SPEC Pension Insurance
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 dependant 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.
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 increases 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 17% 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 additional, a management cost of 17% 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 or by contacting SPEC Super on 1300 366 648.