to 50% for any income between $400,000 and $520,000 pa for regular income protection or between $320,000 and $560,000 for long term income protection), plus 10% of income which is paid into your Statewide account. For example, if you held six units of cover and weren t working in a white collar or professional occupation, your level of insured cover would be $3,000 per month, or $36,000 per year. If your salary was only $35,000 then your benefit would be limited to $2,479 per month, even though your insured cover was $3,000 per month. It is therefore important to ensure that the number of units of cover you hold is appropriate for your salary level. Long term income protection benefits are indexed each year by the lesser of 5% or Consumer Price Index (CPI). The maximum amount of income protection insurance available is $30,000 per month (inclusive of any SG insurance entitlements). Income protection benefits you can receive are limited to the amount of cover you have, which cannot exceed $30,000 per month. SG insurance entitlements are limited to up to 10% of the income protection benefit and paid to your Statewide account. When will your income protection cover cease? Your cover for income protection insurance will cease from the earliest date of any of the following: the day you cease to be a member of the fund, or your 65th birthday, or in the event of your death, or the day you request that your cover be cancelled, or if you commence duty with the military services (other than the Australian Armed Forces Reserve and are not on active duty outside Australia) of any country, or the date there is insufficient money in your account to cover the next premium payment. How do you make a claim? To qualify for an income protection benefit you need to meet the definition of disabled (see page 8). If you become disabled, injured or ill and you have income protection insurance through Statewide, you ll need to contact us as soon as reasonably possible after the commencement of your illness or disability to discuss your options and request an application form. Generally, you need to be unable to work for 45 calendar days before a benefit becomes payable. Benefits will be payable for a maximum of two years from the date the 45-day waiting period expires unless you hold long term income protection insurance. If you suffer a recurrence of a disability from the same, or related, injury or illness within six months of ceasing to receive benefits, and your benefit period has not expired, the waiting period will be waived. However, the claim will be treated as a continuation of the previous claim for benefits so long as your cover is still in force. In this case, your benefit period will not restart. Are benefits paid for a partial disability? You ll be eligible to receive a monthly partial disability benefit if you are partially disabled and the waiting period has ended. The benefit will be paid monthly in arrears and the amount of your benefit accrues daily on a pro-rata basis. Partially disabled means you: have been disabled for at least seven days out of the first 12 working days of the waiting period, and are unable to work in your occupation at full capacity as a result of the illness or injury resulting in disability, and are working in your occupation or any other occupation but only in a limited capacity, and are earning a monthly disability income less than your prior monthly income, and are under the regular care, and are following the advice, of a medical practitioner. The amount of any partial disability benefit depends on how many hours you re able to continue in paid work. To help you understand, let s have a look at Sarah. Sarah works on a full-time basis as a hairdresser earning $3,000 per month. She is insured for four units of standard basic income protection insurance, giving her a maximum monthly benefit of $2,000. She recently became ill and as a result now, after temporarily ceasing work for seven days at the start of the waiting period, is only working three days a week in her normal job. She is therefore receiving a reduced salary of $1,800 per month from her employer. Sarah s partial benefit claim has been accepted by the Insurer. Her benefit will be calculated as follows: previous monthly income current monthly income x disability monthly benefit / previous monthly income ($3,000 - $1,800) x $2,000 (her current insured cover) / $3,000 Sarah will receive a partial disability benefit of $800 per month for the remaining benefit period. This example is for illustration purposes only. Page 8 Insurance in your super

9 When will your income protection benefit cease? Disability benefits will cease to be paid when you: are no longer disabled, or partially disabled, or die, or attain the maximum insured age, or have been disabled or partially disabled from the end of the waiting period for the maximum benefit period. Rehabilitation expense benefit If you become disabled, you may be able to receive a rehabilitation expense benefit to cover the cost of rehabilitation expenses, up to a maximum of six times the amount of your monthly disability benefit and superannuation contributions benefit. The rehabilitation benefit will be payable if you are disabled or partially disabled and: the insurer approves the rehabilitation expenses in writing before they are incurred, and the rehabilitation expenses are incurred to directly assist you to return to work or undertake a vocational retraining program. The amount of the rehabilitation expense benefit will be reduced by any amounts that can be claimed for the rehabilitation expenses from any other source and any rehabilitation expense benefit will be paid directly to the provider of the rehabilitation service. Your income protection insurance checklist Do you know what your weekly expenses would be if you had no regular income to rely on? Do you qualify for the white collar or professional occupation scales, which provide a higher level of cover for the same cost? Will four units of standard basic income protection insurance be enough to support you or your family should you become ill, injured or temporarily disabled? Have you checked out the insurance calculator on the Statewide website, to see if you have enough insurance? Need help? Call to talk to one of our client services officers. Or if you need personal advice, consider talking to a financial planner *. * Financial information and general advice may be provided by representatives of the fund s administrator and wholly owned company, Statewide Financial Management Services Limited, ABN Australian Financial Services Licence No Any personal advice may be provided by an authorised representative of Industry Fund Services Limited (IFS) ABN AFSL No Fees may apply for financial planning advice. IFS is responsible for the advice given to you by its authorised representatives. See the How we invest your money booklet, available from or by calling , for further information). Insurance in your super Page 9

10 Death and total and permanent disablement (TPD) insurance Having death and TPD insurance to see yourself or your loved ones through should the worst happen can provide you with peace of mind. A closer look at death and TPD insurance You have two options for death (including terminal illness) and TPD Insurance standard or fixed insurance. Option One: standard death and TPD insurance If you re a new employer-sponsored member who is eligible, you ll automatically be provided with four units of standard death and TPD insurance on joining the fund. The weekly cost, or premium, for standard death and TPD is fixed at $1.55 per unit. Check out the example on page 11 to see how it works. It s important to know that the insured value of each unit of insurance will decrease each year from age 30. See the table on this page which shows the value of each unit of insurance for the three occupation scales. Further information about occupation scales can be found on page 4. You can apply to increase your insurance up to what is known as the Automatic acceptance limit (AAL), without requiring underwriting, in limited circumstances. The AAL for standard death and TPD insurance is up to 12 units of insurance, or six units of insurance if you are in a white collar or professional occupation. To obtain the increased cover you must apply within 60 days of Statewide sending your new member welcome letter by using the Automatic acceptance (AAL) form available on our website. After this time, or if you purchase more than 12 units of cover in total (or six units for white collar and professional members), you ll be required to answer a range of health, occupation and lifestyle questions and increased cover is subject to approval by the Insurer. Age next birthday Insured cover per unit of cover Insured cover per unit of cover Age next Standard White collar Professional birthday Standard White collar Professional 16 $61,000 $109,800 $122, $35,500 $63,900 $71, $61,000 $109,800 $122, $33,500 $60,300 $67, $61,000 $109,800 $122, $31,500 $56,700 $63, $61,000 $109,800 $122, $29,500 $53,100 $59, $61,000 $109,800 $122, $27,000 $48,600 $54, $61,000 $109,800 $122, $24,500 $44,100 $49, $61,000 $109,800 $122, $22,500 $40,500 $45, $61,000 $109,800 $122, $20,500 $36,900 $41, $61,000 $109,800 $122, $19,000 $34,200 $38, $61,000 $109,800 $122, $17,000 $30,600 $34, $61,000 $109,800 $122, $15,500 $27,900 $31, $61,000 $109,800 $122, $13,500 $24,300 $27, $61,000 $109,800 $122, $12,500 $22,500 $25, $61,000 $109,800 $122, $11,000 $19,800 $22, $61,000 $109,800 $122, $9,000 $16,200 $18, $59,500 $107,100 $119, $8,000 $14,400 $16, $58,000 $104,400 $116, $6,500 $11,700 $13, $56,500 $101,700 $113, $6,000 $10,800 $12, $55,000 $99,000 $110, $5,500 $9,900 $11, $53,500 $96,300 $107, $5,000 $9,000 $10, $52,000 $93,600 $104, $4,500 $8,100 $9, $50,000 $90,000 $100, $4,000 $7,200 $8, $48,000 $86,400 $96, $4,000 $7,200 $8, $46,000 $82,800 $92, $3,500 $6,300 $7, $44,000 $79,200 $88, $3,500 $6,300 $7, $41,500 $74,700 $83, $3,500 $6,300 $7, $39,000 $70,200 $78, $3,000 $5,400 $6, $37,000 $66,600 $74,000 Page 10 Insurance in your super

11 Option 2: Fixed insurance This type of cover allows you to fix the value of your insurance. While the insured value is fixed and doesn t decrease over time, you ll see from the table on the next page that your premium will increase each birthday after the age of 30. You may elect to fix your insurance cover at any time, provided you re in active employment on the date you apply. If you re not in active employment then new events cover will apply to any increase in cover until you re in active employment for 30 consecutive days (see page 5 for an explanation of new events cover). Jenny s story Jenny is 44. She s recently commenced employment as a shop assistant with a Statewide employer. She s a brand new Statewide member. As an eligible new Statewide member Jenny receives four units of standard death and TPD insurance. The cost for each unit of standard death and TPD insurance is $1.55 per week or $6.20 in total, which is deducted from Jenny s super account and not her take-home pay. Jenny has consolidated all of her super accounts into Statewide so she has a balance of $35,000. Should Jenny die or become totally and permanently disabled her Statewide insurance benefit would be made up of her: Super account balance $35,000 +/- earnings Four units of standard death $134,000 and TPD Insurance Total benefit to be paid to Jenny $169,000 * (or her family in the event of her death at age 44) Jenny knows that the amount of her standard death and TPD benefit will decrease each year upon her birthday, but that the premium for each unit remains the same. What if Jenny changed to fixed insurance? Jenny decided that she wanted to know exactly what her death and TPD cover would be in the event that a claim was made. She knew that her mortgage repayments would stay the same for the next four years, so decided to change to fixed insurance. At the age of 44 each $1,000 of fixed Insurance would cost her $2.39. Jenny decided to increase her death and TPD insurance to $200,000. This costs her $478 per annum, or $9.19 per week at her current age ($2.99 per week more than the cost of her default cover). Jenny knows that the value of her insured benefit will always stay the same, but that her premium will increase each birthday. In this case, with fixed insurance, should Jenny die or become totally and permanently disabled, her insurance benefit would be made up of her: Super account balance Fixed insurance $200,000 $35,000+/- earnings Total benefit to be paid to Jenny $235,000 * (or her family in the event of her death at age 44) * This amount would be variable as it changes depending on fees, future earnings, contributions, taxes, etc. This example is for illustration purposes only. Insurance in your super Page 11

12 Age next birthday Fixed cover rates as of 1 July 2015 Fixed cover rates as of 1 July 2015 Age next Standard White collar Professional birthday Standard White collar Professional 16 $1.33 $0.74 $ $2.27 $1.27 $ $1.33 $0.74 $ $2.39 $1.34 $ $1.33 $0.74 $ $2.55 $1.42 $ $1.33 $0.74 $ $2.73 $1.52 $ $1.33 $0.74 $ $2.98 $1.67 $ $1.33 $0.74 $ $3.29 $1.82 $ $1.33 $0.74 $ $3.60 $1.99 $ $1.33 $0.74 $ $3.93 $2.19 $ $1.33 $0.74 $ $4.23 $2.35 $ $1.33 $0.74 $ $4.74 $2.61 $ $1.33 $0.74 $ $5.21 $2.89 $ $1.33 $0.74 $ $5.98 $3.31 $ $1.33 $0.74 $ $6.44 $3.60 $ $1.33 $0.74 $ $7.32 $4.06 $ $1.33 $0.74 $ $8.96 $4.97 $ $1.36 $0.75 $ $10.08 $5.59 $ $1.39 $0.77 $ $12.40 $6.89 $ $1.42 $0.80 $ $13.42 $7.47 $ $1.47 $0.81 $ $14.65 $8.15 $ $1.50 $0.83 $ $16.12 $8.96 $ $1.55 $0.86 $ $17.90 $9.95 $ $1.61 $0.90 $ $20.14 $11.19 $ $1.68 $0.93 $ $20.14 $11.19 $ $1.74 $0.97 $ $23.02 $12.80 $ $1.82 $1.00 $ $23.02 $12.80 $ $1.95 $1.08 $ $23.02 $12.80 $ $2.08 $1.14 $ $26.87 $14.92 $ $2.19 $1.21 $1.09 PP Annual premium for fixed insurance per $1,000 of insured benefit (death and TPD) Personal members If you re a personal member (i.e. you did not join Statewide through a Statewide employer, e.g. you are self-employed) the cost of your death and TPD insurance is the same; however, there is no automatic cover and you ll have to apply for any level of cover. You ll be required to provide full health information on your Insurance application and personal statement form, available from the Statewide forms page in the Tools section on There are no AALs for personal members. Applying for additional death and TPD insurance You can apply for additional death and TPD and/or death only insurance at any time by using eapply, the online insurance application available in the secure online area of our website, Statewide.On.Line, or by completing the Insurance application and personal statement form. You will be required to answer questions about your health, occupation, family history and lifestyle, and additional information may be required from your doctor. Any additional cover will be subject to acceptance by the Insurer, and exclusions and premium loadings may apply. What is the definition for total and permanent disablement? Total and permanent disablement (TPD) means: Part 1: If at the date of disablement you were less than age 65 and had been employed at any time in the 12 months prior to that date, where one of the following Part 1 (a), (b), (c) or (d) applies: a) You are suffering the permanent loss of use of two limbs or the sight of both eyes or the loss of use of one limb and the sight of one eye (where limb is defined as the whole hand or the whole foot) And you have become incapacitated to such an extent that you are unlikely ever to engage in or work for reward in any occupation or work for which you are reasonably qualified by reason of education, training or experience. b) You have been absent from your occupation through illness or injury for six consecutive months and have provided proof to the satisfaction of the Insurer that you have become incapacitated to such an extent that you are unlikely ever to engage in or work for reward in any occupation or work for which you are reasonably qualified by reason of education, training or experience. Page 12 Insurance in your super

13 c) Through Illness or Injury and having provided proof to the satisfaction of the Insurer, you are permanently unable to perform two of the following six basic activities of everyday living: bathing to shower or bathe dressing to dress or undress toileting to use the toilet, including getting on and off feeding to eat and drink continence to control bladder and bowel functions mobility to get out of bed or chair or wheelchair. If you can perform the activity by using special equipment you will be considered able to undertake that activity. And you have become incapacitated to such an extent that you are unlikely ever to engage in or work for reward in any occupation or work for which you are reasonably qualified by reason of education, training or experience. d) Through illness or injury you are suffering from the permanent deterioration or loss of intellectual capacity and provide proof to the Insurer s satisfaction that you are required to be under continuous care and supervision by another adult person for six consecutive months and this care is likely to be on a permanent daily basis and ongoing. And you have become incapacitated to such an extent that you are unlikely ever to engage in or work for reward in any occupation or work for which you are reasonably qualified by reason of education, training or experience. Part 2: If you have not been employed in any occupation for 12 consecutive months at the date of disablement or are aged between 65 and 70 years at the date of disability if one of the following Part 2 (a), (b) or (c) applies: a) You are suffering the permanent loss of use of two limbs or the sight of both eyes or the loss of use of one limb and the sight of one eye (where limb is defined as the whole hand or the whole foot). And you have become incapacitated to such an extent that you are unlikely ever to engage in or work for reward in any occupation or work for which you are reasonably qualified by reason of education, training or experience. b) Through illness or injury, and having provided proof to the satisfaction of the Insurer, you are permanently unable to perform two of the following six basic activities of everyday living: bathing to shower or bathe dressing to dress or undress toileting to use the toilet, including getting on and off feeding to eat and drink continence to control bladder and bowel functions mobility to get out of bed or chair or wheelchair. If you can perform the activity by using special equipment you will be considered able to perform the activity. And you have become incapacitated to such an extent that you are unlikely ever to engage in or work for reward in any occupation or work for which you are reasonably qualified by reason of education, training or experience. c) Through illness or injury you are suffering from the permanent deterioration or loss of intellectual capacity and have provided proof to the Insurer s satisfaction that you are required to be under continuous care and supervision by another adult person for six consecutive months and this care is likely to be on a permanent daily basis and ongoing. And you have become incapacitated to such an extent that you are unlikely ever to engage in or work for reward in any occupation or work for which you are reasonably qualified by reason of education, training or experience. Part 3: Where at the date of disability your occupation is a home maker, one of the following Part 3 (a), (b), (c) or (d) applies: a) You are suffering the permanent loss of use of two limbs or the sight of both eyes or the loss of use of one limb and the sight of one eye (where limb is defined as the whole hand or the whole foot). (b) (c) (d) And you have become incapacitated to such an extent that you are unlikely ever to engage in or work for reward in any occupation or work for which you are reasonably qualified by reason of education, training or experience. Through illness or injury and having provided proof to the satisfaction of the Insurer you are permanently unable to perform two of the following six basic activities of everyday living: bathing to shower or bathe dressing to dress or undress toileting to use the toilet, including getting on and off feeding to eat and drink continence to control bladder and bowel functions mobility to get out of bed or chair or wheelchair. If you can perform the activity by using special equipment you will be considered able to perform the activity. And you have become incapacitated to such an extent that you are unlikely ever to engage in or work for reward in any occupation or work for which you are reasonably qualified by reason of education, training or experience. Through illness or injury you are suffering from the permanent deterioration or loss of intellectual capacity and have provided proof to the Insurer s satisfaction that you are required to be under continuous care and supervision by another adult person for 6 consecutive months and this care is likely to be on a permanent daily basis and ongoing. And you have become incapacitated to such an extent that you are unlikely ever to engage in or work for reward in any occupation or work for which you are reasonably qualified by reason of education, training or experience. You, as a result of illness or injury, being under the regular care of a medical practitioner and for a minimum period of six consecutive months, are unable to: perform normal domestic duties leave your home unaided be engaged in any employment, and at the end of six months provide proof to the Insurer s satisfaction that you have become incapacitated to such an extent that you are likely to require permanent ongoing medical care and unlikely ever to engage in normal domestic duties nor any occupation. Insurance in your super Page 13

14 Death only insurance Death (including terminal illness) only insurance provides you with peace of mind, knowing that should you die before age 70, as long as you ve maintained your insurance, generally your family or estate will be provided with a lump sum payment. You re able to change your death and TPD insurance to death only insurance, or take out a combination of both. Death only insurance is available as both standard and fixed insurance. The weekly cost, or premium, for death only insurance is fixed at 75 cents per unit. However, it s important to know that the insured value of each unit of cover will decrease each year from age 30 (see page 10 for unit values of death only cover). With fixed death only insurance you can fix the value of your insurance. While the value is fixed and doesn t decrease over time, you ll see from the table below that your premium will increase each birthday from age 30. Annual premium for fixed insurance per $1,000 of insured benefit (death only) Age next Fixed cover rates as of 1 July 2015 Age next Fixed cover rates as of 1 July 2015 birthday Standard White collar Professional birthday Standard White collar Professional 16 $0.64 $0.36 $ $1.11 $0.61 $ $0.64 $0.36 $ $1.17 $0.65 $ $0.64 $0.36 $ $1.24 $0.69 $ $0.64 $0.36 $ $1.33 $0.74 $ $0.64 $0.36 $ $1.44 $0.80 $ $0.64 $0.36 $ $1.59 $0.89 $ $0.64 $0.36 $ $1.74 $0.97 $ $0.64 $0.36 $ $1.90 $1.06 $ $0.64 $0.36 $ $2.05 $1.14 $ $0.64 $0.36 $ $2.31 $1.28 $ $0.64 $0.36 $ $2.52 $1.40 $ $0.64 $0.36 $ $2.90 $1.60 $ $0.64 $0.36 $ $3.13 $1.74 $ $0.64 $0.36 $ $3.56 $1.97 $ $0.64 $0.36 $ $4.34 $2.41 $ $0.65 $0.37 $ $4.88 $2.72 $ $0.67 $0.38 $ $6.01 $3.35 $ $0.69 $0.39 $ $6.52 $3.62 $ $0.72 $0.40 $ $7.11 $3.95 $ $0.73 $0.40 $ $7.81 $4.34 $ $0.75 $0.42 $ $8.69 $4.82 $ $0.77 $0.44 $ $9.77 $5.42 $ $0.81 $0.45 $ $9.77 $5.42 $ $0.84 $0.47 $ $11.17 $6.20 $ $0.89 $0.50 $ $11.17 $6.20 $ $0.95 $0.53 $ $11.17 $6.20 $ $1.00 $0.55 $ $13.03 $7.24 $ $1.05 $0.59 $0.53 Your death and TPD insurance checklist Is the basic level of standard death and TPD insurance enough to cover all of your debt? You should regularly review your insurance, as the insured value of standard death and TPD insurance decreases with age. Have you checked out the insurance calculator on the Statewide website, to see if you have enough cover? Have you found out what occupation scale you fit into? Go to and use the occupation wizard. Complete the Insurance application and personal statement form if you need to purchase additional units of insurance. Need help? Call to talk to one of our client services officers. Or if you need personal advice, consider talking to a financial planner *. * Financial information and general advice may be provided by representatives of the fund s administrator and wholly owned company, Statewide Financial Management Services Limited, ABN Australian Financial Services Licence No Any personal advice may be provided by an authorised representative of Industry Fund Services Limited (IFS) ABN AFSL No Fees may apply for financial planning advice. IFS is responsible for the advice given to you by its authorised representatives. See the How we invest your money booklet, available from or by calling , for further information). Page 14 Insurance in your super

15 What else do you need to know about your insurance? How do you pay for your insurance? Insurance premiums are deducted from your super account on a monthly basis. When does your death and TPD insurance cover cease? Your cover for death only or death and TPD insurance will cease from the earliest date of any of the following: the day you cease to be a member of the fund your 70th birthday the day you request that your cover be cancelled if you commence duty with the military services (other than the Australian Armed Forces Reserve and are not on active duty outside Australia) of any country the date there is insufficient money in your account to cover the next premium payment. We ll write to advise you if this occurs. What happens if you have an accident before your cover is approved? If you ve applied for additional death only, death and TPD or income protection insurance, interim accident cover may apply if you have an accident resulting in your death or total and permanent disablement, or partial disablement (for income protection insurance), during the insurance application assessment process. In the case of death only or death and TPD insurance, the benefit payable will be limited to the amount of the additional insurance cover you have applied for up to $1,000,000. Additionally your death or total and permanent disablement must occur within 365 days of the injury (other conditions also apply). In the case of income protection insurance, the benefit payable will be limited to the lesser of the amount of insurance cover you have requested, your monthly income plus the superannuation guarantee (SG) benefit, or $10,000 per month. This cover starts from the date we receive your fully completed application for death only or death and TPD insurance and continues until: you withdraw your application your application is accepted or denied, or 90 days have passed from the date your application is received. What if you have a terminal illness? The Insurer will pay a terminal illness benefit where a member who has death cover suffers from an illness which: a) two medical practitioners, one of whom specialises in the member s illness, certify in writing that despite reasonable medical treatment the member s death is expected within 12 months of the date of the certification, and b) the Insurer is satisfied, on medical or other evidence, that despite reasonable medical treatment the member s death is expected within 12 months of the date of the certification referred to in paragraph (a). The amount of the terminal illness benefit will be equal to the member s death cover. Can you transfer your current insurance that you have with another fund to Statewide? Yes, you may apply to transfer death and TPD, death only or income protection insurance that you hold in another super fund or individual insurance policy into Statewide, providing the external insurance is on similar terms to what is available under Statewide. Any restrictions (such as loadings or exclusions) that apply to your external cover will apply under the new policy for the term of the cover. If your transfer of insurance is successful, you will no longer be eligible for automatic acceptance cover. To transfer external income protection into Statewide, you will be given a waiting period of 45 days, provided that the waiting period on the policy to be transferred is equal to, or lesser than, 90 days. Further, you will receive a maximum benefit period of two years, unless the relevant period under the policy to be transferred is less than two years. You can transfer a maximum of $1,000,000 of death and TPD or death only insurance and a maximum of $15,000 per month of income protection insurance. To apply to transfer your cover, you only have to provide limited information about your health, income, occupation, lifestyle and pastimes. Your application will then be assessed by the Insurer. The Transfer of insurance form is available on our website. Note: It will be your responsibility to cancel your cover with the other fund if your application to transfer cover is accepted by the Insurer. If it is not cancelled the Insurer may be able to reduce any insurance benefit payable having regard to the amount of insured cover provided through your other fund. Are there any circumstances where you can increase your insurance without providing extra health information? You may be able to increase your death and TPD or death only insurance by one additional unit of cover without providing any health evidence if you undergo one of the following events: a) getting married b) adopting or becoming the natural parent of a child, or c) obtaining a mortgage on a newly purchased property in which you intend to reside immediately after its purchase. The election relating to one of the above events may only be used once during your membership of the fund. You must apply for and provide us with evidence satisfactory to us to confirm that any of the above events has taken place within 60 days of the event occurring. If you are not in active employment * on the day we receive your application to increase cover, new events cover will apply to the amount of the increase in cover until you return to active employment for 30 consecutive days. * This means that you are employed by your employer and capable of performing your identified duties without restriction by any illness or injury for at least 35 hours a week. You don t need to be actually working 35 hours per week to meet this requirement though, only capable of doing so. What if Statewide has the wrong information in relation to your insurance? If your recorded age or gender is incorrect, the Insurer has the right to adjust the premium or the benefit based on your correct information. Duty of disclosure (Insurance Contracts Act 1984) Please read the following section on Duty of Disclosure. It applies if you re applying for additional insurance. Insurance Contracts Act 1984 Before you enter into a contract of insurance with an insurer, you have a duty, under the Insurance Contracts Act 1984, to disclose to the Insurer every matter that you know or could reasonably be expected to know that is relevant to the Insurer s decision whether to accept the risk of the insurance and if so, on what terms. You have the same duty to disclose those matters to the Insurer before you extend, vary or reinstate a contract of life insurance. This duty, however, does not require disclosure of a matter: that diminishes the risk to be undertaken by the Insurer that is common knowledge that the Insurer knows or, in the ordinary course of his/ her business, ought to know, and as to which compliance is waived by the Insurer. Insurance in your super Page 15

16 Non-disclosure If you fail to comply with this duty of disclosure and the Insurer would not have entered into the contract on any terms if the failure had not occurred, the Insurer may avoid the contract within three years of entering into it. For applications accepted from 28 June 2014 onwards, the Insurer can exercise the right to avoid the contract even if it would have provided you with cover on different terms. If the non-disclosure is fraudulent, the Insurer may avoid the contract at any time. An Insurer who is entitled to avoid a contract of life insurance may, within three years of entering into it, elect not to avoid it but to reduce the sum you have been insured for in accordance with a formula that takes into account the premium that would have been payable if you had disclosed all relevant matters to the Insurer. The Insurer has the same rights if you make a misrepresentation to it. The Insurer is required to treat some policies as comprising two or more separate contracts of life insurance and elect whether to apply its rights to each contract separately. For example, TPD and income protection benefits may be treated as separate contracts. Additionally, default cover and any additional cover will also be treated separately. Additional rights from 28 June 2014 For all cover, except death cover received by members from 28 June 2014, the Insurer has the following additional rights if you fail to comply with your duty of disclosure or make a misrepresentation to the Insurer: elect to reduce the sum insured according to a formula prescribed by the law at any time if the Insurer has not avoided the contract or varied the sum insured, it can vary the contract in a way that places it in the same position it would have been if the non-disclosure or misrepresentation had not occurred. For death cover received by members from 28 June 2014, the Insurer has the additional right to elect to reduce the sum insured according to a formula prescribed by law, but only within three years of entering the contract. The Insurer also has these additional rights for policies issued before 28 June 2014 if it agrees to: increase the sum insured, or provide additional kinds of insurance cover but only to the extent of the variation. Please note that your duty of disclosure continues until we advise you or your employer of the Insurer s decision in relation to an application for insurance. How do you make a claim? Statewide should be notified as soon as reasonably possible after an event that is likely to give rise to a TPD or income protection claim. We will then send you the claim forms, which should be completed and returned to Statewide. The claim forms will generally require information and evidence such as medical practitioner reports, employer reports and health certificates. You are responsible for meeting any costs incurred in completing the claim forms. For TPD or income protection claims, the Insurer may request additional information or require you to be examined by a medical practitioner or professional of the Insurer s choice. Generally, the Insurer will pay the costs associated with additional information requests. It s important that you provide all requested information, otherwise the claim process may be delayed. In the event that you make a claim, the Insurer reserves the right to investigate the claim including, but not limited to, conducting surveillance and requesting information and medical examinations. It is important that, in the event of your death, a relative or legal representative notifies Statewide so that the claims process can begin. Once we receive formal written notification of your death, your investment will be transferred to the Statewide Cash option. After any insurance benefit has been assessed and agreed upon by the Insurer, the insurance benefit will be paid into the Statewide Cash option and will remain invested there until the trustee finalises payment of your death benefit. In the event that your claim for insurance benefits is declined by the Insurer, the trustee will review the Insurer s decision to ensure that the Insurer has obtained sufficient and appropriate evidence to assess the claim within the terms and conditions of the relevant insurance policy. Should the trustee affirm the decision of the Insurer to decline your claim, you will be advised of this in writing, giving you the option of submitting a complaint to the complaints manager. Your complaint will then be reviewed and any new evidence supplied will be submitted to the Insurer for their assessment. If you are not satisfied with the outcome of the complaint, you may take your matter to the Superannuation Complaints Tribunal (SCT), an independent tribunal established by the Federal Government to review member complaints, Change or reduce your cover You can change or reduce your cover by completing a Reduce or cancel insurance form, available from the Tools section at or by calling us on Can you claim after your cover has ceased? If an event occurs prior to the date your cover stops or is terminated, and that event entitles you to make an insurance claim, you may still be eligible for that payment even after your cover has ceased. Significant benefits and risks The fund assists you to save for your retirement in a tax-effective environment. It enables you to tailor your investment strategies to your own needs and attitude to risk, as well as offering you a choice of insurance cover for death, total and permanent disablement and income protection. You should be aware that if you leave the fund within a few years of joining, you may get back less than the amount of contributions paid in because of the level of investment returns earned by the fund, the fund s charges and the impact of tax. This booklet is based on current laws and laws affecting superannuation may change at any time. The trustee is committed to ensuring that the fund is prudently managed. This commitment is evident via a number of measures such as corporate governance policies and codes of conduct. Information on these can be found on our website. The trustee wants to make the following information clear to you: Neither the performance of the fund, the repayment of capital nor any particular rate of return is guaranteed by the trustee, the investment managers, service providers or associated companies of the parties mentioned in the booklet. Investment markets do fluctuate. If the investment options you choose are not right for you, you may not achieve the goals you set. Member Services: info@statewide.com.au Address: 211 Victoria Square, Adelaide, SA 5000 Postal address: GPO Box 1749, Adelaide SA 5001 Statewide Superannuation Pty Ltd ABN (AFSL ) trustee and RSE licensee of Statewide Superannuation Trust ABN The information provided is of a general nature. It does not consider your specific needs nor is it intended to be financial product advice. You should obtain independent financial advice and consider the applicable product disclosure statement before making an investment decision. Financial information and general advice may be provided by representatives of the fund s administrator and wholly owned company, Statewide Financial Management Services Limited, ABN Australian Financial Services Licence No Any personal advice may be provided by an authorised representative of Industry Fund Services Limited (IFS) ABN AFSL No Fees may apply for financial planning advice. IFS is responsible for the advice given to you by its authorised representatives. Insurance in you super_030815