SPEC Personal Insurance
Insurance cover is available to members of SPEC Personal. As a SPEC Personal member you are eligible to apply for insurance cover for Death, Total and Permanent Disablement (TPD) and Income Protection cover.
Check out some of the benefits of SPEC Personal Insurance below:
- Death and TPD insurance cover is not dependant on employment
- Peace of mind knowing you are covered 24 hours a day, 7 days a week, worldwide
- If you are working, Income Protection insurance cover providing up to 90% of your income plus an additional 9% of your benefit as Superannuation Guarantee contributions for up to two years
- Option of unit based or fixed amount cover for Death and TPD insurance
- Premium discount on Death and TPD insurance cover for insured SPEC Super members who are employed to work solely in an office environment who do not undertake any manual work
- Option to transfer pre-existing levels of Death and TPD insurance cover in other funds into SPEC Super
- Transfer of existing Death and TPD insurance cover from SPEC Select to SPEC Personal if you become self-employed
- Option to transfer your existing Death insurance cover with SPEC Personal to SPEC Pension at the time you open a SPEC Pension account, without providing evidence of health.
What insurance cover is available?
Insurance cover is available for Death, Total and Permanent Disablement (TPD) and Income Protection. All SPEC Personal members are eligible to apply for up to a maximum of $5 million Death insurance cover and $2 million TPD insurance cover, which is available regardless of your employment status. Your application is subject to approval by the insurer.
Death and TPD 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.
Income Protection cover is available as unit based insurance cover where both the amount of cover per unit and the premium per unit remain the same from year to year.
You will be eligible to apply for Death, TPD and Income Protection cover at the time you join SPEC Personal, or at any stage during your membership. To apply for insurance cover please complete an Increase Cover Form and return it to us.
Death and TPD Insurance
SPEC Personal members can apply for up to a maximum of $5 million Death insurance cover and $2 million TPD insurance cover. Death insurance cover must always be at least equal to, or more than, the level of TPD insurance cover.
Unit based insurance cover
The table below outlines the amount of Death and TPD insurance cover available per unit of insurance.
Age Attained |
Death & TPD Cover per unit |
Age Attained |
Death & TPD Cover per unit |
Age Attained |
Death & TPD Cover per unit |
|---|---|---|---|---|---|
To age 35 |
$203,000 |
47 |
$142,100 |
59 |
$81,200 |
36 |
$197,900 |
48 |
$137,000 |
60 |
$76,100 |
37 |
$192,900 |
49 |
$132,000 |
61 |
$71,100 |
38 |
$187,800 |
50 |
$126,900 |
62 |
$66,000 |
39 |
$182,700 |
51 |
$121,800 |
63 |
$60,900 |
40 |
$177,600 |
52 |
$116,700 |
64 |
$55,800 |
41 |
$172,600 |
53 |
$111,700 |
65 |
$30,500 |
42 |
$167,500 |
54 |
$106,600 |
66 |
$20,300 |
43 |
$162,400 |
55 |
$101,500 |
67 |
$15,200 |
44 |
$157,300 |
56 |
$96,400 |
68 |
$10,200 |
45 |
$152,300 |
57 |
$91,400 |
69 |
$10,200 |
46 |
$147,200 |
58 |
$86,300 |
70 |
Nil |
The premiums for unit based insurance cover are:
- Death insurance cover is $3.24 per week for 1 unit of cover; or
- Death and TPD insurance cover is $4.54 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 and Death and TPD 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 |
Death & TPD Cover |
Age Attained |
Death Only |
Death & TPD Cover |
|---|---|---|---|---|---|
To age 35 |
$0.83 |
$1.17 |
53 |
$1.51 |
$2.12 |
36 |
$0.85 |
$1.20 |
54 |
$1.59 |
$2.22 |
37 |
$0.88 |
$1.23 |
55 |
$1.67 |
$2.33 |
38 |
$0.90 |
$1.26 |
56 |
$1.75 |
$2.46 |
39 |
$0.93 |
$1.30 |
57 |
$1.85 |
$2.59 |
40 |
$0.95 |
$1.33 |
58 |
$1.96 |
$2.75 |
41 |
$0.98 |
$1.37 |
59 |
$2.08 |
$2.92 |
42 |
$1.01 |
$1.41 |
60 |
$2.22 |
$3.11 |
43 |
$1.04 |
$1.46 |
61 |
$2.38 |
$3.33 |
44 |
$1.07 |
$1.51 |
62 |
$2.56 |
$3.59 |
45 |
$1.11 |
$1.56 |
63 |
$2.78 |
$3.89 |
46 |
$1.15 |
$1.61 |
64 |
$3.03 |
$4.25 |
| 47 | $1.19 |
$1.67 |
65 |
$5.54 |
$7.77 |
| 48 | $1.23 |
$1.73 |
66 |
$8.33 |
$11.67 |
| 49 | $1.28 |
$1.79 |
67 |
$11.12 |
$15.59 |
| 50 | $1.33 |
$1.87 |
68 |
$16.57 |
$23.23 |
| 51 | $1.39 |
$1.94 |
69 |
$16.57 |
$23.23 |
| 52 | $1.45 |
$2.03 |
70 |
Nil |
Nil |
Terms and conditions apply. More information about Death and TPD Insurance cover is available in the SPEC Personal Product Disclosure Statement or by contacting SPEC Super on 1300 366 648.
Income Protection insurance
Income Protection insurance cover is available to all members of SPEC Personal who earn an income, with no requirement for the Fund to receive a Superannuation Guarantee (SG) contribution.
What Income Protection cover is provided?
The following income protection insurance arrangements are available:
- A unit based scheme with the premium being charged against your account;
- Each unit is valued at $500.00 per week, with a minimum of 2 units of cover;
- The maximum number of units is set at 9 inclusive of the first two units of cover;
- Maximum cover is set at 90% of defined income;
- A Superannuation benefit equal to 9% of the income protection benefit selected is automatically paid into your super account.
The table below outlines the premium cost for the number of units of cover available.
No. of units (per week) |
Income Protection Benefit (per week) |
Cost of Income Protection Benefit (per week) |
|---|---|---|
2 |
$1,000 |
$19.67 |
3 |
$1,500 |
$30.59 |
4 |
$2,000 |
$41.52 |
5 |
$2,500 |
$52.44 |
6 |
$3,000 |
$63.37 |
7 |
$3,500 |
$74.29 |
8 |
$4,000 |
$85.22 |
9 |
$4,500 |
$96.14 |
Terms and conditions apply. More information about Income Protection Insurance cover is available in the SPEC Personal Product Disclosure Statement or by contacting SPEC Super on 1300 366 648.