Page 14 - Axicom Salary Continuance Insurance - Staff Insurance

Benefit exclusions Leaving Axicom – insurance
continuation option
Benefits are not payable for disability or loss arising from:
You may apply to continue your insurance (Life/Death
• war, or an act of war, occurring in Australia or New
Zealand cover only) personally with the insurer upon ceasing
employment with Axicom. Medical evidence is not
• an insured member engaging in war service. required however the application for an individual policy
will take into account other factors such as: overseas
travel/residence, existing insurance, occupation/duties,
How is a claim initiated? income and working hours, pastimes/pursuits, smoker
Notice of a potential claim should be made to your status.
employer as soon as possible. Claim forms must be To exercise the Continuation Option the insured person
completed: must:
• within 30 days of the event date • be 60 years of age or less
• within 30 days after the expiration of the waiting • complete the application within 90 days of the last
period applicable to the TPD definition day of employment
• as soon as it is reasonably practicable for you to do • be an Australian resident or holder of a visa the
so. insurer considers acceptable, and
If the insurer does not receive written notice within the • not be residing outside Australia
time specified, they may reduce or refuse to pay the
insured benefit to the extent that their assessment of the PSK Financial Services is available to assist you to apply
claim is prejudiced for continuation of cover.

Benefit payments for approved claims commence 183
days from the start of the claim period (eg the end of the Are the benefits taxable?
Waiting Period).
Any claim benefit received by you is regarded as income
and as such, is fully taxable. Benefit payments are
Can coverage under the plan be assessed as ordinary income, taxed at your marginal
terminated? income tax rate.

Except as noted below, your coverage will generally not
be terminated while you continue to remain an employee Policy statement
of Axicom. Coverage will terminate if you cease to be
employed by Axicom, you die, you attain age 65, or the The Axicom Life and Total & Permanent Disablement
plan is terminated. benefit is a group plan held outside the company’s
default super plan. As such individuals insured by the
policy do not receive a personalised statement of cover.
PSK Financial Services is available to confirm your cover,
or assist with any other questions, at any time.

14 | Axicom