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News

4 December 2007

Insurance cover gets even better!

For most of us, insurance is the only effective way to provide our families and ourselves with financial security if we suffer serious illness, injury or death. From 1 January 2008, Vision Super’s insurance cover gets even better with the addition of income protection.
 
Our insurance cover is highly competitive.
  • Premiums are based on very competitive group rates, usually lower than you would pay for individual policies.
  • There are no commissions payable to advisers.
  • Payment is tax-effective because premiums are deducted from your account before tax.
  • Payment is easy, premiums are deducted from your account each quarter.
  • You’re covered 24 hours a day, 7 days a week, not just at work.
  • Cover continues while there are sufficient funds in your account to cover the cost of premiums.

 

What we have offered
Vision Super Saver members receive automatic lump sum death and disability insurance cover (provided your employer uses us as its default fund and you are not an casual employee). You can apply to increase your cover for just an extra $1 per week.
 
Income protection makes it even better
What would happen if you were off work for an extended period of time and your sick pay ran out?  Starting 1 January 2008, Vision Super’s new income protection provides you with an income for up to 2 years if you are unlucky enough to be disabled through injury or illness. A partial disability benefit may also be paid if you have to return to work in a reduced capacity. To help you return to work, the costs of rehabilitation expenses may also be paid, in addition to disability payments.  All these features make income protection one of the most popular types of cover.
 
How does income protection work?
Members will be provided with units of cover. Each unit of cover will provide a gross monthly benefit of $500 per month if a disability or injury occurs.
 
1. Standard cover
With standard cover, members are automatically insured for 75% of their salary, with benefits payable after a 90-day waiting period, subject to a maximum salary of $80,000 a year (or 10 units of cover). You can shorten the waiting period or change your level of cover, but may need to provide medical evidence if changes are made after 60 days of first receiving cover.
 
2. Tailor your cover to suit your needs
If the standard cover does not suit your needs, you can tailor your cover to meet your personal requirements. You can insure yourself for up to 85% of your salary , choose to shorten your waiting period from 30 to 60 days, reduce the amount of cover, or even cancel your cover entirely if it doesn’t suit your needs (anything over 75% is paid as a Superannuation Guarantee Contribution).
 
Income protection for Super Saver members
First cab off the rank is income protection for Super Saver members. From 1 January 2008, cover will be provided for existing Super Saver members who already have lump sum death and disability cover.  New Super Saver members working for eligible employers will likewise receive cover from 1 January.  Going forward, protection will be available to Personal plan members in our Public Offer fund from 1 April.
 
If you have any questions about income protection call Member Services on (03) 9911 3222 (1300 300 820 for regional callers).

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