Page 11 - Axicom Salary Continuance Insurance - Executives

Benefit exclusions To exercise the Continuation Option you must:

Benefits are not payable for disability or loss arising from: • be 60 years of age or less

• war, or an act of war, occurring in Australia or New • apply in writing by completing an application for
Zealand the individual policy within 90 days of ceasing
employment
• an insured member engaging in war service
• be:
• an insured member’s intentional self-inflicted act
– an Australian resident or holder of a visa the insurer
• pregnancy, unless the insured member is disabled (OnePath) considers acceptable, and
for more than three months after the end of the
pregnancy, in which case the waiting period is – not residing outside Australia (unless the insurer
deemed to start on the later of the date total OnePath agree otherwise)
disability begins and the end of the pregnancy PSK Financial Services is available to assist you to apply
for continuation of cover.
How is a claim initiated?

Notice of a potential claim should be made to your Are the benefits taxable?
employer as soon as possible. Generally, the date on which Any claim benefit received by you is regarded as income
an employee is advised by a medical consultant to cease and as such, is fully taxable. Benefit payments are
working is the start of the claim period. Benefit payments assessed as ordinary income, taxed at your marginal
for approved claims commence 30 days from the start income tax rate.
of the claim period (eg the end of the Waiting Period).
Claim forms must be completed within 30 days of the
insured member first becoming disabled or as soon as it is Policy statement
reasonably possible for the insured member to do so.
The Axicom Salary Continuance Insurance benefit is a
group plan held outside the company’s default super
Can coverage under the plan be plan. As such individuals insured by the policy do not
terminated? receive a personalised statement of cover. PSK Financial
Services is available to confirm your cover, or assist with
Except as noted below, your coverage will generally not any other questions, at any time.
be terminated while you continue to remain an employee
of Axicom. Coverage will terminate if you cease to be
employed by Axicom, you die, you attain age 65, or the
plan is terminated.

Leaving Axicom - continuation option

You may apply to continue your Salary Continuance
Insurance personally with the insurer upon ceasing
employment with Axicom.

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