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Death Only Insurance Cover
All members' needs are different. The correct level of insurance will depend on many personal issues including, but not limited to, financial circumstances and family situation. Auswide recommends that members consult a licensed Financial Planner to ascertain the insurance that best meets individual circumstances.
Premiums for insurance are automatically deducted from a member's account balance on a monthly basis and are based on age, occupation, sex, smoker status and the amount of cover selected as well as health and pastimes.
Insurance premium rates available in Auswide are very competitive and are not normally available to individuals. Individual premium rates applicable to various occupations and circumstances can be obtained from your Financial Advisor or Auswide Member Services by telephoning 1300 88 56 65.
If a member leaves the Fund, their Death Only cover may continue if they advise Auswide of their wish to continue their cover within 60 days of leaving. This will also be subject to the Insurer's conditions.
Payment of Insurance Premiums & Cessation of Cover
Insurance cover premiums are deducted monthly from members' account balances. Insurance cover (once granted) continues until the insured member either:
- has insufficient funds in their account to pay the premiums
- provides a written request for cover to be cancelled
- turns 70
- leaves the Fund
- commences duty with the armed forces of any country
- is paid a death benefit.
The Insurer for Auswide is MetLife Insurance Limited (ABN 75 004 274 882).
Further information on Death Only insurance cover can be found in the Member Guide. Alternatively, contact your adviser, Auswide Member Services on 1300 88 56 65 or email us at info@auswide.com.au.
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