ANZ Smart Choice Super Investor Update : Member Update Spring 2014
15 While no one expects the worst, being prepared can help protect against the financial hardships that can result following an accident, illness or death. One in five1 Australian families are at risk of losing the income they need due to a serious accident, debilitating illness, or death of a parent. For these families the financial effects can be devastating and, without protection, the future can be far from secure. Part of the problem is our attitude to paying for insurance. Indeed, 81% of us believe life insurance is just too expensive. In reality, 61% of us have over- estimated this cost2 . Having insurance through your super has the additional benefit of not hitting your take-home pay, by deducting the cost of insurance from your super balance. Plus, because 3 the costs are deducted from your super in most cases, it’s more tax effective than paying for cover from your take home pay. ANZ Smart Choice Super provides you a choice of two ways to get cover: Insurance through your super 15 1. Lifestage Cover Automatic Death and optional Tot al and Permanent Disability (TPD) cover Up to $300,000 cover without need for paper forms or medical checks Cover is based on your age, increasing for when you’re likely to have greater commitments and lowering when less likely Immediate cover, if you’ve made a contribution or rollover. 2. Choose Your Own Cover If you want more flexibility with your insurance you can apply for ‘Choose Your Own Cover’ Additional death cover – unlimited TPD cover – up to $3 million Income Protection cover – up to $30,000 per month or 75% of annual income Cover commences on the date your cover is approved, providing there is sufficient funds in your super account Whilst your application is being processed, you may be eligible for Interim Accident Cover. To apply for ‘Choose Your Own Cover’, contact Customer Services on 13 12 87. To add or review your current Lifestage cover, simply log onto ANZ Internet Banking and click on your super account. 1 Source: The Lifewise / NATSEM underinsurance report 2 OnePath Life “Australia’s Attitudes Towards Life Insurance”, December 2008 3 Above insurance options are applicable to personal members of ANZ Smart Choice Super and Pension onlly. Employee members in the employer version of ANZ Smart Choice should refer to their Product Disclosure Statement for further details on their insurance arrangements, available through ANZ Internet Banking.
Member Update Summer 2015
Member Update Winter 2014