PEACE OF MIND
Insurance cover options
Automatic cover is available to eligible smartMonday members. It’s ‘automatic’ for two reasons – you don’t have to apply for it and you don’t have to provide additional information about your health. Login to see what cover you have. Not a member? See the relevant smartMonday PRIME or DIRECT Product Disclosure Statement to find out more about how automatic cover works and the important eligibility criteria. See below for more info on our cover options available to you.
A Death insurance benefit is paid if you die or become terminally ill. Total and Permanent Disablement Cover (TPD) is paid if you suffer an injury or illness that prevents you from ever being able to work again.
If an injury or illness temporarily prevents you from working, this cover provides you with monthly income to help you get by – while you focus on recovery and returning to work.
TAILOR YOUR INSURANCE
Top up, reduce or opt-out
It’s important to review your insurance when you join smartMonday. If you have cover with smartMonday, you can tailor your cover to fit your individual needs – and then review it again every few years or whenever an event that might affect the level of cover you need occurs (e.g. getting married or divorced, getting a promotion, having children or buying your first home).
With smartMonday you can top up or change your cover at any time – but please note, some changes may require underwriting (evidence of your current health status).
Login for more details about your insurance
Nominate a beneficiary
If you were to die who would receive your death benefit (your superannuation balance and any Death insurance benefit)? If you haven’t nominated beneficiaries it could cause a great deal of stress for your family. It could also delay payment while the Trustee sorts it out. That’s why it’s important to consider nominating your beneficiaries. There are two types of death benefit nomination options available to all smartMonday members.
Binding nomination: This nomination is legally binding on the Trustee and stipulates to whom to pay your death benefit. It is valid for 3 years but can be changed and renewed any time within that period.
Non-binding nomination: The Trustee will use this nomination as a guide to your wishes about to whom to pay your death benefit. It is not legally binding on the Trustee but it’s a handy option if you want to get something in place quickly while you consider a more permanent option.
How much does cover cost?
The cost of your insurance cover depends on a number of factors including the amount and type of cover you choose, your age, your gender your ‘occupation rating’, and any additional loadings the insurer may apply if they consider you to be of higher risk..
What’s occupation got to do with it? Some occupations are deemed by our insurer as riskier than others, and this affects the cost of your insurance cover. If you or your employer don’t provide us with your occupation at the time of joining the fund, you could pay more for insurance cover than you need to. Call us to check the occupation rating applied to your insurance – and make sure it’s up to date.
25 is the new starting age1 for automatic cover2 in smartMonday PRIME but if you’re younger than 25, you can still get in on our great insurance offering by providing us with an election to turn your cover on earlier3.
1 Subject to meeting the eligibility requirements, including having a smartMonday balance of at least $6,000. In some circumstances, your employer may choose to pay for all of the insurance cover in your smartMonday account, as part of their employer-sponsored arrangement with smartMonday PRIME. In this circumstance, insurance cover will commence from the date you join the fund, regardless of your age and account balance (subject to the other eligibility criteria set out in the relevant smartMonday PRIME PDS).
2 Your cover will be limited to New Events until you are At Work for 30 consecutive days, at which time your cover will convert to Full Cover. New Events cover means that you’ll only be covered for an injury or sickness that occurs or becomes apparent after your cover commences.
3 You should consider your eligibility for cover and whether your account balance is sufficient to support the monthly deduction of insurance premiums.