SPEC Super - generating wealth An Industry SuperFund

Insurance cover is available to members of SPEC Pension.  As a SPEC Pension member you are eligible to apply for Death insurance cover.

 

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

• Availability to apply for Death cover which is not dependent on employment
• Peace of mind knowing you are covered 24 hours a day, 7 days a week, worldwide
• Option of unit based or fixed amount cover for Death insurance
• Option to transfer your existing Death insurance cover with the Fund to SPEC Pension at the time you open a SPEC Pension account, without providing evidence of health.

 

What insurance cover is available?

As a SPEC Pension member, if you do not already have Death insurance in the Fund, you are eligible to apply for insurance cover as part of your SPEC Pension account.  Your application is subject to approval by the insurer. 

 

Please note that Total and Permanent Disablement (TPD) insurance is not available to SPEC Pension members.

 

Death 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.

 

You will be eligible to apply for Death cover at the time you join SPEC Pension, or at any stage during your membership.  To apply for insurance cover please complete an Increase Cover Form and return it to us.

 

Unit based insurance cover

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

Age Attained	Death Cover per unit	Age Attained	Death Cover per unit
55	$101,500	63	$60,900
56	$96,400	64	$55,800
57	$91,400	65	$30,500
58	$86,300	66	$20,300
59	$81,200	67	$15,200
60	$76,100	68	$10,200
61	$71,100	69	$10,200
62	$66,000	70	Nil

The premiums for unit based Death insurance cover is $3.24 per week for 1 unit of cover.  In addition, a management cost of 5% of the Death cover premium also applies.

 

Fixed amount insurance cover

The table below outlines the annual premium amount for Death only 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
55	$1.67
56	$1.75
57	$1.85
58	$1.96
59	$2.08
60	$2.22
61	$2.38
62	$2.56
63	$2.78
64	$3.03
65	$5.54
66	$8.33
67	$11.12
68	$16.57
69	$16.57
70	Nil

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