GuildSuper recently completed a comprehensive review of the Death, Total & Permanent Disablement (TPD) and Income Protection (IP) insurance cover it provides to eligible fund members. As a result of this review, a number of changes came into effect from 1 July 2016.

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Summary of changes from 1 July 2016 include:

  • IP maximum benefit payment period (Benefit Period) will increase from 2 years to 5 years protecting members with Income Protection cover for longer.
  • Life expectancy to claim a terminal illness benefit has been extended from 12 to 24 months.
  • Different numbers of units of Default Death, TPD and IP cover will apply for most members and, for all members with unitised cover, the value of units of cover will change.
  • Default Death, TPD and IP cover amounts will no longer be determined by your Occupational Classification. Instead, your Occupational Classification will be used to calculate insurance premiums. As a result, insurance premium rate tables will be different. 
  • Default TPD cover will cease from age 60, rather than age 70.
  • To protect your account balance, insurance cover will cease if no contributions have been made to your account for 12 months and your account balance falls below $2,000.
  • Some terms and conditions will be different (including important definitions relevant to assessment of a member’s claim for a disablement benefit).

Other changes apply. For more information about what is changing, carefully consider the more detailed content of the Significant Event Notice. Important definitions relevant to the insurance changes are detailed within the Significant Event Notice.

Benefits of GuildSuper insurance

Here’s how you benefit by insuring with GuildSuper:
  • It can cover you and protect your family in case of disability, injury, terminal illness or death.
  • It gives you access to ‘bulk’ or ‘group’ cover rates, which may be less than buying insurance outside of super.
  • Insurance costs are deducted from your super account, not your take home pay.

We’re here to help

If you have any questions about the insurance changes, then contact us on 1300 361 477.

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