Page 5 - ACI World Wide Salary Continuance Insurance

Making Possibilities Happen | 05

When do benefits start? Cover during leave of absence
A ‘waiting period’ occurs before payments Cover will continue for up to 12 months from the
commence. The waiting period applicable to this date work ceases due to parental or other approved
plan is 90 days. It starts on the date that you obtain leave. Conditions apply.
medical advice and are confirmed to have a ‘Total
Disability’ by a doctor. During the waiting period,
you are able to utilise sick leave, annual leave or Worldwide cover
accrued long service leave.
Worldwide cover 24 hours a day, 7 days a week.
Note: residency outside Australia may impact benefit
What are the benefits payable? payment. PSK Financial Services is available to
confirm details.
75% of monthly pre-tax income (plus a 10%
employer superannuation contribution benefit). The
benefit payable under this policy is a monthly taxable Is a medical or medical evidence
income benefit. The amount paid will be one twelfth required?
of 75% of the insured person’s monthly pre-tax
income or your agreed insured benefit. Under the plan’s Automatic Acceptance provision,
the insurer agrees to accept new cover or increases
Maximum benefit available, upon application &
in cover up to $12,000 per month ($144,000 per
subject to health evidence, is now $30,000 per
annum) without the need for medical or other
month ($360,000 per annum).
evidence. Where the amount of the monthly benefit
If 75% of your income exceeds the current AAL or any increase in the monthly benefit exceeds
($12,000 per month or $144,000 per annum) the Automatic Acceptance Limit of $12,000 per
and you would like to discuss options to increase month ($144,000 per annum), medical and financial
insurance, contact PSK Financial Services. underwriting is required. Upon joining the plan,
Members’ salary figures are updated annually a member whose benefit, based on the formula,
(January). is greater than this figure will be restricted to a
monthly benefit of $12,000 until such time that all
underwriting requested by the insurer is complete.
How long are benefits payable?
The insurer may decline to offer cover in excess of
Payable while you continue to be Totally or Partially the $12,000 monthly benefit if the member’s medical
Disabled or up to the expiry of the “Benefit Period”, condition so warrants. Alternatively, a specific health
whichever occurs first. The Benefit Period under this condition may not be covered or the premium rate
Plan is to age 65. may be increased for the individual. Any application
to increase cover will only take effect from the time
the insurer provides written notice of its acceptance.
What happens if you suffer a recurrence
of the same injury or sickness?
Is cover available for pre-existing
If a disability recurs within six months of the
sickness or injury?
employee going back to work full time, the disability
will be treated as a continuation of the original Yes, all pre-existing conditions are covered up to the
disability. No new waiting period applies, a claim can Automatic Acceptance Limit of $12,000 per month.
be made as soon as the disability recurs. The cause Benefits beyond this are subject to the insurer’s
must be the same or related to the cause of the underwriting decisions.
original disability.