Insurance
Imagine if you were unable to work for a period of time due to injury or illness. Would you or your family be able to manage financially? Even worse, what if you weren’t around at all? How would they cope?
Death cover pays a lump sum to your nominated beneficiaries if you die or suffer a terminal illness where death is likely to occur within 12 months. Death cover can provide financial security in a time of uncertainty and can help cover debts and living expenses.
Disability cover provides you with a lump sum payment if you’re totally and permanently disabled and can’t work again.
Please read the Product Disclosure Statement for details about beneficiaries, Trustee discretion and specific definitions.
Why insure through super?
- Insurance through super is generally cheaper than an individual policy you might buy with an insurance agent or broker.
- Premiums are conveniently deducted from your super account
- Payment is tax-effective, because super contributions are only taxed at 15%
WALGSP offers a choice of 3 different types of insurance cover to eligible members:
Death & TPD Insurance
In the event of your death or total and permanent disablement while you’re a member of the Fund, a lump sum amount consisting of your super and your insured amount may be paid to you or your dependants.
What are the levels of cover?
If you’re eligible, you can choose from four levels of cover:
Description
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Level of cover
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1. Basic Cover
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Units of cover Age-Based to Age 70 (maximum of 5 units)
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2. Standard Cover
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15% x Insured salary x Years to age 65
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3. Top Cover
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20% x Insured salary x Years to age 65
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4. Fixed Cover**
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Multiples of $20,000
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*Default cover is 3 units of Basic Cover
** You can choose Fixed Cover on top of, or instead of, the Basic, Standard and Top Cover amounts.
The percentages of Insured salary quoted above relate to your total package salary including super contributions.
If you make a claim, the salary level used to calculate your entitlement (Insured salary) will be your salary at the date of death or disablement or 110% of the most recently advised salary (Declared salary), whichever is the lesser.
Eligibility criteria apply so please read the Product Disclosure Statement.
What does it cost?
Use our Insurance premium calculator to estimate the cost of your chosen level of cover.
How to apply or vary cover.
Complete an Insurance Application or Variation form and send it to us.
Salary Continuance Insurance
Salary Continuance Insurance (SCI) gives you a monthly income based on a percentage of your salary, if you’re unable to work due to illness or injury and satisfy the conditions for a total disability benefit or a partial disability benefit.
What are the levels of cover?
If you’re eligible for SCI, you can choose from multiple levels of cover with benefits payable for 2 years, 5 years or to age 65 with options on waiting periods, subject to any time frame and terms of the policy.
The percentages of Insured salary quoted above relate to your total package salary including super contributions.
If you make a claim, the salary level used to calculate your entitlement (Insured salary) will be your salary at the date of death or disablement or 110% of the most recently advised salary (Declared salary), whichever is the lesser.
Eligibility criteria apply so please read the Product Disclosure Statement.
What does it cost?
Use our Insurance premium calculator to estimate the cost of your chosen level of cover.
How to apply or vary cover.
Complete an Insurance Application or Variation form and send it to us.
Simplifying Insurance
Salary continuance insurance made easy
Temporary Residents
From 1 April 2009 members who are, or have been a temporary resident, are generally restricted in the manner in which they can access their superannuation.
The ATO will periodically issue temporary resident reports to superannuation funds who are required to transfer all amounts held in those member's accounts, to the ATO. If required, the Trustee will transfer any unclaimed superannuation of temporary resident's to the ATO.
Under relief granted by ASIC, exit statements are not required to be sent to the members advising that their account has been transferred to the ATO. WALGSP will be relying on this relief.
If a temporary resident subsequently contacts the fund, information about the payment to the ATO will be provided. Please note that any temporary resident has the right to contact the ATO and make an application to it requesting payment of any transferred unclaimed superannuation.