Insurance
Insurance is a very important part of your financial planning as it gives you and your family financial security should you become permanently disabled or pass away.
MARF provides a range of insurance options designed to help you make sure you have the right level of cover for your personal circumstances.
Taking out life insurance through MARF has a number of advantages including:
· Cover is automatically provided to all MARF members with no underwriting (refer to Eligibility & Restrictions in the PDS).
· Default cover at a level designed to suit your life stages.
· Top-up your cover at key times in your life with no medical underwriting (refer to Eligibility & Restrictions in the PDS).
· Consolidating your insurances by transferring your existing cover into MARF.
· Affordable premiums, paid tax-effectively from your member account.
· The ability to tailor your insurance cover to better meet your needs.
· Competitive premium rates.
How does it work?
Default cover
All members who join MARF, whether they are part of an employer sponsored group or join as an individual, are automatically insured (subject to conditions which are outlined in the PDS) in the event of their death and total and permanent disablement (“TPD”). This cover is known as "default cover" and is not subject to any health checks, doctor evaluations, or additional paper work. Premiums are deducted from your Account balance each month to pay for the cover.
The type (e.g. full or limited) and amount of default cover varies depending upon your age and whether you are an employer sponsored member or join as an individual (refer to Eligibility & Restrictions in the PDS).
What is default cover & when does it commence?
The level of default cover for Death and TPD insurance is based on your age at your next birthday as shown in the table below and is known as Base Cover:
|
Age Next Birthday
|
Death and TPD Base Cover
|
|
Up to 22
|
$50,000
|
|
23 to 26
|
$80,000
|
|
27 to 28
|
$100,000
|
|
29
|
$150,000
|
|
30
|
$200,000
|
|
31 to 43
|
$250,000
|
|
44 to 45
|
$200,000
|
|
46 to 47
|
$150,000
|
|
48 to 50
|
$100,000
|
|
51 to 53
|
$80,000
|
|
54 to 58
|
$50,000
|
|
59 to 64
|
$40,000
|
|
65
|
$25,000
|
|
66 to 70
|
$25,000 (Death only)
|
Employer sponsored members
If you are under age 65 and become an employer sponsored member, you will automatically receive, from the day you join MARF, Base Cover, provided:
· you joined MARF within 120 days of commencing employment with your employer;
· you were At Work on the date of commencing employment with your employer. If you are absent on this date due to sickness or injury, you will be provided with Limited Cover until you are At Work for two (2) consecutive months, at which time you will then be provided with full cover; and
· your employer is making mandatory employer contributions on your behalf into MARF.
Individual members
If you are aged under 65 and become an individual member you will automatically receive, from the day you join MARF, Base Cover. Your Base Cover will be Limited Cover for a period of 24 months from the date you joined MARF. Full cover will be provided after 24 months subject to you satisfying the At Work requirements for two consecutive months.
Individual members can choose to apply for full cover immediately by completing a personal statement and undergoing underwriting.
How much does the default cover cost?
Different rates for different members
To make sure you are being charged the right amount for your insurance, it is important to make sure that we have details of your most recent occupation. In determining your occupation category the Administrator and the Insurer rely on information provided by you or your employer (as the case may be). You must notify us if your occupation details change, or if we have an incorrect occupation category recorded for you. If we don’t have details of your occupation, your premiums will be calculated using the Blue Collar occupation category. Full premium tables can be found in the Product Disclosure Statement.
Other Insurance Options
The insurance design within MARF allows you to obtain additional underwritten cover and fix your level of cover. There is a life events option that allows you to increase your cover when you experience certain "life events". You can also transfer in an exisitng death and tpd insurance policy into MARF.
Life Events Option
As we go through life our needs change. Often this will be caused by different events happening. That’s why MARF offers all members the ability to increase their insurance cover, without underwriting, when they experience certain ‘Life Events’.
You can increase your insured benefit by up to 25% (up to a maximum increase of $100,000 per increase) on the occurrence of each of the following:
· Marriage
· Divorce
· Turning age 30
· Birth or adoption of a child
· Child turning age 12 or commencing education at a private school; or
· Effecting a first mortgage on the purchase of a home, or increasing an existing first mortgage for the purposes of building or renovation works on your principal place of residence with a registered mortgage provider.
No benefit will be paid with respect to the increased amount of cover provided under this option if a claim is caused as a result of an intentional self-inflicted act, whether sane or insane (TPD component only) or death as a result of suicide within a period of 13 months from the date the increase commenced under this option.
Some eligibility conditions apply (including the need to apply for the increase in cover within 45 days of the event occurring), and you will need to provide supporting evidence of the change. Contact us on 1800 095 030 for further details.