From 1 May 2010 all eligible Prime Super members with insurance will get more cover for no extra cost. And the increase is automatic – there’s no need to do anything!
All members with scale cover (regardless of their occupational rating) will enjoy an increase in death and TPD cover at no extra cost. Plus we’ve structured our scales so that members get the most cover when they are likely to need it most. This means that the increase in cover for someone in their early 20’s who may not have a mortgage or children will be less than someone in their mid to late 30’s who is likely to have more responsibilities and need more cover.
The increase in cover is automatic for members who already have insurance. However, you will only be entitled to the increase if you are working or capable of working on a full-time basis on the day the increase takes effect (the “Active Employment test”). If you do not meet this requirement you will only be entitled to limited cover.
We’ve decreased the cost of our income protection cover. This means that from 1 May 2010, you’ll pay less for the cover you’ve already got.
And you can now be insured for a total benefit of 85% of your monthly salary. Where you’re insured for more than 75% of your salary, we’ll pay the rest into your super so your retirement savings don’t take a hit while you’re not working.
We’ve also simplified the insurance rates to make it easier for members to understand. This additional cover is available on application.
We have also reduced and simplified the premiums for our fixed insurance cover so it will now cost you less for the cover you’ve got.
All of our new insurance scales are listed below. Simply choose the cover that’s relevant to you.
We've done more than just increase our benefits. Read about our other insurance improvements here.
If you’d like to speak to someone about increasing your insurance cover or taking out a new policy, contact your local Regional Manager or call our Customer Service Centre on 1800 675 839.
Contact your local representative
The advice contained on the Prime Super website does not take into account your particular objectives, needs or financial situation. Before making a decision regarding the acquisition or disposal of a financial product, you should assess whether the advice is appropriate to your objectives, needs or financial situation. You may wish to make this assessment yourself or seek the help of an adviser. Prime Super takes no responsibility for you acting on the information provided. Any decision that you make is at your own risk. Before acquiring a financial product you should obtain a Product Disclosure Statement (PDS) relating to that product and consider the contents of the PDS before making a decision about whether to acquire the product.
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