<Super> Hi, my name is Joshua van Gestel, Sunsuper’s National Education Manager.
<Super> For accumulation members, insurance is an important feature of your membership with Sunsuper - three forms of cover are generally available to you.
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<Super> Death cover, which provides a lump sum benefit in addition to your account balance, in the event of your death or if you become terminally ill.
<Super>Total and Permanent Disability cover, which provides a lump sum benefit to you in the event that you become totally and permanently disabled.
<Super> And Income Protection cover, which provides a monthly benefit in the event you’re unable to work due to sickness or injury.
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<Super> In the DuluxGroup Superannuation Plan, if eligible, you’re automatically provided with standard insurance cover.
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<Super> If you are a permanent employee, this cover is for Death and Total and Permanent Disablement, and is linked to your salary and age.
<Super>It is calculated as:15% x Salary x Years of Future Membership to age 65.
<Super> You can choose to change your cover to cover based on 5%, 10% or 20% of salary at any time.
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<Super> However if you choose to increase your cover you’ll need to be underwritten for cover and evidence of health may be required.
<Super> For those of you currently in the DuluxGroup Employees Superannuation Fund, your existing cover will continue with Sunsuper, including any additional voluntary cover you may have.
<Super> For those of you who are choosing to join the DuluxGroup superannuation plan with Sunsuper, you’ll have the opportunity to receive Standard cover automatically if you join before 29 January 2019.
<Super> If you choose to join at a later date you’ll need to be underwritten for cover and evidence of health may be required.
<Super> If you’re a casual employee you’ll receive one unit of Standard Death cover.
<Super> Standard Death cover is provided on a fixed premium basis that means your weekly premium stays the same over time, but the amount of Death cover generally decreases as you get older.
<Super> For those of you who are choosing to join the DuluxGroup superannuation plan with Sunsuper, you’ll have the opportunity to receive this cover automatically if you join within 120 days of commencing employment with DuluxGroup.
<Super> If you choose to join at a later date you’ll be provide cover upon receipt of a superannuation guarantee contribution but Limited Cover conditions will apply.
<Super> It’s important to be aware that your superannuation death benefits do not automatically form part of your estate when you die.
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<Super> Members of the DuluxGroup Superannuation Plan can complete a preferred beneficiary nomination to nominate who you would like to receive your super and insurance in the event of your death.
<Super> The Sunsuper Trustee will use your nomination as a guide, but still has discretion to pay others where it is appropriate.
<Super> Or you can make a binding beneficiary nomination, which means the Trustee is bound to pay in accordance with your instructions, noting that some rules apply to the nominations you can make.
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<Super> If you are a member with the DuluxGroup Employees Superannuation Fund, and have previously made a preferred or binding nomination of beneficiary, this will continue at Sunsuper - but as a preferred beneficiary nomination as by law, we are unable to carry across any binding arrangement.
<Super> We’ll send a binding nomination form with your Welcome Letter that we encourage you to complete and return to us.
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<Super> Income Protection cover provides eligible members with a replacement income of up to 75% of Salary, for up to 2 years, after a waiting period of 90 days, while you’re unable to work due to sickness or injury.
<Super> You can choose to apply for this Income Protection Insurance cover within the DuluxGroup Superannuation Plan with Sunsuper, subject to acceptance by the insurer.
<Super> If you would like more information regarding your insurance options, please take the time to read the communications you’ll be receiving from us, attend one of the seminars that we are conducting at major workplaces around the country during September and October, or call us on 1800 945 212 to discuss any questions you may have.
<Super> I encourage you to regularly visit your own superannuation portal for DuluxGroup at sunsuper.com.au/duluxgroup - here you’ll find a range of tools and resources including insurance guides, to help you consider your insurance needs and options.
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<Disclaimer> This presentation contains general advice and does not take into account the investment objectives, financial situation or needs of any particular individual. You should consider the appropriateness of the advice, having regard to your own particular objectives, financial situation and needs before acting on any advice. You need to apply the concepts to your own situation before making an investment decision. You should obtain and consider a copy of the Product Disclosure Statement (PDS) before making a decision to acquire or continue to hold the product. You can obtain a PDS by calling Sunsuper on 13 11 84 or by visiting sunsuper.com.au/duluxgroup
<Disclaimer> Presenters are either employees of the Sunsuper Group, who act as representatives of Sunsuper Financial Services Pty Ltd (ABN 50 087 154 818 AFSL No. 227867, wholly owned by the Sunsuper Superannuation Fund) or financial advisers on Sunsuper’s National Advice Panel. Sunsuper Group employees may recommend Sunsuper superannuation products when they are appropriate and are remunerated by salary package, a portion of which is payable on achievement of key performance indicators. Further information is available in the Financial Services Guides for Sunsuper and Sunsuper Financial Services. Information about financial advisers on Sunsuper’s National Advice Panel, including the services they offer, remuneration, any potential conflicts of interest, and dispute resolution, are set out in their own Financial Services Guide(s). Sunsuper does not receive or pay any referral fees to these advisers. The National Advice Panel advisers are not employed by Sunsuper, and Sunsuper is not responsible for the advice provided by these advisers.