Insurance
Do you know how important insurance is?
Even the most carefully made financial plans can fail due to unexpected circumstances. So it makes sense to have a safety net in place. Having the right insurance cover can ensure a tragedy will not be made worse by financial burden. QIEC Super gives you the opportunity to protect yourself, your family and your lifestyle if something happens to take away your earning power.
A summary of the insurance offered by QIEC Super is detailed below. However, if you want more details on insurance, please refer to the insurance section of the current Annual Report & Member Handbook.
Death Insurance
Income Protection
TPD Insurance
Death Insurance
Death insurance costs only $1.20 per week per unit. Each unit of insurance provides the following death cover (age dependent). There are various conditions that apply, so please read the insurance section of the Annual Report & Member Handbook for more information.Death Benefit Provided
| Age next birthday | Death insurance benefit per unit |
|---|---|
| to age 40 | $165,000 |
| 41 - 45 | $140,000 |
| 46 - 50 | $115,000 |
| 51 - 55 | $85,000 |
| 56 - 60 | $60,000 |
| 61 - 65 | $35,000 |
| 66 - 70 | $20,000 |
The maximum amount of death insurance cover is $2,000,000. Eligible members can choose up to 2 units of death cover under automatic acceptance. Members who do not indicate their required death cover on their application form will be allocated one unit of death cover.
If you wish to increase the level of death insurance cover you currently have, please print the Application to Increase Insurance Cover form and mail it to QIEC Super Administration.
Income Protection
Income Protection costs only $1.48 per week per unit. QIEC Super Income Protection provides up to 85% of your pre-disability income (including 10% superannuation guarantee contribution) in the event that you are unable to work due to injury or sickness. The maximum benefit per month is $10,000. There are various conditions that apply, so please read the Insurance section of the Annual Report & Member Handbook for more information.
| Income protection benefit | per unit |
|---|---|
| Per month | $1,000* |
* From 1 April 2007
Total and Permanent Disablement
Total and permanent disablement (TPD) insurance costs only $1.34 per unit per week. A TPD benefit would be payable in the event that the member is unable to engage in the occupation in which he or she engaged immediately before the disability commenced.
Total & Permanent Disablement Benefit provided
| Age next birthday | TPD insurance benefit per unit |
|---|---|
| to age 40 | $165,000 |
| 41 - 45 | $140,000 |
| 46 - 50 | $115,000 |
| 51 - 55 | $85,000 |
| 56 - 60 | $60,000 |
| 61 | $35,000 |
| 62 | $28,000 |
| 63 | $21,000 |
| 64 | $14,000 |
| 65 | $7,000 |
| 66 | Nil |
The maximum amount of TPD insurance cover is $2,000,000.
Please read the Annual Report & Member Handbook for more information.