SPEC Super - generating wealth An Industry SuperFund

As a SPEC Personal member you are eligible to apply for insurance cover for Death, Total and Permanent Disablement (TPD) and Income Protection cover.

 

Check out some of the benefits of SPEC Personal Insurance below:

• Death and TPD insurance cover is not dependent on employment
• Peace of mind knowing you are covered 24 hours a day, 7 days a week, worldwide
• If you are working, Income Protection insurance cover providing up to 90% of your income plus an additional 9% of your benefit as Superannuation Guarantee contributions for up to two years
• Option of unit based or fixed amount cover for Death and TPD insurance Premium discount on Death and TPD insurance cover for insured SPEC Super members who are employed to work solely in an office environment who do not undertake any manual work
• Option to transfer pre-existing levels of Death and TPD insurance cover in other funds into SPEC Super
• Transfer of existing Death and TPD Insurance cover from SPEC Select to SPEC Personal if you become self-employed
• Option to transfer your existing Death insurance cover with SPEC Personal to SPEC Pension at the time you open a SPEC Pension account, without providing evidence of health.

 

What insurance cover is available?

You will be eligible to apply for Death, TPD and Income Protection cover at the time you join SPEC Personal, or at any stage during your membership.  To apply for insurance cover please complete an Increase Cover Form and return it to us. SPEC Personal members can apply for up to a maximum of $5 million Death insurance cover and $2 million TPD insurance cover. Death insurance cover must always be at least equal to, or more than, the level of TPD insurance cover.

 

Death and TPD insurance cover is available as follows:

• Unit based insurance cover where you elect the number of units of cover you require.  Your insurance cover amount reduces each year on your birthday and your premium remains fixed; or
• Fixed amount insurance cover where you elect the amount of insurance cover you require. Your insurance cover amount remains fixed and your premium changes each year on your birthday.

Unit based insurance cover

 The table below outlines the amount of Death and TPD insurance cover available per unit of insurance.

The premiums for unit based insurance cover are:

• Death insurance cover is $3.24 per week for 1 unit of cover; or
• Death and TPD insurance cover is $4.54 per week for 1 unit of cover.

In addition, a management cost of 5% of the Death cover premium also applies.

Age Attained	Death & TPD Cover per unit	Age Attained	Death & TPD Cover per unit	Age Attained	Death & TPD Cover per unit
To age 35	$203,000	47	$142,100	59	$81,200
36	$197,900	48	$137,000	60	$76,100
37	$192,900	49	$132,000	61	$71,100
38	$187,800	50	$126,900	62	$66,000
39	$182,700	51	$121,800	63	$60,900
40	$177,600	52	$116,700	64	$55,800
41	$172,600	53	$111,700	65	$30,500
42	$167,500	54	$106,600	66	$20,300
43	$162,400	55	$101,500	67	$15,200
44	$157,300	56	$96,400	68	$10,200
45	$152,300	57	$91,400	69	$10,200
46	$147,200	58	$86,300	70	Nil

 

Fixed amount insurance cover

The table below outlines the annual premium amount for Death only insurance cover and Death and TPD insurance cover, for each $1,000 of insurance cover you have.  You can choose how much insurance cover you need and would like to apply for, as long as the amount of cover you choose is greater than the equivalent amount of one unit of unit based insurance cover for your age, and less than the maximum insurance cover allowed.

 

In addition, a management cost of 5% of the Death cover premium also applies.  Terms and conditions apply.  More information about Death and TPD Insurance cover is available in the SPEC Personal Product Disclosure Statement, the Death and TPD Insurance Fact Sheet  or by contacting SPEC Super on 1300 366 648.

Age Attained	Death Only	Death & TPD Cover	Age Attained	Death Only	Death & TPD Cover
To age 35	$0.83	$1.17	53	$1.51	$2.12
36	$0.85	$1.20	54	$1.59	$2.22
37	$0.88	$1.23	55	$1.67	$2.33
38	$0.90	$1.26	56	$1.75	$2.46
39	$0.93	$1.30	57	$1.85	$2.59
40	$0.95	$1.33	58	$1.96	$2.75
41	$0.98	$1.37	59	$2.08	$2.92
42	$1.01	$1.41	60	$2.22	$3.11
43	$1.04	$1.46	61	$2.38	$3.33
44	$1.07	$1.51	62	$2.56	$3.59
45	$1.11	$1.56	63	$2.78	$3.89
46	$1.15	$1.61	64	$3.03	$4.25
47	$1.19	$1.67	65	$5.54	$7.77
48	$1.23	$1.73	66	$8.33	$11.67
49	$1.28	$1.79	67	$11.12	$15.59
50	$1.33	$1.87	68	$16.57	$23.23
51	$1.39	$1.94	69	$16.57	$23.23
52	$1.45	$2.03	70	Nil	Nil

 

Income Protection insurance

Income Protection insurance cover is available to all members of SPEC Personal who earn an income, with no requirement for the Fund to receive a Superannuation Guarantee (SG) contribution.  The cover provided is available as unit based insurance cover where both the amount of cover per unit and the premium per unit remain the same from year to year.

 

What Income Protection cover is provided?

The following income protection insurance arrangements are available:

• A unit based scheme with the premium being charged against your account;
• Each unit is valued at $500.00 per week, with a minimum of 2 units of cover;
• The maximum number of units is set at 9 inclusive of the first two units of cover;
• Maximum cover is set at 90% of defined income;
• A Superannuation benefit equal to 9% of the income protection benefit selected is automatically paid into your super account.

The table below outlines the premium cost for the number of units of cover available.

 

No. of units (per week)	Income Protection Benefit (per week)	Cost of Income Protection Benefit (per week)
2	$1,000	$19.67
3	$1,500	$30.59
4	$2,000	$41.52
5	$2,500	$52.44
6	$3,000	$63.37
7	$3,500	$74.29
8	$4,000	$85.22
9	$4,500	$96.14

 

Terms and conditions apply.  More information about Income Protection Insurance cover is available in the SPEC Personal Product Disclosure Statement and Income Protection Fact Sheet or by contacting SPEC Super on 1300 366 648.