Fixed Insurance Cover (closed to new applications since November 2014)
Investors are no longer able to apply for Fixed Insurance units of cover (closed to new applications since 2014). However, investors who had Fixed Insurance cover prior to the cessation of this offering on 13 November 2014, retained their current level of cover.
With Fixed Insurance the value of your insurance doesn’t change or decrease with your age.
- The value of Fixed Death and TPD Insurance cover is $75,000 per unit.
- The value of Fixed Death Only Insurance cover is $75,000 per unit.
Cost of Fixed Death and TPD Insurance
- The cost of each unit depends on how old you were when you bought the units
- Once you have Fixed Insurance cover the cost is fixed
All Fixed Insurance ceases at age 65, however eligible members will receive default Standard Death and TPD Insurance from age 65, which will continue to age 70. Alternatively, Fixed Insurance cover can be transferred to the Standard or Fixed Benefit Insurance options prior to turning age 65 and that new cover will continue to age 70.
Cost of Fixed Death Only Insurance units
|36 & under||0.07||53||0.25|
Cost of Fixed Death and TPD Insurance units
|34 & under||0.13||52||0.45|
Find out how much you're covered for
Login to the Secure Member Portal to find out how much you’re currently covered for.
Finding the current value of your insurance
Once you’re logged into the Secure Member Portal:
Click on Flexible Rollover Product under Account Information
This will take you to the My Account Summary page
Scroll down and click on the + sign next to the heading Insurance Summary
Your insurance amount will be displayed
Members with Fixed Insurance can only increase their level of cover by cancelling their Fixed Insurance and applying for either Standard or Fixed Benefit Insurance cover. You cannot mix units of Fixed Insurance cover with any other type of cover at the same time. Members should be aware that unlike Fixed Insurance cover, the value of Standard Insurance cover decreases over time and Fixed Benefit Insurance premiums increase over time.
If you have Fixed Insurance you can also:
- Decrease your level of Fixed Insurance cover
- Transfer to Standard or Fixed Benefit Insurance cover
- Cancel your Fixed Insurance units.
You can transfer your existing level of cover to Standard or Fixed Benefit Insurance at a value that is as close to but not exceeding your current level of cover at any time without having to provide medical information and any existing limitations will continue to apply. However, if you want to increase your level of insurance cover, you will need to apply and provide medical information (limitations may apply to additional units).
If a member with Fixed Insurance (closed to new applications since November 2014) cover chooses to change their insurance cover to Standard Insurance or Fixed Benefit Death and TPD Insurance, they will not be able to transfer back to Fixed Insurance in the future.