New Insurance
Effective 1 July 2005, a new optional Life Insurance offering was introduced by the Trustee for the benefit of members of the Fund.
The previous offering, which was also optional and was provided by Asteron, was terminated on the 30 June 2005.
POLICY FEATURES AT A GLANCE:
Insurance provider:
AIG Life is a member company of the global American International Group Inc.. AIG Life is one of the world’s leading risk insurers and has been protecting Australians for over 30 years. AIG Life is the highest rated Australian direct life insurance company in ratings prepared by leading rating agency Standard & Poor’s, which has awarded a AA+ rating for “Insurer Financial Strength”
What insurance options are available?
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Type: |
Eligibility Requirements: |
Maximum Level of Insurance Cover: |
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1. |
Death Only |
Individuals between the ages of 16 and 65 (next Birthday) |
$5,000,000 |
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2. |
Death and TPD |
Individuals between the ages of 16 and 65 (next birthday) and working full-time or Part –time for at least 15 hours per week. |
Death: $5,000,000 TPD: $2,000,000 |
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3. |
Income Protection |
Individuals between the ages of 16 and 65 (next birthday) and working full-time or Part –time for at least 15 hours per week. |
$20,000 subject to a maximum of 75% of Pre-Disability Income |
Premiums:
The premiums are very competitive and there are no commissions payable to the provider on the policy. However Grosvenor Pirie does receive 10% of the premium as an administration fee – this fee has been included in the premiums quoted.
The premium will change next year in line with your age. However, we have been able to lock in the premium rates until 30th June 2008.
Payable:
The premiums will be automatically withdrawn from your account balance at the end of each month and pro rated for part months.
Application form:
For insurance cover you will be required to complete an application form. Life Insurance Application
How to calculate your premium: (Refer to tables in the Product Disclosure Statement)
Example: Male aged 39, White Collar, non-smoker, Death & TPD cover for $400,000
(0.96 x 1.0) * 400,000/1,000 = $384.00
Personal details (Example Con't.):
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Amount of Cover: |
Calculation: |
Premium Estimate: |
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$100,000 |
((0.96 x 1.0) x 100,000/1000) |
$96.00 p.a. |
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$200,000 |
((0.96 x 1.0) x 200,000/1000) |
$192.00 p.a. |
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$300,000 |
((0.96 x 1.0) x 300,000/1000) |
$288.00 p.a. |
Notes:
For details on features and premiums, such as premums for Death Only or Income Protection insurance, please contact Grosvenor Pirie.
The figures shown above are estimates only, should the final premium be different to the quote, Grosvenor Pirie will contact you directly.
Action required:
To apply for insurance cover you are required to complete an Application Form.
Return the completed application form to Grosvenor Pirie and we shall pass it onto AIG for assessment. We shall advise you in writing of your insurance cover and the date from which you will be covered.
In some circumstances the insurer may also require you to provide additional medical or financial information, or undergo medical testing. Where this is the case, we shall advise you of the additional requirements.
You will be covered once the insurer has accepted your application and the first premium has been paid. During the assessment stage you will have interim accidental death cover at no extra cost up to a maximum of $500,000 for 90 days from the date your application has been received.