INSURANCE
INFORMATION SHEET
TelstraSuper RetireAccess®
Insurance rates are
changing from 1 July 2017
Insurance premiums are calculated using a variety of rates
based on age, gender and the type of cover. From 1 July
2017 these rates are changing.
This information sheet outlines the changes and can
be used to calculate your insurance premiums effective
1 July 2017. Use it to check the rates for insurance cover
you have or any new cover you wish to apply for.
The rates in this document replace the rates in the
TelstraSuper RetireAccess Product Disclosure
Statement (PDS) dated 1 February 2017. Only the rates
that are changing are included in this document. All
the terms and conditions detailed in the PDS remain
unchanged. Before applying for or changing your
insurance you should read the PDS.
Default* cover
Default* base Death insurance cover is offered to eligible
TelstraSuper RetireAccess members. This insurance cover
means that in the event of your death, your dependants
or legal personal representative could receive a lump sum
insurance payment, paid in addition to your TelstraSuper
RetireAccess balance. From 1 July the premiums are
$1.23 per week for base Death cover of one unit and
will be deducted quarterly in arrears, or when you leave.
This premium was previously $1.18 per week.
Your level of base Death cover is determined by your age
next birthday. Table 1 below shows the amount of age
based Death cover available.
Table 1 – Amount of base Death cover
•• For more information about your insurance cover
refer to the TelstraSuper RetireAccess Product
Disclosure Statement (PDS), dated 1 February
2017, available at telstrasuper.com.au/pds
Age next
birthday †
Base Death
cover @
$1.23 per
week
•• See the Insurance FAQs at telstrasuper.com.au/
insurance2017 for answers to your questions
55
$29,095
56
•• To check your current level of insurance cover log in
to SuperOnline or call us
57
•• If you have any questions call us on 1300 033 166.
Note: Table 2 in the PDS is not changing.
* Members are ineligible for default insurance cover if they are over age 75,
or have previously received a Total & Permanent Disablement payment from
TelstraSuper.
†
Age next
birthday †
Base Death
cover @
$1.23 per
week
66
$11,353
$25,335
67
$10,519
$22,451
68
$9,734
58
$19,980
69
$9,016
59
$18,000
70
$8,349
60
$16,585
71
$7,733
61
$14,760
72
$7,158
62
$13,964
73
$6,624
63
$13,244
74
$6,133
64
$12,794
75
$5,676
65
$12,254
As at last 1 July.
1
Top-up cover
Top-up cover is also available and is calculated per $1,000
sum insured using the rates in Table 3. For example, from
1 July the new rates for a female aged 60 next birthday
with $300,000 of top-up Death cover would calculate
premiums as:
Table 3 – Premium rates for top-up cover per
$1,000 sum insured
Age next
birthday†
Cover amount/1,000 x insurance rate
= $300,000/1,000 x $2.44
= $732 per year
The rates up to 1 July* are:
Cover amount/1,000 x insurance rate
= $300,000/1,000 x $2.35
= $705 per year
†
Males white
collar $
Females white
collar $
55
2.76
1.84
56
2.96
1.97
57
3.18
2.06
58
3.45
2.18
59
3.71
2.33
60
4.00
2.44
61
4.30
2.59
62
4.65
2.72
63
5.02
2.87
64
5.43
3.04
65
5.89
3.22
66
6.35
3.41
67
6.85
3.63
68
7.40
3.85
69
8.00
4.08
70
8.63
4.33
71
9.33
4.59
72
10.08
4.86
73
10.89
5.15
74
11.76
5.46
75
12.71
5.78
As at last 1 July.
Note: existing occupational loadings are not changing
* The rates in this example are those in Table 3, page 41, of the current PDS,
dated 1 February 2017.
Issued by:
Telstra Super Pty Ltd ABN 86 007 422 522 AFS Licence 236709, as the trustee of the Telstra Superannuation Scheme ABN 85 502 108 833 (TelstraSuper).
Level 8, 215 Spring Street, Melbourne VIC 3000
Telephone: 1300 033 166
telstrasuper.com.au
® is a registered trademark in Australia of Telstra Corporation Limited.
218739/FAMISC017/07/0517
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