HOW DO I…transfer CBA Employee Income Protection (CBA EIP) insurance into Accumulate Plus?
Things to know before you start:
- Please read the Reference Guide: Insurance cover (Salary Continuance), before proceeding with the transfer, as different terms and conditions apply to Salary Continuance in Accumulate Plus. If you have existing Salary Continuance in Accumulate Plus at the time of transfer, you need to be aware of the implications of the transfer on your existing cover and ensure this is appropriate for your personal circumstances.
- If you were covered by the CBA EIP policy while employed by the Commonwealth Bank Group, you can apply to transfer this cover into an Accumulate Plus account in our fund without having to provide full medical evidence to the insurer. To take advantage of this offer, you must request the transfer within 90 calendar days of leaving employment with the Commonwealth Bank Group. Some eligibility criteria also apply.
- This offer is available to Accumulate Plus, Retirement Access and Defined Benefit (DB) members upon leaving the Group, but cover must be transferred into an existing Accumulate Plus account or an application to open a new Accumulate Plus account must be submitted to the fund before your employment with the Group or an associated employer ends. For DB members, if you request to open an Accumulate Plus account as part of a DB lump sum payment instruction upon leaving employment, an account will be opened automatically when we are processing your benefit payment.
- There is no fee to transfer cover, but a monthly insurance premium will apply based on your new level of cover if accepted by the insurer. Premiums are deducted monthly from your account balance.
Confirm the amount of cover you were eligible for under the CBA EIP policy at the date you left employment. Contact HR Direct on 1800 989 696 for assistance if needed.
Complete our Request to transfer cover from CBA Employee Income Protection policy (CBA EIP).
Note: You must have an existing Accumulate Plus account or have requested for one to be opened prior to leaving employment with the Group – refer to the request to transfer form above for more details on how to open an account if needed.
We will notify you in writing once your request to transfer cover has been accepted by the insurer.