Please see below an Insurance Glossary which explains insurance-related words and phrases in a simple way for you to understand.
| Basic Cover | Basic Cover provides you with ‘automatic’ or default death, terminal illness (DTI) and total and permanent disablement (TPD) insurance. The amount of insurance you receive depends on your age and Occupation Group. You don’t need to have your health assessed for this cover. If your Basic Cover isn’t enough for you or you’re not eligible, you can apply for Voluntary DTI Cover. To find out more about eligibility please read the PDS and relevant Insurance Guide. |
| Benefit Period | The maximum time an income protection benefit will be paid. It is two years and for the Mining Division, you can apply to extend this to five years. |
| Claim | This is when you apply for your insurance cover to be paid out. Our insurer will assess your claim and to see if you meet the conditions of the cover. They can accept your claim and pay the benefit or decline the claim if you don’t meet the conditions of the cover. |
| Death and Terminal Illness (DTI) cover | DTI insurance pays a lump sum if you die or you’re terminally ill and medically certified to have less than 24 months to live. |
| Default Division | The Default Division is for new members and those who joined the Fund on or after 20 May 2024. |
| Income Protection (IP) cover | IP insurance provides temporary income if you can’t work because of illness or injury. This benefit is paid on a regular basis, not as a lump sum. For details about our IP insurance, including how to get it, your waiting and benefit periods, and how to tailor your insurance, read the PDS and relevant Insurance Guide. |
| Insurance Division | We offer different insurance arrangements, based on which insurance Division you’re in. Generally, you're in the Default Division if you joined the Fund on or after 20 May 2024 and haven't opted into the Mining Division. You’re generally in the Mining Division if you joined the Fund before 20 May 2024 or have opted in to the insurance Mining Division. |
| Loadings / Exclusions | When you apply for insurance cover, our Insurer will assess your application. They might apply a loading – an extra premium – on top of the standard premium if you’re involved in ‘high risk’ pastimes or activities. For example, sky diving or motor racing. An exclusion is where you are provided insurance cover, but a specific condition isn’t covered, for example a pre-existing health condition like a back injury. |
| Mining Division | The Mining Division is for members who joined the Fund before 20 May 2024 or have opted in to the Mining Division from the Default Division. Once you hold cover in the Mining Division, you can’t obtain cover in the Default Division. |
| Mining Opt in | Once your Basic Cover has started in the Default Division, and if you’re eligible, you can opt-in to the Mining Division within 60 days of the date of your Insurance Welcome letter. You don’t need to be a miner to opt into the Mining Division. Once you’re in the Mining Division, you’re unable to switch back into the Default Division, but you can cancel or change your insurance at any time. If you decide to not opt into the Mining Division, you’re unable to do so in the future. |
| Occupation Group | The Occupation Group applied to your account reflects the type of job you have. It can affect the amount of your insurance cover (Default Division) and its cost. You can change your Occupation Group at any time. If you don’t give us details of your job, you will be given an ‘Undeclared’ Occupation Group if you’re in the Mining Division or a ‘Group 1 - High Risk (Undeclared)’ Occupation Group if you’re in the Default Division. These Occupation Groups have the highest premiums which is why it’s important you give us details of your job. |
| Premium | The amount deducted from your account to pay for your insurance cover. It’s deducted monthly. The cost of your insurance depends on your insurance division, the type and amount of cover you have, and other factors depending on which Division you’re in, such as age, gender, Occupation Group, and smoker status. |
| Standard IP Cover | Available to members of the Mining Division only and provides, if you’re eligible, automatic or default Income Protection insurance. This means you don’t have to apply for this insurance or have your health assessed by our Insurer. |
| Total and Permanent Disablement (TPD) cover | TPD insurance pays a lump sum if you're unlikely to ever work again due to an illness or injury. Eligible members automatically receive Basic TPD Cover, but if this isn’t enough for you or you’re not eligible, you can apply for Voluntary TPD insurance. To find out more about eligibility, please read the PDS and relevant Insurance Guide. |
| Underwriting | Any request for additional insurance cover outside cover automatically added to your account will be assessed by our Insurer before being added to your account. This is called ‘underwriting’. The Insurer might accept or decline your application based on your personal circumstances, such as your health and / or pastimes. |
| Voluntary Cover | Voluntary Cover is DTI and TPD insurance cover that you’ve applied to have added to your account. It’s in addition to any default insurance cover you have. Your application will be assessed by our Insurer and they will either approve your application, at times with loadings and / or exclusions (refer above for more information), or decline your application |
| Waiting Period | The period of time before income protection payments starts to be paid. |