Death & Total and Permanent Disability Insurance

AUSCOAL Super provides two levels of Death & Disability cover to members. The insurance covers you 24 hours a day, 7 days a week providing peace of mind for you and your family.

Default cover
Default insurance cover is provided to all members who are having employer contributions paid into the Fund. This consists of $50,000 death cover up to age 65 and $50,000 Total & Permanent Disability (TPD) cover up to age 60. From age 61 to 65, the TPD cover decreases by $10,000 per year to zero at age 65. Death cover continues for 90 days after you cease working with a participating employer however, TPD cover ceases immediately on ceasing employment.

Premiums
A premium of $7.00 per week will be deducted from your member account balance to cover the cost of the insurance.

Opting-out of Default cover
You can opt-out of Default cover by providing written notification to the Fund. You will not have any insurance cover through the Fund and should you later wish to apply for Voluntary cover you will need to provide health evidence to the Fund's insurer. Such cover would be subject to approval by the insurer (CommInsure).

Voluntary cover
Voluntary cover is available to all members including spouse members and members not currently working (subject to a minimum account balance of $5,000 being maintained.) Cover may be applied for in units of $50,000 up to a maximum of $5 million for Death only or $2 million for Death & TPD. All voluntary cover is subject to approval by the insurer.

Beneficiary Nominations
By completing a Nomination of Beneficiary form, you can nominate who will receive your benefit in the event of your death. The nomination can be Binding or Non-Binding.

Under a Binding Nomination, the Trustee is obliged to pay your benefit in accordance with your nomination. Binding Nominations have a fixed term of 3 years and can provide you with greater certainty about who will receive your benefit. It is your responsibility to update your binding nomination if your personal circumstances change.

In contrast, a Non-Binding Nomination has no fixed term and is used as a guide only by the Trustee. This means that in the event of your death, the Trustee is obliged by law to conduct its own investigations into your personal circumstances before deciding who should receive your benefit. The Trustee must act in the best interests of the beneficiaries when making a decision.

Full details of insurance cover are available in the Fund's Product Disclosure Statement                Nomination of Beneficiary Forms can be downloaded here