Border Express Benefits Plan


COMMITTED TO DELIVER

Border Express Benefits Plan - Insurances

Overview

When you join the plan, most employees automatically receive extensive insurance coverage. Through the Plan, members have access to group insurance rates, generally without having to provide medical evidence. Worldwide protection applies, 24 hours per day, seven days per week.

The employee insurance options in your Spectrum Master Fund include:

Death Only (also available to spouses)
Death and Total and Permanent Disability (TPD)
Group Salary Continuance (income insurance)

General details about the individual insurance offerings, including eligibility conditions and choice of cover, can be found under related material in the Spectrum Master Fund Superannuation Employee Guide for a comprehensive summary of the entire insurance cover options for employees. Your welcome kit or last member statement should show you the cover offered to you and it's monthly cost.

What insurance does the plan offer?

There are three categories in the Border Express Benefits Plan when it comes to insurances which apply when you first joined the fund as per the following table;

Category	Default Level of Cover
A	(office staff, including clerical and retail employees)
	- are offered Death & TPD insurance on a formula being 15% of Salary x Years to Age 65.
B	(all drivers, yard & truss plant employees)
	- Offered 3 units of Death and TPD cover at a fixed monthly cost.
	- The insured amount falls as you approach retirement age.
C	(management)
	- are offered $450,000 of Death & TPD Cover.

These insurances can be cancelled, reduced or increased (subject to medical evidence). Category C is open to non-management admin employees who wish this level of cover, however it must be selected prior to commencing employment or medical evidence will be required. Selecting Category C will increase the insurance cost substantially which is why it is not the default selection for all admin employees.

By default, employees working less than 15 hrs per week are only given Death Cover but not TPD or Income Insurance (GSC).

By Default, all employees working more than 15 hrs per week are also offered Group Salary Continuance which replaces up to 75% of your income following a waiting period (90 days) for up to 2 years. Additionally, an amount of 9% of salary will continue to be paid to fund your superannuation contributions.

Your member statements and welcome kits shows details of the cover offered and the costs to account.

Information on Insurances

The financial planning team at Wealthsure Financial Services can advise as to how much insurance you should have in your plan given your personal situation. They can be contacted on 1300 668 600.

If you wish to adjust your insurances or want more information on the insurances in your account you should contact Spectrum Master Fund on 1800 333 500. If you have a log-in go to the Spectrum Master Fund website and enter your log-in details. If you haven't arranged login-access call Spectrum Master Fund on 1800 333 500.


© 2012 Border Express Pty Ltd	info@borderexpress.com.au