When you leave the Company, your Death and Total and Permanent Disablement (TPD) insurance cover continues automatically in the Fund's Retained Benefits Section.
If you have been accepted for Income protection whilst a member of the Fund and employed by Incitec Pivot, you may have the option to continue this cover under a personal policy with the Fund's insurer without the need to provide evidence of health. See below for more information.
Death and Total and Permanent Disablement Cover
When you leave Incitec Pivot, your life insurance (i.e. death cover) and TPD insurance automatically continues in the Retained Benefits Section of the Fund. The amount of this cover is fixed as the amount of insurance cover calculated on the date that you left Incitec Pivot. The cover continues, unchanged, in the Fund's Retained Benefits Section until the first of the following events occurs:
- you reach age 65;
- you have insufficient money in your account to pay the insurance fees;
- the day on which your account is closed and your benefit is paid / transferred from the Fund;
- the day a letter from you requesting the cancellation of your insurance cover is received by the Fund administrator; or
- an insurance claim is paid to you.
The insurance fees and terms associated with cover in the Retained Benefits Section are generally the same as when you were an active member of the Fund and employed by Incitec Pivot. However, a different definition of TPD may apply. Contact the Fund Administrator for further information.
All claims for Total and Permanent Disablement are subject to the assessment and approval of the Fund's insurer and Trustee and will involve the appropriate proofs and medical assessments satisfactory to the insurer.
Income protection cover
Your income protection cover will automatically continue for up to 60 days after you leave the Company provided you are eligible to exercise the continuation option as noted below. Should you elect to leave the Fund whilst still employed by the Company, your insurance cover ceases on the last day on the month in which contributions are received by the Fund from your employer and you cannot exercise a continuation option.
You will be eligible to exercise your continuation option and apply to buy a personal insurance policy from the insurer without the need to provide evidence of health during this 60 day period provided:
- you apply, and the premium is paid, within 60 days of ceasing employment;
- you are less than 60 years of age at the time your cover ends under this policy;
- no benefit is payable to you under this policy;
- you have not joined the armed forces prior to the date the individual policy is issued; and
- all underwriting requirements are met.
Any restrictions, loadings, or other special terms which applied to your cover in the Fund will continue to apply to the personal policy.
Remember, to take advantage of the continuation option for your Income Protection above, the replacement insurance must be arranged with the Fund's Insurer within 60 days of leaving the Company.
How do I continue my Income Protection cover?
Remember, you need to apply within the relevant time limit mentioned above. For more information about continuing your insurance when you leave, please contact Simon Hussey from Willis Towers Watson on (03) 9655 5141 or email him at firstname.lastname@example.org.
Towers Watson Australia Pty Ltd (ABN 45 002 415 349, AFSL 229921) "Willis Towers Watson" has financial planners in its Melbourne office and offers members financial planning services. You can take advantage of these arrangements at any time, including when you leave. To speak with a licensed financial adviser from Willis Towers Watson and for more information about continuing your insurance when you leave, contact Willis Towers Watson on (03) 9655 5222. Or you can contact the Financial Planning Association of Australia (FPA) to help locate a professional financial adviser near you. Call 1300 337 301 or visit www.fpa.asn.au for more details.