Standard Life Insurance
Members of MARF who are either employed full-time or part-time/casual for more than 10 hours per week and are employees of a participating employer are automatically covered with Death and Total and Permanent Disablement (TPD) insurance for the duration of their employment. This cover is not subject to any health checks, doctor evaluations, or additional paper work.
The insurance cover is for a fixed level determined by your age as follows:
AGE NEXT BIRTHDAY
|
DEATH BENEFIT $
|
TPD BENEFIT $
|
| Up to 35 |
50,000 |
50,000 |
| 36 |
48,100 |
48,100 |
| 37 |
46,900 |
46,900 |
| 38 |
45,600 |
45,600 |
| 39 |
43,800 |
43,800 |
| 40 |
41,900 |
41,900 |
| 41 |
40,000 |
40,000 |
| 42 |
38,800 |
38,800 |
| 43 |
36,900 |
36,900 |
| 44 |
35,000 |
35,000 |
| 45 |
33,800 |
33,800 |
| 46 |
32,500 |
32,500 |
| 47 |
30,000 |
30,000 |
| 48 |
28,100 |
28,100 |
| 49 |
26,300 |
26,300 |
| 50 |
24,400 |
24,400 |
| 51 |
23,100 |
23,100 |
| 52 |
21,300 |
21,300 |
| 53 |
20,000 |
20,000 |
| 54 |
18,800 |
18,800 |
| 55 |
17,500 |
17,500 |
| 56 |
17,500 |
Not Offered |
| 57 |
17,500 |
Not Offered |
| 58 |
17,500 |
Not Offered |
| 59 |
17,500 |
Not Offered |
| 60 |
17,500 |
Not Offered |
The cover will commence from the time the first contribution is received in MARF.
The insurance premium for standard cover is $2.00 per week debited from the member’s account. If at any time your account does not hold a balance to cover the premium, you will not be entitled to the insurance.
If you do not wish to be covered for this insurance, please contact us for a Group Life Cancellation form.
What if I leave my employer?
If you are no longer employed by your participating employer, and your new employer, if applicable, is not a participating employer of MARF, your cover will cease effective from your date of termination from your employer.
You do however have 90 days from termination to inform us that you wish to take up the Continuation Option which is available under the policy, and is explained below.
Refunding insurance premiums
Should your employer fail to notify us of your termination insurance premiums will continue to be deducted from your account. When your previous employer provides notification of a termination date then premiums will be refunded back to your account allowing for the 90 day continuation option period. If the Trustee is notified of your termination date within the 90 day continuation option period then premiums will be refunded back to termination date.
Insurance Continuation Option
This feature allows you to be covered for death benefits based on the table on the previous page. That is until age 60, you will be provided with death cover of at least $17,500. The cost for this cover will remain at the same level as the standard insurance cover. To gain access to the continuation option, you must inform us that you have left the employ of the participating employer. We will then confirm with your employer that you have ceased employment with them. We will then arrange for cover to be put in place with the underwriter.
The continuation option is only available if you inform us that you wish to take up the option within the period of 90 days after you cease employment.
What if I am not an employee of a participating employer?
Insurance is a very important part of your financial planning as it gives you and your family financial security should you become temporarily or permanently disabled or pass away before you reach retirement. Insurance within your superannuation can be both cost and tax effective.
This is why MARF has the option to arrange Death and TPD insurance cover for members who are not employees of participating employers. This is subject to acceptance by the insurer and is likely to require you to provide certain forms of medical evidence.
If you would like to arrange insurance, we will refer you to managed. financial strategy ltd, a life insurance broker, who can advise you on the most suitable policy for your specific circumstances. Should you be interested in additional cover in MARF such as Life Cover, TPD or separate policies such as Trauma and Income Protection we can arrange for a financial adviser to assess your needs.
How do I know if my employer is a participating employer?
Call our member service team and we can confirm if your employer is a participating employer.
What is Death Cover?
Death cover provides a lump sum benefit in the event of your death.
Exclusions may also apply. Please contact us for more information relating to death cover.
What is Total and Permanent Disability (TPD)?
TPD cover provides a lump sum benefit in the event that you become totally and permanently disabled and is only available with death cover.
How is TPD defined?
You are considered totally and permanently disabled for insurance purposes if you are continuously absent from employment through injury or illness for six months and, in the Insurer’s opinion (after considering medical and other evidence satisfactory to the Insurer), you have become incapacitated to such an extent as to render you unlikely ever to engage in, or work for reward in, any occupation or work for which you are reasonably qualified by education, training or experience.
However, you will not be regarded as totally and permanently disabled in the above circumstances if, in the Insurer’s opinion, you would, after medical or other treatment, rehabilitation or reasonable occupational retraining, be able to follow a business occupation or perform other regular duties for which you would then be reasonably suited, having reasonable regard to your previous occupation(s), education, training or experience.
Exclusions may also apply. Please contact us for more information relating to Total and Permanent Disablement cover.