Member Information Booklet - REI Super

elite members fixed Cover
rate of Premium for benefits
Age based rates per $1,000 Annual insured Cover
Age attained as at
1 July prior to the
period of cover death and tPd death only
Age 35 or less $0.50 $0.28
36 $0.52 $0.29
37 $0.55 $0.30
38 $0.58 $0.32
39 $0.62 $0.34
40 $0.66 $0.36
41 $0.69 $0.38
42 $0.73 $0.40
43 $0.78 $0.43
44 $0.83 $0.45
45 $0.88 $0.48
46 $0.95 $0.52
47 $1.02 $0.56
48 $1.11 $0.61
49 $1.21 $0.67
50 $1.33 $0.73
51 $1.49 $0.82
52 $1.68 $0.92
53 $1.93 $1.06
54 $2.26 $1.24
55 $2.60 $1.43
56 $3.06 $1.68
57 $3.71 $2.04
58 $4.33 $2.38
59 $5.78 $3.18
60 $7.43 $4.09
61 $10.40 $5.72
62 $13.00 $7.15
63 $20.80 $11.44
64 $52.00 $28.60
65 $0.00 $0.00
page 33
example of fixed benefit Cover
Angela is the Principal of an office, and has determined that
she needs $800,000 cover in the event she dies or becomes
totally and permanently disabled. She was aged 38 at 1 July
prior to the commencement of cover. The calculation of her
premium is as follows:
800 x $0.58 = $464.00 per annum
(where $0.58 is the cost per thousand dollars of Fixed
Benefit cover at age 38 for Death & TPD cover.)
Next year, assuming Angela keeps the same amount and
type of cover, the premium would be:
800 x $0.62 = $496.00 per annum
(where $0.62 is the cost per thousand dollars of Fixed
Benefit cover at age 39 for Death & TPD cover.)
Each year, the amount of Insurance cover remains the
same, but the premium will increase in line with age.
Salary Continuance insurance (SCi)
what is it?
Salary Continuance Insurance (SCI) protects you and your
family against your loss of earnings if you are totally or partially
disabled as a result of injury or illness. When eligible, the benefit
is payable monthly in arrears for up to two years, but will cease
once you reach age 65. This insurance is optional and may not
be suitable for all members.
SCI is not available to Spouse and retained members.
who can apply?
You can apply for Salary Continuance Insurance cover if you
are under 65 years of age and work at least 15 hours per week
on a permanent basis. You will be required to provide health
evidence, and the Insurer may accept your application, apply
exclusions, or reject your application. For more information
about how to apply, please refer to page 35.
what does it cost?
The cost per unit of Salary Continuance Insurance depends
on the waiting period you have selected.
> $13 per annum (90-day waiting period); or
> $30 per annum (60-day waiting period); or
> $36 per annum (30-day waiting period).
Each unit provides an annual benefit amount of $5,200
(i.e. $100 per week). Premiums do not increase with age, are
deducted from your REI Super Employer Contribution, and
do not require additional contributions for funding. You must
select at least 2 units of cover, which is the equivalent benefit
of $10,400 p.a. See table on page 35.
Salary Continuance Insurance provided through REI Super is not
tax-deductible to the member.