SPEC Super - generating wealth An Industry SuperFund

As an employer sponsored member of SPEC Super you are eligible for automatic insurance cover as part of your SPEC Select membership. On joining SPEC Select, eligible members will automatically receive Income Protection Insurance and 1 unit of Death insurance cover.

 

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

• Peace of mind knowing you are covered 24 hours a day, 7 days a week, worldwide
• Automatic Death insurance cover
• Optional TPD insurance cover
• Death and TPD insurance cover continues after you cease employment
• Automatic 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
• 30% 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
• Option of an additional unit of Death insurance cover on marriage, birth of a child, mortgage of residential real estate, or after 10 years continuous membership of SPEC Super, without providing evidence of health
• Option to transfer your existing Death insurance cover with SPEC Select to SPEC Pension at the time you open a SPEC Pension account, without providing evidence of health.  Please click here to access the Insurance Transfer Form.

 

Death & TPD Insurance 

 

What additional Insurance cover is available?

Depending on personal circumstances the automatic insurance cover may not be sufficent. Additional Insurance cover is also available for Death and TPD for eligible members, and is provided regardless of whether you are employed to work on a full-time, part-time, casual or contract basis.  All SPEC Select members are eligible to apply for up to a maximum of $5 million Death insurance cover and $2 million TPD insurance cover. Additional 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 (beyond age 35) 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 (beyond age 35).

 

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.

 

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

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

   

 

Income Protection Insurance

SPEC Super provides Electro Safe Protection (ESP) Income Protection cover, which has been specially designed for employees in the electro-technology and allied industries. SPEC Select members are only eligible for Income Protection cover if:

• Your SPEC Super employer makes Superannuation Guarantee contributions to SPEC Super for you at least quarterly; and
• You are covered by the State's Worker's Compensation Scheme or a Work Cover Personal Injury insurance policy.

 

What Income Protection cover is provided?

The Income Protection insurance cover provided to eligible SPEC Super members is up to 90% of your income, plus an additional 9% of the ESP benefit amount paid to SPEC Super as Superannuation Guarantee contributions, for up to 2 years.

 

Receipt of the ESP benefit is subject to a 14 day waiting period which commences on the date you are declared Totally or Partially Disabled by a legally qualified medical practitioner in respect of your injury or illness.

 

The premium payable for Income Protection insurance cover is based on your employer SG contribution multiplied by 14.5%.  The premium is deducted weekly from each employer SG contribution received.

 

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