Members Life Insurance
Life Insurance Offering
Grosvenor Pirie would like to inform you that, all members of the Fund have access to a flexible life insurance product.
Members of the fund can obtain:
- Death only insurance
- Death and Total and Permanent Disability insurance
- Income protection (or Salary Continuance) insurance
Grosvenor Pirie believes this insurance offering effectively complements our core Fund principles of being:
- Low cost
- No commissions or trailing fees
- Easy to understand
Life Insurance is not taken out automatically for every Member of the Fund.
Grosvenor Pirie provides this as general advice and should you require more specific personal advice you will need to speak with an Authorised Representative of Grosvenor Pirie.
Ph: 1300 366 657 or info@gpml.com.au
POLICY FEATURES AT A GLANCE:
Insurance provider:
The insurance cover provided under the Fund to the Trustee by AIA Australia Limited ABN 79 004 837 861, AFSL No. 230043 (referred to as 'AIA' or the 'Insurer').
AIA is a subsidiary of the AIA Group and is a specialist provider of risk management products aimed at protecting the financial health and welfare of Australians. AIA is one of the world's leading risk insurers and has been protecting Australians for over 30 years. AIA 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".
The insurance benefits are subject to the policy document held by the Trustee, the main features of which are described in the Product Disclosure Statement (PDS) dated 1st February 2010 pages 15 to 21.
Download a Life Insurance Guide for more information: Life Insurance Guide
What insurance options are available?
Death Only:
Available to individuals Individuals between the ages of 16 and 65 (next Birthday), up to a maximum of $5,000,000
Death and TPD:
Available to Individuals between the ages of 16 and 65 (next birthday) and working full-time or Part -time for at least 15 hours per week, up to $5,000,000 for Death and up to $2,000,000 for TPD.
Income Protection:
Available to Individuals between the ages of 16 and 65 (next birthday) and working full-time or Part -time for at least 15 hours per week, up to $20,000 per month 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 each year in line with your age. However, we have been able to lock in the premium rates until 30th June 2012.
Payable:
The premiums will be automatically withdrawn from your account balance at the begining of each month and is not pro rated for part months.
How to calculate your premium: (Refer to tables in the attached Insurance guide)
Example:
Male aged 39 (next birthday), White Collar, non-smoker, $400,000 Death & TPD Insurance
(0.96 x 1.0) * 400,000/1,000 = $384.00
Action required:
To apply for insurance cover you are required to complete a Life Insurance Application Form: Goto the "Forms" section of this website - Form No.: 660 - 4
Return the completed application form to Grosvenor Pirie and we shall pass it onto AIA 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.