Page 5 - Axicom Salary Continuance Insurance - Executives

How long are benefits payable? • Acceptance with a loading – you will still have full cover
but, based on your health or lifestyle, the insurer will
Payable while you continue to be Totally or Partially charge an extra premium for your cover above the AAL
Disabled or up to the expiry of the “Benefit Period”, (Axicom will generally meet this extra premium)
whichever occurs first. The Benefit Period under this Plan
is to age 65. • Acceptance with an exclusion – you will be covered for
everything except a specific medical condition

How much is payable via the benefit? • Decline – you will not be approved for cover above the
AAL
75% of monthly base salary paid after a 30 day wait to PSK Financial Services is available to provide you with
age 65 up to the Automatic Acceptance Limit (AAL) of assistance and guidance throughout the underwriting
$15,000 per month ($180,000 per annum). That is, base process. When confirming their decision, OnePath may
salaries up to $240,000 per annum are automatically also confirm an extra amount of cover to allow for future
covered by the policy’s Automatic Acceptance provision. salary increases. This is called a Forward Underwriting
The maximum benefit available through the policy is Limited and is provided to reduce the need for you to go
$30,000 per month ($360,000 per annum), providing through underwriting every time your salary increases
cover for a base salary up to $480,000 per annum. Note
that if your base salary is above $240,000 per annum you
will be asked to provide information about your health Is there anything else that will reduce
and medical history to be able to be insured for your full the benefit I receive?
benefit. As a recipient of Axicom’s Executive insurance A benefit payment will be reduced by any amounts
benefits, the option to apply to increase cover to your full payable from the following:
benefit (via an underwriting process) through the policy
is available to you. Axicom will continue to cover the • workers compensation
premium for any increase in benefits. • statutory compensation, pension, social security or
similar schemes
What does underwriting involve? • income benefits from other insurance policies or
superannuation
To apply for cover above the Automatic Acceptance Limit
(AAL), you will need to complete an application form • sick leave entitlements
provided by our insurer, OnePath. The insurer may ask
for further details from you and/or your regular doctor What happens if a recurrence of the
and they may ask that you attend a medical examination same injury or sickness is suffered?
or undergo tests such as blood tests. Once OnePath has
assessed all of the relevant information, they will confirm If a disability recurs within six months of the employee
if your application for cover above the AAL is approved. going back to work full time, the disability will be treated
Regardless of this decision, you will still have full cover as a continuation of the original disability. No new
without restriction, for a base salary of $240,000 per Waiting Period applies, a claim can be made as soon
annum. OnePath will make one of the following decisions as the disability recurs. The cause must be the same or
about your application for additional cover: related to the cause of the original Disability.
• Standard acceptance – you will have full cover of 75%
of your base salary

Axicom | 05