QIEC Super - first in our class

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 has enhanced the Insurance available to members, giving you the opportunity to protect yourself, your family and your lifestyle if something happens to take away your earning power.  These improvements include:

• Improved Death and Total & Permanent Disability (TPD) insurance cover for all members based on existing premium levels.
• The default level of Income Protection cover has increased from 1 unit to 2 units for all employee and self-employed members.
• The premium cost for Income Protection insurance cover has changed to age based rates.
• Death, TPD and Income Protection insurance cover continues irrespective of whether you are working for a QIEC employer, as long as your account balance is sufficient to meet the cost of the insurance premiums.
• The option to receive an additional unit of Death insurance cover on key life events (such as marriage, birth or adoption of a child or the mortgage of residential real estate), without the need to provide evidence of health.
• A loyalty benefit - the option for an additional unit of Death insurance cover after 10 years continuous membership with QIEC Super, without having to provide evidence of health.
• The ability to extend the Income Protection insurance benefit payment period beyond 5 Years and 60 days (subject to approval by the insurer).
• A terminal illness benefit is payable if you are diagnosed with a terminal illness.  The benefit payable is equivalent to your death benefit.
• QIEC Pension members who do not already have Death insurance with the Fund, are eligible to apply for insurance cover as part of their QIEC Pension account.  The application is subject to approval by the insurer. Please note that TPD and Income Protection insurance is not available to QIEC Pension members.

Further information on the insurance offered by QIEC Super is provided below.

 

Death Insurance

Death insurance costs only $1.20 per unit per week. 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 current QIEC Super PDS for more information.

 

 Death Benefit provided

Age next birthday	Death insurance benefit per unit
to age 40	$181,500
41 - 45	$148,400
46 - 50	$121,900
51 - 55	$90,100
56 - 60	$63,600
61 - 65	$37,100
66 - 70	$21,200

The maximum amount of death insurance cover is $5,000,000. Eligible members automatically receive 1 unit of death cover on first joining QIEC Super.

 

 

Total & Permanent Disablement Benefit provided

Age next birthday	TPD insurance benefit per unit
to age 40	$181,500
41 - 45	$148,400
46 - 50	$121,900
51 - 55	$90,100
56 - 60	$63,600
61	$37,100
62	$29,680
63	$22,260
64	$14,840
65	$7,420
66-70	Nil

The maximum amount of TPD insurance cover is $2,000,000. Eligible members automatically receive 1 unit of TPD cover on first joining QIEC Super. 

 

 

Income Protection

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 table below shows the age based scale for income protection premiums for Income Protection insurance cover:

Age Next Birthday	Premium rate per week per unit (one unit $1,000)
Less than 30	$0.79
30-44	$1.18
45-55	$1.92
56-65	$2.97

Eligible members automatically receive 2 units of income protection cover ($2,000 per month) on first joining QIEC Super.  The maximum benefit per month is $10,000. 

 

For more details on the insurance cover provided and the various conditions that apply, please read the Insurance section of the current QIEC Super PDS, the Death and TPD Insurance Fact Sheet and the Income Protection Insurance Fact Sheet.

 

If you wish to increase the level of insurance cover you currently have, please print the Application to Increase Insurance Cover form and mail it to QIEC Super Administration.