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How to join AGEST

Insurance

Last Updated : 19 Mar 2012
 

We have negotiated with our insurance provider, CommInsure, to bring you improvements to the AGEST insurance arrangements. The new features commence on 1 April 2012 and include improvements for existing members as well as new members receiving cover for the first time.

AGEST's Insurance Guide is currently being updated with the new arrangements and the new version will be available online before 1 April 2012.

Below is a summary of some of the new features:

For new and existing members:

  • Lower premiums for Death-only and Death & Total and Permanent Disablement (TPD) cover. The reduction amounts to a discount of around 8% and will apply to all existing cover from 1 April. If you have the default level of cover (10 units of Death & TPD), your weekly premium will reduce from $2.50 to $2.30.
  • Life events cover. You will be able to apply for an increase to your existing cover by up to $250,000 (or double you current cover, whichever is less) without having to apply via the usual application form. You just need to have experienced one of the listed ‘life events’ and you can apply without the usual health and medical questions. Life events include, marriage, birth or adoption of a child and taking a new mortgage to buy your home.
  • The addition of a ‘domestic duties’ definition of total and permanent disablement, to assist the assessment of claims for those who have not been employed for over a year, and the addition of the ‘activities of daily work’ definition.
  • A reduction in the waiting period for claiming TPD under ‘any occupation’ from six months to three months
  • An increase in the maximum level of cover you can apply for. Death cover $10M from $5M and TPD $3M, up from $2M; and Income protection $30,000 per month up from $25,000 per month.

For new members:

  • It is now easier for new members receiving employer contributions to increase their level of cover, without providing the usual health information, if the application is received within 60 days:
  • Up to $6000 per month of Income Protection cover can be applied for by answering only 3 simple health questions (previously 5).
  • Above the initial 10 units of death & TPD cover, new members can apply for an additional 40 units (up to a cap of 10x salary), previously 20 extra units.

We don’t want existing members to miss out on this opportunity, so we have extended the offer of increasing Death & TPD cover to 50 units (up to 10x salary) to you. This is a special offer and we must receive your application by 31 May 2012. The Special Offer will be available shortly on this page.

 

Have you ever thought about how your dependants would cope if you died or were unable to work due to disablement?

Our low cost insurance cover for members is a way of protecting against unforeseen events.

We can provide you with Death, Total & Permanent Disablement (TPD) and Income Protection insurance.

The remainder of this page provides a summary of your insurance options in AGEST. Full details, including maximum levels of cover and premium costs, can be found in our Insurance Guide (see the link on the right hand side of this page).

Death and TPD insurance Income Protection insurance
One of the important benefits that comes with AGEST Super membership is our low cost Death and Total & Permanent Disablement (TPD) insurance.

Some of the key features of our insurance include:

  • Any member can apply for insurance cover
  • new members and existing members who commence or recommence having employer contributions paid into AGEST automatically receive death and TPD cover without evidence of health - the premium for this cover is $2.50 per week
  • You can apply for more cover or reduce/cancel your cover - the choice is yours
  • You can choose the type of cover that best suits you - Death only cover or Death and TPD cover - as well as the style of cover you'd prefer ( unit based or fixed cover)

    The maximum Death and TPD cover you can have is:
    Death - $10 million
    TPD - $3 million.

    These insured benefits are paid in addition to your AGEST account balance upon death or TPD.

    		•

    Have you ever thought about how you'd cope financially if you were injured or became ill and were unable to work? Who would pay your rent or mortgage and meet other regular expenses? How would your dependants cope?

    Unless you have insurance or other income, these basic living costs may be hard to meet.

    This is why we have Income Protection insurance. It is voluntary, and can cover you for up to 75% of your income whilst you are temporarily disabled and unable to work.

    You can choose between 3 different waiting periods for benefits - 30, 60 or 90 days - whatever suits you best.

    The maximum benefit period is 2 years.

    You can cover yourself for up to 85% of Salary (75% paid to you and 10% paid as a super contribution to your AGEST account).

    The maximum income protection benefit you can receive is $30,000 per month.

    Transferring other insurance cover into AGEST

    You can also apply to transfer other insurance cover into AGEST. This is a great way to keep all your insurance together. If accepted, your cover will be provided according to AGEST's policies and you will pay AGEST premium rates for your total cover.

    Download our Transfer Your Insurance Cover form below for further details.


    Forms for Insurance in AGEST

    Insurance Policies

     


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