SigSuper Fact Sheet Insurance AMP Life Assoc & Personal

50 Pages·2017·1.27 MB·English

Insurance Guide Fact Sheet – AMP Life – Association and Personal
SignatureSuper®
Issued 22 February 2021
®Registered trademarkofAMP Limited ABN 49 079354 519
Contents
InsurancebyAMPLifeLimited 3
Detailsofinsurancecover 11
Otherinsuranceinformation 17
Insurancepremiums 20
Understandingsuperannuationterms 30
TheinformationinthisdocumentformspartoftheproductdisclosurestatementforSignatureSuperdated30September2020
(PDS).TounderstandhowSignatureSuperworks,readthePDS,factsheetsandyourplansummary.
ThisisafactsheetforSignatureSuper.Thefactsheetsandplansummaryareimportantdocuments.Youshouldreadthemwiththe
productdisclosurestatementtounderstandhowSignatureSuperworks.
Informationinthisdocumentmaychangefromtimetotime.Wemayupdateinformationwhichisnotmateriallyadversetoyouand
makeitavailableatamp.com.au/pdsupdates.Apapercopyoftheupdatecanalsobeobtained(atnocharge)bycallingus(detailsat
theendofthisdocument)orfromyourfinancialadviser.
Theinformationprovidedinthisdocumentisgeneralinformationonlyanddoesnottakeintoaccountyourpersonalfinancialsituation
orneeds.Youshouldobtainfinancialadvicetailoredtoyourpersonalcircumstances.
Ifyouwouldlikeadviceonyourinsurancecoverinthissuperproduct,contributionstoyouraccountorinvestmentoptions,youcan
calluson1300769736.Afeewillnotbechargedforthisonce-offintrafundadvice.Ifyouwouldliketoobtainotherfinancialadvice,
ongoingfinancialadviceorotherinformationaboutyouraccount,youshouldspeaktoafinancialadviser.
SignatureSuperispartoftheSuperDirectionsFundABN78421957449.N.M.SuperannuationProprietaryLimited(NMSuper)ABN
31008428322,AFSLNo.234654,RSELicenceNo.L0002523isthetrusteeandisreferredtoasNMSuper,trustee,weorusinthis
document.
NoothercompanyintheAMPgroupofcompaniesoranyoftheinvestmentmanagersoftheinvestmentoptionsortheInsurernamed
inthisdocument:
– isresponsibleforanystatementsorrepresentationsmadeinthisdocument
– guaranteestheperformanceofNMSuper’sobligationstomembers,orassumesanyliabilitytomembersinconnectionwith
thisproduct.
ExceptasexpresslydisclosedinthePDSorafactsheet:
– investmentsintheinvestmentoptionsaren'tdepositsorliabilitiesofNMSuper,AMPBankLimitedABN15081596009(AMP
Bank),anyothermemberoftheAMPgrouporanyoftheinvestmentmanagers
– nopersonguaranteestheperformanceofthissuperproductoranyoftheinvestmentoptions,anyparticularrateofreturnor
therepaymentofcapital.
Thetrusteemayenterintofinancialorothertransactionswithrelatedbodiescorporateinrelationtothisproduct.Thatrelatedbody
corporatemaybeentitledtoearnfees,profits,reimbursementsorexpensesorotherbenefitsinrelationtoanysuchappointmentor
transactionandtoretainthemforitsownaccount.
SignatureSuperismanagedandadministeredinaccordancewiththePDS,factsheetsandyourplansummary.Wemaychangethe
waySignatureSuperismanagedandadministeredatanytimewith,inthecaseofanincreaseinfees,atleast30days’notice.Otherwise,
anoticewillbeprovidedbeforeorassoonaspracticableafterthechangeoccurs.
Thisofferisavailableonlytopersonsreceiving(includingelectronically)thePDS,plansummaryandfactsheetswithinAustralia.
IssuedbyNMSuper,thetrusteeoftheSuperDirectionsFund.
Youwillreceiveaplansummarywithyourwelcomeletter,whichdescribesthebenefitsandfeaturesspecifictoyourmembership
ofSignatureSuper.SomeemployersmayhaveatailoredMySuperarrangement.Yourplansummarywillcontaininformationon
thesearrangementsthatarespecifictoyourplan.Itmayalsonotethatsomebenefitsandfeaturesinthefactsheetsmaynotapply
toyou.YouoryourfamilymembermayalsorequestacopybycontactingtheCustomerServicecentreon1300366019.
2
Insurance by AMP Life Limited
WelcometoSignatureSuper,aproductfromAMPCorporateSuper.It'sdesignedtoprovideyouwithcomprehensivesuperbenefits
foryourretirementandinsuranceprotectionforyouandyourfamily’speaceofmind.
Benefits of insurance with SignatureSuper
Pleaserefertoyourplansummaryorlatestmember
Includinginsurancecoverinyoursuperaccountcanbea statementtoconfirmtheinsurancecoverthatappliestoyou.
tax-effectivewayoffinanciallyprotectingyouandyourfamily
shouldyoudieorbecomedisabled. What impact does insurance have on your super?
SignatureSuperhasinsurancecoverdesignedforyouasan
Whereyouhaveinsurancecoverthroughyoursuperaccount,it
employeeandnegotiatedbyyouremployer(orAssociationwhere
isimportanttobeawarethatanyinsurancepremiumsthatare
applicable)whilealsoofferingadvantagesofcoverforyour
fundedfromyouraccountwillreduceyoursuperbalanceover
family.Itmeansyoucan:
time.Whileinsuranceisanimportantbenefittomanymembers,
– haveinsurancepremiumsdeductedfromyour thetrusteegenerallyconsidersthat,wherepremiumsfordefault
SignatureSuperaccount(ifnotpaidforbyyour insurancecoverexceed1%ofyoursalary,thismay
SignatureSuperemployer) inappropriatelyerodeyoursuperbalance.Nevertheless,you
shouldregularlyreviewyourinsurance,includingwhether
– applyforadditionalinsurancecovertomeetyourpersonal
insurancecostsareappropriateforyou,andconsiderdiscussing
needs
yourinsuranceneedswithafinancialadviser.
– haveInterimAccidentcoverwhileyouwaitforany
applicationsforcovertobeassessed(whereavailablefor YoucanlogintoMyAMPatanytimetocheckyourcurrent
yourplan) arrangementsandvisitamp.com.au/whyinsurance tofindout
– viewyourcurrentinsurancecoveronlineatanytimeby moreaboutwhatinsuranceisrightforyou.
loggingintoyouraccountatamp.com.au,and
Your insurer
– accessyourinsuranceonthemovewiththeAMPmobile
app.DownloadthistodayfromtheAppleAppStore(Apple)1 Forassociation plan members
orGooglePlayTMStore(AndroidTM)2.
Wherestatedinyourplansummary,AMPLifeLimited(AMPLife)
Employeemembersmayalsohavetheadvantageof: ABN84079300379(theinsurer)istheinsurerforyourplan.
– corporateinsurancepremiumrateswhicharegenerally For personal plan members
cheaperthanpersonalpremiumrates,and
AMPLifeistheinsurerforyourpersonalplanif:
– nothavingtoprovideevidenceofhealth,throughautomatic
acceptancelimits(AAL)whereeligible. – AMPLifewastheinsurerforyourassociationplanor
employerplan(seeotherinformationaboutSignatureSuper
sectionofyourappropriatememberguidefactsheet),
Youshouldtalktoafinancialadvisertoconsideryour
– insurancecoverwasnotprovidedforyouinyourformer
insuranceneedsandthebestwaytomeetthem.
employerplanorformerassociationplanandyouapplyfor
coverinSignatureSuperPersonal,or
What insurance cover is available
– youapplyforapersonalplanasafamilymember.
Thetypeandamountofinsurancecoverweprovidewilldepend Insurer consent
onarangeoffactorsincluding,foremployeemembers,the
categoryofmembershipyoujoininyourassociationplanand AMPLifeLimited:
youremploymentstatus.
– hasgivenandhasnotwithdrawnitsconsentinrelationto
Familymembersmaybeabletoapplyforinsurancecover. beingnamedinthisdocument,and
However,temporarysalarycontinuancecoverisnotavailable – hasnotissuedorcausedtheissueofthisdocument.
forfamilymembers.
Policy documents
Superlawswillalsoimpactwhetherinsurancecanbeoffered
TheinsurancecoverinyourSignatureSuperplanisprovided
andkeptinyouraccount.ChecktheEligibilityfor
underpoliciesofinsuranceissuedtothetrusteebytheInsurer.
insurancesectionformoredetail.
Inallcases,insurancecoverforamemberissubjecttotheterms
Yourplanmayoffermembersoneofthefollowinginsurance andconditionsoftheinsurancepoliciesissuedbytheinsurer.
covers:
Intheeventofanyinconsistencybetweenthetermsand
– DeathOnlycover(includingterminalillnessbenefit) conditionsoftheinsurancepoliciesandthisdocument,thePDS
– DeathandTotalandPermanentDisablement(TPD)cover oryourplansummary,thetermsandconditionsoftheinsurance
– DeathandTemporarySalaryContinuance(TSC)cover policiesprevail.
– DeathandTPDandTSCcover.
1 AppleisatrademarkofAppleInc.
2 GooglePlayandAndroidaretrademarksofGoogleInc.
3
Eligibility for insurance
Eligibility terms apply from 1 April 2020
Eligibility criteria for insurance and applications for cover
General eligibility
DeathandTPDcoverisavailabletoemployeemembersbetweenage15andtheapplicableinsurancecessationage(seewhendoes
insurancecoverstartandstop?),andpersonalandfamilymembersbetweenage16andage65(fordeathcover)orage16and55
(forTPDcover)(seewhendoescoverstartforfamilymembers?andwhendoescoverceaseforfamilymembers?).
TSCcoverisonlyavailabletopermanentemployees(seeinsurancedefinitions)inregularremunerativeworkforatleast15hoursper
weekandwhoareemployeemembersinanassociationplanbetweenages15and65.TSCcoverisnotavailabletofamilymembers.
Familymembersaged16andovermayapplyforinsurancecover(ifprovidedforyourcategoryofmembershipanditisagreedbetween
theassociation,theinsurerandus).Forfamilymembersyoureligibilityforinsurancewillbeassessedbytheinsurerwhenyousubmit
yourapplicationform.Thepartofthedefinitionusedtoassessyourillnessorinjurydependsonyourhoursofworkatthetimeofthe
eventthatcausedtheTPDclaim.Intheeventofaclaim,youwillalsobeaskedtoconfirmyourhoursofworkatpointofTPDclaim
withyouremployer.
Super Law eligibility
InadditiontomeetingtheGeneraleligibilitycriteriaabove,undersuperlaws,youstillmaynotbeeligibleforinsuranceifanyofthe
followingappliestoyou:
– youareagedunder25
– sinceopeningtheaccount,yourbalancehasn'treached$6,000
– youraccounthasn'treceivedacontributionorrolloverfor16months
unlessyoumeetanyofthefollowingcriteria:
– youtellusyou'dlikedefaultinsurance(ifyoutelluswithin120daysofjoiningyouremployer,youwon'tneedtocompleteafull
applicationorprovideinformationaboutyourhealth.However,after120days,youwillneedtocompleteafullapplicationand
provideinformationaboutyourhealth.),
– youremployerfundsthefullcostofinsuranceandnotifiesusofthis,or
– we'vedeterminedthatyou'reemployedinadangerousoccupationandhavenotifiedyouthatyou'llbeprovidedcoveronthis
basis.
Otherwiseyourinsurancecoverwillbeautomaticallyprovidedonceyouareaged25oroverandhaveanaccountbalanceof$6,000
ormore(providedthatyoualsomeettheothereligibilitycriteriaoutlinedinthisfactsheet).
Other important eligibility terms and conditions
– Generally,youreligibilityforDeathandTPDcoverwillnotbeassesseduntilyoumakeaclaim
– Premiumswillbedeductedfromyouraccount,evenifyouaren'teligible.However,ifwedeterminethatyouarenoteligibleat
thetimeofclaim,yourpremiumswillberefunded
– Youwillnotbeeligibleforautomaticinsurancecoverif:
– youhavepreviouslybeenpaidaTPDorTerminalIllnessbenefitfromanysuperannuationfundorunderanyinsurance
policy,or
– youremployerhaspreviouslymadesuperannuationguarantee(SG)contributionsforyoutoanothersuperfund,and
– Limitedcoverapplieswhereinsurancecoverhasbeenacceptedwithoutneedingtocompleteafullapplicationorproviding
informationaboutyourhealth.Limitedcoverwillapplyuntilyouhavebeenatworkfor30consecutivedays.Fromthattime,
limitedcoverwillstopandfullcoverwillapply.
Eligibility criteria for continuation of cover in SignatureSuper personal
ForemployeemembersofanassociationplanoranemployerplantransferringtoSignatureSuperpersonal:
– deathcoverwillbecontinuedinaSignatureSuperpersonalplaniftheyarebelowtheapplicableinsurancecessationageatthe
dateoftransfer,and
– TPDcoverwillbecontinuediftheyarebelowage60atthedateoftransfer.
ForfamilymemberstransferringtoSignatureSuperpersonal:
– deathcoverwillbecontinuedinaSignatureSuperpersonalplaniftheyarebelowage70atthedateoftransfer,and
– TPDcoverwillbecontinuediftheyarebelowage60atthedateoftransfer.
AllmemberstransferringtoSignatureSuperpersonalmustalsomeettheadditionalcriteriasetoutinthememberguide-standardfact
sheetormemberguide-associationfactsheet,asappropriate).
Personalmembers(employeememberswhohavetransferredtoSignatureSuperpersonal)canonlyhaveTSCcoverintheir
SignatureSuperpersonalplanif:
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Limitedcoverwillapplyuntilyouhavebeenatworkfor30
– theymeettherulesforcontinuationofcoverin
consecutivedays.
SignatureSuperpersonal(seethememberguide-
standardfactsheetormemberguide-associationfact Coverwillnotapplyifyouhaveoptedtoreduceorcancelyour
sheet,asappropriate), insurance.Anychangetotheamountofyourinsuredcovermay
– theyheldTSCcoverasapermanentemployeeintheir alsoaffectyourinsurancepremiums.
formeremployerplanorformerassociationplan Ifinsuranceisappliedtoyouraccountyouwillbenotified,
immediatelypriortotheirtransfertoSignatureSuper includingtheamount,andcost,inyourinsuranceconfirmation
personal, letter.Andyouwillalsobeabletoseetheamountofinsurance
– theyaretransferredtoSignatureSuperpersonalasaresult inyourmemberstatementsgoingforwardfromthatpoint.
ofceasingemploymentwiththeirSignatureSuperemployer,
Employee members' insurance cover
and
– theywerelessthan60yearsofageatthetimeoftransfer. Standard insurance cover
ApersonalmembercannotapplyforTSCcoveroranyincrease StandardcoverreferstothewayDeathandTPDcoveramounts
inTSCcover. ContractemployeeswhoheldTSCcoverinthe arecalculatedandusuallyconsistsofaformula.Theassociation
employeeplanarenoteligibleforcontinuationofTSCcoverin hasselectedthestandardcoverformulathatappliestoyour
SignatureSuperPersonal. membershipcategoryandthisisshowninyourplansummary.
Thetablebelowoutlinesthecoveravailable: Thevalueofyourstandardcoveriscalculated:
Coveravailable Inregular Inregular Completing – whenyoujoinyourassociationplan
remunerative remunerative homeduties – eithermonthlybasedonyourup-to-datedetailsoratthe
workforatleast workforless inafull-time mostrecentannualreviewdate
15hoursper than15hours capacity
– whenyouchangeyourmultipleofthestandardcover
week perweek
– onyourdeath,or
Deathcover – onthelastdayofworkifyouaremakingaTPDclaim.
Default insurance cover
TPDcover
Defaultinsurancecoveristhecoveramountnormallyprovided
toemployeemembersautomaticallywhenyouopt-intohave
TSCcover
insurancewithinthefirst120daysofjoiningyouremployeror
whenyoubecomeeligiblewithinyourassociationplan(subject
TSCcoverisonlyavailabletopermanentemployeesinregular
toyouqualifyingforautomaticcoverandacceptancebythe
remunerativeworkforatleast15hoursperweek.
insurerwhereyourcoverexceedstheautomaticacceptancelimit
–seetheEligibilityforinsuranceandcommencingcover-
Pleasenote:Foremployeemembers,yourSignatureSuper automaticacceptancelimit(AAL)sectionsformoreinformation).
employerwillconfirmyourhoursperweekuponjoiningthe
Eventhoughyoumaynotbeeligibleforcoverfromthedateyou
associationplanandatthepointofclaimandwewilluse
joinedyouremployer,onceyoudobecomeeligible,thedefault
thisinformationtodetermineifyouareeligibleforthe insurancewillbeappliedautomatically.Forexample,ifyouare
applicableinsurancecover.TheSignatureSuperemployer aged25oroverandstartwithanilopeningsuperbalanceand
shouldadviseusofchangesinyourworkinghours.Premiums 8monthslater,youreachabalanceofatleast$6,000,thedefault
willbechargedbasedonthelastadvicetous. coverwillbeappliedautomaticallytoyouraccountatthat
8-monthmark,assumingallothereligibilitycriteriaaremet.
Default coverfor MySuper members who leave their Ifyouarenoteligibletohavedefaultcoverundersuperlawbut
employer youtelluswithin120daysofyouremployerstartdatethatyou'd
likeinsurance,wecanprovidecoveronyouraccountwithout
Ifyoudonothaveinsuranceinyouremployerplanbecauseyou
youneedingtoprovideinformationaboutyourhealth.
don'tmeetSuperlaweligibility-forexample,youare:
Thedefaultinsurancecoveramountisgenerallyequalto,ora
– underage25and/orhaveabalancebelow$6,000,and multipleof,thestandardcoverformulaandisselectedbyyour
– didnotelecttohaveinsurance, employer'sassociation.Theamountofdefaultinsurancecover
thatappliestoyouinyourmembershipcategoryisshownin
youmaystillbeeligibleforinsuranceafterleavingyour
yourplansummary.
SignatureSuperemployer.
WhenyouleaveandtransfertoSignatureSuperPersonal,and
Pleasenote:Ifcoverinyourassociationplanhastransferred
thenbecomeeligibleforinsurance(e.g.youreach25years,have
fromanothersuperarrangement,thenyoushouldreadthe
abalanceofatleast$6,000,andyoumeetallothereligibility
criteria),andifyouareaMySupermember(seeinsurance sectiontakeovertermsforinsurance.
definitions),youwillhavethefollowinginsuranceautomatically
appliedtoyouraccount: Whendoesdefaultcovercommence?
– Deathcoverof$50,000ifyouarenotyetage65.Cover Defaultcovercommenceseffectivefromwhenyoumeeteligibilty
ceaseswhenyouturnage70,and conditionsinyourassociationplan.Whenwereceivea
– TPDcoverof$25,000.Coverceaseswhenyouturnage60. contributionforyou,wewilldeductthecostofyourcover
effectivefromthedatecovercommenced.Ifwedon’treceivea
Ifyouhavepreviouslytoldusyoudon’twantyourinsurance,
thenthiscoverwillnotbeapplied.
5
contributionwithin120daysofyourmembershipoftheplan Thisminimumwillonlyapplyifyouareanassociationmember
starting,yourcoverwillbecancelled(butonlyafterwehave andwillnotapplyifyouhaveoptedtocancelorreduceyour
advisedyou). cover.Anychangetotheamountofyourinsurancecovermay
alsoaffectyourinsurancepremiums.
How standard coverand default coverare calculated
Theamountofyourinsurancecoverisshownonyourwelcome
letteroryourlatestmemberstatement.
Example
JohnisanemployeememberoftheXYZplan.Johnhasa Agerange Minimum($)
salaryof$50,000.Thestandardcoverformulaselectedby
20–34 50,000
theSignatureSuperemployerfortheXYZPlanisthreetimes
salary.Thedefaultcovermultipleselectedbythe 35–39 35,000
SignatureSuperemployerfortheXYZplanistwotimesthe
40–44 20,000
standardcover.
Standardcover=$150,000(ie3x$50,000). 45–49 14,000
Defaultcover=$300,000(ie2x$150,000).
50–55 7,000
John’sinsurancecoverwillbeequaltothedefaultcoverof
56andover Nil
$300,000.
Additional insurance cover
Pleasenote:Theaboveexampleisanillustrationonlyandis YoumaybeabletoapplytoincreaseyourDeathOnlycoveror
basedonthefactorsgiven.Theexampleshouldnotbetaken DeathandTPDcover.Youmaybeabletoapplytoincreaseyour
astheactualamountofstandardanddefaultcoveryouwill coverbynominatingeither:
receive. – amultipleofthestandardcoveravailableinyourcategory,
or
Can I change the default cover? – aspecifiedamount(ifavailable).
Yes,youcanoptoutofdefaultcoveraltogetherorifyouwish Ifyouareanemployersponsoredmemberandjoinoutsideof
youmaydecreaseyourunitsofcoverorcancelanydefaultTPD theeligibilitycriteriayoumaybeabletosubsequentlyapplyfor
coverbywritingtothetrustee.Theplansummarysetsoutany TSCcover.Ifyouareaneligibleemployersponsoredmember,
minimumunitsofcoverapplicabletoyourPlan.TPDcovercannot yourTSCcoverwillinitiallybelimitedtotheautomatic
begreaterthandeathcovernorcanyouhaveTPDonlycover. acceptancelimit(AAL)whenyoursalaryisprovidedbyyour
SignatureSuperemployer.Ifyourmonthlybenefitexceedsthe
Pleaseseeyourplansummaryformoredetailsofyourinsurance
AALmakingyoueligibleforhigherTSCcover,yourTSCcoverwill
benefitdesign.Ifyouneedtochangeyourinsurancecoverplease
belimitedtotheAALuntilyouprovideinformationaboutyour
contactus.
healthandyourapplicationforadditionalcoverisacceptedby
What happens ifyour salary changes? us.
Employee members only Whenapplyingforadditionalinsurancecover,youmayneedto
provideevidenceofhealth(seewillyouneedtoprovidedetails
Ifyourinsurancecoverisbasedonyoursalary,your
ofhealth?section).
plansummarywilldescribewhetherornotyourcoverchanges
betweenannualreviewswhenyoursalarychanges.Ifyourcover Checkyourplansummary,yourmemberstatementorcallAMP
isnotrecalculatedbetweenannualreviewsyourcoverwillnot CorporateSuperCustomerServicetoseewhatadditionalcover
change(evenifyoursalarychanges)untilthenextannualreview. isavailabletoyourplanorcategory.
Ifyourcoverdoesincreasewhenitisrecalculatedbecauseofa How much additional cover can you have?
salaryincreaseandstillremainsbelowyourplan’sautomatic
Ifyourplanallowsadditionalcoverasamultipleofstandard
acceptancelimit(AAL),nounderwritingwillberequired.Where
cover,yourplansummarywillsetoutthemaximummultiple
yoursalaryincreaseexceedsyourassociationplan’sAALthen
ofstandardcoverforyourcategory.However,yourtotalcover
youwillberequiredtobeunderwrittenbyprovidinginformation
cannotexceedthemaximumcoverlimitssetoutinthisfact
aboutyourhealth.Simplycontactusandwewillsendyou
sheet.
anadditionalinsurancecoverform.Ifyourapplicationis
accepted,wewillwritetoyoutoconfirmtheincreaseincover How doyou apply foradditional cover?
andthepremiumthatwillapply.
Whereadditionalcoverisavailable,completetheadditional
Minimum Death coverforassociation members insurancecoverformavailablebycallingus.Youcanapplyat
anytime.Toapplyyouneedtobeeither:
IfAMPLifehasagreedtoprovideinsuranceforyourplanand
providingyoumeettheinsuranceeligibilityrequirements,you'll – atwork(seethedefinitionininsurancedefinitions)fora
haveDeathcoveraccordingtothedefaultarrangementsforyour consecutive30dayperiodperformingyournormalduties
plan,exceptwherethesedefaultarrangementsdonotmeetthe andworkhours,or
minimumgovernmentrequirementssetoutinthetablebelow. – onleaveforreasonsotherthanillnessorinjury.
Ifthisisthecase,yourDeathcoverwillbeequaltothe
Youmayalsoneedtoprovideevidenceofhealth,asoutlined
correspondingamountinthebelowtabledependingonyour
below.
age.AMPwillcontinuetomonitoryourDeathinsuranceto
ensureyourcoverdoesnotfallbelowtheminimum.
6
Will you need to provide details of health? Limitedcoverappliesuntilyouareatworkfor30consecutive
days,afterwhichtimefullcoverwillbeprovided.Seeyourplan
Youwillnotneedtoprovideinformationaboutyourhealthif:
summaryforfurtherinformation.
– youareapplyinguptothemaximumnumber(specifiedin
theplansummary)timesthestandard3coverforyourplan Pleasenote:Ifyouchoosetojoinyourassociationplanmore
(orcategory) thanthreemonthsafteryouwerefirsteligibletojointhe
– thetotalcoverrequireddoesnotexceedtheAALforyour associationplan,ordon'tmeettheabovecriteria,anAALwill
associationplan,and notbeavailable.Youwillneedtoprovideevidenceofyour
– andwhenyouapply,youareatwork(seeinsurance
healthandcircumstances.SeewhatifanAALdoesn'tapply?
definitions)foraconsecutive30dayperiodperformingyour
below.
normaldutiesandworkhoursoronleaveforreasonsother
thanillnessorinjuryandyouapplywithin:
What ifan AAL doesn’t apply?
– threemonthsoffirstbeingeligibleforadditionalcover
intheplan,or Ifyoudon’tqualifyforanAAL,orifitisnotavailableforyour
– 30daysfromthedateofyourwelcomeletter(ifthis associationplan,youwillneedtoapplyforcover.
islater).
YouwillneedtoprovideinformationreasonablyrequiredbyAMP
Ifyoudonotmeettheseconditions,youwillneedtoprovide Lifesotheycanassessyourapplication.Thiswillnormallyinclude
detailsofyourhealth.AMPLifewillconsideryourmedicalhistory, informationaboutyourhealth,medicalhistoryandleisure
yourlikelyfuturegoodhealth,youroccupation,lifestyleand activities.
familyhistorybeforedecidingwhethertoacceptyourapplication
Dependingontheevidencesupplied,insurancecovermaybe
foradditionalcover.
refusedoracceptedsubjecttoconditions,oracceptedwith
Dependingontheevidencesupplied,yourapplicationfor speciallimits,orpremiumratesimposed.
insurancecovermayberejectedormaybeacceptedsubjectto
Whileyourcompletedapplicationisbeingassessedyoumay
conditions,oracceptedwithspeciallimitsorpremiumrates
haveInterimAccidentcover.
imposed.
When does insurance cover start and stop?
When will youradditional cover commence?
Defaultcover(ifapplicable)startsfromthedateyoumeet
Ifyourapplicationisaccepted,wewillwritetoyoutoconfirm
eligibilityconditions.SeetheEligibilityforinsurancesectionfor
theincreaseincoverandthepremiumthatwillapply.Additional
furtherinformation.
coverwillcommencefromthedatetheinsureracceptsyour
application.Untilthenyourcurrentlevelofcoverwillapply. Whenwereceiveacontributionwewilldeductthecostsofyour
coverfromthedateitstarted.Ifwedon’treceiveacontribution
Whileyourcompletedapplicationisbeingassessedyoumay
within60daysofyourmembershipoftheassociationplan
haveInterimAccidentcoverifithasbeenagreedforyourplan.
starting,wewillcancelyourcover(butonlyafterwehaveadvised
What does additional cover cost? you).Aclaimforbenefitswillnotbeconsideredifyourcoveris
cancelledasaconsequenceofnotreceivinganemployer
Yourplansummarysetsoutthebasepremiumspayablefor
contribution.
additionalcover.YouradditionalcoverwillalsodependonAMP’s
assessment. Additionalcovercommencesonthedatetheinsureraccepts
yourapplication.
Commencing cover - automatic acceptance limit
Yourcoverasanemployeememberwillstopinyourassociation
(AAL)
planwhen:
TheinsurermayprovideanAALforemployeemembersof
– youceasetobeanemployeeornon-executivedirectorwith
associationplans.IfanAALappliesandyousatisfytheeligibility
aSignatureSuperemployerparticipatingintheassociation
criteriaforautomaticacceptancecoverbelow,youcouldbe
plan.However,youmaybetransferredtoSignatureSuper
providedwithdefaultcoveruptoyourAAL. Pleaseseeyourplan
personalandinsurancecovermaybecontinued,subjectto
summaryforanyAALwhichapplies.
certaineligibilityconditions(seeyourplansummary)
Toqualifyforautomaticacceptancecoverallofthefollowing – youceasetobeamemberofSignatureSuper
mustapply: – ForpermanentemployeeswithTSCcover,yourTSCcover
willstopwhenyourregularremunerativeworkhourshave
– anAALmustapplytoyourassociationplan(orrelevant
reducedbelowtheminimum15hoursperweek
membershipcategory)
– youdie
– youmustbeanemployeeofaSignatureSuperemployer
participatingintheassociationplan,and – youhavebeenpaidaTerminalIllnessbenefit,unlessyour
Deathcoverismorethan$2million,inwhichcasethe
– youmustmeettheeligibilityrequirements(seeEligibility
remainingDeathcoverispaidondeath
forinsurancesection).
– youhavebeenpaidaTPDbenefit(howeversomeplans
YourSignatureSuperemployermustcertifythesethingswhen
mayallowTSCbenefitstocontinuetobepaidafteraTPD
theytellusyouarejoiningtheassociationplan.Ifthis
benefitispaid,seeyourplansummary)
certificationisincorrect,theinsurermayhavetherighttovoid
– forTSCcover,theTSCbenefitpaymentperiodexpires
theinsurancecoverandrefusetopayanyinsuredamount.
3 IfyourSignatureSuperemployerhasselectedtwotimesthestandardformulaforyourplanormembershipcategoryasyourdefaultinsurance,generallyonlythree
timesthestandardformula(andnotthreetimesthedefault)willbeavailablewithouttheneedforyoutoprovideinformationaboutyourhealth.Youwillneedtocheck
yourplansummary,yourmemberstatementorcallAMPCorporateSuperannuationCustomerServicetochecktheconditionsthatapplytoyou.
7
– yourSignatureSuperemployerisnotpayingyourpremiums insurance.Youcanmakeanelectiononlineat
andthereisn’tenoughmoneyinyouraccounttopaythem. amp.com.au/whyinsurance,
Wewillwritetoyougiving60days’noticebeforeyourcover
whicheveroccursfirst.
stopstogiveyoutimetomakeadditionalcontributionsto
youraccount(uponreceiptofyourrequest) Seealsoreinstatingcoverintheotherinsuranceinformation
sectioninthisfactsheet.
– youwritetousandtellusyouwanttocancelyourcoveror
closeyouraccount What insurance cover is available for personal
– yourmembershipinSignatureSuperisforinsurance members and family members?
purposesonly,youraccountbalanceisnil,your
SignatureSuperemployerispayingyourpremiumsand SignatureSupermayofferpersonalmembersandfamily
memberfees(subjecttothewhencanweaccept members:
contributionssectionofthememberguidefactsheet)and
– Deathonlycover(includingTerminalIllnessbenefit)
yourSignatureSuperemployerstopspayingthepremiums
– Death(includingTerminaIllnessbenefit)andTotaland
ormemberfees.We'llwritetoyougiving60days’notice
PermanentDisablement(TPD)cover
beforeyourcoverstopstogiveyoutheopportunityto
– Death(includingTerminalIllnessbenefit),TPDand
contributetoyouraccount(sowecancommencededucting
TemporarySalaryContinuance(TSC)cover)(personal
premiumsormemberfeesfromyouraccount)orarrange
membersonly),and
alternateinsurancecoverelsewhere
– Death(includingTerminalIllnessbenefit)andTSCcover
– theassociationwritestousandtellsustheywanttocancel
(personalmembersonly).
thecoverthatappliestoyourplan(ormembership
category)wewillletyouknowifthishappens
– forTSCcover,whenyoucommenceunpaidleave(including Pleasenote:TSCisnotavailabletofamilymembers.
parentalleave)4
– forDeathandTPDcover,youareonunpaidleave(including Yourplansummarywilladvisewhatinsurancecoveryoumay
parentalleave)formorethantwoyearsandAMPLifehas applyfor.
notagreedtoprovideinsurancecoverbeyondtwoyears Family members' insurance cover
– youroverseassecondmentcontinuesbeyondfiveyearsand
AMPLifehasnotagreedtoprovideinsurancecoverbeyond Inanassociationplanandinapersonalplan
fiveyears5 Ifoffered,familymembersaged16andovercanapplyfor
– Youreachtheinsurancecessationageforyourplan,which insurancecoverinanassociationplanorpersonalplanatany
canbeupto: time,(subjecttounderwritingandacceptancebyAMPLife)as
– age70forDeathcover6,or longasyouare:
– age65forTPDandTSCcover.
– age65orunderforDeathcover,or
– ifnocontributionsorrollovershavebeenreceivedintoyour
– age55orunderforTPDcover.
accountforaperiodof16months,wearerequiredtocancel
Yourparentorguardianwillneedtoco-signyourapplicationif
yourinsurance,unlessyouhavetoldusinwritingthatyou
youareunderage18.
wanttokeepyourinsurance.Youcanmakeaninsurance
electiononlineatamp.com.au/insurancecancellation Ifoffered,insurancecoveravailableiseither:
– Ifyouhadinsurancebecauseyouremployerfundedthefull
– DeathOnlycover,or
costofinsuranceandnotifiedusofthis,butthenthe
– DeathandTPDcover.
employerceasestofullyfundyourinsurance-ifyoudon't
meetSuperlaweligibility(e.g.youareunderage25,orhave Whenyouapply,younominatethetypeandamountofcover
abalancebelow$6,000andyouhavenotelectedtokeep youwant.Theminimumamountofcoveryoucanapplyforis
yourinsurance),thenwearerequiredtocancelyour $30,000andTPDcoverisonlyavailablewithDeathcover.
insurance.Youcanmakeanelectiontokeepyourinsurance,
Youwillneedtoprovideevidenceofyourhealthand
whichwillthentransfertoyourpersonaldivision,onlineat
circumstances,asoutlinedontheapplicationform,soAMPLife
amp.com.au/whyinsurance
canassessyourapplication.Whileyourcompletedapplication
– Ifyouhadinsurancebecauseyouremployerfundedthefull
isbeingassessedyouwillhaveInterimAccidentcover.
costofinsuranceandnotifiedusofthis,andyouthenleft
youremployer-ifyoudon'tmeetSuperlaweligibility(e.g. AMPLifewillconsideryourmedicalhistory,yourlikelyfuture
youareunderage25,orhaveabalancebelow$6,000and goodhealth,youroccupation,lifestyleandfamilyhistorybefore
youhavenotelectedtokeepyourinsurance),thenweare decidingwhethertoacceptyourapplicationforcover.Ifyour
requiredtocancelyourinsurancefromthedateyouceased applicationforcoverisaccepted,wewillwritetoyoutoconfirm
employmentwiththatemployer.Youcanmakeanelection yourcoverandthepremiumratethatwillapply.Yourcoverwill
onlineatamp.com.au/whyinsurance commencefromthedatethatAMPLifeacceptsyourapplication.
– Ifwe'vedeterminedthatyou'reemployedinadangerous Theamountofyourcoverwillbeindexed-unlessyouhave
occupationandhavenotifiedyouthatyou'llbeprovided chosentooptoutofthisfeature,inwhichcaseyourcoverwill
coveronthisbasisandyouchangeoccupation(toone remainfixed(seeindexationofDeathcoverandindexationof
whichisnotclassedasdangerous)-ifyouareunderage TPDcoverinthedetailsofinsurancecoversection).
25,orhaveabalancebelow$6,000andyouhavenotelected
tohaveinsurance,thenwearerequiredtocancelyour
4 Seeinsurancecoverduringunpaidleaveintheotherinsuranceinformationsection.
5 Seeinsurancecoverwhileworkingoverseasintheotherinsuranceinformationsectionbelow.
6 Iftheassociationhaschosen'yearsoffutureservice'formulaorthe'agebasedscale'thentheinsurancewillceaseatage65.
8
Howtoapply forfamily insurance – youceasetobeinafamilyrelationshipwiththeemployee
member–however,youwillbetransferredtoapersonal
Ifoffered,youcanapplyforfamilyinsurancewhenyouapplyto
planandinsurancecovermaybecontinued,subjectto
becomeafamilymemberorlater(seeyourmemberguidefact
certaineligibilityconditions(seeleavingtheSignatureSuper
sheet).
plansectioninyourassociationplanmemberguidefact
Ifyouareanexistingfamilymember,youcanapplytoadd sheet)
insurancetoyourfamilymemberaccount.ContactAMP – theplanterminates,or
CorporateSuperCustomerServiceandwewillsendyouthe
– ifnocontributionsorrollovershavebeenreceivedintoyour
relevantapplicationform.
accountforacontinuousperiodof16months,unlessyou
Dependingontheevidencesupplied,yourapplicationfor havetoldusinwritingthatyouwanttokeepyour
insurancecoverorapplicationforadditionalinsurancecover insurance.Youcanmakeanelectiontokeepyourinsurance
mayberejected,ormaybeacceptedsubjecttoconditions,or onlineatamp.com.au/insurancecancellation,
acceptedwithspeciallimitsorpremiumratesimposed.
whicheveroccursfirst.
Maximum amount of coverforfamily members
Pleasenote:Theemployer-sponsoredmemberorthefamily
Themaximumamountofcoverthatafamilymembercanapply
membermustinformusifthefamilymemberisnolonger
foris:
inafamilymemberrelationshipwiththeemployersponsored
Insurancecover Maximumcoverlimit member.
Deathcover $1million
Insurance cover in SignatureSuper personal
TPDcover $1million
Death cover
When does cover start and cease forfamily
Ifyouwereanemployeememberandyoumeettheeligibility
members? criteria(seeLeavingtheSignatureSuperAssociationplaninthe
memberguide–associationfactsheetandLeavingthe
Yourcoverwillcommencefromthedatetheinsureraccepts
SignatureSuperEmployerPlaninthememberguide–standard
yourapplication.Aspartofyourapplication,you'llbeaskedto
factsheet,asapplicable),yourdeathcover(ifany)willconvert
electtohaveandkeepinsuranceinyoursuperaccount,evenif
toadollaramountequaltotheamountofcoveryouhadwith
youmayotherwisebeineligibleforinsuranceundersuperlaws.
yourformerassociationplanorformeremployerplanonthe
Youcanfindoutmoreinformationat
dayAMPwasadvisedthatyouwereleavingtheplan.Ifyour
amp.com.au/whyinsurance.
deathcoverintheassociationplanoremployerplanisabove
Insurancecoverforafamilymemberinanassociationora themaximumcoverlimitforSignatureSuperpersonal,yourcover
personalplanceasesontheearlierofthefollowing: willbeautomaticallyreducedtothemaximumcoverlimit. This
willbeconfirmedinyourwelcomeletteronjoiningthe
– youceasetobeamemberofSignatureSuper
SignatureSuperpersonalplan.
– youreachtheinsurancecessationagewhichforfamily
membersis85forDeathcoverand65forTPDcover Ifyouareafamilymemberandyoumeettheeligibilitycriteria
– youdie (seeLeavingtheSignatureSuperAssociationplaninthemember
guide–associationfactsheetandLeavingtheSignatureSuper
– youhavebeenpaidaTPDbenefit
EmployerPlaninthememberguide–standardfactsheet,as
– youhavebeenpaidaTerminalIllnessbenefitequaltothe
applicable),yourdeathcover(ifany)willcontinueatthesame
valueofyourDeathcover
amountyouhadintheformerassociationplanorformer
– youwritetoustocancelyourcover(uponreceiptofyour
employerplan.Thisamountwillbeconfirmedinyourwelcome
request)
letteronjoiningtheSignatureSuperpersonalplan.
– thereisn’tenoughmoneyinyouraccounttopaythe
premiums.Ifthisoccurs,wewillwritetoyouandgive60 TPD and TSC cover
days’noticebeforeyourcoverstopstogiveyoutimeto
Ifyouwereanemployeememberandyoumeettheeligibility
makeadditionalcontributionstoyouraccount
criteria(seeLeavingtheSignatureSuperAssociationplaninthe
– theemployeememberyouhavearelationshipwithceases
memberguide–associationfactsheetandLeavingthe
tobeemployedbytheSignatureSuperemployerorleaves
SignatureSuperEmployerPlaninthememberguide–standard
theassociationplan–however,youwillbetransferredto
factsheet,asapplicable),yourTPDandTSCcover(ifany)will
apersonalplanandinsurancecovermaybecontinued,
converttoadollaramountequaltotheamountofcoveryou
subjecttocertaineligibilityconditions(seeleavingthe
hadintheformerassociationplanorformeremployerplanon
SignatureSuperplansectioninyourmemberguidefact
thedayAMPwasadvisedthatyouwereleavingyouremployer.
sheet)
IfyourTPDcoverintheassociationplanoremployerplanis
abovethemaximumcoverlimitforSignatureSuperpersonal,
yourcoverwillbeautomaticallyreducedtothemaximumcover
limit. Thisamountwillbeconfirmedinyourwelcomeletteron
joiningtheSignatureSuperpersonalplan.
Ifyoustopworkingorgoonunpaidleaveforreasonsotherthan
injuryorillness,thenwewillnotpayanyTSCbenefits.Ifyou
leaveemploymentthenyoushouldtellustostopyourcover–
otherwisewewillcontinuechargingyouthefullpremium.
9
Accordingly,youshouldimmediatelynotifyusifyouhaveceased Maximum amount of coverfor personal members
employmentorifyoursalaryhaschangedtoavoidovercharging
Themaximumamountofcoverthatapersonalmembercan
ofpremiums.
applyforis:
Ifyouareafamilymemberandyoumeettheeligibilitycriteria
(seeLeavingtheSignatureSuperAssociationplaninthemember Insurancecover Maximumcoverlimit
guide–associationfactsheetandLeavingtheSignatureSuper
Deathcover $1million
EmployerPlaninthememberguide–standardfactsheet,as
applicable),yourTPDcover(ifany)willcontinueinthe
TPDcover $1million
SignatureSuperpersonalplanatthesameamountyouhadin
theformerassociationplanorformeremployerplan.This When does cover start and cease for personal members?
amountwillbeconfirmedinyourwelcomeletteronjoiningthe
Ifyouhaveappliedforcoveroradditionalcover,suchcover
SignatureSuperpersonalplan.TSCcoverisnotavailabletofamily
commencesonthedateAMPLifeacceptsyourapplicationfor
members.
insuranceandweadviseyouinwritingthatcoverhasbeen
How can you make changes toyour insurance cover? accepted.
Ifyoudon'twantyourdeath,TPDorTSCcovertocontinuein Insurancecoverceasesontheearlierofthefollowing:
yourpersonalplan,youmayoptoutofyourinsuranceinwriting
– youceasetobeamemberofSignatureSuper
within60daysfromthedateofyourconfirmationletter,and
anyinsurancepremiumsdeductedfromyourpersonalplanwill – youreachtheinsurancecessationage,whichforpersonal
berefundedbackintoyouraccount.Subsequentlyyoucanopt membersis85forDeathcoverand60forTPDandTSC
outatanytimeorreduceyourcoverbysimplywritingtous. cover
– youdie
Applying for insurance cover in SignatureSuper personal
– youhavebeenpaidaTPDbenefit
AsamemberofaSignatureSuperpersonalplan,youmaybeable – youhavebeenpaidaTerminalIllnessbenefitequaltothe
toapplytohaveinsurancecoveraddedtoyoursuperaccount valueofyourDeathcover
bynominatingthetypeandamountofcoveryourequire.The – forpermanentemployeeswithTSCcover,yourTSCcover
minimumamountofcoveryoucanapplyforis$30,000,andTPD willstopwhenyourregularremunerativeworkhourshave
coverisonlyavailablewithDeathcover. reducedbelowtheminimum15hoursperweek
Ifoffered,insurancecoverisavailabletopersonalmembersand – forTSCcover,whenyoucommenceunpaidleave(including
familymembersaged16andoverandyoucanapplyforDeath parentalleave)7
onlycoverorDeathandTPDcoveraslongasyouare: – forTSCcover,theTSCbenefitpaymentperiodexpires
– youwritetoustocancelyourcover(uponreceiptofyour
– age65orunderforDeathcover,or
request)
– age55orunderforTPDcover.
– thereisn’tenoughmoneyinyouraccounttopaythe
Whenyouapply,younominatethedollaramountofcoveryou premiums.Ifthisoccurs,wewillwritetoyougive60days’
want. noticebeforeyourcoverstopstogiveyoutimetomake
additionalcontributionstoyouraccount
Yourparentorguardianwillneedtoco-signyourapplicationif
youareunderage18. – fordeathandTPDcover,youareonunpaidleave(including
parentalleave)formorethantwoyearsandtheinsurerhas
Allapplicationsforcoverwillbesubjecttoyouproviding
notagreedtoprovideinsurancecoverbeyondtwoyears
satisfactoryevidenceofyourhealthandyourapplicationbeing
– youroverseassecondmentcontinuesbeyondfiveyearsand
acceptedbyAMPLife.ToapplyforinsurancecovercontactAMP
theinsurerhasnotagreedtoprovideinsurancecover
CorporateSuperCustomerService.
beyondfiveyears8,
YoumayapplyforadditionalDeathorDeathandTPDcoverat – ifnocontributionsorrollovershavebeenreceivedintoyour
anytime,howeverthisisalsosubjecttoyouproviding accountforacontinuousperiodof16months,unlessyou
satisfactoryevidenceofhealthandtheinsureracceptingyour havetoldusinwritingthatyouwanttokeepyour
application. insurance.(Youcanmakeanelectiontokeepyourinsurance
Theinsurerwillnormallyconsidervariousinformation,including onlineatamp.com.au/insurancecancellation.);or
informationaboutyourhealth,medicalhistoryandleisure – theplanterminates,
activitiesbeforedecidingwhethertoacceptyourapplicationfor
whicheveroccursfirst.
cover.
Whileyourcompletedapplicationisbeingassessedyoumay
haveInterimAccidentcover.
Dependingontheevidencesupplied,yourapplicationfor
insurancecoverorapplicationforadditionalinsurancecover
mayberejected,ormaybeacceptedsubjecttoconditions,or
acceptedwithspeciallimitsorpremiumratesimposed.
YouareunabletoapplyforadditionalTSCcover,however
personalmemberscanreducetheirexistingTSCcover(ifany).
Ifyourapplicationforcoverisaccepted,theinsurerwillwriteto
youtoconfirmyourcoverandthepremiumratethatwillapply.
7 Seeinsurancecoverduringunpaidleaveintheotherinsuranceinformationsection.
8 SeeinsurancecoverwhileworkingoverseasintheotherInsuranceinformationsectionbelow.
10