New Improved Insurance Cover
Catholic Super in partnership with Tower Australia (ABN 70 050 109 450) is pleased to bring members greatly improved insurance cover from 15 November 2008.
This chart compares our existing automatic Basic cover (which applies until 15 November 2008) and the improved Basic cover which will apply from that date.
TPD and Income Protection cover will be available to all employees including temporary and casual staff who often find it difficult to obtain insurance. Previously this cover was limited to permanent employees.
Current members who have default insurance with Catholic Super will be automatically upgraded to the new benefits. Current members without insurance cover will have an opportunity to take up the new arrangements. New members will be covered by the new arrangements.
Improvements to Income Protection (IP) Cover
All employer sponsored members, permanent and casual, as well as members of Catholic Super’s Personal Plan who are in employment, will be eligible for IP cover.
The default cover is up to 17 units. (1 unit = $585 benefit per month.) The default waiting period has decreased from 90 days to 60 days and the benefit payment period has increased to 5 years. These changes do lead to an increase in costs which varies according to the member’s age. Current members who have IP cover will automatically be moved to this default IP arrangement at 1 December 2008.
As well as the new default IP benefit, Catholic Super will offer further 3 IP options with varying waiting periods and benefit payment periods. These give members a wider range of IP options within their super fund.
- 30 day waiting period with a 5 year benefit payment period
- 30 day waiting period with a benefit payment period up to age 65
- 60 day waiting period with a benefit payment period up to age 65
Our partnership with Tower Australia enables us to implement a range of additional improvements details of which can be found on our website www.csf.com.au
