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.
The following types of insurance are available to eligible Accumulate Plus members:
For Death and TPD cover, a lump sum benefit may be paid if you die or become terminally ill, or if you become totally and permanently disabled. For Death-only cover, a lump sum benefit may be paid if you die or become terminally ill.
You may be eligible for default Death and TPD cover in some circumstances. Default cover starts automatically once you meet certain age and account balance criteria. If you're not eligible for default cover, you can also apply for Death and TPD or Death-only cover.
Depending on your category of membership, you may be able to choose to have your cover amount calculated as a multiple of your notional salary, which therefore changes accordingly with changes in your notional salary, a fixed cover amount, or a combination of both.
Premiums apply for all insurance cover in Accumulate Plus, including default cover, 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 (Death & TPD).
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).
Find out more about the terms and conditions of insurance cover in our Reference Guides: Insurance cover.
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.