Total Care Plan Super (TCPS) offers protection with the benefit of holding insurance cover inside the superannuation environment. When a TCPS policy is taken out, your client, as the life insured, becomes a member of the Colonial Super Retirement Fund (CSRF) and the Trustee, Colonial Mutual Superannuation (CMS) Pty Ltd, owns the policy.

 

Total Care Plan Super (TCPS) has Flexi-linking, Split TPD and Split IP functionality allowing you to offer your clients cover inside or outside super, or a combination of both. And Super Payment Method can give clients an instant 15 per cent discount as well as ongoing savings, making for cheaper premiums.

TCPS offers the following types of cover:

 

 

WHY INSURANCE INSIDE SUPER?

Premiums are paid using pre-tax income

Premiums are paid using pre-tax income, paid as personal or employer contribution.

Improves cash flow

Improves cash flow by using super rollover monies to pay for premiums instead of finding money from their budget.

SPM and renewal reward discounts

Pay TCPS annual premiums with SPM and receive a renewal reward of up to 15% upon next renewal.

Learn more

LIFE CARE FEATURES AND BENEFITS

At a glance

  • Unlimited cover
  • Stepped premium type:
    • Minimum entry age 15
    • Maximum entry age 70
  • Level premium rate type:
    • Minimum entry age 17
    • Maximum entry age 54
  • Cover expiry date will be the policy anniversary date before the insured’s 80th birthday.


Key benefits

  • Life Care benefit: lump sum is paid if the life insured dies
  • Terminal Illness benefit: Pays a lump sum if the life insured becomes terminally ill and likely to die from the illness within 24 months
  • Severe Hardship Booster benefit: doubles the lump sum we pay (up to $250,000) if the insured dies or is likely to die within 24 months from Meningococcal Disease, Legionnaires’ Disease or Motor Neurone Disease
  • Life Buy Back benefit: automatically reinstates Life Care 12 months after we pay a TPD or Trauma claim
  • Loyalty Bonus benefit: after five years of cover, we will automatically increase the payment of the Life Cover or Terminal Illness benefit by 5% at no extra cost
  • Super Payment Method (SPM) and Renewal Reward: premium payments via automated rolled over super money. A renewal reward of up to 15% is applied to the following year’s premium if this payment method is chosen
  • TCPS rollover discount: a 10% discount on all new Life and TPD cover on stepped premiums when paying with SPM.


Download the PDS for full list of benefits >


When is a benefit paid?

Life Care provides a lump sum payment in the event of terminal illness or death.

TOTAL AND PERMANENT DISABILITY FEATURES AND BENEFITS

At a glance

  • Up to $5 million cover
  • Stepped premium type:
    • Minimum entry age 15
    • Maximum entry age 60
  • Level premium type:
    • Minimum entry age 17
    • Maximum entry age 54
  • Cover expiry date will be the policy anniversary date before insured’s 75th birthday and changes to Loss of Independent Existence only at policy anniversary before the insured 65th birthday.

Key benefits

  • TPD Cover benefit: pays a lump sum if the life insured is totally and permanently disabled
  • Severe Hardship Booster: pays double the insured lump sum (up to $250,000) if your client suffers loss of limbs or sight
  • Loyalty Bonus benefit: after 5 years of cover, we automatically increase the TPD payment benefit by 5% at no extra cost
  • SPM and Renewal Reward: premium payments via automated rolled over super money. A renewal reward of up to 15% is applied to the following year’s premium if this payment method is chosen.
  • TCPS rollover discount: a 10% discount on all new Life and TPD cover on stepped premiums when paying with SPM.


Download the PDS for full list of benefits >


When is a benefit paid?

TPD Cover provides a one-off lump sum payment if you are totally and permanently disabled.


INCOME PROTECTION FEATURES AND BENEFITS

At a glance

  • Choice of agreed value or indemnity cover
  • Choice of 2 weeks or 1, 2, 3, or 6 months or 1 or 2 years waiting period
  • Stepped premium type:
    • Minimum entry age 17
    • Maximum entry age 60
  • Level premium type:
    • Minimum entry age 17
    • Maximum entry age 54

Note: Aviation and Specialist Risk occupations have different eligibility entry age ranges, please read the PDS.

  • Choice of cover expiry on anniversary before insured’s:
    • 60th birthday or 
    • 65th birthday
    • 70th birthday.
  • Cover of benefit period:
    • two years
    • five years
    • to the expiry date which applies i.e. the policy anniversary before the insured's 60th, 65th or 70th birthday.


Key benefits

  • Total Disability benefit: pays a monthly benefit if the insured suffers a loss of income because they can’t do any work at all due to disability
  • Partial Disability benefit: pays a partial monthly benefit if, due to disability, the insured can only work in a reduced capacity and suffers a reduction of income
  • Recurrent Disability benefit: allows the insured to continue their original claim without satisfying the waiting period again if their disability reoccurs within 12 months
  • Boosted Total Disability benefit: if the insured is totally disabled by a serious medical condition we increase the monthly benefit by one third so it more closely reflects 100% of the insured’s income rather than just 75%
  • Reward Cover benefit: after three years of holding the income protection we will provide $50,000 Accidental Death Cover. We then increase the Accidental Death Cover by $10,000 on each policy anniversary until the cover reaches $100,000
  • Death benefit: helps meet expenses if the insured dies by paying a lump sum of $10,000
  • Waiving premiums: no income protection premiums payable while a Total or Partial Disability benefit is being paid
  • SPM and Renewal Reward: premium payments via automated rolled over super money. A renewal reward of up to 15% is applied to the following year’s premium if this payment method is chosen.


Download the PDS for full list of benefits >


When is a benefit paid?

Income Care Super provides up to 75% of income if unable to perform all or part of the occupation due to illness or injury. 

ACCIDENTAL DEATH COVER FEATURES AND BENEFITS

At a glance

  • Cover up to $1 million
  • Must be taken with minimum $10,000 Life Care and can’t be greater than the Life Care sum insured amount
  • Cover will expire on anniversary date before the insured’s 80th birthday.

Key benefits

  • A lump sum is paid if the life insured dies due to an accident
  • SPM and Renewal Reward: premium payments via automated rolled over super money. A renewal reward of up to 15% is applied to the following year’s premium if this payment method is chosen
  • Offers choice between binding and non-binding beneficiary nominations.


Download the PDS for full list of benefits >


When is a benefit paid?

Accidental Death Cover provides a lump sum payment if the life insured dies due to an accident.

Statement from Colonial Mutual Superannuation Pty Ltd (CMS)

During March 2016 there has been media coverage relating to CommInsure’s handling of insurance claims and we understand you may be concerned about these reports.

The Commonwealth Bank has since announced that the CommInsure Board have taken a range of actions including introducing an additional layer of independence and assurance for the assessment of complex claims and appointing an independent expert to oversee a claims review program, with particular emphasis on customer advocacy. We welcome the commitments made by CommInsure and we also endorse the statements made by CommInsure Board Chairman Geoff Austin in Commonwealth Bank’s media release regarding his expectation of the highest ethical standards of all employees.

As the Trustee of various superannuation funds, our usual process is that claims declined by CommInsure are reviewed by the Trustee’s Claims Committee. To provide an additional layer of comfort, the Trustee is undertaking a further review of claims processes and considerations. We will also continue our normal monitoring of CommInsure’s services and consider if any further action is necessary.

If you have concerns please contact us on 13 13 36 (8am – 7pm AEDT).

CommInsure has also advised that you are welcome to contact them directly on
13 10 56 (Monday-Friday 8am-8pm AEDT) or 1800 106 133 (Monday-Friday 8am-8pm AEDT, Saturday and Sunday 8am-5pm AEDT).

Google+