SPEC Select Insurance
Insurance cover is automatically provided to all eligible SPEC Select members on joining the Fund. As a SPEC Select member you are also eligible to apply for insurance cover against Total and Permanent Disablement (TPD) or to increase your Death and TPD insurance cover.
Check out some of the benefits of SPEC Select Insurance below:
- Peace of mind knowing you are covered 24 hours a day, 7 days a week, worldwide
- Automatic Death insurance cover
- Optional TPD insurance cover
- Death and TPD insurance cover continues after you cease employment
- Automatic 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
- Option of an additional unit of Death insurance cover on marriage, birth of a child, mortgage of residential real estate, or after 10 years continuous membership of SPEC Super, without providing evidence of health
- Option to transfer your existing Death insurance cover with SPEC Select 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, TPD and Income Protection for eligible members, and is provided regardless of whether you are employed to work on a fulltime, part-time, casual or contract basis. All SPEC Select members are eligible to apply for up to a maximum of $5 million Death insurance cover and $2 million TPD insurance cover.
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.
Automatic Insurance Cover
Eligible SPEC Select members will automatically receive Income Protection insurance and 1 unit of Death insurance cover. If requested on a signed Member Application Form when joining the Fund, members will also receive 1 unit of TPD insurance cover (TPD Insurance cover is optional).
For more information on eligibility for automatic insurance cover please refer to the Insurance section of the SPEC Select Product Disclosure Statement.
Death and TPD Insurance
SPEC Select 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 addition, 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 Select Product Disclosure Statement or by contacting SPEC Super on 1300 366 648.
Income Protection Insurance
SPEC Super provides Electro Safe Protection (ESP) Income Protection cover, which has been specially designed for employees in the electro-technology and allied industries.
SPEC Select members are eligible for Income Protection cover if:
- Your SPEC Super employer makes Superannuation Guarantee contributions to SPEC Super for you at least quarterly; and
- You are covered by the State’s Worker’s Compensation Scheme or a Work Cover Personal Injury insurance policy.
What Income Protection cover is provided?
The Income Protection insurance cover provided to eligible SPEC Super members is an ESP benefit of up to 90% of your income, plus an additional 9% of the ESP benefit amount paid to SPEC Super as Superannuation Guarantee contributions, for up to 2 years.
Receipt of the ESP benefit is subject to a 14 day waiting period which commences on the date you are declared Totally or Partially Disabled by a legally qualified medical practitioner in respect of your injury or illness.
The premium payable for Income Protection insurance cover is based on your employer SG contribution multiplied by 14.5%. The premium is deducted weekly from each employer SG contribution received.
Terms and conditions apply. More information about Income Protection Insurance cover is available in the SPEC Select Product Disclosure Statement or by contacting SPEC Super on 1300 366 648.