Insurance cover with AMIST Super
At AMIST Super, our prime focus has always been on helping our members improve their retirement wealth and financial safety.
That’s why you not only enjoy low fees and competitive returns on your super, but also great insurance benefits such as life insurance, total and permanent disablement benefits and income protection cover.
And, we’ve got you covered 24/7, even if something happens to you outside of work.
As a member of AMIST Super you automatically* receive the following:
- Life Insurance including terminal illness (2 units)
- TPD or Total and Permanent Disablement (1 unit); and
- Income Protection (5 units).
Life insurance, as you would know, pays an insured amount upon death but do you know the difference between TPD and Income Protection?
TPD is a lump sum payment you receive if it’s determined that you have been totally and permanently disabled and are permanently unable to work in any occupation.
Income Protection covers you for sickness or injury which prevents you from temporarily (up to two years) being able to work in your current occupation and is paid as a regular, smaller payment that stops when you go back to work.
* Just note that the automatic cover is of course subject to certain conditions being met. All members must be "Actively at Work", meaning that they are capable of performing all of the duties for which they are employed without any restriction relating to injury or illness. For members joining the Personal Division, please note that cover is only "New Events" cover for the first twelve months. This means that Personal Division members are only entitled to a Death or TPD benefit relating to a condition or injury that became apparent or occurred after joining the Fund.
How much does the insurance cover cost?
Life Insurance cover
Life Insurance cover with AMIST Super is provided in units of cover. One unit of cover costs $1.73 per week, and the amount of cover depends on age at the time of claim and occupational status.
The default level of Life Insurance cover provided is two units at a cost of $3.46 per week ($1.73 x 2). Please refer to the table for details of the amount of cover provided.
TPD (Total and Permanent Disablement) cover
TPD cover with AMIST Super is provided in units of cover. One unit of cover costs $2.89 per week.
The default level of TPD cover provided is one unit at a cost of $2.89 per week. Please refer to the table for details of the amount of cover provided.
Please note that TPD must be taken in conjunction with Life Insurance cover and cannot be held on its own.
For detailed information on pricing of insurance cover, please click here.
Additional Life Insurance or TPD cover
New members in the Employer Sponsored Division have a one-off special opportunity to apply for double the amount of Life Insurance and TPD cover automatically. There is no need to complete any medical questionnaire or provide any medical information.
Simply fill out the relevant section of the "Special application to vary Life Insurance, TPD and/or Income Protection" (PDF page 15, 670KB) form and ensure that it is retuned to us by no later than ninety (90) days after the date of your "Welcome Letter."
If you don't qualify for the special opportunity to double your cover or you want more cover you can apply at any time by completing the "Application to change Life and/or TPD" (PDF, 234KB) form.
For more information, please read the relevant Insurance Guide listed here, depending on whether you are a member of the Employer Sponsored Division (PDF, 1.6MB) or the Personal Division (PDF, 1.7MB). You can also call the AMIST Super Hotline on 1800 808 614 for assistance.
Life Events benefit
AMIST Super members may increase their Life Insurance and TPD cover by one unit with no health questions when certain defined events take place in their lives. These events include:
- Marriage of member
- Mortgage on a newly acquired primary residence
- Birth or adoption of a child
- Turning 30 or 50 years old
You have up to 12 months from the date of the event to request the increase in cover.
To apply, you will need to complete the Application to increase Life and/or TPD insurance – Life Events (PDF, 672KB) or call the AMIST Super Hotline on 1800 808 614 for a printed copy.
• Increase in cover under the life event provisions is limited to an additional 3 units during your membership and one unit per life event per year.
• Members must confirm they are in Active Employment and supply sufficient evidence of the event to be eligible for an increase.