Page 10 - Axicom Salary Continuance Insurance - Staff Insurance
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Life and Total & Permanent
Disablement Insurance
Axicom offers Life and Total & Permanent Disablement insurance as part of the
Employee Benefits Package. Premiums are paid by your employer. Life/Death
cover provides a lump sum payment to beneficiaries or an Estate in the event
of death, in addition to the super benefit. Total & Permanent Disablement
insurance pays a lump sum into superannuation in the event of terminal illness
or total and permanent disablement.
What is the benefit? When is the benefit payable?
15% of base salary x years to age 65 A lump sum benefit is provided in the event of an insured
member’s:
Who is eligible? • Death
• Terminal illness diagnosis
• all current full-time and part-time employees
(working 15 hours or more per week) • Total and permanent disablement diagnosis
• employees who are Australian residents or
holder of a Visa
Death
• employees aged under 65 years The death benefit becomes payable on the incurred date.
When does cover commence?
Terminal Illness diagnosis
Immediately upon commencement of service for new A terminal illness benefit will be payable upon receipt
employees - subject to the Automatic Acceptance Level of two medical practitioners’ certification that illness or
(AAL) applicable to this plan and eligibility criteria above. injury is likely to result within 12 months from the date of
Cover is automatic – no requirement for you to complete written certification.
forms.
What is an Automatic Acceptance Level
(AAL)?
An AAL means the maximum amount of benefit specified
in the schedule for which the insurer does not require
evidence of an insured person’s state of health. The AAL
applicable to this policy is $1,250,000.
10 | Axicom
