Tasplan Super Insurance Booklet
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Tasplan Super Insurance Booklet ISSUED | JANUARY 2015
TASPLAN | INSURANCE BOOKLET
Contact Details
Head Office: CONTENTS
Level 8, 1 Franklin Wharf
1 5
Hobart TAS 7000 About Tasplan Super insurance Cover commencement,
Postal Address: Types of cover offered. . . . . . . . . . . . . . . . . . . 3 termination and reinstatement
GPO Box 1547
Hobart TAS 7001 Cover on joining Tasplan. . . . . . . . . . . . . . . 4 Applying for cover. . . . . . . . . . . . . . . . . . . . . 16
Occupation rating. . . . . . . . . . . . . . . . . . . . . . 4 When will cover commence. . . . . . . . . . 16
Telephone:
1800 005 166 When cover ends. . . . . . . . . . . . . . . . . . . . . . 16
Email:
info@tasplan.com.au 2 Death and Total
& Permanent Disablement
Reinstatement of cover. . . . . . . . . . . . . . . . 17
Website:
tasplan.com.au
Issuer: Tasplan Ltd
What does it cover?. . . . . . . . . . . . . . . . . . . . . 5
Basic Cover. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Fixed Cover. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
6 Limitations and exclusions
Limited Cover. . . . . . . . . . . . . . . . . . . . . . . . . . 18
Exclusions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
RSE Licensee L0000680 Additional Cover. . . . . . . . . . . . . . . . . . . . . . . . 6
7
AFS Licence No. 235391
ABN: 13 009 563 062 What does it cost?. . . . . . . . . . . . . . . . . . . . . . 7 Important information
(Trustee)
Changing your Death Frequently asked questions. . . . . . . . . . . 19
Fund Registration or TPD Cover. . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 About the insurer. . . . . . . . . . . . . . . . . . . . . . 20
Details:
Duty of disclosure. . . . . . . . . . . . . . . . . . . . . . 20
3
ABN: 14 602 032 302
(Tasplan Super) Income Protection Privacy Collection Statement. . . . . . . . . 20
RSE No. R1000924
SFN: 123481940
What does it cover?. . . . . . . . . . . . . . . . . . . . . 9 Complaint handling procedures. . . . . . 22
SPIN: TPN0100AU Monthly benefit. . . . . . . . . . . . . . . . . . . . . . . . 10
8 Insurance terms explained
MySuper Unique
Identifier:
Waiting and benefit periods . . . . . . . . . . 11
14602032302734 Additional benefits. . . . . . . . . . . . . . . . . . . . 11 Key definitions. . . . . . . . . . . . . . . . . . . . . . . . . 23
What does it cost?. . . . . . . . . . . . . . . . . . . . . 12 Schedule of medical
Changing your condition definitions. . . . . . . . . . . . . . . . . . 27
Income Protection Cover. . . . . . . . . . . . . . 14
9 How much insurance is enough?. . . . . . 28
4 Insurance transfers
Eligibility criteria. . . . . . . . . . . . . . . . . . . . . . . 15
How to transfer your cover. . . . . . . . . . . . 15
About this document
This booklet forms part of the Tasplan Super Product Disclosure Statement dated January 2015. It contains important
information about Insurance Cover through Tasplan Super. The Insurance Policy contains the full terms and conditions
and copies of the policy are available upon request. A reference to the PDS means the Tasplan Super PDS and this booklet
collectively. Any reference throughout this booklet to ‘the Trustee’, ‘we’ or ‘us’ means Tasplan Limited ABN 13 009 563 062
RSE: L0000680. ‘Fund’ or ‘Tasplan’ means the superannuation fund known as Tasplan Super (RSE: R1000924). Any reference to
‘financial advisor’ means a licensed or appropriately authorised, financial advisor
Obtaining up-to-date information
The information contained in this booklet is up-to-date at the time of preparation. However, some of the information can
change from time to time. We will update the booklet when we become aware of any material adverse change to the
information contained in this booklet, or a material omission from the booklet. Updated information is available free of
charge from tasplan.com.au/pds or by calling us on 1800 005 166.
Disclaimer
The information in this booklet is general information only and does not take into account any person’s individual financial
objectives, financial situation or needs. We recommend that you speak to a financial advisor if you need any specific advice.
The rights of members are ultimately governed by the Trust Deed governing Tasplan and any underlying insurance policies
securing death and disablement benefits. Whilst the Trustee has taken all due care in preparation of this booklet, it reserves
its right to correct any errors and omissions. If there is any inconsistency between the Trust Deed or insurance policy and this
booklet, the Trust Deed and insurance policy (as applicable) will prevail.
2
FIND OUT MORE > Customer Service 1800 005 166
1
Most people insure their car, home and contents,
but forget their most valuable assets - their life and
Types of cover offered
their ability to earn an income. Tasplan offers competitive Death Only, Death and
Total & Permanent Disablement (TPD) and Income
Insurance cover is an essential part of any financial plan
About because it protects you and your family in the event of
Protection Cover.
Tasplan your unexpected death or disablement. Death
Super This booklet outlines your insurance options with What is it? Death Only insurance cover can
Insurance Tasplan and explains the conditions, limitations and provide dependants with a lump
sum benefit of up to $5 million
exclusions which may apply. if you die or become terminally
ill while covered under the
Tasplan’s insurance is provided by CommInsure (the Fund’s policy.
insurer). Please refer to section 7 for more information
about the insurer. Who may be Members of Tasplan aged 15 or
eligible for cover? older and less than 70.
You may be eligible for some cover without health
checks on joining Tasplan, or you can apply for extra Why do I need it? In the event of your death:
cover at any time by completing an application form • You want to relieve your family
which is available at the back of this booklet. If you of debt.
experience certain life events you may be able to • You want to secure your family’s
increase your cover without detailed checks. You may financial future.
also be able to transfer existing cover into Tasplan. Total and Permanent Disablement (TPD)
Tasplan can provide you with free general advice on What is it? Total and Permanent Disablement
insurance within super. If you need more specific or (TPD) insurance cover provides you
with a lump sum benefit of up to
personalised advice, we can refer you to a financial $2 million paid in the event of your
advisor in your area who can help with any aspect of TPD.
your Tasplan account.
Who may be Members of Tasplan aged 15 or
If you have any questions, please contact eligible for cover? older and less than 65.
Tasplan’s Client Services Team on 1800 005 166
or info@tasplan.com.au. Why do I need it? In the event of your total
and permanent disablement:
• You want to secure your family’s
How much cover do you need? financial future.
Try our calculator which is available • You want to cover the increased
at tasplan.com.au/calculators medical expenses associated
with your sickness or injury
without exhausting your
retirement savings.
Cost-effective protection
• You want sufficient money to
Tasplan insurance is an affordable way to protect you be able to modify your home
and your family. or car and buy any medical
equipment needed to cope
Some benefits of Tasplan insurance include: with your disability.
• Tasplan negotiates with insurers for discounted
group rates which means that you generally pay less
than you would if you personally applied for cover.
• The insurance premiums are paid out of your
Tasplan account rather than from your pocket.
• Your premiums are solely to cover the cost of
your insurance cover. These are paid in full to the
insurer (i.e. Tasplan does not take a cut) and no
commissions are paid to Tasplan from the insurer,
nor are any commissions paid to advisors.
• You can apply to increase*, reduce or cancel your
insurance at any time to suit your needs.
*Please note health information will usually need to
accompany your application.
3
TASPLAN | INSURANCE BOOKLET
1
Income Protection Occupation rating
What is it? A replacement income when The type of work you do will determine your
you are unable to work at full occupation rating. Generally, the riskier your job, the
capacity or at all, due to sickness
About or injury. It can replace up to 85%
of your monthly employment or
more you pay for insurance.
Tasplan net business income if you can’t Tasplan’s three occupational ratings are:
Super work due to sickness or injury (up
to $20,000 or $25,000 per month General
Insurance depending on the benefit period). - all members not otherwise classified as a White Collar
Up to 75% will be paid directly to or Professional member.
you and 10% will be contributed to
your account with Tasplan. White Collar
- duties must be limited to professional, managerial,
Who may be Members of Tasplan aged 15 or
eligible for cover? older and less than 65 who at administrative, clerical, secretarial or similar ‘white
the time of application reside in collar’ tasks which do not involve manual work, and
Australia. are undertaken entirely within an office environment
(noting that travel from one workplace to another
Why do I need it? In the event you cannot work
because of sickness or injury: does not prevent you from meeting this definition).
• To help protect the income you Professional
earn and the lifestyle you live - is a White Collar member; and
especially if you have a family.
- earns over $80,000 p.a. from their profession; and
• So you don’t need to rely on - either:
just your savings, your family,
or the public health system -- has a tertiary qualification;
in the event of sickness or
accident. -- is
a member of a professional institute or
registered by a Government body; or
-- is employed in a senior managerial role.
Cover on joining Tasplan If you don’t advise us what work you do, your
occupation rating will be General.
Death and TPD
If you meet certain eligibility criteria, you may You can advise us of your occupation rating on joining
automatically be provided with Basic Cover for Death Tasplan, or by completing an Occupational Rating form
and TPD. which is available at tasplan.com.au/forms.
You may also be able to apply for some Fixed Cover If you change jobs or duties and your occupation rating
without detailed health checks within 90 days of changes, it is your responsibility to advise Tasplan
joining Tasplan. so that your premium and cover can be adjusted
accordingly.
If you are not eligible for Basic Cover on joining Tasplan,
or you just wish to increase your cover, you can apply
Uncertain about your
for Additional Cover.
occupation rating?
Please refer to section 2 for more information on Death Please document your employment
and TPD Cover. activities and email a request to
info@tasplan.com.au for an official review.
Income Protection
Income Protection is not automatically provided when
you join Tasplan. The type and amount of this cover
you can apply for depends on your circumstances and
requirements.
You can find out more about Income Protection Cover
in section 3.
4FIND OUT MORE > Customer Service 1800 005 166
2
What does it cover? Basic Cover
You can choose between: If your employer starts making Super Guarantee
• Death & TPD Cover contributions into Tasplan on your behalf (i.e. you have
Death and Offers protection for death, Terminal Illness and a ‘participating employer’), you may automatically
be provided with Basic Cover up to your age-based
permanent disablement.
Total & Automatic Acceptance Limit (AAL). Otherwise, you
Permanent • Death Only Cover
Offers protection for death and Terminal Illness only.
will need to submit an application and provide health
Disablement evidence which is acceptable to the insurer.
While Death & TPD offers broader protection than
If you are eligible for Basic Cover but:
Death Only Cover, it does come at an additional cost.
• are 65 years of age or more; or
Tasplan’s Death & TPD cover provides the following
protection: • if you have had a TPD claim admitted, or are eligible
to receive a TPD benefit, from Tasplan, another
Death super fund or life insurance policy;
Death insurance cover provides your dependants, you will only be eligible for Death Only Cover.
nominated beneficiaries or your estate with a benefit You will not be eligible for Death & TPD Basic Cover.
if you die while covered by Tasplan insurance.
If your first employer contribution is received
Terminal Illness by Tasplan within 120 days of you commencing
If you are diagnosed with a Terminal Illness that is employment with your employer, you will be provided
likely to result in your death within 12 months, you with Basic Cover on the date you commenced
may be eligible to receive your death benefit sooner. employment, provided your employer was a
This is included with any Death insurance cover at no participating employer at that date, otherwise on such
additional cost. later date that they become a participating employer.
TPD If you are unsure if your employer is a participating
employer of Tasplan, you should check with us.
TPD Cover provides a lump sum benefit in the event
that you become Totally and Permanently Disabled, If your first employer contribution is received by
are unlikely to return to work as a result of a sickness or Tasplan more than 120 days after you commenced
injury, and you meet the TPD definition relevant to your employment with your employer, then your Basic
circumstances under the policy. Cover will be Limited Cover. Your Basic Cover start date
will be 120 days prior to the date your first employer
Higher Death Cover contribution is received by Tasplan. Limited Cover
If your Death Only Cover is higher than your Death will continue until such time as the underwriting
& TPD Cover and you receive a TPD benefit, you can requirements of the insurer have been met and it has
choose to keep your remaining Death Only Cover in provided written agreement that full cover will apply.
force by keeping your account open and continuing to
pay the premiums associated with this cover. If you are not in active employment on the date you
commence employment, any Basic Cover provided
Interim Accident will be Limited Cover until you return to active
If you apply for cover, or apply for an increase in cover employment for two consecutive months, after which
that requires acceptance by the insurer, you will receive time you will receive full cover. Please refer to section 8
Accidental Death or Accidental Death & TPD Cover for the definition of active employment.
while your application is being considered. Please refer to section 6 for more information on
limitations and exclusions that may affect your cover.
More information on what’s covered
Please refer to section 8 for important
information about these types of cover.
5TASPLAN | INSURANCE BOOKLET
Table 1 – Basic Cover amounts Table 2 – Fixed Cover limits
Age Next Amount Age Next Amount Occupation Rating
Age Next
Birthday Birthday
Birthday Professional White Collar General
16 – 20 $33,600 56 $25,743
16-47 $182,000 $172,000 $91,000
21 – 23 $67,200 57 $22,773
48 $152,000 $144,000 $76,000
24 – 47 $100,800 58 $19,803
49 $138,000 $130,000 $69,000
48 $84,159 59 $16,833
50 $123,000 $117,000 $62,000
49 $76,239 60 $13,860
51 $109,000 $103,000 $55,000
50 $68,316 61 $11,880
52 $95,000 $90,000 $48,000
51 $60,396 62 $9,900
53 $81,000 $76,000 $41,000
52 $52,476 63 $7,722
54 $66,000 $63,000 $33,000
53 $44,553 64 $6,138
55 $52,000 $49,000 $26,000
54 $36,633 65 – 70 $5,001*
56 $47,000 $44,000 $24,000
55 $28,713
57 $41,000 $39,000 $21,000
*Death Only Cover applies from age 65 58 $36,000 $34,000 $18,000
Please note that your amount of Basic Cover will 59 $31,000 $29,000 $16,000
change over time depending on your age in line with 60 $25,000 $24,000 $13,000
the table above. However, your Basic Cover premiums 61 $22,000 $21,000 $11,000
will generally remain the same each year unless we
62 $18,000 $17,000 $9,000
advise otherwise. Please refer to ‘What does it cost’ for
more information. 63 $14,000 $14,000 $7,000
64 $12,000 $11,000 $6,000
Fixed Cover 65-70* $9,000 $9,000 $5,000
Extra cover on joining Tasplan without *Death Only Cover applies from age 65
detailed health checks.
If you are eligible for Basic Cover, you can apply to
Additional Cover
increase your Death & TPD or Death Only Cover up to Additional Cover can also be applied for as Death Only
the age-based limits in Table 2, without needing to or Death & TPD Cover.
provide detailed health information.
You can apply for Additional Cover by submitting a
You will need to submit a completed Short Form completed Application for Insurance Cover with Personal
Underwriting form within 90 days of the date shown Statement which is provided at the back of this booklet.
on your Welcome Letter which you will receive shortly Your application must be accepted by the insurer for
after joining Tasplan. This form is available at tasplan. cover to apply.
com.au/forms.
Additional Cover amounts will remain fixed, however
If the insurer is satisfied with your answers to the the premiums will increase each year depending on
questions on this form, you will be provided with your age and any indexation that applies. Please refer
Fixed Cover. If further information is required, you may to ‘What does it cost’ for more information.
need to complete a full application in order to receive
Additional Cover. Remember to nominate
your beneficiaries
Unlike Basic Cover, this Fixed Cover amount will not Make sure that your death benefits are
automatically reduce each year. Your premiums will paid in accordance with your wishes on
therefore increase each year in accordance with your your death. For more information on
age and any indexation that applies to your cover. how to nominate a beneficiary and your
nomination options please contact Tasplan.
Please refer to the ‘What does it cost’ section for more
information.
6FIND OUT MORE > Customer Service 1800 005 166
What does it cost? Table 4 – Fixed Cover and Additional
Cover costs
The cost of your cover depends on your age, the type
of cover you hold and your occupation rating. Annual premiums per $1,000 of Cover
Professional White Collar General
Basic Cover amounts change over time, which means
Age
that the premiums generally don’t change from year to Death Death Death Death Death Death
Next
year unless there is an increase in your cover or when Birthday Only & TPD Only & TPD Only & TPD
you turn 65 and no longer have TPD Cover. 16 – 47 $0.62 $1.53 $0.66 $1.64 $1.21 $3.07
Where cover is a fixed amount, it doesn’t reduce as 48 $0.74 $1.84 $0.80 $1.96 $1.47 $3.67
you get older, as it does with Basic Cover, and will only 49 $0.82 $2.03 $0.87 $2.15 $1.62 $4.06
increase if indexation applies. The premiums increase 50 $0.91 $2.27 $0.96 $2.40 $1.80 $4.53
each year in accordance with your age and the amount
51 $1.00 $2.55 $1.10 $2.71 $2.03 $5.10
of cover you have at that time.
52 $1.17 $2.95 $1.24 $3.12 $2.34 $5.87
Please note that premium loadings may apply to any 53 $1.38 $3.47 $1.47 $3.67 $2.74 $6.91
Additional Cover. These would be advised to you in a
54 $1.66 $4.22 $1.75 $4.43 $3.34 $8.39
letter regarding acceptance of the cover.
55 $2.16 $5.38 $2.26 $5.69 $4.27 $10.74
The costs for Basic Cover and Fixed Cover/Additional 56 $2.38 $5.99 $2.52 $6.36 $4.75 $11.97
Cover are outlined in Tables 3 and 4.
57 $2.68 $6.78 $2.85 $7.17 $5.38 $13.53
Table 3 – Basic Cover costs 58 $3.08 $7.79 $3.26 $8.23 $6.17 $15.55
Weekly Premiums 59 $3.65 $9.15 $3.84 $9.68 $7.25 $18.32
60 $4.42 $11.09 $4.68 $11.77 $8.79 $22.21
Professional White Collar General
Age 61 $5.14 $12.98 $5.44 $13.70 $10.28 $25.92
Next Death Death Death Death Death Death
62 $6.17 $14.42 $6.52 $15.27 $12.31 $28.79
Birthday Only & TPD Only & TPD Only & TPD
63 $7.90 $15.81 $8.37 $16.76 $15.80 $31.62
16 – 20 $0.59 $1.24 $0.67 $1.42 $0.84 $1.77
64 $9.96 $16.56 $10.52 $17.53 $19.87 $33.11
21 – 23 $1.18 $2.48 $1.34 $2.84 $1.68 $3.54
65 $12.20 $16.23 $12.93 $17.20 $24.40 $32.45
24 – 65 $1.77 $3.72 $2.01 $4.26 $2.52 $5.31
66 – 70* $12.20 $0.00 $12.93 $0.00 $24.40 $0.00
66 – 70* $1.77 N/A $2.01 N/A $2.52 N/A
*Death Only Cover applies from age 65
*Death Only Cover applies from age 65
Changing your Death or TPD
Cover
We understand that your needs may change over time,
so we’ve made it easy for you to change your cover to
suit your needs.
There are a number of ways you may apply to increase
your Death Only or Death & TPD Cover. You can also
request that your cover be reduced or cancelled.
Cover indexation
When you apply for Fixed Cover and/or Additional
Cover, you can request for that cover to be indexed
annually on your insurance application form.
If accepted, this cover will increase by 5% on 1 July
each year.
Increasing cover
You may be eligible to increase your cover up to your
age-based limit shortly after joining Tasplan without
needing to complete a full application. Please see Fixed
Cover for more information.
7TASPLAN | INSURANCE BOOKLET
If eligible, you will need to submit a Short Form Please note that you can only increase your existing
Underwriting form, completed to the insurer’s types of cover under the life events option. You can’t
satisfaction, within 90 days of the date shown on your apply for cover that you do not already hold. For
Welcome Letter which you will receive soon after example, if you have opted out of TPD Cover previously
joining Tasplan. This form is available at tasplan.com. and hold Death Only Cover, you will only be able
au/forms. to increase your Death Only Cover under the life
events option.
You can apply to increase your cover at any time
The maximum amount of Additional Cover you can
using the Application for Insurance Cover with Personal
apply for under the life events option is the lesser of:
Statement contained at the back of this booklet.
Additional copies of this form are available at tasplan. • the current amount of cover that you hold with
com.au/forms. Tasplan; and
• $150,000.
The maximum amounts of cover are:
Any increases in cover will be subject to the same
Type of cover Maximum cover individual conditions, restrictions, exclusions and
Death $5 million premium loadings, if any, applying to your existing
Tasplan insurance cover.
TPD $2 million
You can exercise the life events option a maximum of
If you apply to increase your cover, you will be provided 4 times since becoming a member of Tasplan, and only
with Interim Accident Cover for up to 120 days for once within any 12 month period.
the same type of cover for which you are applying
To be eligible to increase your cover under the life
for, while your application is being considered by the
events option, you must:
insurer. The amount of Interim Accident Cover will be
the lesser of the amount of cover you have applied for • submit a Life events cover option form completed to
and $1,000,000 less the amount of any insured cover the insurer’s satisfaction;
you currently have with Tasplan. Please refer to section • submit your application within 120 days of the life
8 for more information on Interim Accident Cover. event occurring;
Any increase in your insurance cover is subject to • provide proof satisfactory to the insurer that the
written acceptance by the insurer, or Tasplan if that life event has taken place, and the date that it took
responsibility has been delegated by the insurer. place; and
Acceptance of cover may sometimes be offered • not have had an application for cover or an increase
subject to exclusions, premium loadings or special in cover, declined by the insurer.
conditions. You can apply for an increase in cover under the life
events option by completing the Life events cover option
Increases due to life-changing events form which is available at tasplan.com.au/forms.
If your personal or financial situation changes as a
result of a major life event taking place, you can apply Reducing or cancelling cover
to increase your cover without needing to complete You can reduce or cancel your cover at any time.
a full insurance application or provide detailed health
information. We call this the ‘life events option’. You can do this by completing an Application to
reduce or opt out of cover form. This form is available at
If you already have cover with Tasplan, you can apply
tasplan.com.au/forms or by calling 1800 005 166.
to increase that cover within 120 days of the following
‘life events’: If you are under age 25 at the time of cancelling your
• marriage cover, your Basic Cover will be reinstated on your 25th
birthday (conditions apply). Please refer to section 5 for
• divorce
more information.
• the birth or adoption of your child
If you elect to reduce your Basic Cover, please note that
• your child’s first day of primary or secondary school
the premiums applicable to this cover will change to
• the death of your spouse the standard Additional Cover annual costs per $1,000
• you take out a mortgage to initially purchase your of cover as outlined in Table 3.
primary residence*
There are no costs associated with cancelling or
*This does not include refinancing existing mortgages or
mortgages relating to an investment property. reducing your insurance cover.
8FIND OUT MORE > Customer Service 1800 005 166
3
What does it cover? Self-employed
If you are self-employed, your pre-disability income
If your application is accepted by the insurer, a disability
is the total monthly amount earned by your business
benefit is paid if you become either Totally Disabled
over the financial year as a direct result of your personal
or Partially Disabled as defined under Tasplan’s
Income insurance policy.
exertion (i.e. the business earnings that would stop
Protection This generally means that you are unable to work in
if you could not work due to sickness or injury) or
activities through your regular occupations, less
your own occupation, either at all or at full capacity, your share of the business expenses (but before the
due to sickness or injury, and that you are under the deduction of income tax) for that business (or relevant
regular care of a medical practitioner. proportion for part of a financial year).
One month after the end of your chosen waiting How much cover can you apply for?
period, you will receive disability benefits on a monthly
basis if and while you are considered by the insurer You can apply to insure up to 75% of your current gross
to be Totally or Partially Disabled up to the end of the annual income. You also have the option to request
benefit period, subject to the conditions of the policy. an additional 10% to be paid as a superannuation
contribution payment. Alternatively, you can nominate
More information on what’s covered some other monthly benefit amount of cover which
Please refer to section 8 for important cannot be higher than 85% of your gross annual
information including the insurer’s income advised.
definitions for Totally Disabled and If your application is accepted by the insurer, you will
Partially Disabled be advised a monthly benefit amount of cover.
What income can you insure? A maximum monthly benefit of $25,000 per month
applies to the Short Term benefit period, and $20,000
When applying for Income Protection Cover, you must per month if you choose the Long Term benefit period.
advise your current gross annual income.
You do not need to insure your full current gross
The income you can insure (your pre-disability income) income if you don’t feel that it is necessary. You can
depends on whether you are employed or self- choose to insure a monthly benefit amount of cover
employed, less than this if you do not need this much to meet
Your pre-disability income is the monthly value of the your living expenses.
annual remuneration you earned (using the following
definitions) immediately before becoming disabled.
Optional super contribution cover
If you chose to insure an amount of cover which is
Employed
more than 75% of your gross annual income, any
Pre-disability income for permanent employees percentage above 75% will be payable as a super
includes income specified in your contract of contribution into your Tasplan Super account.
employment. It includes overtime, bonuses and shift
Examples: Income Protection for a $57,000
allowances (all averaged over the last 3 years) as well as
any packaged elements not received directly as taxable gross annual salary
earnings (e.g. salary sacrificed super contributions).
If you are not employed on a permanent basis,
Example 1 – 75% insured cover
your pre-disability income will be your total monthly Cover amount (75%) $42,750
value of remuneration (including overtime, bonuses Monthly benefit $3,562*
and shift allowances) from all of your regular
occupations over the 12 months immediately prior
to becoming disabled. Example 2 – maximum cover (75%) plus
Your pre-disability income excludes director’s fees,
10% super contribution
compulsory employer super entitlements (Super Cover amount (75%) $42,750
Guarantee), investment income and profit distribution. Plus 10% super contribution $5,700
Total cover amount $48,450
Monthly benefit $4,037*
*Rounded down to the nearest dollar.
9TASPLAN | INSURANCE BOOKLET
Monthly benefit Disability income
Your Total or Partial Disability monthly benefit received
Please note that your disability benefit (the amount
will be reduced by any disability income you receive
that you actually receive if you make a successful claim
from other sources as a direct result of your sickness
for Income Protection benefits), may vary from your
or injury.
monthly benefit amount of cover and the amount of
pre-disability income earned (defined under ‘What Disability income is the sum of:
income can you insure?’). The amount that you will
a) any income (other than benefits received under
receive will depend on whether you are Totally or
this Policy), or commutation of an income, paid
Partially Disabled, and whether you are receiving any
or payable as a result of your sickness or injury,
disability income.
including sick leave payments, any amounts
Total Disability monthly benefit payable under legislation such as workers’
If you are Totally Disabled, the amount of your disability compensation or motor accident compensation;
benefit will be your monthly benefit (including the and any benefits payable under other Income
optional super contribution if selected and taking into Protection policies; and
account your pre-disability income) reduced by any b) any social security benefits paid or payable; and
disability income you receive.
c) any income earned by you from personal exertion
Partial Disability monthly benefit while disabled; and
If you are Partially Disabled and are earning less than
d) any income which, in the insurer’s opinion, you
your pre-disability income as a result of your disability,
could reasonably be expected to earn in your
the amount of your disability benefit will be your
occupation while disabled excluding any income
monthly benefit reduced by any disability income. If
actually earned from your employer; and
you elected to receive the optional super contribution
benefit, this will also be reduced by any disability super e) any annual or long service leave you receive while
received. Disability super is any payments you are you are disabled;
entitled to and continue to receive from, or on behalf
for a month during which a disability benefit is payable
of, your employer, during a period of disability
under this policy.
or rehabilitation.
Any income described in paragraphs a), b) or c) above
Your partial monthly benefit will be reduced by the
which is in the form of a lump sum or is exchanged for
amount calculated using the following formula:
a lump sum has a monthly equivalent of 1/60th of the
current income lump sum over a period of 60 months.
monthly
x
pre-disability income* benefit
Example – Total Disability monthly
for each month you are continuously Partially benefit with disability income
Disabled, where current income is the income
Monthly benefit: $4,000 per month
earned during the month.
Worker’s compensation: $1,000 per month
*Or indexed pre-disability income (Disability income)
Calculation:
Example – P
artial Disability $4,000 - $1,000 = $3,000
monthly benefit
Total Disability monthly benefit: $3,000
Pre-disability income: $4,000 per month
Monthly benefit: $3,000 per month
Current income: $2,000 per month
Calculation:
$2,000
x $3,000 = $1,500
$4,000
Partial Disability monthly benefit: $1,500
10FIND OUT MORE > Customer Service 1800 005 166
Waiting and benefit periods premiums will be waived during any period in which a
disability benefit is being paid.
Your chosen waiting period and benefit period will
If the sickness or injury which causes your disability is
affect when you can start receiving benefits, how long
directly related to normal pregnancy or childbirth, the
you can receive benefits for, as well as how much you
waiting period will not start any earlier than the last day
pay for your Income Protection Cover.
of the qualifying period. The qualifying period is the
Benefit period three month period which immediately follows your
The benefit period is how long you can receive pregnancy, and during which you are Totally Disabled or
payments for if you qualify for an Income Protection Partially Disabled from the relevant sickness or injury.
claim. Tasplan provides two benefit period options: The longer the waiting period, the lower your premiums
• Short Term – but you should make sure you have sufficient leave
Provides benefit payments if you are Totally entitlements and/or savings to cover your costs during
Disabled or Partially Disabled for a maximum the waiting period you select.
period of 2 years. Payments will cease after 2 years,
when you are no longer Totally or Partially Disabled,
Additional benefits
you turn 65, or you die, whichever occurs first. Indexation of monthly benefits
• Long Term If you are receiving a disability benefit payment and
Provides benefit payments until you are no longer your benefit period is greater than 2 years, your monthly
Totally or Partially Disabled, you turn 65, or you die, disability benefit will be increased by the percentage
whichever occurs first. increase in the consumer price index at the end of each
consecutive 12 month period for which the benefits are
Please note that the terms ‘Short’ and ‘Long’ relate to
payable, up to a maximum of 5%.
the difference in the maximum benefit period offered
under each of these types of cover rather than the Interim Accident Cover
duration of the cover itself. You will remain covered
If you apply for Income Protection Cover, or apply for an
while you continue to be eligible for, and
increase in your cover, you will receive Interim Accident
pay the associated premiums for, your Income
Cover while your application is being considered for up
Protection Cover.
to 120 days.
While the Short Term benefit period is generally
The amount of the benefit the insurer will pay for
cheaper, you should make sure that you have
Income Protection Interim Accident Cover will be the
sufficient savings to look after yourself once the
lesser of:
benefit period finishes.
(a) the sum of the following:
Waiting period
(i) the insured percentage times pre-disability
The waiting period is the period of time you have
income less the amount of any monthly
to be Totally or Partially Disabled before you can qualify
benefit or partial monthly benefit payable; and
for Income Protection benefits.
(ii) 10% times pre-disability income less the
You must be Totally Disabled for 14 out of 19
amount of any super monthly benefit payable;
consecutive days of the waiting period to qualify
for a disability benefit. (b) the total amount of cover applied for, expressed
as a monthly figure reduced by the amount of any
Tasplan offers the following waiting period options:
cover you have in force; and
• 30 days
(c) $15,000 per month reduced by the amount of any
• 60 days cover you have in force.
• 90 days Interim Accident Cover is limited to a benefit period of 2
years. If you have existing Income Protection cover with
The waiting period starts from the day when you first
Tasplan, your waiting period will be the same as your
consult a medical practitioner and they certify that you
current cover, otherwise a 90 day waiting period will
are disabled. You do not receive a benefit payment
apply to this cover.
during the waiting period, and you continue to pay
premiums during this time. Your Income Protection For more information on Interim Accident Cover, please
refer to section 8.
11TASPLAN | INSURANCE BOOKLET
Rehabilitation expense benefit Recurrent Income Protection benefit
The insurer will pay the expenses of a rehabilitation If you become disabled again from the same or a
program provided: related cause within 6 months of you last receiving
• It is not an excluded rehabilitation program under a disability benefit, you will not have to repeat the
the policy; waiting period.
• a medical practitioner certifies that program is This will be treated as a continuation of the original
necessary for your rehabilitation; claim, and both periods of disability will be added
• the expenses are approved by the insurer in writing together determine when the benefit period ends.
before they are incurred;
• the expenses are incurred directly assist to you What does it cost?
in returning to work in a gainful occupation or to
undertake a vocational retraining program because The cost of your cover depends on your age,
of your disability; occupation rating, monthly benefit, waiting period and
• it pays the costs directly to the provider of the benefit period. The cost of cover generally increases
applicable service; and each year as you get older.
• the maximum amount of such expenses will be If the insurer considers you a higher health risk when
paid for any one disability is the lesser of: you apply for cover, you may need to pay a higher
- the expenses; and premium rate than normal (known as a ‘premium
loading’). This loading may need to be charged in
- 6 times your monthly benefit;
order to cover the additional risk. Any premium
less any amounts that can be claimed from
loadings will be advised to you in a letter regarding
other sources for the expenses.
acceptance of cover.
An excluded rehabilitation program is any program
providing hospital treatment or general treatment The costs for Short Term and Long Term Cover are
within the meaning of the Private Health Insurance Act outlined in Tables 5 and 6.
2007 (Cth) or any other program which might cause
this policy to cease to be exempt from any legislation
in connection with health insurance, including the
Private Health Insurance Act 2007 (Cth) or any succeeding
legislation in connection with health insurance.
Table 5 – Short Term Cover costs
Annual premium rates per $100 of monthly benefit
Age Next Professional White Collar General
Birthday
30 day* 60 day* 90 day* 30 day* 60 day* 90 day* 30 day* 60 day* 90 day*
16 – 30 $2.83 $2.27 $1.13 $3.96 $2.83 $1.70 $6.22 $4.52 $2.27
31 – 35 $3.39 $2.27 $1.13 $4.52 $3.39 $1.70 $7.35 $5.66 $2.83
36 – 40 $4.52 $3.39 $1.70 $6.22 $4.52 $2.27 $9.62 $6.79 $3.39
41 – 45 $5.66 $4.52 $2.27 $8.49 $6.22 $2.83 $13.01 $9.62 $5.09
46 – 50 $8.49 $6.79 $3.39 $12.44 $9.62 $5.09 $19.23 $15.27 $7.35
51 – 55 $12.44 $10.18 $5.09 $17.54 $14.71 $7.35 $27.72 $23.19 $11.32
56 – 60 $20.36 $17.54 $8.49 $28.28 $24.32 $12.44 $44.68 $38.46 $19.23
61 – 65 $24.89 $20.74 $10.18 $35.07 $29.41 $14.71 $54.86 $45.82 $23.19
*Waiting period
12FIND OUT MORE > Customer Service 1800 005 166
Table 6 – Long Term Cover costs
Annual premium rates per $100 of monthly benefit
Age Next Professional White Collar General
Birthday
30 day* 60 day* 90 day* 30 day* 60 day* 90 day* 30 day* 60 day* 90 day*
16 – 20 $7.46 $5.97 $3.57 $8.28 $6.63 $3.96 $15.57 $12.46 $7.44
21 $7.46 $5.97 $3.57 $8.28 $6.63 $3.96 $15.57 $12.46 $7.44
22 $7.54 $6.04 $3.53 $8.38 $6.70 $3.92 $15.75 $12.60 $7.37
23 $7.62 $6.10 $3.52 $8.47 $6.79 $3.91 $15.91 $12.74 $7.36
24 $7.72 $6.17 $3.52 $8.59 $6.86 $3.91 $16.12 $12.89 $7.36
25 $7.84 $6.27 $3.53 $8.70 $6.96 $3.93 $16.36 $13.08 $7.38
26 $7.96 $6.36 $3.54 $8.83 $7.07 $3.95 $16.61 $13.29 $7.41
27 $8.20 $6.55 $3.67 $9.11 $7.28 $4.09 $17.11 $13.68 $7.67
28 $8.52 $6.82 $3.80 $9.46 $7.57 $4.23 $17.79 $14.22 $7.93
29 $8.94 $7.15 $3.96 $9.93 $7.95 $4.39 $18.67 $14.93 $8.25
30 $9.45 $7.56 $4.11 $10.49 $8.40 $4.56 $19.73 $15.78 $8.56
31 $10.06 $8.04 $4.28 $11.18 $8.93 $4.76 $20.99 $16.79 $8.93
32 $10.76 $8.62 $4.48 $11.96 $9.57 $4.98 $22.47 $17.98 $9.35
33 $11.58 $9.27 $4.73 $12.86 $10.31 $5.25 $24.16 $19.36 $9.85
34 $12.50 $10.01 $5.01 $13.89 $11.11 $5.56 $26.10 $20.88 $10.45
35 $13.54 $10.83 $5.34 $15.05 $12.03 $5.93 $28.27 $22.61 $11.14
36 $14.70 $11.75 $5.76 $16.33 $13.05 $6.40 $30.68 $24.53 $12.01
37 $15.97 $12.77 $6.23 $17.73 $14.19 $6.93 $33.33 $26.66 $13.01
38 $17.35 $13.89 $6.80 $19.28 $15.44 $7.56 $36.24 $29.00 $14.20
39 $18.87 $15.10 $7.46 $20.96 $16.77 $8.29 $39.40 $31.51 $15.58
40 $20.51 $16.41 $8.24 $22.79 $18.23 $9.16 $42.82 $34.25 $17.20
41 $22.28 $17.81 $9.14 $24.75 $19.79 $10.16 $46.49 $37.18 $19.08
42 $24.13 $19.31 $10.17 $26.81 $21.45 $11.30 $50.37 $40.31 $21.22
43 $26.11 $20.90 $11.34 $29.02 $23.22 $12.61 $54.53 $43.62 $23.67
44 $28.21 $22.56 $12.66 $31.35 $25.07 $14.07 $58.89 $47.10 $26.44
45 $30.40 $24.31 $14.14 $33.78 $27.01 $15.71 $63.46 $50.76 $29.51
46 $32.67 $26.14 $15.78 $36.30 $29.04 $17.53 $68.22 $54.56 $32.94
47 $35.01 $28.02 $17.56 $38.90 $31.13 $19.50 $73.09 $58.49 $36.65
48 $37.44 $29.95 $19.47 $41.59 $33.28 $21.64 $78.16 $62.51 $40.65
49 $39.89 $31.91 $21.54 $44.32 $35.46 $23.93 $83.27 $66.62 $44.96
50 $42.38 $33.91 $23.72 $47.09 $37.68 $26.35 $88.48 $70.80 $49.52
51 $44.32 $35.46 $25.64 $49.25 $39.40 $28.49 $92.53 $74.03 $53.52
52 $46.22 $36.98 $27.57 $51.36 $41.08 $30.63 $96.50 $77.19 $57.55
53 $48.05 $38.45 $29.48 $53.40 $42.72 $32.76 $100.32 $80.26 $61.56
54 $49.83 $39.86 $31.35 $55.36 $44.29 $34.84 $104.02 $83.22 $65.45
55 $51.71 $41.35 $33.13 $57.45 $45.95 $36.81 $107.94 $86.34 $69.16
56 $53.94 $43.16 $34.36 $59.93 $47.97 $38.18 $112.62 $90.11 $71.73
57 $56.00 $44.80 $35.33 $62.22 $49.78 $39.25 $116.91 $93.53 $73.76
58 $57.74 $46.20 $35.96 $64.16 $51.33 $39.96 $120.55 $96.44 $75.07
59 $59.05 $47.24 $36.13 $65.61 $52.50 $40.14 $123.27 $98.63 $75.42
60 $59.73 $47.77 $35.71 $66.36 $53.08 $39.67 $124.68 $99.74 $74.56
61 $59.46 $47.58 $32.82 $66.06 $52.87 $36.47 $124.13 $99.33 $68.52
62 $57.82 $46.27 $30.61 $64.25 $51.40 $34.02 $120.70 $96.57 $63.90
63 $53.98 $43.19 $27.24 $59.98 $47.99 $30.27 $112.70 $90.17 $56.88
64 $45.82 $36.65 $21.40 $50.92 $40.73 $23.78 $95.66 $76.51 $44.68
65 $25.32 $20.25 $7.97 $28.13 $22.50 $8.86 $52.86 $42.29 $16.63
*Waiting period 13TASPLAN | INSURANCE BOOKLET
Changing your Income
Protection Cover
Cover indexation
You can elect to have your Income Protection Cover
indexed annually at the time of applying for or
transferring your Income Protection Cover to Tasplan.
This means that your insured monthly benefit amount
of cover increases by 5% in July each year.
This can be useful if you expect your income to
increase over time as your cover progressively increases
without needing to complete an application for
assessment each time you receive a pay rise.
Please note the amount of disability benefits payable
if you are eligible to claim on this policy will be
determined as described earlier in this section.
Please note that choosing to index your cover will
affect your premiums. As indexation increases your
amount of cover, this will increase your premiums.
Increasing cover
You can apply to increase your Income Protection
cover at any time using the Application for Insurance
Cover with Personal Statement contained at the back of
this booklet. Additional copies of this form are available
at tasplan.com.au/forms.
The maximum monthly benefits are:
Benefit period Maximum monthly benefit
Short Term $25,000 per month
Long Term $20,000 per month
Reducing or cancelling cover
You can reduce or cancel your cover at any time.
You can do this by completing an Application to
reduce or opt out of cover form. This form is available at
tasplan.com.au/forms or by calling 1800 005 166.
There are no costs associated with cancelling or
reducing your insurance cover.
14FIND OUT MORE > Customer Service 1800 005 166
4
Do you have insurance cover elsewhere? Eligibility criteria
You may be able to transfer your current Death, TPD
To be eligible to transfer your insurance cover into
or Income Protection Cover from another super fund,
Tasplan, you must:
or in the case of Income Protection, from an employer
Insurance sponsored group Income Protection policy, into your • complete an Insurance Transfer form to the
insurer’s satisfaction;
transfers Tasplan Super account.
• be under 55 years of age at the date of transfer;
By transferring your cover, you can consolidate your
cover when you consolidate your super accounts, • be actively employed immediately before the date
without needing to provide detailed health of the transfer;
information or complete a full insurance application. • transfer your total account balance with your other
super fund into Tasplan;
If your request to transfer your existing cover into
Tasplan is successful, your new cover will have • not be terminally ill with a life expectancy of less
premiums applied at Tasplan’s current rates as outlined than 12 months;
in this Booklet. Any individual conditions, exclusions, • not have been paid, eligible to be paid, or lodged a
restrictions or premium loadings that apply to the claim for permanent incapacity or TPD benefits from
transferred cover will continue to apply following Tasplan, another fund, workers’ compensation or an
the transfer. insurance policy;
Death Only or Death & TPD Cover • provide an up-to-date statement which as evidence
of the cover to be transferred within 45 days of the
Any Death Only or Death & TPD Cover transferred into
date it was issued by your other super fund; and
your Tasplan account will be applied in addition to your
existing Tasplan cover. Please note that your Death • have sufficient money in your account to pay the
Only or Death & TPD Cover cannot exceed $1.5 million premium for the transferred cover, otherwise the
following a transfer of cover. As such, your transferred cover will not be considered to have started, your
cover may be scaled back to ensure that the total of application will not be considered to have been
your transferred cover plus your existing Tasplan cover proceeded with and the insurer’s acceptance
does not exceed this limit. will be void.
Income Protection How to transfer your cover
Transferred Income Protection Cover will be applied To apply to transfer your insurance, please complete
in addition to any existing Income Protection Cover an Insurance Transfer form which is contained at the
held within your Tasplan account. The monthly benefit back of this booklet. Additional forms are available at
will be subject to a maximum of 85% of your insurable tasplan.com.au/forms.
income.
You will also need to provide an up-to date statement
Please note that your total monthly benefit amount or declaration from your other super fund that is less
cannot exceed $10,000 per month following a than 45 days old which includes details of:
transfer of cover. As such, your transferred cover • the amount and type/s of cover you hold;
may be scaled back to ensure that your cover does
not exceed this limit. • any exclusions, special conditions or loadings that
apply; and
If the benefit period under your current policy is not • benefit and waiting periods applicable (Income
available with Tasplan, you will be provided with cover Protection Cover only).
for the next shortest benefit period that is available.
For example, if your current policy has a 5 year benefit Transferred cover will start the date your total account
payment period, the Short Term benefit period will be balance from your former fund is received by Tasplan.
applied to the transferred cover. If your total account balance is not received, the
transferred cover will be considered not to have
If the waiting period under your current policy is not started, and any paid premiums in respect of that cover
available under Tasplan’s insurance policy, you will be will be refunded.
provided with the next longest waiting period. For
example, if your current policy has a 65 day waiting Consolidating your super accounts?
period, a 90 day waiting period will be applied to the Check if you have insurance with your
other fund before consolidating your
transferred cover. accounts, as your cover will be cancelled
Please contact our Client Services Team to confirm how when your account is closed. If you want
to transfer your insurance cover, you
your transferred Income Protection Cover will should do this before you rollover your
be treated. account balance.
15TASPLAN | INSURANCE BOOKLET
5
Applying for cover If your employer contribution is received more than 120
days after you started working for your contributing
Type of cover How to Apply employer, your cover will start no more than 120 days
prior to the date that your first employer contribution
Basic Cover Automatically provided to eligible
members with a participating is received.
Cover employer.
commencement, Fixed Cover Eligible members need to
Other types of cover
termination and submit a completed Short Form Fixed Cover, Additional Cover and Income Protection
reinstatement Underwriting form within 90 Cover will commence on the date that the insurer
days of the date shown on their
accepts your application for cover.
Tasplan Welcome Letter. This is
sent out shortly after the account You will receive written confirmation of
is established.
the application’s acceptance and the cover
Additional Cover Eligible members must submit
commencement date. Cover may be declined in some
a completed Application for
Income Protection Insurance Cover with Personal circumstances. You will be advised in writing if this is
Cover Statement at any time. the case.
A copy is available at the back of Conditions, exclusions, limitations or premium loadings
this booklet.
may apply to your cover acceptance. If applicable,
Forms are available at tasplan.com.au/forms or by these will be provided to you in a letter regarding
calling 1800 005 166. acceptance of cover.
Please note that your application for cover will be If there are insufficient funds in your account to pay
assessed by the insurer, who will decide to accept or the premiums for any Fixed Cover within 90 days of
decline your application based on the information its acceptance, that cover will be considered never to
you provide. You may be asked to provide additional have started.
information or undertake a medical assessment to
support your application if necessary. When cover ends
If your application is accepted, the insurer may choose Your cover will end on the earliest of:
to apply conditions, exclusions or premium loadings • your death;
to your cover. If applicable, these will be outlined in a
• the date a TPD benefit becomes payable for you
letter regarding acceptance of cover.
under the Tasplan policy, except for any excess
If you disagree with the insurer’s decision, you can Death Cover above the Death & TPD Cover amount
either cancel your cover, or you can lodge a complaint. (please refer to Higher Death Cover below);
Please refer to section 7 for more information.
• the date a Terminal Illness benefit becomes payable
When will cover commence for you under the Tasplan policy;
• reaching cover expiry age (65 for TPD and Income
Basic Cover Protection, 70 for Death Cover);
If you have been automatically provided with Basic
Cover, your cover will become activated when a • ceasing to be a Tasplan member;
contribution has been allocated to your account.
• the date Tasplan receives a written request from you
Your cover will start on the later of: to cancel your cover;
• the date that your employer became a ‘participating • the end of the month in which there are insufficient
employer’ of Tasplan; funds in your account to pay your premiums due,
except in respect of any Fixed Cover for which you
• the date you commenced employment with your
have been accepted within the last 90 days;
employer; or
• the date that you join any armed forces, other than
• the beginning of the period for which your first
the Australian Armed Forces Reserve; and
employer contribution is received.
• the date that the policy with the insurer terminates
and is not replaced by another policy.
16FIND OUT MORE > Customer Service 1800 005 166
Please note, if you are no longer earning an income, Such reinstatement of cover is subject to:
for reasons other than sickness or injury, your Income • you being in active employment at the time
Protection Cover will continue and premiums will of reinstatement; and
continue to be deducted. However, your entitlement
• payment of the premiums associated with
to a disability benefit payment will be affected. In this
your cover.
case, you should carefully consider if you want to pay
the premiums for your cover to continue for when you If you are not in active employment at the time of
return to earning an income, or if you wish to reduce or reinstatement, your insurance cover will be Limited
cancel the cover. Cover until you return to active employment for two
consecutive months. Please refer to section 6 for more
Higher Death Cover information on Limited Cover.
If your Death Only Cover is higher than your Death
& TPD Cover and you receive a TPD benefit, you can
choose to keep your remaining Death Only Cover in
force by keeping your account open and continuing to
pay the premiums associated with this cover.
Reinstatement of cover
Voluntary cancellation of cover
If you change your mind after cancelling your cover,
you will need to reapply for cover using the Application
for Insurance Cover with Personal Statement. You will not
be eligible for Basic Cover or Fixed Cover.
If you were under 25 when you cancelled your Basic
Cover, your Basic Cover will be automatically reinstated
on your 25th birthday for the amount applicable to
a person who is 25 years of age. You can request to
cancel this cover at any time.
If you are not in active employment on the date your
cover is reinstated, it will be Limited Cover until you
have been in active employment for two consecutive
months. Please refer to section 6 for more information
on Limited Cover.
Involuntary cancellation of cover
Your cover may cease involuntarily as a result of:
• your account balance being insufficient to cover
your premium payments due; or
• you joining the armed forces, other than the
Australian Armed Forces Reserve.
If your circumstances change so that one of these
reasons for your cover ceasing no longer applies, then
your cover may be reinstated at your previous level
of cover prior to cessation of cover effective from the
date the next premium is received by the insurer. Any
special conditions that applied to your previous level of
cover will continue to apply to the insured cover that is
reinstated.
17TASPLAN | INSURANCE BOOKLET
6
You need to be aware of the following limitations and • Subject to 14 days prior written notice, if you die or
exclusions which may affect your insurance cover. become terminally ill directly or indirectly because
of a pandemic illness or other condition caused
Limited Cover by, or related to, the pandemic illness in any way,
Limitations Limited Cover means that you will be covered only
and your death or Terminal Illness occurs within 30
days of your cover commencing, recommencing or
and for a claim arising from a sickness that first becomes
increasing cover (but only the increased amount is
exclusions apparent or an injury that first occurs, on or after the
day your cover last commenced, recommenced or
not payable).
increased. • An Income Protection benefit will not be paid if the
Limited Cover applies in the following circumstances: sickness, injury or medical condition is directly or
indirectly caused by intentional self-inflicted injury
• In respect of Basic Cover, if your first employer
or infection or attempt at suicide (whether or not
contribution is not received by Tasplan within 120
you are sane at the time), your service in the armed
days of you commencing employment with your
forces of any country; or war.
employer.*
• An Income Protection benefit will not be paid if
• You are not in active employment on the date your
the sickness or injury causing your disability relates
cover commences or is reinstated.**
either directly or indirectly to normal pregnancy
*Limited Cover will continue until such time as the insurer’s or childbirth. Normal pregnancy and childbirth
underwriting requirements are met and the insurer agrees symptoms (outlined in section 8) are excluded for
in writing to provide cover which is not Limited Cover. the duration of your pregnancy, and for 3 months
**Limited Cover will apply until you have been in active following the end of your pregnancy.
employment for two consecutive months. The insurer may not may a benefit in the case of:
Exclusions • Any fraud or misrepresentation by you or the
Trustee, or if you failed to disclose any aspect
The insurer may apply an underwriting exclusion or
under your duty of disclosure in relation to the
special conditions to your insurance policy. You will
policy, including in relation to a claim. Please refer
be advised of this in a letter regarding acceptance of
to section 7 for more information on your duty
your cover.
of disclosure.
The insurer will not pay a benefit in the following
circumstances:
• If the reason for the claim is caused directly or
indirectly by war (whether declared or not),
revolution, invasion, rebellion or civil unrest, unless
you die on war service.
• If the claim in respect of Death, Terminal Illness or
TPD was a result of suicide, a self-inflicted injury,
action or infection (whether intended or not) or
suicide, while sane or insane. Income Protection
benefits will not be paid in this case, and Death
or TPD benefits will not be paid if the event occurs
within 12 months of your cover commencing
or increasing.
• If the payment would cause the insurer to infringe
any legislation in connection with health insurance.
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