LIFE, DISABILITY AND INCOME PROTECTION

16  Download (0)

Full text

(1)

This document forms part of the NGS Super Member Guide (Product Disclosure Statement) dated 14 August 2015

FACT SHEET 6 14 AUGUST 2015

It’s vital that you’re prepared for the

unexpected. NGS Super gives you and your

family financial peace of mind by providing cover in case you die, or become terminally ill or disabled and can’t work.

* For further information about the methodology used by Chant West, www.chantwest.com.au.

Chant West has given its consent to the inclusion in this Fact Sheet of the references to Chant West and the inclusion of the logos and ratings provided by Chant West in the form and context in which they are included.

LIFE,

DISABILITY AND INCOME

PROTECTION

Take the time to consider your financial situation and what would happen if you were disabled and unable to work or to your family if you became terminally ill or died. A little planning can mean you avoid considerable financial distress and hardship by ensuring you have the right amount of cover. NGS Super offers flexible cover options so you can request the level and type of disability, life, and income protection insurance that suits you.

As a member of NGS Super, you may have:

· life (including terminal illness – TI) cover in case you become terminally ill or die · disability (total and permanent

disablement – TPD) cover in case you become disabled, either due to an injury or illness, and unable to work in any occupation

· income protection providing monthly income payments if you become temporarily disabled and unable to work in your own occupation or TPD through illness or injury.

With NGS Super’s life/TI and disability (TPD) cover1, you can:

· request the amount of life/TI insurance cover you need

· request the amount of disability (TPD) cover you need

· ask to change the amount of your cover at any time2

· have disability (TPD) cover until you’re 65 years old

· have life/TI cover until you’re 75 years old · receive a lump sum life/TI or disability

(TPD) payment.

If a disability (TPD) benefit becomes payable, any life/TI cover will be reduced by the amount of the benefit paid. If a terminal illness (TI) benefit becomes payable, your life and (if applicable) any disability (TPD) cover will be reduced by the benefit paid.

1 Your cover depends on your eligibility, the insurer agreeing to provide you with this cover and the terms and conditions of the policy.

2 If you ask for your cover to be increased, you won’t receive this extra cover until the insurer agrees to provide it and notifies you in writing.

*

(2)

With NGS Super’s income protection (IP) insurance cover1, you can:

· choose the waiting period before your payments start

· choose the period for which payments will continue to be paid · request the amount of income

protection1 cover you need · ask to change the amount of your

cover at any time²

· have income protection until you’re 65 years old (or 67 if approved for a

‘to age 67’ benefit period).

And, you’ll be covered 24 hours a day, seven days a week, while you’re gainfully employed.

If you are a member of the NGS Super Industry Plan and you meet the eligibility requirements for cover, you automatically receive cover when you join.

If you are a member of the NGS Super Personal Plan and you are eligible, you can request cover. You will need to provide the insurer with evidence of your good health before they will agree to provide it. Other conditions may also apply.

What life, disability and income protection does NGS Super offer?

The following table gives you a snapshot of cover features.

Table 1

Cover Benefit payment Maximum cover Cover expiry age

Life (including terminal illness – TI) cover

Lump sum benefit:

an insured amount plus your account balance.

$10,000,000 Age 753

Terminal illness benefit enabling earlier payment of life cover.

$3,000,000. Any life cover in excess of this will be payable on death, provided you remain an NGS Super member and cover is still in force.

Disability (TPD) cover

Lump sum benefit:

an insured amount plus your account balance.

$3,000,000 Age 65

Income

protection (IP) Monthly payment of up to 80% of your pre-incapacity income plus up to 10% of your pre-incapacity income payable as a monthly super contribution to the Fund.

Your monthly IP benefit is payable after your chosen waiting period (30, 60 or 90 days).

Monthly payments will continue for your chosen benefit period (two years, five years, to age 65, or to age 67) or until the earlier you:

· cease to be disabled · reach age 65 (or 67 if

approved for a ‘to age 67’ benefit period), or · die.

$41,000 per month for a benefit period of two years or five years4

$31,000 per month for a benefit period to age 655 or to age 676

Age 65, except in the case of a ‘to age 67’ benefit

Pre-incapacity income

If you are employed on a permanent basis:

The monthly value of annual remuneration, which applied immediately before becoming incapacitated, earned from the employer you are employed with on a permanent basis and that is specified in your employment contract.

This remuneration includes any overtime, bonuses and shift allowances (averaged over the last three years) and packaged elements not received directly as taxable earnings. Remuneration excludes any directors fees, compulsory employer superannuation entitlements, investment income and profit distributions.

If you are not employed on a permanent basis:

The total monthly value of remuneration (including overtime, bonuses and shift allowances) you receive from all regular occupations, averaged over the most recent 12 months immediately before becoming incapacitated. Remuneration excludes any directors fees, compulsory employer superannuation entitlements, investment income and profit distribution.

If you are self-employed:

The total monthly amount earned in your business over the financial year as a direct result of your personal exertion or activities through your usual occupation (ie business earnings that would stop if you could not work due to illness or injury), less your share of business expenses (but before the deduction of income tax) for that business - or relevant proportion for part of a financial year.

Pre-incapacity income does not include producing income through investments or other forms of passive income.

3 If you were an existing member of NGS Super at 1 July 2014 and you were under age 70. If you join as a member of the NGS Super Industry Plan on or after 1 July 2014, you need to be under age 70 when you join and meet the eligibility requirements to automati- cally receive cover. If you are age 70 or older when you join, you can only receive cover if you apply for it. You can do this by applying through your Member Online account or completing an Insurance Variation form and Personal Statement available on our website at www.ngssuper.com.au (select Super Members > Forms).

4 If your chosen benefit period is two years or five years, a maximum monthly benefit is provided of up to 80% of your pre-incapacity income of up to $465,000 per annum, and 50% of the next $240,000. The maximum benefit is therefore up to $41,000 per month.

5 If your chosen benefit period is to age 65, a maximum monthly benefit is provided of up to 80% of your pre-incapacity income of up to $465,000 per annum. The maximum benefit is therefore up to $31,000 per month.

6 If your chosen benefit period is to age 67, a maximum monthly benefit is pro- vided of up to 80% of your pre-incapacity in- come of up to $465,000 per annum, reducing to 70% of pre-incapacity income (nil super) of up to $531,428 per annum for payments be- tween age 65 and 67. The maximum benefit is therefore up to $31,000 per month.

(3)

Key features

The key feature of our ‘needs-based’ design is that the amount of standard cover you have changes at certain ages. The Standard Cover package (while not necessarily being suitable for everyone) is designed to provide a basic level of protection throughout your working life, without your active involvement.

Standard Cover offers:

· an age-based approach for life cover, providing different levels of cover at various ages, which aims to provide appropriate cover based on ‘average member’ life stages. Life cover is lowest when you are young and automatically increases as you get older (when your need for cover may be higher), then reduces again as you approach retirement;

· disability (TPD) and income protection (IP) benefits that work in conjunction with each other. Our long-term IP benefit payment period will help to meet your future living expenses, while the lump sum disability (TPD) benefit aims to provide protection for other financial costs associated with a permanent disability.

Our standard IP cover provides a monthly benefit of up to 80% of your pre-incapacity income plus up to 10% super contribution, if you are unable to work due to injury or sickness for more than 90 days. You can be paid benefits for up to 5 years if you have default cover (or to age 65 if this is earlier).

You can apply for additional cover if you need more than our age-based Standard Cover.

Automatic Standard Cover

Automatic standard cover applies only for Industry Plan members. Personal Plan members can request cover but they must show evidence of good health before the insurer may agree to provide the cover.

NGS Super provides two levels of automatic standard cover: NGS General and NGS Plus. The level of automatic standard cover you receive will be determined by your employer’s occupational category in NGS Super when you first join the Fund.

See Table 2 for details. When you join NGS Super, we’ll send you a welcome kit which includes details of your automatic standard cover.

Table 2

Cover NGS General7 NGS Plus7

Life (including terminal illness – TI) cover

Four units of age-based cover to age 75, provided you joined and meet eligibility requirements for NGS Super Industry Plan cover prior to age 70.

Five units of age-based cover to age 75, provided you joined and meet eligibility requirements for NGS Super Industry Plan cover prior to age 70.

Disability (TPD)

Four units of age-based cover to age 65, provided you joined and meet eligibility requirements for NGS Super Industry Plan cover prior to age 65.

Five units of age-based cover to age 65, provided you joined and meet eligibility requirements for NGS Super Industry Plan cover prior to age 65.

Income protection (IP)

Four units of cover with monthly payments for up to five years after a 90-day waiting period, provided you joined and meet eligibility requirements for NGS Super Industry Plan cover prior to age 65.

Five units of cover with monthly payments for up to five years after a 90-day waiting period, provided you joined and meet eligibility requirements for NGS Super Industry Plan cover prior to age 65.

7 Option to apply to increase your standard cover (not exceeding a combined total of nine units), by applying online through your Member Online account, within 120 days from the date of your welcome letter from NGS Super.

The NGS Plus occupational category applies to people employed by a school or other body that provides education as its primary function, or people whose occupational duties are limited to professional, managerial, clerical, secretarial or similar “white collar” nature tasks that do not involve manual work and are conducted entirely within an office environment (such as Credit Unions or other employers in the finance sector).

This includes people employed in an occupation that meets this definition and whose job requires them to travel from one office environment to another.

If you do not meet the criteria for the NGS Plus occupational category, then the NGS General occupational category will apply.

If you join NGS Super and receive NGS General cover, and your occupation changes in the future, we will accept your application to change to NGS Plus premium rates as long as your new occupation satisfies the NGS Plus requirements and subject to acceptance by the insurer.

To apply for NGS Plus cover you will need to complete the Insurance Variation form and Personal Statement available on our website at www.ngssuper.com.au (select Super Members > Forms).

Additional information for Personal Plan members

If you are a Personal Plan member and you request cover, you will need to provide details of your current occupation. Your occupational category will be determined by the insurer when they assess your application. NGS Super will write to you to advise you of the insurer’s decision and will include details of any cover you have received.

(4)

Who is eligible for life/TI, disability and income protection cover?

Your eligibility for cover depends on your NGS Super membership. Table 3 shows the eligibility criteria for each membership type and your insurability (which may include evidence of good health, occupation and details of any hazardous pursuits you may be involved in) which the insurer needs to assess.

Table 3 – Life/TI and disability (TPD) You are a

member of the... Eligibility Insurability – Health evidence

NGS Super Industry Plan

You are eligible for automatic standard cover if:

· you are an employee

· you are a member of NGS Super

· your employer contributes to NGS Super on your behalf 8 · you are aged between 15 and 69 (not TPD cover from age 65) · you have not been a member of NGS Super before, and · you have never claimed or been eligible to claim a disability,

total and permanent disablement benefit or terminal illness benefit from a superannuation fund or insurance company.

To receive full automatic standard cover, you must be in ‘active employment’ when cover commences: see page 14 – “When does my cover in NGS Super start?”

Standard cover is provided automatically on joining NGS Super if you meet the eligibility requirements. No health evidence is needed.

You can apply to increase your standard cover (not exceeding a combined total of nine units), by applying online through your Member Online account, within 120 days from the date of your welcome letter from NGS Super.

You can also apply through your Member Online account for an increase in cover above the standard cover, or by completing and returning an:

· Insurance Variation form and · Personal Statement

NGS Super Personal Plan

You can apply for cover if you:

· have enough money in your account to cover the premiums, and

· are aged between 15 and 74.

You will need to apply to the insurer for any cover you would like to have. This is not provided automatically.

Evidence that you are in good health is needed before the insurer agrees to provide or increase cover.

To request cover, you can apply through your Member Online account, or by completing and returning an:

· Insurance Variation form and · Personal Statement Income Protection (IP)

You are a

member of the... Eligibility Insurability – Health evidence

NGS Super Industry Plan

You are eligible for automatic standard cover if:

· you are an employee

· you are a member of NGS Super

· your employer contributes8 to NGS Super on your behalf · you are aged between 15 and 64

· you have not been a member of NGS Super before, and · you have never claimed or been eligible to claim a disability,

total and permanent disablement benefit or terminal illness benefit from a superannuation fund or insurance company.

To receive full automatic standard cover you must be in

‘active employment’ when cover commences. For further explanation of this and related eligibility conditions see page 14 – “When does my cover in NGS Super start?”

Standard cover is provided automatically on joining NGS Super if you meet the eligibility requirements. No health evidence is needed.

You can apply to increase your standard cover (not exceeding a combined total of nine units), by applying online through your Member Online account, within 120 days from the date of your welcome letter from NGS Super.

You can also apply through your Member Online account for an increase in cover above the standard cover, or by completing and returning an:

· Insurance Variation form and · Personal Statement

NGS Super Personal Plan

You can apply for cover if you:

· have enough money in your account to cover the premiums, and

· are aged between 15 and 64.

You will need to apply to the insurer for any cover you would like to have. This is not provided automatically.

Evidence that you are in good health is needed before the insurer agrees to provide or increase cover.

To request cover, you can apply through your Member Online account, or by completing and returning an:

· Insurance Variation form and · Personal Statement

8 For this purpose contributions made by your employer do not include salary sacrifice contributions.

(5)

The table below shows the life/TI and disability (TPD) cover choices available.

Table 4 – Life/TI and Disability (TPD)

Cover Fixed cover Age-based cover Interim accidental cover

Life (including terminal illness – TI) only

· Level of agreed cover doesn’t change from year to year

· Premiums vary based on your age at your last birthday each year · Health evidence is needed before

cover may be provided.

· Your premium for one unit of cover changes most years

· The amount of cover you have depends on your age last birthday and changes at certain ages until age 75 when it becomes nil

· You can apply to increase your standard cover (not exceeding a combined total of nine units), by apply- ing online through your Member Online account, within 120 days from the date of your welcome letter from NGS Super. If you request to increase units of cover after this, you must provide further evidence of health before this may be provided.

This cover is provided for up to 120 days while the insurer is assessing your request for cover or an increase in cover.

You have the same type of cover for which you have applied (life and/or disability) for the requested amount up to $2,000,000 less the amount of any cover already in force in case of accidental death and/or disablement (conditions apply).

Cover against terminal illness is not included.

Disablement (TPD) only

· Amount of cover doesn’t change from year to year, except from age 61 when cover decreases by 20%

a year to be nil at age 65

· Premiums vary based on your age at your last birthday each year · Health evidence is needed before

cover may be provided.

· Your premium for one unit of cover changes most years

· The amount of cover you have depends on your age at your last birthday and changes at certain ages until age 65 when it becomes nil

· You can apply to increase your standard cover (not exceeding a combined total of nine units), by applying online through your Member Online account, within 120 days from the date of your welcome letter from NGS Super. If you request to increase your units of cover after this, you must provide further evidence of health before this may be provided.

Life/TI and disability (TPD)

· Level of cover doesn’t change from year to year except for disability cover, which decreases by 20% a year from age 61 to be nil at age 65 · Premiums vary based on your age

at your last birthday each year · Health evidence is needed before

cover may be provided.

· Your premium for one unit of cover changes most years

· The amount of cover you have depends on your age last birthday and changes at certain ages (you have disability cover until age 65 when it becomes nil).

You have life cover until age 75 when it becomes nil · You can apply to increase your standard cover (not

exceeding a combined total of nine units), by apply- ing online through your Member Online account, within 120 days from the date of your welcome letter from NGS Super. If you request to increase units of cover after this, you must provide further evidence of health before this may be provided.

You can tailor your life/TI and disability (TPD) cover to suit your needs. You can choose either:

· combined life/TI and disability cover · life/TI only

· disability only cover.

You also have the option of requesting different levels of life/TI and disability cover.

In addition, you have the option of:

· age-based cover9, where the amount provided by one unit of cover changes at certain ages and the premium changes most years, or

· a fixed amount of cover which doesn’t change (except for disability cover which will decrease by 20% each year from age 61 to be nil at age 65) and premiums vary based on your age at your birthday each year.

The details: your life/TI and disability cover options

9 Where application for age-based cover exceeds nine units in value this will be added in the form of fixed cover units.

(6)

The details: your income protection cover options

The table below shows the income protection (IP) cover choices available.

Income Protection (IP) Feature

Length of waiting period before payments commence

IP3 (90 days)

IP2 (60 days)

IP1 (30 days)

Payment period up to five years up to two years up to age 65 up to age 67 Units of cover Each unit of cover represents an income protection benefit of up

to 90% of your pre-incapacity income (including up to a 10% super contribution). For instance, for an NGS Plus member aged between 27 and 60, five units of cover would provide a monthly benefit calculated as:

· $4,750 per month including super (ie covering 90% of up to $63,333 annual income).

For an NGS Plus or NGS General member aged between 27 and 60, nine units of cover would provide a monthly benefit calculated as:

· $8,550 per month including super (ie covering 90% of up to $114,000 annual income).

If you are eligible for IP cover when you join NGS Super, you receive standard IP cover (five units of cover for NGS Plus and four units of cover for NGS General) providing IP benefits for up to five years after a 90 day waiting period (IP3).

You can apply to increase your standard cover (not exceeding a combined total of nine units), by applying online through your Member Online account, within 120 days from the date of your welcome letter from NGS Super.

IP cover for people who are incapacitated

If the insurer considers you are incapacitated (ie. because you have an accident or become sick), you may receive a monthly income benefit, with payments starting after a specified waiting period. The waiting period is determined by the option you select – e.g. for IP3 No benefit will be paid within the first

13 months of any cover being accepted by providing evidence of health with NGS Super if:

· your death is due to suicide, self- inflicted injury or infection

· your terminal illness or disability (TPD) is due to either

· self-inflicted injury action or infection whether intended or not

· attempted suicide whether intended or not

regardless of whether or not you are sane at the time.

If a terminal illness (TI) benefit becomes payable, your life cover will be amended to reflect the payment. This is because the TI benefit represents an advance payment of the life cover benefit.

No benefit is payable if death, terminal illness or disability is caused directly or indirectly by war. Some exclusions apply.

No benefit is payable if death or terminal illness is caused by a pandemic illness (or related illness), this does not apply to cover that commenced before any illness alert. Other conditions apply.

If you have a greater amount of life/TI cover than disability (TPD) cover and a disability benefit becomes payable, you can keep the portion of your life/TI cover (over and above your disability cover).

This is calculated as your total life/TI cover minus the amount of insured disability (TPD) benefit payable.

Life/TI and disability (TPD) cover are paid as a lump sum benefit. If you have age- based cover, the insured amount paid will depend on your age at the date of your death or disability and the number of units of cover you hold. If you have fixed cover, your insured amount will be the fixed amount you have with the Fund (with the exception of your disability cover which reduces by 20% a year from age 61 to be nil at age 65).

the waiting period is 90 days. All benefit payments you receive are included in your taxable income.

A few things aren’t covered

IP cover is not provided if it is caused directly or indirectly by:

· self-inflicted injury or infection or attempted suicide, whether while sane or insane

· normal pregnancy or childbirth, or · war.

Benefits may not be payable if, in the opinion of the insurer, you were employed under a preferential employment practice and you were suffering a medical condition that was likely to cause you to become disabled within three years of the commencement of cover.

Income from other sources may have an effect on your IP benefit

Your benefit may be reduced if you receive income from other sources, relating to the period you are incapacitated, such as:

· paid sick leave, workers’compensation, social security benefits or from another source of disability payment

· any payments you may receive or are due to receive for the same period from another policy providing income benefits that relate to your employment · income for the same period from

personal exertion (such as related to a graded return to work)

· any amounts which you continue to receive from your employer while you are incapacitated.

IP cover provides a monthly income payment of up to 80% of your monthly pre-incapacity income (prior to any tax deduction), plus up to 10% of your monthly pre-incapacity income as a super contribution – subject to the level of cover you have paid into your NGS Super account.

The monthly payment you receive will be based on your pre-incapacity income, the number of units of cover you have and whether you are receiving income from other sources. The insurer may require progress reports over the period that you receive your payments. You may also need to provide further medical evidence or undergo any examinations required by the insurer.

(7)

IP Example

1) Sonia is age 40 and receives a salary of $85,000 a year. She has seven units of NGS Plus IP cover, and each unit provides cover for $11,400 of income, which gives her cover of $79,800 (including 10% super contribution) for up to $88,667 worth of income.

This is sufficient to cover her full annual salary, which means she is eligible for the full 90%

IP benefit which provides a monthly income benefit of 80% of her pre-incapacity monthly income plus up to 10% of her pre-incapacity monthly income which will be paid to her NGS Super account.

Sonia has a serious car accident and can’t work for six months. After expiry of the waiting period, her seven units of IP cover provide cover for a maximum total monthly benefit of $6,375 (90% x $85,000/12) including super.

Sonia receives 80% of her pre-incapacity monthly salary as income, which is $5,667 (80% x $85,000/12). The remainder of her total monthly benefit is $708 and this goes into her account with NGS Super as a super contribution.

IP Example

2) Justin is age 30 and earns an annual salary of $52,000 and has four units of NGS General IP cover (which gives him cover for a salary of $50,667). He has a skiing accident and injures himself and can’t work for six months.

Justin’s maximum IP benefit will be at the rate of 90% of $50,667, which is

$45,600 a year or $3,800 per month. His cover provides an income at the rate of 80% of $52,000, which is $41,600 a year, or $3,467 a month, after expiry of the waiting period.

Since the maximum he is entitled to is $45,600 per year, the remaining benefit allows for super contributions of $4,000 a year or $333 a month (in this case, equal to approximately 7.7% of his salary).

Since Justin’s salary is higher than his IP cover, his IP benefit works out to be less than 90% of his annual salary – approximately 88% in this case. Had he successfully applied for an additional unit of IP cover, he would have been eligible for the full benefit of 90% of his annual salary (80% income and 10% super).

IP Example

3) Tom is age 50 and earns an annual salary of $105,000 and has seven units of NGS Plus IP cover, which provides cover for up to $88,667 of income. Tom is eligible to increase his IP cover up to nine units, however he decides to stay with his level of cover.

Tom is unable to work for eight months due to illness. While 80% of Tom’s actual salary of $105,000 amounts to $7,000 a month, the total monthly benefit his seven units of cover provides will be only $6,650 (90% x $88,667/12) including super, after the expiry of the waiting period. In Tom’s case, his cover is not enough to cover 80% of his pre- incapacity earnings so he would not be eligible for a superannuation contribution benefit.

Had Tom increased his IP cover to nine units to fully cover his annual salary he would have been entitled to receive a maximum benefit of $7,875 per month (90% x $105,000/12) including super. Of this amount, $7,000 would have been paid as a monthly income benefit ($84,000 a year) and the remaining $875 would have been available to be paid as 10% monthly super contributions (or $10,500 per year).

Life event extra cover

Where a member has existing cover, they may apply to reduce their benefit payment period or increase their waiting period without having to provide any health information.

You may have a life event, such as getting married or buying a house that prompts you to want to make changes to your life, disability and/or income protection cover. In this case, you have the option to:

· apply for or to increase cover by providing evidence of good health, through your Member Online account, or

· apply to increase your existing cover, under a life event option, which is subject to certain conditions, timeframes, limits and answering some health questions (depending on responses to these questions further evidence of health may be required).

An ‘active employment’ test applies on the date you apply to increase your cover. If you do not meet the ‘active employment’ test, your increase in cover will be ‘limited cover’.

(8)

The life events for which you can apply to vary cover are:

· getting married

· when you start a family (birth or adoption)

· commencing a new mortgage to purchase a residential home

· your child’s first day at school (primary or secondary)

· getting a divorce · death of your spouse

· first becoming eligible for Centrelink carer’s allowance.

Please note that you cannot utilise this option more than once in any year (or four times since 1 July 2014) and conditions apply.

Provided you have fewer than nine units of age-based cover (for IP this relates to 90-day waiting period, 5 year benefit period), you can apply for an additional unit of:

· life/TI cover if you are aged 74 or younger,

· disability (TPD) and/or income protection cover, if you are aged 64 or younger.

To apply for extra life event cover, complete the Extra Cover Option form which is available on the NGS Super website at www.ngssuper.com.au (select Super Members > Forms). Your form must be received by NGS Super within 120 days of the life event. If your current cover has been issued with any special conditions or exclusions, these will also apply to your adjusted cover.

No cover will be paid within the first 13 months with NGS Super if:

· your death is due to suicide

· your terminal illness or disability (TPD) is due to either

· self-inflicted injury or infection · attempted suicide regardless of

whether or not you are sane at the time.

Interim accident cover

Cover

Life and disability (TPD) cover

If you have made a request for an increase in life only, combined life and disability or disability only cover, you receive interim accidental cover while the insurer considers your request.

The type of interim accidental cover you receive will be same as the type of cover you have applied to NGS Super for10, up to the lesser of amount applied for or $2,000,000 including any cover you may already have with NGS Super. Interim accidental cover will start from the date NGS Super receives your application for cover and continue until the earlier of:

· the date you withdraw your application for cover

· the date the insurer accepts or rejects your application for cover · 120 days from the date NGS Super receives your application for cover.

The insurer will only pay an accidental life or disability (TPD) benefit if you die or become disabled within 120 days of an accident that results in bodily injury and which was caused solely and directly by accidental, external and visible means and not related to any other cause.

Income protection If you have applied for IP cover or to increase your IP cover, you receive interim accident cover while the insurer considers your request. The amount of interim accident cover you receive will be the lesser of:

· the monthly benefit being applied for, or

· 90% of your monthly pre-incapacity income (including 10% super contribution).

The maximum amount of interim accident IP cover available is

$15,000 per month with the same waiting period as any existing cover (otherwise will be 90 days) and a benefit payment period of up to two years.

Interim accident IP cover will start from the date NGS Super receives your application for IP cover and continue until the earlier of:

· the date you withdraw your application for cover

· the date the insurer accepts or rejects your application for cover · 120 days from the date NGS Super receives your application for cover

10 Interim accidental cover does not include cover against terminal illness.

If you become entitled to make a claim for any life, disability or income protection

‘interim accident cover’, your application for cover is automatically cancelled.

(9)

Cover

Life and disability (TPD) cover

If you have made a request for an increase in life only, combined life and disability or disability only cover, you receive interim accidental cover while the insurer considers your request.

The type of interim accidental cover you receive will be same as the type of cover you have applied to NGS Super for10, up to the lesser of amount applied for or $2,000,000 including any cover you may already have with NGS Super. Interim accidental cover will start from the date NGS Super receives your application for cover and continue until the earlier of:

· the date you withdraw your application for cover

· the date the insurer accepts or rejects your application for cover · 120 days from the date NGS Super receives your application for cover.

The insurer will only pay an accidental life or disability (TPD) benefit if you die or become disabled within 120 days of an accident that results in bodily injury and which was caused solely and directly by accidental, external and visible means and not related to any other cause.

Income protection If you have applied for IP cover or to increase your IP cover, you receive interim accident cover while the insurer considers your request. The amount of interim accident cover you receive will be the lesser of:

· the monthly benefit being applied for, or

· 90% of your monthly pre-incapacity income (including 10% super contribution).

The maximum amount of interim accident IP cover available is

$15,000 per month with the same waiting period as any existing cover (otherwise will be 90 days) and a benefit payment period of up to two years.

Interim accident IP cover will start from the date NGS Super receives your application for IP cover and continue until the earlier of:

· the date you withdraw your application for cover

· the date the insurer accepts or rejects your application for cover · 120 days from the date NGS Super receives your application for cover

Cost and level of life and disability (TPD) cover

Table 5

Life cover Disability cover

Age last birthday

One unit of life cover

Five units of NGS Plus Standard cover

Cost per week for five units of NGS Plus cover

Four units of NGS General Standard cover

Cost per week for four units of NGS General cover

15 $2,000 $10,000 $0.04 $8,000 $0.04

16 $2,000 $10,000 $0.04 $8,000 $0.04

17 $2,000 $10,000 $0.05 $8,000 $0.05

18 $2,000 $10,000 $0.05 $8,000 $0.05

19 $2,000 $10,000 $0.06 $8,000 $0.06

20 $10,000 $50,000 $0.30 $40,000* $0.32

21 $10,000 $50,000 $0.30 $40,000* $0.32

22 $10,000 $50,000 $0.29 $40,000* $0.31

23 $10,000 $50,000 $0.29 $40,000* $0.31

24 $10,000 $50,000 $0.28 $40,000* $0.30

25 $72,000 $360,000 $2.01 $288,000 $2.17 26 $80,400 $402,000 $2.23 $321,600 $2.40 27 $88,800 $444,000 $2.48 $355,200 $2.68 28 $97,200 $486,000 $2.75 $388,800 $2.96 29 $105,600 $528,000 $3.04 $422,400 $3.28 30 $114,000 $570,000 $3.33 $456,000 $3.59 31 $114,000 $570,000 $3.40 $456,000 $3.67 32 $114,000 $570,000 $3.52 $456,000 $3.80 33 $114,000 $570,000 $3.62 $456,000 $3.91 34 $114,000 $570,000 $3.82 $456,000 $4.13 35 $114,000 $570,000 $4.07 $456,000 $4.40 36 $114,000 $570,000 $4.37 $456,000 $4.72 37 $114,000 $570,000 $4.69 $456,000 $5.06 38 $114,000 $570,000 $5.06 $456,000 $5.46 39 $112,000 $560,000 $5.41 $448,000 $5.84 40 $110,000 $550,000 $5.78 $440,000 $6.24 41 $108,000 $540,000 $6.13 $432,000 $6.62 42 $108,000 $540,000 $6.74 $432,000 $7.27 43 $106,000 $530,000 $7.20 $424,000 $7.77 44 $102,000 $510,000 $7.56 $408,000 $8.16 45 $98,000 $490,000 $7.94 $392,000 $8.57 46 $96,000 $480,000 $8.50 $384,000 $9.18

Age last birthday

One unit of disability cover

Five units of NGS Plus Standard cover

Cost per week for five units of NGS Plus cover

Four units of NGS General Standard cover

Cost per week for four units of NGS General cover

15 $12,000 $60,000 $0.01 $48,000 $0.01

16 $12,000 $60,000 $0.01 $48,000 $0.01

17 $12,000 $60,000 $0.02 $48,000 $0.04

18 $14,000 $70,000 $0.04 $56,000 $0.10

19 $14,000 $70,000 $0.05 $56,000 $0.15

20 $14,000 $70,000 $0.06 $56,000 $0.18

21 $16,000 $80,000 $0.09 $64,000 $0.27

22 $18,000 $90,000 $0.12 $72,000 $0.34

23 $20,000 $100,000 $0.14 $80,000 $0.41

24 $28,000 $140,000 $0.22 $112,000 $0.65 25 $34,000 $170,000 $0.29 $136,000 $0.86 26 $40,000 $200,000 $0.38 $160,000 $1.11 27 $38,000 $190,000 $0.39 $152,000 $1.15 28 $36,000 $180,000 $0.40 $144,000 $1.18 29 $34,000 $170,000 $0.41 $136,000 $1.21 30 $34,000 $170,000 $0.45 $136,000 $1.32 31 $32,000 $160,000 $0.46 $128,000 $1.36 32 $32,000 $160,000 $0.50 $128,000 $1.48 33 $32,000 $160,000 $0.55 $128,000 $1.61 34 $32,000 $160,000 $0.61 $128,000 $1.79 35 $32,000 $160,000 $0.68 $128,000 $2.01 36 $30,000 $150,000 $0.72 $120,000 $2.12 37 $28,000 $140,000 $0.75 $112,000 $2.21 38 $28,000 $140,000 $0.84 $112,000 $2.47 39 $28,000 $140,000 $0.95 $112,000 $2.81 40 $28,000 $140,000 $1.08 $112,000 $3.18 41 $28,000 $140,000 $1.20 $112,000 $3.55 42 $26,000 $130,000 $1.27 $104,000 $3.76 43 $26,000 $130,000 $1.43 $104,000 $4.22 44 $26,000 $130,000 $1.60 $104,000 $4.74 45 $26,000 $130,000 $1.81 $104,000 $5.34 46 $26,000 $130,000 $2.03 $104,000 $6.01 Table 5 shows the cost of standard life

(including terminal illness) and disability (TPD) cover (five units of cover for NGS Plus and four units of cover for NGS General) for default age-based units, based on your age.

Any application for age-based cover that exceeds nine units will be added in the form of fixed cover units, in $10,000 multiples. A reduced premium will generally apply to any combined life/TI and disability (TPD) cover portion above nine units of cover, or for fixed cover.

For more details on the cost of fixed cover, you can refer to the NGS Super life and disability (TPD) fixed cover premiums fact sheet available on our website at www.ngssuper.com.au (select Super Members > Fact sheets, Reports & PDS).

* Legislative minimum applies. For ages 20-24, standard cover (four units) is $50,000 for the premium shown, unless any election to change life cover has

(10)

Table 5 – continued

Life cover Disability cover

Age last birthday

One unit of life cover

Five units of NGS Plus Standard cover

Cost per week for five units of NGS Plus cover

Four units of NGS General Standard cover

Cost per week for four units of NGS General cover 47 $92,000 $460,000 $8.90 $368,000 $9.61 48 $88,000 $440,000 $9.28 $352,000 $10.02 49 $84,000 $420,000 $9.68 $336,000 $10.45 50 $78,000 $390,000 $9.81 $312,000 $10.59 51 $74,000 $370,000 $10.22 $296,000 $11.04 52 $68,000 $340,000 $10.29 $272,000 $11.11 53 $56,000 $280,000 $9.28 $224,000 $10.02 54 $50,000 $250,000 $9.17 $200,000 $9.90 55 $44,000 $220,000 $8.94 $176,000 $9.65 56 $36,000 $180,000 $8.12 $144,000 $8.76 57 $30,000 $150,000 $7.53 $120,000 $8.13

58 $24,000 $120,000 $6.70 $96,000 $7.23

59 $16,000 $80,000 $4.91 $64,000 $5.30

60 $10,000 $50,000 $3.35 $40,000 $3.61

61 $2,000 $10,000 $0.71 $8,000 $0.76

62 $2,000 $10,000 $0.80 $8,000 $0.86

63 $2,000 $10,000 $0.90 $8,000 $0.97

64 $2,000 $10,000 $1.09 $8,000 $1.18

65 $2,000 $10,000 $1.38 $8,000 $1.49

66 $2,000 $10,000 $1.55 $8,000 $1.67

67 $2,000 $10,000 $1.73 $8,000 $1.86

68 $2,000 $10,000 $1.94 $8,000 $2.09

69 $2,000 $10,000 $2.17 $8,000 $2.34

70 $2,000 $10,000 $2.44 $8,000 $2.63

71 $2,000 $10,000 $2.74 $8,000 $2.96

72 $2,000 $10,000 $3.08 $8,000 $3.32

73 $2,000 $10,000 $3.45 $8,000 $3.72

74 $2,000 $10,000 $3.85 $8,000 $4.15

Age last birthday

One unit of disability cover

Five units of NGS Plus Standard cover

Cost per week for five units of NGS Plus cover

Four units of NGS General Standard cover

Cost per week for four units of NGS General cover

47 $24,000 $120,000 $2.10 $96,000 $6.22

48 $24,000 $120,000 $2.36 $96,000 $6.97

49 $24,000 $120,000 $2.66 $96,000 $7.86

50 $22,000 $110,000 $2.72 $88,000 $8.05

51 $22,000 $110,000 $3.05 $88,000 $9.03

52 $20,000 $100,000 $3.11 $80,000 $9.21

53 $18,200 $91,000 $3.19 $72,800 $9.43

54 $16,400 $82,000 $3.25 $65,600 $9.61

55 $14,600 $73,000 $3.28 $58,400 $9.69

56 $12,800 $64,000 $3.27 $51,200 $9.68

57 $11,600 $58,000 $3.39 $46,400 $10.02

58 $10,400 $52,000 $3.47 $41,600 $10.26

59 $9,200 $46,000 $3.51 $36,800 $10.39

60 $8,000 $40,000 $3.51 $32,000 $10.37

61 $4,800 $24,000 $2.42 $19,200 $7.16

62 $3,600 $18,000 $2.08 $14,400 $6.16

63 $2,400 $12,000 $1.60 $9,600 $4.72

64 $1,200 $6,000 $0.92 $4,800 $2.71

Please note: all cover premiums are calculated to three decimal places but are rounded to two decimal places (and in some cases a minimum of $0.01 applied) in this fact sheet for ease of understanding. This means that the premiums deducted from your account may differ slightly from those shown here.

(11)

Cost and level of income protection cover

Table 5 – continued

Income protection (90 day waiting period – up to 5 year benefit period) Age last

birthday One unit of IP cover ($pa of benefit)

Five units of NGS Plus Standard cover ($pa of benefit)

Cost per week for five units of NGS Plus cover

Four units of NGS General Standard cover ($pa of benefit)

Cost per week for four units of NGS General cover

15 $1,200 $6,000 $0.09 $4,800 $0.13

16 $1,200 $6,000 $0.09 $4,800 $0.13

17 $1,200 $6,000 $0.09 $4,800 $0.13

18 $1,200 $6,000 $0.09 $4,800 $0.13

19 $1,200 $6,000 $0.09 $4,800 $0.13

20 $1,200 $6,000 $0.09 $4,800 $0.13

21 $1,200 $6,000 $0.09 $4,800 $0.13

22 $1,800 $9,000 $0.13 $7,200 $0.19

23 $2,600 $13,000 $0.18 $10,400 $0.27

24 $5,200 $26,000 $0.37 $20,800 $0.55

25 $8,000 $40,000 $0.57 $32,000 $0.84

26 $10,800 $54,000 $0.81 $43,200 $1.19

27 $11,400 $57,000 $0.90 $45,600 $1.33

28 $11,400 $57,000 $0.94 $45,600 $1.38

29 $11,400 $57,000 $0.95 $45,600 $1.41

30 $11,400 $57,000 $0.99 $45,600 $1.47

31 $11,400 $57,000 $1.04 $45,600 $1.54

32 $11,400 $57,000 $1.07 $45,600 $1.58

33 $11,400 $57,000 $1.14 $45,600 $1.68

34 $11,400 $57,000 $1.19 $45,600 $1.75

35 $11,400 $57,000 $1.32 $45,600 $1.95

36 $11,400 $57,000 $1.38 $45,600 $2.04

37 $11,400 $57,000 $1.46 $45,600 $2.15

38 $11,400 $57,000 $1.66 $45,600 $2.46

39 $11,400 $57,000 $1.73 $45,600 $2.55

Age last birthday

One unit of IP cover ($pa of benefit)

Five units of NGS Plus Standard cover ($pa of benefit)

Cost per week for five units of NGS Plus cover

Four units of NGS General Standard cover ($pa of benefit)

Cost per week for four units of NGS General cover

40 $11,400 $57,000 $1.97 $45,600 $2.92

41 $11,400 $57,000 $2.10 $45,600 $3.11

42 $11,400 $57,000 $2.36 $45,600 $3.49

43 $11,400 $57,000 $2.69 $45,600 $3.98

44 $11,400 $57,000 $2.90 $45,600 $4.29

45 $11,400 $57,000 $3.20 $45,600 $4.73

46 $11,400 $57,000 $3.54 $45,600 $5.23

47 $11,400 $57,000 $3.86 $45,600 $5.71

48 $11,400 $57,000 $4.40 $45,600 $6.51

49 $11,400 $57,000 $4.75 $45,600 $7.03

50 $11,400 $57,000 $5.26 $45,600 $7.78

51 $11,400 $57,000 $5.98 $45,600 $8.84

52 $11,400 $57,000 $6.47 $45,600 $9.58

53 $11,400 $57,000 $7.10 $45,600 $10.50

54 $11,400 $57,000 $7.59 $45,600 $11.23

55 $11,400 $57,000 $8.40 $45,600 $12.43

56 $11,400 $57,000 $9.11 $45,600 $13.48

57 $11,400 $57,000 $9.86 $45,600 $14.59

58 $11,400 $57,000 $10.73 $45,600 $15.87 59 $11,400 $57,000 $11.61 $45,600 $17.18 60 $11,400 $57,000 $11.42 $45,600 $16.90 61 $11,200 $56,000 $10.25 $44,800 $15.16

62 $10,200 $51,000 $8.04 $40,800 $11.89

63 $10,000 $50,000 $5.56 $40,000 $8.23

64 $9,000 $45,000 $1.61 $36,000 $2.38

Table 5 shows the cost of standard IP cover (five units of cover for NGS Plus and four units of cover for NGS General) for default five year benefit payment and 90 day waiting period, based on your age.

Any application for age-based cover that exceeds nine units will be added in the form of fixed cover units in $1,000 per annum benefit multiples.

Any application for other income protection waiting or benefit periods are also provided in the form of fixed cover units in $1,000 per annum benefit multiples.

For more details on the cost of other income protection options, you can refer to the NGS Super income protection premiums fact sheet available on our website at www.ngssuper.com.au (select Super Members > Fact sheets, Reports & PDS).

(12)
(13)

Fixed cover for life/TI and disability (TPD)

The amount of life/TI only, combined life/

TI and disability or disability only fixed cover will stay at the fixed amount agreed between you and NGS Super and won’t decrease as you get older, except for disability cover which decreases by 20%

a year from age 61 to be nil at age 65 (as outlined in Table 6 below). Your life/TI cover continues at the fixed amount until you reach age 75 (or age 65, if you do not have life/TI cover to age 75). The cost for fixed cover will generally increase as you get older.

Table 6 Age last birthday

Proportion of fixed disability (TPD) cover that applies to the insured member

60 100%

61 80%

62 60%

63 40%

64 20%

65 Nil

Any requests for fixed cover must be accepted by the insurer and will depend on an assessment by the insurer based upon evidence of your health (if required) and any other requested information. You can choose to have fixed cover only for life and/or disability benefits in multiples of $10,000. You can also choose to apply for different levels of life/TI cover and disability cover.

Any application for age-based cover that exceeds nine units will also be added in the form of fixed cover units, in $10,000 multiples.

A discounted premium generally applies for combined life and disability cover to any portion above nine units or for fixed cover. Please note that your requested benefit may be rounded up due to the way cover level is structured.

Standard age-based life

(including terminal illness -–TI), disability (TPD) and income protection (IP) cover

When you join NGS Super you are provided (subject to being eligible) with standard insurance cover for life/TI, disability (TPD) and income protection (with monthly payments for up to five years after a 90-day waiting period).

This standard cover is five units of cover for NGS Plus and four units of cover for NGS General.

If you are aged 65 or over but under age 70 when you join, you will only receive cover for life/TI only.

If you would like to apply for non- standard cover, you will need to provide evidence of good health. You can do this by applying online through your Member Online account or completing an Insurance Variation form and a Personal Statement available on our website at www.ngssuper.com.au (select Super Members > Forms).

Life/TI and Disability (TPD) Example

Tom is currently 33 years old and works for an employer in the NGS Plus occupational category. Tom received automatic standard cover of five units of life/TI (totalling

$570,000) and disability (TPD) cover (totalling $160,000) when he joined NGS Super, at a cost of $4.17 per week.

When Tom turns 34 the total value of his five life/TI and disability (TPD) units will remain the same (based on his age) but his premium will increase to $4.43 per week.

How much cover do you need?

In addition to being able to obtain online quotes and apply for cover through your Member Online account, NGS Super Online Protect provides access to a

‘needs analysis calculator’, which only requires basic inputs to provide you with suggested cover levels.

Cost of fixed cover

The cost for fixed cover is calculated based on your age at your last birthday, occupation and the amount and type of cover you have requested. The cost of fixed cover generally increases as you get older i.e. each year, following your birthday.

For more details on the cost of fixed cover, you can refer to the NGS Super life and disability (TPD) fixed cover premiums fact sheet.

Payment of a terminal illness or disability (TPD) benefit

If you receive an insured terminal illness or disability payment to your account, it will be paid into the NGS Super Cash and Term Deposits investment option.

You then have the option to switch it into your choice of investment option(s).

This will not affect the investment of your other super, which will stay invested in the investment option(s) you have already chosen.

Payment of a life cover benefit

In the event of your death, your account balance including the insured portion of the benefit payment will be paid into the NGS Super Cash and Term Deposits investment option until it is paid to your beneficiaries.

Action point

If your personal circumstances change (for example, you marry, get a divorce, have a baby or buy a house), think about whether your cover is still enough to protect your changed situation?

Not sure? Speak to an NGS Super Financial planner or call our Customer Service Team on 1300 133 177.

(14)

Changing your cover

You can apply to start, stop, increase or decrease your cover at any time by completing the Insurance Variation form available from our website at www.ngssuper.com.au (select Super Members > Forms).

If you elect to reduce or cancel your cover, you will need to provide health information should you request an increase in cover from NGS Super in the future.

The insurer will require information from you and this will depend on the level of cover or the nature of the change you’re applying for. This information may include a medical examination. You must provide all the requested information so that the insurer can assess your application. Your application may be declined if you don’t provide certain information, or if your request is unclear or not signed.

Once the insurer has assessed your application, NGS Super will write to let you know the decision including whether any special conditions, restrictions or exclusions apply to your cover. Your cover premiums will be adjusted accordingly.

If the insurer cannot provide the increased cover you’ve requested, NGS Super will let you know in writing.

Transferring your insurance cover from another fund

If you’re an NGS Super member who has cover in another super fund and want to consolidate your super accounts, you can request to transfer your cover into NGS Super beforehand, subject to the following conditions being met:

· you must be under age 60 at the date of insurance transfer for cover to be accepted

· once new cover has been confirmed in writing as accepted by NGS Super, the cover in your former fund is then cancelled

· you have not received, nor are eligible to receive, a total and permanent disablement benefit from another super fund or insurance arrangement

· you are not terminally ill with a life expectancy of less than 12 months · you are not restricted because of

injury or illness, from carrying out the identifiable duties of your current and normal occupation for at least 35 hours per week (even if at the time of application you are working less than 35 hours per week)

· you transfer, once new cover has been confirmed in writing as accepted by NGS Super, your total available former super account balance into NGS Super within 60 days

· you do not take a continuation option, reinstate or transfer the insurance cover in your former fund, to any other part of the former fund or any fund other than NGS Super

· you provide a copy of an up-to-date statement or other written evidence (dated within 45 days of your application to transfer cover being received by NGS Super) confirming the type and level of cover (including details of any exclusions that apply) you hold with your former fund

· you satisfactorily complete the

Insurance Transfer form available on our website at www.ngssuper.com.au (select Super Members > Forms).

Acceptance of your transfer request will depend on whether the insurer accepts your transfer application. Some limitations may apply. For example, the maximum amount of IP cover that can be transferred is $20,000 per month, and a maximum amount of $2,000,000 for life/disability cover – this is inclusive of any current standard cover you have where evidence of good health was not required. You must not cancel your existing cover until you receive written confirmation from NGS Super that your transfer request has been accepted together with the terms that apply to your cover.

If the insurer accepts your application, you will receive an amount of cover equivalent to the level of cover currently held with your former fund, and any special conditions such as exclusions will continue to apply in NGS Super. If the cover transferred is death only, disability only or combined death and disability cover, it will apply in addition to any existing cover you may hold under NGS Super.

When does my cover in NGS Super start?

NGS Super Industry Plan members If you are an Industry Plan member, your automatic standard cover will start on the later of:

· the date you satisfy the insurer’s eligibility conditions

· the start of the period covered by your employer’s first super contribution paid to NGS Super on your behalf (this doesn’t include salary sacrifice contributions). This contribution must be received from the employer you were employed by when you joined NGS Super.

To receive full cover, you must be in

‘active employment’ (for a definition of

‘active employment’, see page 16 of this fact sheet) on the date your cover in NGS Super starts. If you are not in ‘active employment’ on the date your cover starts, you’ll receive ‘limited cover’ until you have been in ‘active employment’

for two consecutive months.

Also, in the case of Income Protection, if in the 5 year period prior to automatic standard cover commencing you have claimed, or are eligible to claim an income replacement benefit (the same as or similar to Income Protection) under any insurance policy for a particular illness or injury, you will not be eligible to receive a benefit for the same or a related illness or injury until you have been in ‘active employment’ for two consecutive months after the date your cover with NGS Super starts.

If NGS Super receives your first employer super contribution (this doesn’t include salary sacrifice contributions) after 120 days of commencing employment with your NGS Super employer, you will receive only

‘limited cover’ and any request for change will be subject to evidence of your good health and acceptance by the insurer.

(15)

Industry Plan members: cover while on unpaid leave

Cover continues automatically in NGS Super while you are on leave without pay as long as there are sufficient funds in your NGS Super account to cover your premiums.

However, if you are not in receipt of any income, any claim for income protection could be based on a reduced or nil income.

When am I considered to be disabled?

The insurer has a specific definition for

‘total and permanent disablement’ which you must meet to qualify for a benefit.

Please refer to the Terminal Illness Life and Disability (TPD) cover definitions schedule on our website for further details. Any applicable IP will also continue to be paid.

Terminal illness

You are considered to be terminally ill (for the purpose of your eligibility to be paid an insured terminal illness benefit) when you suffer from an illness which:

(a) two medical practitioners, at least one specialising in your illness, have certified in writing that despite reasonable medical treatment will lead to your death within 12 months of the date of the certification, and

(b) the insurer is satisfied, on medical or other evidence, that despite reasonable medical treatment will lead to your death within 12 months of the date of the certification referred

to in paragraph (a).

The illness from which you suffer must occur, and the date of the certification referred to in paragraph (a) must take place, while you are insured under this policy.

If your cover is ‘limited cover’ because your first employer super contribution is not received within 120 days, no cover will be paid within the first 13 months with NGS Super if:

· your death is due to suicide, self-inflicted injury or infection · your terminal illness or disability (TPD)

is due to either

· self-inflicted injury action or infection whether intended or not · attempted suicide whether intended or not

regardless of whether or not you are sane at the time.

Personal Plan members

Your cover will start on the date the insurer accepts your application for insurance cover.

When does my cover cease?

Life/terminal illness (TI) and disability (TPD) cover will cease on the earliest of any of the following events:

· the date you turn 65 (for disability cover)

· the date you turn 75 for life/TI cover (if you joined the Fund after 1 July 2014 at age 69 or younger – other than as a transfer from another super fund or you have applied and been accepted for life cover to age 75); otherwise age 65

· the date of your death, where your life/TI cover is equal to your disability cover: the date your TI or disability benefit is paid or accepted which reduces the amount of the life cover to zero

· the date NGS Super receives written advice from you that you want to cancel your cover · the date you cease to be a member of NGS Super

· the date on which there are insufficient funds in your account to cover your next premium deduction

· the date you join any armed forces, other than the Australian Armed Forces Reserve · the date the NGS Super insurance policy with the insurer terminates, unless that policy

is replaced immediately by a policy with another insurer providing equivalent cover.

Reinstatement of your cover

If you have cancelled your NGS Super cover and you subsequently re-apply for cover, your application will be subject to evidence of your good health and acceptance by the insurer.

If you are an NGS Super Industry Plan member and your cover has stopped involuntarily, due to insufficient funds in your NGS Super account to cover the next premium deduction, you can apply to recommence standard cover after an employer super contribution is received by NGS Super or your cover may be reinstated at your previous cover level (but will continue to be subject to any loadings, exclusions or other special conditions that applied before the cover ceased) provided the following conditions are met:

i. your employer’s super contribution is received by NGS Super within six months from the date that cover last ceased with NGS Super

ii. you remained a member of NGS Super from the time the cover ended until the time the required employer contribution is received

iii. you are in ‘active employment’ with an NGS Super contributing employer on the cover recommencement date.

If your employer super contribution is received by NGS Super more than six months from the date your cover last ceased through NGS Super, but conditions (ii) and (iii) above are satisfied, you will only receive automatic standard cover level from the cover recommencement date.

If you are not in ‘active employment’ on the ‘cover recommencement date’ but meet all other conditions for reinstatement of cover, you will receive ‘limited cover’ until you return to active employment for two consecutive months.

(16)

www.ngssuper.com.au 1300 133 177

If you are thinking about applying for, changing or increasing your life/terminal illness, disability or income protection, you should consider obtaining professional advice to understand how this works for your personal situation. NGS Super offers a financial planning service. To make an appointment or to speak with a planner, call 1300 133 177.

We also have representatives who can provide you with general advice and explain the options available through NGS Super.

Contact us

Our website is your one-stop shop for information about NGS Super.

You can also contact us via the Contact Us page at www.ngssuper.com.au or call our Customer Service Team on

1300 133 177 between 8.00am and 8.00pm (AEST/AEDT), Monday to Friday.

Important information

This fact sheet provides key information for Industry and Personal members of NGS Super. You should consider all the information contained in the Member Guide (Product Disclosure Statement) and incorporated Fact Sheets dated 14 August 2015 before making a decision about investing in NGS Super.

The information provided in this fact sheet is general information only and does not take into account your objectives, financial situation or needs. Before making a financial decision, please assess the appropriateness of the information to your individual circumstances and consider seeking professional advice.

The NGS Financial Planning Service is offered to members of NGS Super (ABN 73 549 180 515) through an

arrangement with Mercer Financial Advice (Australia) Pty Ltd (MFA) (ABN 76 153 168 293) which holds an Australian Financial Services Licence No. 411766.

Issued by NGS Super Pty Limited ABN 46 003 491 487 AFSL No 233 154 the Trustee of NGS Super ABN 73 549 180 515.

When to make a claim

You must notify us in writing as soon as possible after you become aware of any claim or potential claim.

Active employment

You are in active employment if you satisfy the following:

· you are employed to carry out identifiable duties

· you are actively performing those duties · in the opinion of the insurer you are

not restricted by illness or injury from carrying out those duties on a full time basis (i.e. for at least 35 hours per week) or the duties of your usual occupation on a full time basis even if you are then not working on a full time basis.

Limited cover

Limited cover means you are only covered for life/terminal illness, disability (TPD) and/or income protection arising from an illness that first becomes apparent or an injury that first occurs on or after the date your cover last commenced, recommenced or increased under the policy.

Insurability

When a request for cover is made to the insurer, in making their assessment as to whether this cover can be provided, the insurer may ask for a range of evidence to determine the member’s insurability. This evidence may include evidence to show you are in good health and evidence of your income, occupation and hazardous pursuits.

Date of disablement

The ‘date of disablement’ for the purposes of disability cover means the later of:

· the date you suffer from the sickness or injury that is the principal cause of your disability

· the date you cease all employment.

However, where you participate in a rehabilitation program and are incapable of returning to employment within 12 months from the date you commenced your absence from employment, the date of disablement will be the date that would have applied if you had not participated in the rehabilitation program.

The date of disablement must occur whilst you are covered under the policy.

In the event of any discrepancy, the terms and conditions of the policy document will apply.

Terminal medical condition

You are considered to be suffering from a terminal medical condition (for the purpose of your eligibility to gain access to your superannuation account balance, whether or not it includes any insurance benefit) when:

(a) two registered medical practitioners have certified, jointly or separately, that you are suffering from an illness, or have incurred an injury, that is likely to result in your death within a period (the certification period ) that ends not more than 24 months after the date of the certification, and

(b) at least one of the registered medical practitioners is a specialist practising in an area related to your illness or injury, and

(c) for each of the certificates, the certification period has not ended.

It is important to note that there are circumstances where you may be eligible to access your superannuation account balance because you have a ‘terminal medical condition’, even though you may not be eligible for an insured ‘terminal illness’ benefit.

Figure

Updating...

References

Related subjects :