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ANZ Super Advantage
Product Disclosure Statement – Insurance Guide
Group Salary Continuance (GSC) Cover
1 January 2006
The Employer PDS is comprised of:
> Employer Book
> Member Book
> Investment Information Book
> Insurance Guide (this book)
> Associated Employer Application Form
The Member PDS is comprised of:
> Member Book
> Investment Information Book
> Insurance Guide (this book)
Employer-sponsored members
The insurance cover described
in this Guide is provided by
TOWER Australia Limited
ABN 70 050 109 450
under group policies issued by
TOWER Australia Limited to the Trustee.
Contents
Introduction
1
What is Group Salary Continuance (GSC)?
1
What are the fees and charges?
2
What do members need to know about the insurance cover?
2
What benefits are payable?
5
What do members need to know about making a claim?
7
What else do members need to know?
8
Dictionary
11
Important Notes
The Trustee operates these relationships on an arm’s length basis.
Where an employer joins ANZ Super Advantage, their employees become
members of ING MasterFund ABN 53 789 980 697 (SFN 292 916 944; SPIN
ANZ0265AU) (the Fund).
ING Custodians is responsible for the contents of this PDS except for information
about external fund managers and externally managed investment funds.
Information about each external fund manager and the investment strategy,
objectives and asset allocation of any investment fund it manages is based on
information provided by the external fund manager. The external fund managers
have provided consent to be named. The external fund managers consent to
information based on information they have provided being included in the
PDS in the form and context in which it has been included and they have not
withdrawn their consent at the time of preparation of this PDS. They take no
responsibility for any other information in this PDS.
ING Custodians Pty Limited ABN 12 008 508 496 AFSL 238346 (ING Custodians)
is the Trustee of the Fund and the issuer of this Product Disclosure Statement (PDS).
ING Custodians is a subsidiary of ING Australia Limited ABN 60 000 000 779
(ING Australia).
The Trustee invests all contributions into a master life policy issued by ING
Life Limited ABN 33 009 657 176 (ING Life) which then invests in selected
investment fund(s). The master life policy is governed by the Life Insurance
Act 1995 (Act) and is a contract between the Trustee and ING Life. ING Life is
required to conduct its business in accordance with the Act and in the best
interests of policyholders, invest all of the assets it receives from the Trustee in
statutory funds approved by the Australian Prudential Regulation Authority and
must comply with prescribed capital and solvency standards. ING Australia is
also the administrator of the Fund.
The value of investments in managed funds, superannuation and retirement
products rises and falls. Neither ING Custodians nor any company in the ANZ
or ING guarantees investment performance or earnings or return of capital
investment in the Fund unless otherwise stated.
In this PDS, reference to Insurer means TOWER Australia Limited
ABN 70 050 109 450.
An investment in the Fund is neither a deposit nor a liability of:
The information in this PDS, including taxation information, is:
>Australia and New Zealand Banking Group Limited ABN 11 005 357 522 or
any of its related corporations (ANZ)
>based on the continuance of present laws and our interpretation of those laws
> ING Australia
> ING Bank (Australia) Limited ABN 24 000 893 292 (ING Bank)
> ING Investment Management Limited ABN 23 003 731 959 (INGIM)
>any other company in the ING Group (ING) other than ING Life in relation to the
master policy.
If the employer has selected insurance cover as part of ANZ Super Advantage,
the insurance cover is provided by TOWER Australia Limited ABN 70 050 109 450
AFSL 237848 (Tower) under group policies issued to the Trustee. The Trustee
reserves the right to change the insurer, or vary the benefits or premium rates
from time to time.
This PDS should not be used as a substitute for financial advice and employers
should speak to a licensed financial adviser before participating in ANZ Super
Advantage. This PDS will assist employers to determine whether this product
is suitable for their employees’ needs and assist members to understand their
superannuation benefits. You should read all parts of this PDS.
The Trustee relies on a number of third parties for the provision of specialist
services in respect of the Fund, such as ING Life to provide the master investment
policy and through it:
>INGIM to manage ING investment funds. INGIM is not a subsidiary of
ING Australia
>INGIM to also manage specialist OptiMix Manage the Managers
investment funds
>a range of external fund managers who manage the investment funds other
than those managed by INGIM
>Aon Consulting Pty Limited ABN 48 002 288 646 (Aon Consulting) for
specialist Defined Benefit administration services.
> up to date at the time of its preparation.
However, some information may change from time to time. For example, the
insurance policy that is issued to the Trustee on behalf of the superannuation
fund may be altered, or the way in which we process applications may change.
We will issue a supplementary or replacement PDS if there is a materially adverse
change to information in this PDS or there is a materially adverse omission from
the PDS.
The Trustee can change any procedures or terms and conditions referred to in this
PDS with reasonable notice.
The invitation to invest in ANZ Super Advantage in this PDS is only available to
persons receiving this PDS in Australia. It is not made, directly or indirectly, to
persons in any other country.
ING Custodians Pty Limited
347 Kent Street
Sydney NSW 2000
GPO Box 4028
Sydney NSW 2000
Phone 13 38 63
Fax 02 9234 6668
Introduction
ANZ Super Advantage (Fund) offers you an extensive range of
choices in insurance cover, which you can structure to meet
your financial needs. The Fund offers:
> Death Only Cover
> Group Salary Continuance (GSC) Cover.
This Insurance Guide deals with your GSC Cover, and applies
to you if your employer has chosen GSC Cover for you.
Details of your insurance cover will be shown on your Welcome
letter and also on your Annual Statement each year. Where
your Welcome letter indicates that you have Death or Death
and TPD cover, you should receive an Insurance Guide – Death
and Total and Permanent Disablement Cover for Employer
Sponsored members. If you have not received a
copy of that Guide please contact Customer Services on
13 38 63 to obtain a copy.
Insurer
TOWER Australia Limited ABN 70 050 109 450 (Tower)
provides the insurance cover set out in this Guide.
ING Custodians (as the Trustee of the Fund) may change
Insurers and the terms of the insurance policies providing the
insurance cover under the Fund at any time. If this occurs, you
will be advised of this in your next Fund Annual Report.
Dictionary
Included in this Guide is a dictionary of important words and
terms that are relevant to the insurance cover provided under
the Fund. You should always check the dictionary to see if a
word or term has a specific meaning. See pages 11–13 of
this Guide.
What is Group Salary Continuance
(GSC)?
Eligibility
GSC Cover is only available to you if your employer has chosen
GSC Cover for you. If your employer has not chosen GSC Cover
for you, you cannot apply for this cover. If your employer has
chosen GSC Cover for you, you can cease this cover. However,
you cannot change the level of cover or the waiting period
chosen by your employer to apply to you.
Unless an Automatic Acceptance Limit applies to you (see
below), to be eligible for cover all of the following must apply:
> your employer must apply for cover for you
> you must be at least aged 15 years but less than 65 years
when your employer applies for that cover
> you must not be working in an excluded occupation when
your employer applies for that cover (unless the Insurer has
given prior written approval)
> you must satisfy the Cover Worktest. For more information
see page 2 of this Guide.
In this case cover will only apply if the Insurer provides written
notice that you have been accepted for the cover.
Automatic Acceptance Limit (AAL) eligibility rules
If an AAL applies to you (refer to your Welcome Letter), you
are eligible for cover if you satisfy the AAL eligibility rules
set out in this section. Where an AAL applies, the insurance
cover selected for you by your employer, up to the level of the
AAL, is provided without you needing to give the Insurer any
evidence of your good health.
To be eligible for automatic acceptance:
> you must complete an application form to join the Fund
within any time specified in the employer plan rules or
> if the employer plan rules do not require you to complete an
application form, you must join the Fund.
Overview
You must also satisfy all of the following requirements:
GSC Cover is made up of a number of different components,
some or all of which may apply to you. They are:
> you must not be a member of a category for voluntary cover
> Total Disability (TD) Benefit
> Partial Disablement Cover
> Interim Accident Cover
> Superannuation Reimbursement Benefit
> Extended Cover
> New Events Cover.
The rules relating to these different cover components
(including whether they apply to you) are explained later in
this Guide.
> you must be ‘at work’ on the day you first become eligible to
join the Fund (however, this rule does not apply to increases
in cover)
> you must satisfy the Cover Worktest explained on page 2 of
this Guide
> you must not have automatic acceptance for the same or
a similar type of benefit under any other group
insurance policy
> you must be an Australian resident (unless the Insurer
agrees otherwise in writing)
ANZ Super Advantage Insurance Guide – Group Salary Continuance Cover
> Death and Total and Permanent Disablement (TPD) Cover
Where a benefit is payable, it is paid monthly for a period of
up to two years.
> you must not be working in an excluded occupation at the
time you were first eligible to join the Fund (unless the
Insurer agrees otherwise in writing)
> you must be aged at least 15 years but less than 65 years
ANZ Super Advantage Insurance Guide – Group Salary Continuance Cover
> the amount of cover, or increase in cover, must be
determined by the benefit formula applying to your
membership category.
> Upon you becoming eligible to join ANZ Super Advantage,
your employer must notify us of your membership and remit
an initial contribution within 120 days.
Cover Worktest
The Cover Worktest means you must be employed by one or
more participating employers for at least 20 hours per week
on the date you are first eligible to join the Fund.
For increases in cover you must meet the Cover Worktest
condition above, on the date the increase in cover is
applied for.
If you do not satisfy this ‘Cover Worktest’, you cannot
commence or increase GSC Cover.
If you join the Fund when you are working less than 20 hours
per week, but later start working more than 20 hours per
week, you will only have GSC Cover if you apply for that cover
and the Insurer provides you with written notice that you have
been accepted.
Where takeover terms apply
Different eligibility rules will apply if the Insurer has provided
takeover terms to your employer (for more information see
page 9 of this Guide).
What are the fees and charges?
Premiums
The Insurer can change premium rates (even during a premium
guarantee period) in any of the following circumstances:
> Australia is involved in a war, whether declared or not, or
there is an armed invasion of Australia
> the benefit formula for a particular membership
category changes
> for a particular employer plan, if there has been a change
of 25% or more in the number of persons insured in a
particular employer plan since the date it was established.
The Insurer can also change premium rates if there is no
premium guarantee date or on expiry of a premium guarantee
date by giving notice to the Trustee.
The Trustee must give you at least 30 days prior notice of any
increase in premiums.
Commission
The Insurer deducts a commission of up to 10% of the premium
paid for your cover, and pays that amount to the Trustee.
What do members need to know about
the insurance cover?
Commencement of insurance cover – where AAL applies
If you:
> satisfy the AAL eligibility rules and
> were employed by your current employer before the
Trustee accepted its application to become a Participating
Employer, and if relevant, the Insurer accepted the
application to provide cover,
the insurance cover selected by your employer for you, up to
the AAL, commences when your employer’s application was
accepted or was agreed to take effect.
Premiums are deducted monthly from your account in
the Fund.
If you:
If your employer had up to 49 insured members who were
eligible for insurance as at the commencement of your
employer’s employer plan, your premiums for GSC Cover are
shown on page 14 of this Guide. The Insurer can change these
rates in the circumstances set out below.
> commenced employment with your employer after its
application to become a participating employer was
accepted by the Trustee, and if relevant, the Insurer
accepted the application to provide cover,
However, the Trustee may have negotiated different premium
rates with your employer and the details of these premium
rates are available from your employer or by calling Customer
Services on 13 38 63. Your Welcome Kit will also confirm the
amount deducted from your account in the Fund each month.
You will not be charged a premium while you are receiving a
benefit. However, premiums continue to be payable during
any waiting period.
> satisfy the AAL eligibility rules and
the insurance cover selected by your employer for you, up to
the AAL, commences when you first become eligible to join
the Fund.
Where you qualify for automatic acceptance of an increase
in cover within the AAL and your insurance cover increases,
the increased cover starts on the date you became eligible
for the increase.
However, in all these cases, cover only commences as set out
above if premiums are paid for you relating back to the date
your cover commenced.
Commencement of insurance cover – where an AAL is
not available
This section explains the position where AAL is not available
to you.
An AAL would not be available to you due to one of
the following:
> you do not satisfy the AAL eligibility rules
> for some other reason specified in this Guide, you are
required to go through underwriting.
Where an AAL is not available, you will only have GSC Cover
if your employer applies for the cover (or cover in excess of
any applicable AAL), and you provide the Insurer with any
evidence it requires e.g. evidence of your good health. The
Insurer will assess you for cover, and notify you in writing if
you have been accepted for this cover.
Where an AAL is not available, or an application for cover or
increase in cover in excess of the AAL has been made, cover
will not apply until the Insurer has assessed and accepted
your application in writing.
Extended Cover
If you leave the Fund for reasons other than retirement
or disablement prior to age 65, you will continue to have
Extended Cover for a maximum period of 60 days.
Extended Cover means cover for total disability or partial disability
caused by an accident. This cover starts on the day you cease
to be a member of the Fund, and stops on the earliest of:
> 60 days after you ceased to be a member of the Fund
> you reaching age 65
> you starting alternative insurance for the same or
similar benefits
> the policy ending
> you retiring
> you die.
Cover only commences from this date if premiums are paid for
you relating back to the date your cover or increase in cover
commenced. Also, your cover will be subject to any special
conditions (e.g. premium loadings, or specific exclusions)
notified by the Insurer.
In order for Extended Cover to apply, you must have had GSC
Cover on the date you left the Fund and your member account
balance on that day must be sufficient to pay the premium.
Your waiting period will apply, and the insured benefit will not
be payable more than once in respect of any one accident. The
benefit amount will be calculated as at the date immediately
prior to the date you ceased to be a member of the Fund.
Interim Accident Cover
Non-payment of premiums
While the Insurer is considering your application for cover, or
cover in excess of any applicable AAL, you will be entitled to
Interim Accident Cover for a period of up to 90 days from the
date of your application.
Your GSC Cover will cease 60 days after there is insufficient
money in your account in the Fund to meet your monthly premium.
Where Takeover Terms apply
Different rules about commencement of insurance cover
will apply if the Insurer has provided takeover terms to
your employer.
Cessation of GSC Cover
Your GSC Cover (if any) will immediately cease on the first
to occur of the following:
> your death
> you reach age 65
> Extended Cover has ceased after you leave the Fund
> you retire from the workforce
> you start other insurance for the same or similar amount
of benefits (apart from cover under this policy)
> 60 days after a premium is not paid in respect of you
> the policy ends.
Paid leave and parental leave in Australia
Provided premiums continue to be paid, your cover will
continue while you are on paid leave.
If you are on maternity or paternity leave (paid or unpaid), or
unpaid full-time study or travel, your GSC Cover can continue
for a period of up to one year, provided premiums continue
to be paid. However, in all cases, your cover is subject to the
restrictions explained below.
Overseas Cover
Your cover will continue while you are overseas, as
described below.
If you are an Australian resident
> Cover continues for up to three months (or a longer period
agreed by the Insurer) while you are outside your normal
country of residence
> Cover continues for up to three years if you are temporarily
residing overseas, and you were an Australian resident
when cover commenced. However, this cover is subject to
the Insurer’s prior written consent, and your complying with
any restrictions or special conditions which are imposed.
ANZ Super Advantage Insurance Guide – Group Salary Continuance Cover
> AAL does not apply to your employer plan
You will not be eligible to claim a benefit unless you satisfy all
relevant policy conditions, including the Claim Worktest. For
more information see page 6 of this Guide.
If you are not an Australian resident
> Your cover will continue for up to three months (or a
longer period agreed by the Insurer) while you are
outside Australia.
ANZ Super Advantage Insurance Guide – Group Salary Continuance Cover
If you make a claim while you are overseas, the Insurer may
require you to return to Australia for medical treatment and
assessment. This will be at your own cost.
You will need to go through underwriting in order to resume
cover if your cover has previously ceased due to you having
been overseas for an extended period. For the definition of
underwriting see page 13 of this Guide.
Leave without pay
If you are on leave without pay (e.g. to travel or undertake
full-time study), then provided the Insurer gives prior written
consent (prior consent is not required for parental leave) and
premiums continue to be paid, your GSC Cover can continue for
up to one year (including periods you spend overseas as defined
in Overseas Cover on page 3). This cover will be subject to any
special conditions or restrictions imposed by the Insurer.
If you make a claim during unpaid leave:
> your waiting period starts when a medical practitioner certifies
that you are unable to work due to an accident or sickness
> your benefit period starts on the date you were expected
to return to work as documented in your leave notice. This
condition does not apply for parental leave.
If you make a claim while you are overseas, the Insurer may
require you to return to Australia for medical treatment and
assessment. This will be at your own cost.
ANZ Super Advantage Personal premium rates, which are
higher than the premiums in the Corporate Division, are
subject to any premium loadings which applied to your
insurance cover under the Corporate Division. The terms and
conditions of the Personal Division, including the insurance
premiums for the Personal Division, apply to you as a retained
member from the date you ceased employment. If the Trustee
is not advised at the time you ceased employment with your
employer, the amount representing the difference between the
Personal Division premium rates and the Corporate Division
premium rates will be calculated from the date you ceased
employment and this amount will be deducted from your
account at the time of notification.
Note: If your employer previously paid the insurance premiums
on your behalf, that arrangement ceased when you left your
employer and premiums will now be deducted directly from
your account on a monthly basis.
If your income reduced after moving to ANZ Super Advantage
Personal, your monthly GSC benefit will be the same
percentage (as in the Corporate Division) of your new income,
but your overall benefit value will reduce.
If your new income is higher than your last income, as defined
in the dictionary on page 12, in the Corporate Division, you
will need to apply for an increase in your GSC benefits to take
into account your increased income. Any increase in benefits
will not apply until assessed and accepted by the Insurer in
writing. There will also be an increase in your premiums for
the higher cover.
As your insurance requirements may change on leaving your
employer, you should speak to your financial adviser to help
determine your insurance needs. Your cover will cease when
You will need to go through underwriting in order to resume
you withdraw/transfer your account from the Fund or if the
cover, if your cover has previously ceased due to you having been other conditions of ceasing insurance cover apply to you.
on extended unpaid leave.
If you leave the Fund, you may have Extended Cover and a
Residency
continuation option, details of which will be provided to you
when you transfer to ANZ Super Advantage Personal. For an
Unless notified otherwise, cover is only available to Australian
residents. However, cover may continue even if you subsequently explanation of continuation option see page 12 of this Guide.
cease to be an Australian resident, provided you were an
Australian resident at the time cover was first provided.
(This is subject to any other restrictions or limitations set out
in the policy.)
Continuing insurance after ceasing employment
If you cease to be employed by a participating employer, you will
be automatically transferred to ANZ Super Advantage Personal.
The cover (if any) you had in the Corporate Division (subject
to any underwriting conditions that apply to you) will continue
under ANZ Super Advantage Personal. This applies regardless of
whether you change to an excluded occupation after you leave
your current employment. However, the cover will be subject to
the terms and conditions of the insurance policy that provides
cover for ANZ Super Advantage Personal at the time and the
premium rates under that policy at that time.
Keeping track of your insurance
Your Member Statement will set out your level of cover under
the Fund. You can also call Customer Services on 13 38 63 for
more details.
Using your Client Registration Number (CRN) and Telecode you
can log onto the ANZ website at www.anz.com/wealth/super
to check your current insurance benefits.
Underwriting
You must go through underwriting in order to commence,
recommence or increase your GSC Cover (as the case may be)
in a number of situations explained elsewhere in this Guide.
Where underwriting is required, you will only have the relevant
cover once the Insurer has assessed and notified in writing
that it has accepted your application.
What benefits are payable?
Monthly benefit
The TD Benefit is a monthly benefit calculated using a benefit
formula (selected by your employer) which relates to your
monthly income. The amount of your cover is set out in your
Member Statement.
A benefit under Interim Accident Cover ceases on the earliest
of the following:
> you cease to be totally disabled
> benefits have been paid for the maximum benefit period
of two years
Basic Cover
> you die
If your employer has selected Basic Cover, this provides a
monthly benefit of 75% of your income if you suffer total
disability. The benefit is only payable after 90 days continuous
absence from work because of total disability (called the 90
day waiting period). The benefit is paid for a maximum period
of two years.
Interim Accident Cover ceases on the earlier of:
Enhanced options
As an alternative, your employer may have chosen an
enhanced option of:
> 50% or 75% of income
> a 30, 60, or 90 day waiting period.
Waiting period
The waiting period is the length of time between when you are
totally disabled and when the Insurer starts paying benefits.
Your employer chooses your waiting period. The longer your
waiting period, the lower the premium that applies to you.
The TD Benefit is only payable where you have suffered total
disability for at least the waiting period. No TD Benefit is
payable if cover ceases, or if you turn 65 before the end of the
waiting period.
> 90 days after it commences
> the assessment and acceptance of the cover by the Insurer
(even if subject to special conditions)
> the rejection (or deferral of the acceptance) of the cover by
the Insurer
> your leaving the Fund
> your reaching age 65
> the policy ending
> your application for cover or increased cover (as the case
may be) being withdrawn
> your death.
You will not be eligible to claim a benefit unless you satisfy all
relevant policy conditions, including the Claim Worktest which
is explained on page 6 of this Guide.
Partial Disablement benefits
A Partial Disability Benefit is only payable if all of the
following apply:
Interim Accident Cover
> you are partially disabled
While the Insurer is considering your application for GSC
Cover or any variation to that cover, you will be entitled to
Interim Accident Cover for up to 90 days from the date of your
application.
> a TD Benefit has been paid for at least one day in respect of
the same disability
Interim Accident Cover provides you with a monthly benefit if
all of the following apply:
> you suffer total disability as a result of an accident
> the total disability occurs within 90 days of the accident.
The benefit payable is the part of the TD Benefit that is being
assessed by the Insurer, but limited to a maximum benefit of
$6,000 per month less any other TD Benefit payable under
the policy.
The maximum benefit period of two years applies. The
monthly benefit will be reduced by the payments referred to
in ‘Benefit reductions’ on page 7 of this Guide). The benefit is
not payable more than once in respect of any one accident.
> your post-disablement income is 80% or less than your
pre-disablement income
> you satisfy any other relevant policy conditions.
The Partial Disability Benefit is equivalent to the drop in
the income you earn while suffering partial disablement
expressed as a percentage of your pre-disablement income
multiplied by your TD Benefit.
Because a TD Benefit must already have been paid for at least
one day before you are entitled to a Partial Disability Benefit,
no waiting period applies to this benefit. The maximum
combined period for which a TD Benefit and Partial Disability
Benefit will be paid is two years.
ANZ Super Advantage Insurance Guide – Group Salary Continuance Cover
> you reach age 65
ANZ Super Advantage Insurance Guide – Group Salary Continuance Cover
Superannuation Reimbursement Benefit
Recurrence of disability
Your employer can apply for optional Superannuation
Reimbursement Benefit of up to 10% of your income. This
benefit will be paid to the Fund (while a TD Benefit or Partial
Disability Benefit is being paid in respect of you) in order
to allow employer superannuation contributions to be
maintained for you while you are disabled.
The Insurer will treat a recurring disability as a continuation of
your previous claim if:
This additional cover applies only if selected by your employer
and is limited to the lesser of:
> the percentage of income the participating employer is
contributing to the Fund as superannuation contributions
for you
> 10% of income.
Claim Worktest
In addition to all other requirements, in order to be eligible to
claim a TD Benefit, you must satisfy the Claim Worktest. If
you do not satisfy this test, you are not eligible to receive any
TD Benefit.
To satisfy the Claim Worktest you must meet one of the
following conditions.
> You must have been employed by a participating employer
and worked for an average of 20 hours or more per week
over a period of six consecutive months for the Participating
Employer immediately before the date of the event giving
rise to your disablement.
> If you have been employed by a participating employer and
worked for a period of less than six consecutive months
since commencing cover – you must have worked for an
average of 20 hours or more per week for the Participating
Employer from the date you became an Eligible Person as
defined in the policy.
For the purposes of the Claim Worktest, ‘participating
employer’ means the participating employer who employed
you at the time your cover commenced under the policy, or
any related company.
Periods of paid leave, parental leave, and approved unpaid
leave (for information on ‘Leave without pay’ see page 4 of
this Guide) are not counted for the purposes of the Claim
Worktest. For example, if you have worked for a Participating
Employer for less than six months and you go on unpaid
leave while cover continues, the six month consecutive period
over which your hours of work is averaged is reduced by
the leave period.
> your total disability or partial disability recurs within six
months of the date you were last entitled to receive a
TD Benefit or Partial Disability Benefit
> the cause of the recurring disability is the same or related to
the reasons for the previous claim and
> your cover under the policy has not ceased.
This means no waiting period will apply and your monthly
benefit payment will restart straight away (paid monthly in
arrears).
The monthly benefit will continue to be paid until the end of
the benefit period under your first claim. In other words, both
periods of disability will be added together to calculate when
your benefit period ends. The maximum benefit period is
two years.
The Insurer will treat the second disability as a new disability,
and not a continuation of the original claim if:
> you have been paid a TD Benefit or Partial Disability Benefit
for less than two years (original claim)
> you return to work and cease to receive the benefit
> more than six months since the date you were last entitled
to receive the benefit, you suffer total disability the cause of
which is the same or related to the reasons for the original
claim (second disability) and
> your cover under the policy has not ceased.
Where these requirements are satisfied, a new waiting period
and benefit period will apply.
No further benefit will be paid in respect of a disability
(including a disability arising from related causes) if a
TD Benefit or Partial Disability Benefit has been paid in
respect of that disability for the maximum combined benefit
period of two years.
Benefit reductions
Benefits payable in respect of the GSC Cover outlined in this
Guide will be reduced by any amount which is attributable
to income replacement you receive from one or more of the
following sources:
> social security, workers’ compensation, motor accident
compensation or other similar compensation paid under
State or Federal legislation
> any monthly income benefit paid under any insurance policy
held by the Trustee or you, including in some cases this policy.
If your age has been understated, your benefit will be
recalculated on the basis of the amount of premium already
paid, and what that premium would have purchased if it had
been calculated using the correct age.
If you have multiple GSC covers under the policy
It is possible to have multiple GSC covers under the policy.
This could occur if you are employed by more than one of
the Fund’s participating employers, and because of this
you have separate GSC covers relating to each participating
employer. You cannot have more than one GSC Cover in the
one employer plan.
Generally, there will be no advantage (and it may be
disadvantageous) for you to have multiple GSC covers under
the policy. This is because under the policy terms, you will
only ever be paid one amount of GSC Cover (see below for
more details). However, while you retain multiple GSC covers,
you will be charged premiums for each separate cover.
You should notify the Trustee immediately if you have multiple
GSC Covers under the policy and you wish to stop one or
more instances of it. You should note that premiums for each
separate GSC Cover will continue to be charged until the
Trustee is notified that you wish to cease cover.
Details of benefit reduction where multiple GSC Cover exists
If you have multiple GSC Cover under the policy only the GSC
Cover with the highest level of cover will be paid.
When benefits can be limited or deferred
Benefits can be stopped or limited in any of the following cases:
> you do not follow recommended reasonable medical
treatment and your refusal to follow the treatment is not
on reasonable grounds – in this case, the Insurer may stop
paying benefits
> the Insurer requires proof to substantiate continuing benefit
payments, and proof acceptable to the Insurer is not
provided within 30 days of its request – in this case, your
entitlement to receive benefits will end
Only one TD Benefit or Partial Disability Benefit will be paid in
respect of you at a time.
If you are totally disabled or partially disabled because of more
than one accident or sickness, a benefit will only be paid for
either one accident or one sickness, even if they are related. The
Insurer will pay the benefit for the accident or sickness which it
believes, based on medical or other evidence, is likely to result in
the longer benefit payment period.
Exclusions
A benefit is not payable when either total disability or partial
disablement is caused by:
> war or an act of war (even if the disability manifests after the
war or act of war)
> any intentional self-inflicted injury or attempt at suicide by you
> pregnancy, unless disability continues for longer than three
months after the pregnancy ends, in which case disability will
be considered to have started at the date the pregnancy ends.
Maximum GSC Benefit
The maximum GSC Benefit is $20,000 per month (including any
Superannuation Reimbursement Benefit) for a two year period.
No amount will be paid in excess of this maximum.
What do members need to know about
making a claim?
How to make a claim
The Insurer must be advised of your claim within 30 days of you
ceasing work due to a disability, unless otherwise agreed to by
the Insurer.
Payment of a claim is conditional on your satisfying all relevant
policy requirements by completing and returning claim forms as
required by the Insurer within 60 days or as soon as practicable
after the beginning of the period of total disability and providing
all relevant proof.
You are responsible for any costs associated with completion of
claim forms, and any other reports or assessments required to
substantiate your claim. You are also responsible for any costs
associated with completion of any progress claim forms, and the
Insurer may require these to be completed by a specialist.
Importantly, the amount of your income has to be substantiated
through the provision of appropriate financial records as
requested by the Insurer.
ANZ Super Advantage Insurance Guide – Group Salary Continuance Cover
> sick leave (expressed as a monthly amount) paid by an
employer
> a claim is not made within 30 days of your ceasing work due
to disability – in this case, if the Insurer has been prejudiced
by the delay, it will not pay benefits for the period of disability
before notification.
ANZ Super Advantage Insurance Guide – Group Salary Continuance Cover
If the Insurer considers it necessary, you must undergo
examination and/or specialist tests by a medical practitioner
it selects. The Insurer is responsible for these costs. If you do
not attend any pre-arranged medical consultations, you will be
liable for any fees incurred.
> if it reduces a claim because your income immediately
before disablement is less than the amount last notified to
the Trustee. In this case the Insurer will refund an amount
which represents the premium paid for the amount by which
the Insurer has reduced the benefits.
Your insured GSC Benefit will be paid by the Insurer to the
Trustee, who will deduct any tax that is payable in respect of
the benefit before paying the benefit to you.
Beneficiaries under disability
You will need to complete an Employment Declaration from
the Australian Taxation Office and provide the Trustee with
your complete bank account details.
Commencement and cessation of GSC Benefit
Benefits are calculated as at the last day ‘at work’ prior to the
accident or sickness.
Your GSC Benefit is paid monthly in arrears. Therefore, you
will receive your first payment one month after the end of your
waiting period. For part of a month, 1/30th of the benefit is
paid for each day you are entitled to be paid the benefit.
Your benefit will stop being paid when the first of the
following occurs:
> for a TD Benefit – you stop being totally disabled
> for a Partial Disability Benefit – you stop being partially
disabled
If you become entitled to a benefit from the Fund and
someone has been appointed to manage your estate because
you are under a legal disability (e.g. because of your mental
ill-health), the Trustee may pay your benefit to a person who
holds your enduring power of attorney.
What else do members need to know?
Duty of disclosure
Where you are required to provide information to the Insurer,
you have a duty under the Insurance Contracts Act 1984 to
disclose to the Insurer every matter that you know, or could
reasonably be expected to know, is relevant to the Insurer’s
decision whether to accept the risk of insurance and, if so, on
what terms.
Your duty of disclosure applies even after your application is
completed and until the Insurer has assessed and accepted
your application for insurance cover.
> if either a TD Benefit or Partial Disability Benefit stops
being paid, the Superannuation Reimbursement Benefit (if
applicable) will also stop being paid
You have the same duty to disclose those matters to the
Insurer before you change your insurance cover or apply for
new cover. Your duty, however, does not require disclosure of
a matter that:
> you have received benefit payments for a total of two years
> diminishes the risk to be undertaken by the Insurer
> you reach age 65
> is of common knowledge
> you die.
> the Insurer knows, or in the ordinary course of its business
ought to know
For information see ‘Maximum GSC Benefit’ on page 7 of
this Guide.
Waiver of premium
Your premium will be waived while you are receiving a
GSC Benefit.
Premium refunds
The Insurer will refund premiums:
> if it does not pay a claim because you do not satisfy the
Claim Worktest – in this case, the Insurer will refund
premiums paid which relate to the period commencing on
the day you last met the Claim Worktest, and ending on the
day of the event which, but for the operation of the Claim
Worktest, would have entitled you to claim a benefit
> if it does not pay a claim because you had an excluded
occupation, for more information see opposite
> is waived by the Insurer.
This duty of disclosure continues to apply until formal
notification of assessment and acceptance of cover or of any
change in cover by the Insurer.
Excluded occupation categories
The Insurer does not provide GSC Cover for certain occupations.
These are called ‘excluded occupation categories’. The list
of excluded occupations may change from time to time. The
Trustee holds a list of current excluded occupation categories.
If you are in doubt as to whether your occupation is an
excluded occupation, or you require additional information,
please call Customer Services on 13 38 63.
GSC Cover will not be provided to any employee who is in an
excluded occupation category if an AAL applies when he or
she is first eligible to join the Fund, or in any other case when
cover is applied for in relation to that employee, unless the
Insurer gives prior written approval.
If it is found at the time that a claim is made that you were
in an excluded occupation as outlined above, your claim will
not be paid and any premiums paid in respect of the rejected
cover will be refunded.
However, if you do not have GSC Cover and then change from
an excluded occupation to an occupation covered by the
Insurer, you will not be entitled to any GSC Cover unless you
apply for it and it is assessed and accepted by the Insurer in
writing and the Insurer has received the initial premium.
Takeover terms
The Insurer may agree to replace an insurance policy (the
previous policy) issued by another insurer (the previous
insurer) with the cover explained in this Guide. (This is
referred to as ‘takeover terms’.)
Cover provided under takeover terms
Where the Insurer provides takeover terms, the cover provided
is as set out below.
> If you were ‘at work’ on the last normal working day
immediately before the date the employer plan commenced
under the policy – you will have GSC Cover from the date
the employer plan commenced under the policy.
> If you were insured under the previous policy, but for
reasons other than accident or sickness you were not ‘at
work’ on the last normal working day before the date the
employer plan commenced under the policy – you will
have the same amount of GSC Cover as under the previous
insurer, provided that:
> if your benefit amount under the policy is higher than under
the previous policy, underwriting is required for any amount
which exceeds your AAL
> the Insurer may apply maximum take-over limits
> if the Insurer provides takeover terms, it will accept the
previous insurer’s underwriting terms which apply to
forward underwriting of future benefit increases (FUL’s),
subject to the following:
– the Insurer’s maximum FUL’s which apply on the date
cover commences under the policy will apply
– future benefit increases being based on the benefit
formula applicable to you under the policy.
New Events Cover
New Events Cover is GSC Cover provided as outlined in this
Guide and in accordance with the terms of the policy, but
excluding any claim related to accident or sickness which
directly or indirectly caused you to be not ‘at work’ on the
last normal working day before the date the employer plan
commenced under the policy.
Termination of the policy
The policy can be terminated in limited circumstances.
No cash value
If you cease to be a member of the Fund for reasons other than
disablement, no insured benefit is payable to you. That is, your
cover does not have a cash value on termination at any time.
The relationship between the Trustee and the Insurer
– on the day before the first day of the relevant absence,
you were ‘at work’ and
GSC Cover is provided under a life insurance policy issued
to the Trustee on behalf of the members of the Fund by the
Insurer, TOWER Australia Limited ABN 70 050 109 450.
Tower is not a related corporation of the Trustee.
– during the period where you were not ‘at work’, you were
not disabled due to accident or sickness prior to the date
the employer plan commenced under the policy.
The Insurer deducts a commission of up to 10% of the
premium paid to it for your cover, and pays that amount
to the Trustee.
> If you were insured under the previous policy, but due to
accident or sickness you were not ‘at work’ on the last
normal working day before the date the employer plan
commenced under the policy – you will have New Events
Cover from the date the employer plan commenced under
the policy. The New Events Cover will be replaced by full
GSC Cover once you satisfy the ‘at work’ conditions. (This
full GSC Cover will include cover for disabilities arising from
events prior to the take-over date in addition to the New
Events Cover.)
Further information
You will be notified if the Insurer agrees to takeover terms
other than those set out above.
If you would like further information, please call Customer
Services on 13 38 63.
ANZ Super Advantage Insurance Guide – Group Salary Continuance Cover
If you were not in an excluded occupation as outlined on
page 8, your cover (if any) will not be affected by any
subsequent change in occupation as long as you continue
to be a member of the Fund.
You should also note that:
Privacy
As part of your membership in the Fund and in relation to
any insured benefit which may be part of your membership
you need to understand that information about you will be
obtained and used by us and other parties, in the ways we
explain below.
10 ANZ Super Advantage Insurance Guide – Group Salary Continuance Cover
In this section the words ‘we’, ‘our’ and ‘us’ means:
> Australia and New Zealand Banking Group Limited
ABN 11 005 357 522 and each of its related corporations
(ANZ) as well as any person, entity or company with whom
ANZ enters into a joint venture, partnership or similar
business arrangement
> ING Australia Limited ABN 60 000 000 779 and each of its
related companies.
What information do we have about you?
Your employer provides us with your contact and investment
details, the amount you are investing, and the origin of the
amounts invested (employer’s superannuation guarantee
contribution, employer’s additional contribution, personal
contribution or spouse contribution). We may also receive
other personal information such as your age, occupation,
employment and insurance history which could also include
sensitive information about yourself such as (but not
restricted to) health information and any criminal charges.
In the future we may obtain other information (including
sensitive information) about you from yourself or other
sources, such as medical records, reports on your insurance
history and from solicitors, insurers, reinsurers, police,
assessors or investigators. This is all ‘your information’.
How will your information be used?
The information will be used by us and the Insurer for the
primary purpose of assessing your application, registering
you as a member if you are approved, administering
your investment in the Fund and/or your superannuation
entitlements, maintaining any insurances and assessing any
related claims. Your sensitive information will only be used for
these purposes.
Your information (other than sensitive information) will also
be used by us and the Insurer to maintain our relationship
with you as well as for our internal operations including
accounting, risk management, record keeping, archiving,
systems development and testing, staff training, credit scoring
and compliance monitoring. We may also use your information
to develop, establish and administer alliances and other
arrangements with other organisations in relation to the
promotion, administration and use of our respective products
and services, and to develop, identify, and (unless you have
requested us not to by calling Customer Services on 13 38
63) inform you of our products and services that may interest
you. Your information (other than sensitive information) may
also be used for market or customer satisfaction research,
compliance with legislative regulatory requirements or for
preventing or investigating crime or fraud and considering any
other application or claim made by you to us.
The collection of your information is important to enable us
to service both your relationship with us and our business
operations. Without some or all of your information, we and/or
the Insurer may not be able to process your application or any
claim on your superannuation entitlements.
Who will use your information?
As a member of the Fund, you acknowledge that we and the
Insurer may collect and disclose your information (including
sensitive information) for the purposes set out above, to any
of us; any person who carries out functions for us, including
your employer, doctors, lawyers, police, reference agencies,
investigators, assessors, insurers and reinsurers who may be
involved in assessment of a claim by you or your estate; other
organisations with whom we have arrangements or alliances
for the purpose of promoting or marketing our respective
products and services (and any agents used by us and our
business partners in administering such an arrangement
or alliance); payment system operators; any person you
authorise about whom you inform us in writing; your executor,
administrator, trustee, guardian or attorney, finance or stock
broker, legal or financial advisers or superannuation sales
consultant; or attorney under power, your employer(s); your
superannuation funds; any person who introduces you to
us; government, regulatory and law enforcement bodies and
agencies including (where appropriate) the Australian Tax
Office; debt collecting or credit reporting agencies; any insurer
appointed by the Trustee or the Insurer and any reinsurer of
any such insurer; any party to whom we or the Insurer are
authorised or required by law to disclose that information;
and any agent used by us or the Insurer or any of those
other parties.
Some of these parties may be based overseas. You agree that
we may disclose your information to an overseas party even if
that party may not be subject to the same privacy obligations
to you as we are.
Where you wish to authorise, or change an authorisation for
any other parties to act on your behalf, to receive information
and/or undertake transactions, please notify us in writing.
Dictionary
Please note amendments to the Family Law Act 1975
commenced on 28 December 2002 enabling certain persons
to request information about your interest in a superannuation
fund. We may, if requested, be required to provide information
about your interest in a superannuation fund to your spouse
or a person who intends to enter into an agreement with you
about splitting your superannuation interests in the event
of separation of marriage. The request must be in a form
prescribed by law. The law prevents us from telling you about
any such request for information.
‘AAL’ means Automatic Acceptance Limit.
Subject to exceptions permitted by law, you may access your
information at any time by calling Customer Services on
13 38 63. A fee may apply. If you find that the information
held by us is not accurate, complete and up to date, please
let us know and we will take reasonable steps to correct it.
If we receive and keep information about you from any other
person, you will have the same access to that information and
it can only be used for the same purposes and shared with the
same persons as the information that you give us.
What happens if you give us information about
another person?
If you give us personal information about another person,
for example to identify them as a preferred or nominated
beneficiary of your benefits, they have the same rights to
access and correct their information as you do, and their
information could be used in relation to the same primary
purpose and shared with the same parties. You should tell
them this and show them a copy of this statement.
If you have any further questions you would like answered
about privacy, please write or contact us at:
ING Privacy Officer
GPO Box 75
Sydney NSW 2001
Phone 02 9234 8111
Fax 02 9234 3979
Email [email protected]
AAL eligibility rules
‘AAL eligibility rules’ are defined on page 1 of this Guide.
accident
‘Accident’ means the occurrence of an injury caused directly
and solely by some violent accidental, external and visible
means and which is capable of direct proof.
However, for the purposes of Interim Accident Cover, ‘accident’
excludes an injury which is directly or indirectly caused by, or
attributable to an event, which:
> occurs whilst travelling by air other than as a passenger in a
fully licensed standard type aircraft owned and/or operated
by a recognised airline over an established air route
> occurs whilst mentally unsound, or whilst under the
influence of intoxicating liquor, narcotics or drugs and, as a
consequence of which, the Eligible Person is rendered less
capable than usual of taking care of himself or herself
> is in consequence of war (whether declared or undeclared)
> is in consequence of an intentional criminal act
> is in consequence of motor racing
> is in consequence of mountaineering, parachute jumping,
hang-gliding and any other activity which could cause the
Insurer to load or reject the application or insurance
> is in consequence of a professional sport of any kind.
‘at work’
‘At work’ means that on the relevant date you were capable of
performing the primary duties of your usual occupation or you
were on approved leave, other than leave for reasons related
to injury or illness.
If the relevant date is not a working day, this test applies on
the next working day.
A different ‘at work’ definition applies if cover was established
under takeover terms. Contact your employer for further
information.
Australian resident
‘Australian resident’ means an Australian citizen or a New
Zealand citizen living in Australia or a permanent Australian
resident with an appropriate visa. Additionally, an Australian
resident will also include individuals residing in Australia
on de facto or work type visas, but only whilst they reside in
Australia. Visitors, travellers, those on visitor’s permits, shortterm international students and employees, or anyone who is
on a short-term/temporary stay in Australia, will not qualify as
an Australian resident.
11 ANZ Super Advantage Insurance Guide – Group Salary Continuance Cover
How do you find out what information we have about you?
AAL
benefit period
GSC Cover
‘Benefit period’ means the period in respect of which benefits
will be paid under the policy.
‘GSC Cover’ under the policy is made up of a number of
different components. Depending on your circumstances,
some or all of these components may apply to you. They are:
Claim Worktest
Please see page 6 of this Guide for Claim Worktest conditions.
12 ANZ Super Advantage Insurance Guide – Group Salary Continuance Cover
continuation option
Where a continuation option is available to you after you leave
the Fund, you can apply to continue cover under a personal
insurance policy. Conditions apply, including that you must
apply in writing for the personal policy within 60 days of cover
(except Extended Cover) ceasing under the policy. Further
details on continuation options can be found in the Insurance
Guide – Group Salary Continuance for Retained members and
Personal members.
Corporate Division of the Fund
‘Corporate Division of the Fund’ means the part of the Fund
relating to employer-sponsored members.
Cover Worktest
Please see page 2 of this Guide for Cover Worktest conditions.
employer plan
‘Employer plan’ means the part of the Fund established by a
participating employer.
event
‘Event’ means an accident, sickness or other medical
condition or any directly or indirectly related condition that
has caused or could cause a claim to be made for a benefit
under the policy.
excluded occupation
‘Excluded occupation’ means an occupation for which
the Insurer will not provide GSC Cover without its prior
written approval.
Extended Cover
‘Extended Cover’ is defined on page 3 of this Guide.
Forward Underwriting Limit (FUL)
‘FUL’ means an amount up to which the Insurer has advised
it will provide cover for you in the future, without requiring
underwriting.
Fund
‘Fund’ means ANZ Super Advantage.
> Total Disability (TD) Benefit
> Partial Disablement Cover
> Interim Accident Cover
> Superannuation Reimbursement Benefit
> Extended Cover
> New Events Cover.
income
‘Income’ means either:
> your gross annualised income from employment last
notified to the Trustee
> another amount agreed by the Trustee with the Participating
Employer.
For these purposes, ‘income from employment’ means the
total remuneration package less any expenses incurred by
the insured person earning the income (if applicable) paid by
the employer to an insured person for their personal exertion.
Income does not include commissions, bonuses or overtime
unless the Insurer agrees in writing that it is included.
Insurer
‘Insurer’ means Tower. The Trustee may change insurers at
any time.
maximum benefit period
‘Maximum benefit period’ is the maximum period for which
benefits will be paid under the policy. The maximum benefit
period is two years.
medical practitioner
‘Medical practitioner’ means a medical practitioner who is
legally qualified and registered to the equivalent Australian
standards (and includes an appropriate specialist) who is not
the policy owner or the insured person, their spouse, relative
or business associate.
New Events Cover
See page 9 of this Guide for the definition of New Events Cover.
participating employer
‘Participating employer’ means an employer who participates
in the Fund.
partial disablement or partial disability
> are not working in any occupation and
‘Partial disablement’ or ‘partial disability’ means, after a
period of total disability for which at least one day’s TD Benefit
has been paid, you:
> are under the care of a medical practitioner.
> returned (or are capable of returning) to your own or any
other occupation
> as a result of the disability which caused your total
disability, your income for this work is less than the amount
of your pre-disablement income.
Partial Disability Benefit or Partial Disablement Benefit
‘Partial Disability Benefit’ or ‘Partial Disablement Benefit’
means the benefit payable on Partial Disability in relation to:
> are unable to perform at least one of the duties of your
occupation necessary to produce income
> are not working in any occupation and
> are under the care of a medical practitioner.
TD Benefit
‘TD Benefit’ means the benefit payable on total disability in
relation to:
> TD Cover
> Partial Disability Cover
> Interim Accident Cover
> Extended Cover
> Extended Cover
> New Events Cover.
> New Events Cover.
ANZ Super Advantage Personal
TD benefit amount
‘ANZ Super Advantage Personal’ means the part of the Fund
relating to Personal and Retained members. See the ANZ Super
Advantage Insurance Guide – Group Salary Continuance Cover
for Retained members and Personal members for more details.
‘TD benefit amount’ means either 50% or 75% of income, as
selected by your employer.
post-disablement income
‘Post-disablement income’ means the income earned by you
during Partial Disablement.
The policy or this policy
‘The policy’ or ‘this policy’ means the insurance policy issued
by Tower to the Trustee which provides the GSC Cover
described in this Guide.
pre-disablement income
‘Pre-disablement income’ means the income earned by you
prior to total disability.
sickness
‘Sickness’ means an illness, disease or disorder.
takeover terms
‘Takeover terms’ means the terms on which the Insurer agreed
to replace an insurance policy (the previous policy) issued
by another insurer (the previous insurer) with the policy
explained on page 9 of this Guide.
total disablility
‘total disability’ means if you:
> are unable to perform at least one of the duties of your
occupation necessary to produce income, as a result of
accident or sickness
underwriting
‘Underwriting’ means that in order to be assessed for cover
you must provide the Insurer with any evidence it requires
(e.g. evidence of your good health. In most cases, you will only
need to complete a Personal Statement Form. However, you
may also be requested to undergo a medical examination or
blood tests, including HIV).
Where underwriting applies, your cover (or if relevant, increase
in cover) will commence on the date your application has
been assessed and accepted by the Insurer, or another date
advised by the Insurer (subject to payment of premiums
relating back to the date your cover commenced).
waiting period
‘Waiting period’ means the period of either 30, 60 or 90 days
continual absence from work because of total disability. Your
employer chooses the waiting period that applies to you. No
benefit will be paid during the waiting period. The TD Benefit
is only payable where you have suffered total disability for at
least the waiting period. No TD Benefit is payable if cover ceases,
or if you turn age 65, before the end of the waiting period.
war or act of war
‘War or act of war’ means declared war or armed aggression
by one or more countries, resisted by any other country,
combination of countries or international organisations but
excludes an act of terrorism.
13 ANZ Super Advantage Insurance Guide – Group Salary Continuance Cover
> are under the care of a medical practitioner
However, for Extended Cover and Interim Accident Cover, total
disability means as a result of an accident, you:
Group Salary Continuance premiums
Effective from 1 September 2003.
Age next birthday
14 ANZ Super Advantage Insurance Guide – Group Salary Continuance Cover
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
Monthly premium for $100 of monthly insured benefit
30 day waiting period
60 day waiting period
90 day waiting period
Males
Females
Males
Females
Males
Females
0.58
0.58
0.58
0.58
0.58
0.60
0.60
0.60
0.63
0.63
0.60
0.60
0.60
0.60
0.60
0.63
0.65
0.67
0.69
0.73
0.76
0.80
0.84
0.91
0.95
1.02
1.08
1.17
1.23
1.32
1.40
1.51
1.62
1.75
1.88
2.03
2.18
2.35
2.55
2.74
2.98
3.24
3.52
3.82
4.17
4.54
6.26
5.38
5.81
3.13
0.89
0.89
0.89
0.89
0.89
0.91
0.91
0.93
0.93
0.95
0.93
0.91
0.91
0.91
0.93
0.93
0.97
0.99
1.04
1.08
1.14
1.21
1.27
1.36
1.45
1.53
1.62
1.73
1.86
1.99
2.12
2.27
2.44
2.61
2.81
3.02
3.26
3.52
3.82
4.13
4.47
4.86
5.27
5.72
6.24
6.80
7.41
8.06
8.73
4.71
0.56
0.56
0.56
0.56
0.56
0.56
0.58
0.58
0.58
0.60
0.58
0.58
0.56
0.56
0.58
0.58
0.60
0.63
0.65
0.69
0.71
0.76
0.80
0.84
0.91
0.95
1.02
1.10
1.17
1.25
1.34
1.43
1.53
1.64
1.77
1.90
2.05
2.23
2.40
2.59
2.81
3.05
3.33
3.61
3.93
4.28
4.67
5.08
5.49
2.96
0.84
0.84
0.84
0.84
0.84
0.84
0.86
0.86
0.89
0.89
0.86
0.86
0.84
0.86
0.86
0.89
0.91
0.95
0.97
1.04
1.08
1.14
1.21
1.27
1.36
1.45
1.53
1.64
1.75
1.88
2.01
2.14
2.31
2.48
2.66
2.87
3.09
3.33
3.61
3.91
4.23
4.58
4.97
5.42
5.90
6.42
7.00
7.60
8.25
4.45
0.26
0.26
0.26
0.26
0.26
0.26
0.26
0.26
0.28
0.28
0.26
0.26
0.24
0.24
0.24
0.24
0.24
0.24
0.26
0.26
0.28
0.30
0.32
0.35
0.39
0.41
0.45
0.50
0.54
0.58
0.63
0.69
0.73
0.80
0.86
0.95
1.08
1.21
1.36
1.53
1.71
1.92
2.14
2.40
2.70
3.00
3.37
3.74
4.10
2.25
0.39
0.39
0.39
0.39
0.39
0.41
0.41
0.41
0.41
0.41
0.39
0.37
0.37
0.35
0.35
0.35
0.35
0.37
0.39
0.41
0.43
0.45
0.50
0.54
0.58
0.63
0.69
0.73
0.82
0.89
0.95
1.04
1.12
1.21
1.30
1.45
1.62
1.81
2.03
2.29
2.57
2.87
3.22
3.61
4.04
4.51
5.03
5.59
6.16
4.23
The above rates apply to employer groups with up to 49 members (determined as at the time of the commencement of your
employer’s employer plan). Premium rates for employer plans with more than 50 members must be referred to the Insurer.
The above rates include 10% commission. Stamp duty has been included in the above rates.
15 ANZ Super Advantage Insurance Guide – Group Salary Continuance Cover
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16 ANZ Super Advantage Insurance Guide – Group Salary Continuance Cover
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A2160, 01/2006
Customer Services
Phone enquiries 13 38 63
Email
[email protected]
Postal address
ANZ Super Advantage
GPO Box 4028
Sydney NSW 2001
Website
www.anz.com