Membership Guide - SuperFacts.com

Lifestyle events coverLutheran Super provides lifestyle events cover, which means that if you are an eligible member with existing cover andyou are under age 55, you can apply to increase your death and TPD cover without providing health evidence within 60 daysof a life event occuring.The events that qualify as lifestyle events include:• marriage¹• the birth or adoption of a child• divorce• child turning 12 years oldHave your circumstances changed?Remember to review your insurance cover if yourpersonal situation changes in any way, for example youget married, divorced, have a child or adopt one, or buya house.• member turning 30 years old• taking out a mortgage²The increase in your cover may be up to the lesser of:• $200,000 or• a 25% increase of your current cover.You can only request one increase within any 12 month period and you can take advantage of this option a maximum ofthree times. You must meet eligibility conditions to apply for life events cover. For details, please read the PDS.1. Where marriage is defined as:- a marriage or customary union as recognised in terms of the laws of Australia or- two adults who are in a relationship as a couple (whether or not legally married to each other), regardless of theirsex, where the two adults live with each other on a permanent and genuine domestic basis and have done so for acontinuous period of at least two years.2. Effecting a mortgage on the purchase of a home or increasing an existing mortgage, for building or renovation works, on your principal place of residence with a registeredmortgage provider.Transferring existing cover to Lutheran SuperIf you have other insurance cover in another super fund or through a personal insurance policy through a retail insurer, youcan transfer this cover (to a maximum of $1,000,000) into Lutheran Super in addition to the cover that you are provided as aLutheran Super member, subject to certain conditions. Please read the PDS for details of these conditions.How much does your IP cover cost?The premium that applies for your IP cover is calculated using a percentage of your insured salary. The percentagedepends on your benefit payment period and your level of cover (i.e. 75%, 50% or 25% of your insured salary plus 9% supercontributions). The premium rates for each option are shown in table 6.Table 6Benefit payment period75% income benefitplus 9% superCost of cover (% of insured salary)50% income benefitplus 9% super25% income benefitplus 9% superUp to two years 0.426% 0.299% 0.172%To age 65 (standard) 1.343% 0.943% 0.544%To age 67 1.573% 1.105% 0.637%For more details about your insurance cover, including the definition of TPD, qualifying for income protection insuranceand the conditions that apply to your insurance cover, please read the PDS.12