Insurance

It's always good to have a financial safety-net and that's the whole point of having insurance. Insurance is designed to get you back to where you were financially before your situation changed.

It is important to understand what insurance you hold to ensure you are adequately protected and also so you are not paying too much in fees. We have provided some questions and answers to help you understand your insurance in more detail.

Insurance cover with the Plan

The Plan offers three types of insurance with various levels of cover, through AMP (ABN 72 004 020 437).

  • Death Only Insurance;
  • Death and Total and Permanent Disablement Insurance; and
  • Salary Continuance Insurance (SCI).

Availability of insurance cover

  Death only Death and TPD SCI
Full Members
Permanent/fixed-term employees ⩾ 15 hrs/week
Permanent/fixed-term employees < 15 hrs/week
Casual employees average ⩾ 10hrs/week over 6 months
Limited Members
Retained Members
*working more than 15 hrs/week
Spouse Members
*employment
conditions

Death Only, Death and TPD and Salary Continuance benefits are subject to the following maximum benefits:

Membership category Death benefit TPD benefit Salary Continuance
Permanent/fixed-term employees who work at least 15 hours per week Unlimited $3 million $30,000 per month
Permanent/fixed-term employees who work less than 15 hours per week $1 million N/A N/A
Casual employees who work at least 10 hours per week $250,000 N/A N/A
Retained members *Unlimited *$3 million *$30,000 per month
Spouse members $300,000 $300,000 N/A

* As a Retained member, your death only or TPD cover will be fixed and based on your final salary at the date you ceased working for the Water Corporation.

 

Insurance Premiums

The Plan has negotiated competitive premium rates, which are generally lower than personal policies. Also, as premiums are generally payable from pre-tax dollars directly from your super account each month save you even more.

The amount of your premium will be dependent on the level of cover held, your insured benefit and your age.

To calculate the approximate premiums payable, use the range of insurance premium calculators:

Premiums for Death Only and Death and TPD

The following table shows the range of premiums that may apply for Death Only and Death and TPD Insurance based on the cover you hold and your age next birthday:

Annual Premium Rate per $1,000
Age next birt­hday Full Mem­ber
Death Only
Full Mem­ber
Death and TPD
Spo­use Mem­ber
(Male)
Death Only
Spo­use Mem­ber
(Fem­ale)
Death Only
Spo­use Mem­ber
(Male)
Death and TPD
Spo­use Mem­ber
(Fem­ale)
Death and TPD
Reta­ined Mem­ber
Death Only
Reta­ined Mem­ber
Death and TPD
15 0.36 0.44 0.54 0.20 0.65 0.42 0.41 0.50
25 0.61 0.64 0.89 0.29 0.95 0.49 0.68 0.72
35 0.57 0.72 0.83 0.40 1.06 0.61 0.64 0.81
45 1.08 1.72 1.59 0.96 2.53 2.07 1.21 1.92
55 2.44 4.91 3.60 2.24 7.23 5.81 2.74 5.51
65 7.45 18.73 10.97 6.12 27.54 18.12 8.35 20.99

If you're a permanent or fixed-term employee working at least 15 hours per week and a permanent Australian resident you will also receive SCI cover.

View the full Death and TPD premium rate table.

Premiums for SCI

The following table shows the range of premiums that may apply for SCI depending on the level of cover you hold and your age next birthday:

Annual Premium Rate per $1,000 of annual cover
Age next
birthday
Stan­dard A (Default)
and Reta­ined
Members
(90 day wait)
Stan­dard
C
(60 day wait)
Stan­dard D
(30 day wait)
Top E
(90 day wait)
Top F
(60 day wait)
Top G
(30 day wait)
15 0.91 2.46 3.72 2.62 5.54 8.72
25 0.88 2.33 3.54 2.90 6.26 9.81
35 1.06 2.81 4.26 4.15 8.87 13.95
45 2.57 5.14 7.30 10.91 17.40 25.70
55 7.07 11.28 14.27 24.93 31.99 42.00
65 5.28 8.46 10.68 5.92 9.53 12.46
  2 year Benefit Benefit to 65

View the full SCI premium rate table.

You can apply, opt out, cancel, decrease or increase your level of insurance cover at any time by completing the Change in Details Form. If you're a Spouse Member you can apply for Death Only or Death and TPD cover by also completing this form.

Warning
Unless you select Nil cover or cancel any existing cover, costs associated with default insurance cover are borne by you as the member, with premiums deducted from your account every month.

What if I don't choose a level of cover?

If you're a Full Member who is eligible for Automatic Acceptance (see the Incorporated by Reference Document (IBRD)) and you don't choose a level of cover, you will automatically receive Medium cover for Death Only or Death and TPD (see the IBRD) and Standard A cover for SCI (see the IBRD).

The Medium (Default) cover insured benefit for Death Only or Death and TPD is calculated using the following formula:

15% x Annual Salary x Future Years and complete Months to Age 65

Standard A cover for SCI is calculated using the following formula:

75% x Salary/90 day wait/2 year Benefit Period

Warning
For more detailed information on the eligibility for or cancellation of insurance cover and any conditions and exclusions that may apply to insurance cover, please refer to the IBRD. Details in this section may affect your entitlement to insurance cover and you should read this information before deciding whether the insurance is appropriate.

Making an insurance Claim?

In the unfortunate event that you need to make a claim, many people believe that they need to consult a Lawyer to assist them or the claim on their behalf and this is not the case.

View our factsheet on how to make an insurance claim - we can help you every step of the way.

 

You should read the important information about Insurance in your super before making a decision. Go to www.watercorpsuper.com.au/pds

The material relating to Insurance in your super may change between the time you read this Statement and the day when you acquire the product.