It is important that employee members consider the implications of choosing another fund on your insurance cover, which is an important benefit under your Oracle Plan membership. If you choose another fund:
- Your insurance will cease with effect from the date contributions are first paid to your new fund.
- If you transfer all of your benefit out of the Plan, your insurance cover will cease with effect from the date the benefit is paid to your new fund.
- You should keep in mind that there may be a period when you are not insured from the date your insurance cover in the Plan ceases to the date your membership with your new fund commences and your new insurance cover begins (if any).
- You should check the insurance arrangements of any fund you are considering, as the definition of 'permanent disablement' under your new fund's insurance policy may be different to the definition that currently applies through the Oracle Plan.
- You may also need to provide health evidence in your new fund. If you do provide health evidence and, as a result, your new insurer either rejects or restricts your cover, you should bear in mind that you may be legally obliged to disclose this fact on all future applications for personal insurance cover.