When it comes to protecting your lifestyle, loved ones and financial future, it’s important to consider the different types of cover that may be best suited to your circumstances. 

Cover to suit your needs

The following types of insurance are available to eligible Accumulate Plus members: 

  • Death and Total and Permanent Disablement (TPD) (including Death-only cover)
  • Salary Continuance cover
    • With Salary Continaunce cover, sometimes known as income protection, a monthly benefit may be paid if you are disabled due to sickness or injury for longer than the waiting period.

      It's important to keep in mind that the purpose of Salary Continuance is to replace a portion of your income if you’re unable to work due to disability. At the time of any claim, your actual income must be taken into account, regardless of the amount of cover you have. This is different to other types of insurance, such as Death and TPD cover, where the full amount of cover is payable if a claim’s accepted.

      Salary Continuance premiums are calculated on your accepted amount of cover. However, if the benefit payable to you for an accepted claim is less than your accepted cover, the excess premiums you’ve paid are not refunded. You should let us know if your actual income becomes less than your accepted cover. Similarly, you should review your level of cover if your income increases to ensure you have an adequate level of cover for your circumstances.

      Premiums apply for all insurance cover in Accumulate Plus and are deducted monthly from your account balance.

      You should read the important information about the terms of insurance cover in our Reference Guide: Insurance Cover (Salary Continuance)


Important things to remember about insurance cover in Accumulate Plus

  • Payment of any insurance benefit is subject to a claim being accepted by the insurer and the trustee under the terms of the insurance policy and the trust deed.
  • In some cases, you may not be eligible for insurance cover or your cover may be subject to exclusion clauses or restrictions applied by the insurer. You may need to consider alternative options for cover.

Find out more about the terms and conditions of insurance cover in our Reference Guides: Insurance cover.

About the insurer

Insurance cover in Accumulate Plus was previously provided through insurance policies that the fund’s trustee held with The Colonial Mutual Life Assurance Society (CMLA) (ABN 12 004 021 809). The Federal Court recently approved the statutory asset transfer of CMLA’s life insurance business to AIA Australia Limited (AIA) (ABN 79 004 837, AFSL 230043) under Part 9 of the Life Insurance Act 1995. Effective 1 April 2021, AIA has automatically replaced CMLA as the issuer of our insurance policies.