If something happens to you, personal insurance can help with financial security for you and your family.

Your insurance in Amatil Super

Amatil Super provides Death, Total and Permanent Disability (TPD) and Temporary Salary Continuance insurances. And the best part of this benefit is that Amatil will pay the premiums and stamp duty on the default cover you're eligible for (as per the plan summary for your category). You can read Understanding insurance  below for more information on the different types of insurances.

The amount of cover and its cost depends on your category, age, gender and salary. More details can be found in the AMP Life Insurance Guide Fact Sheet and plan summaries. Note: the insurance conditions under Amatil Super vary from the standard conditions detailed in the AMP Life Insurance Guide Fact Sheet.

 

Death and Total and Permanent Disability (TPD)

If you meet the eligibility requirements, you are automatically provided with a level of default Death and TPD cover, which is paid for by Amatil. The default Death and TPD insurance for accumulation members is calculated using the following formula1:

16% X Your salary X Number of years (including complete days) to your 60th birthday.

Your default cover is subject to a minimum of $10,000 prior to you reaching age 65. This cover is subject to a maximum cover limit as detailed in the Insurance guide fact sheet – AMP Life Limited, and the automatic acceptance limit (AAL) of $1,500,000. You have the ability to increase the amount of your insurance cover above the default level provided when you join the plan.

If you are a defined benefit member, you are also covered for death and TPD insurance. You can find these details on My AMP or contact us here.

Additional cover

You can apply for additional Death and TPD insurance cover at any time subject to the terms and conditions of the insurance policy. You may be required to provide medical details.

Please refer to the Insurance guide fact sheet - AMP Life Limited and your Plan Summary for further information. You can find the additional insurance cover form here.

The cost of your additional Death and TPD insurance cover is deducted from your account on a monthly basis. Your member statement will set out the insurance premiums and stamp duty (if applicable) that will be deducted from your account.

Guaranteed Future Insurability (GFI)

If you satisfy eligibility criteria and are under age 55, you may apply for additional insurance cover without the need to provide medical evidence on the occurrence of an event defined as:

  • On joining the plan
  • Marriage
  • The birth or legal adoption of a child
  • Taking out a mortgage on the initial purchase of a primary residence.

The additional insurance cover must be applied for within 3 months of occurrence of the event, or within 30 days from the date of your welcome letter upon joining the Plan, and you must be at work on the date of application.

This application to increase your cover is available in multiples of cover equal to:

2%
X
Your salary
X

Number of years (including complete days) to your 60th birthday

This is subject to a minimum of $1,250 and up to a maximum of $200,000 of Death and TPD insurance cover. Please refer to the Insurance guide face sheet for AMP Life Limited and your Plan Summary for further information or contact us.

Temporary Salary Continuance (TSC)

If you meet the eligibility requirements, you are automatically provided with a default level of Temporary Salary Continuance cover, which is paid for by Amatil.

The level of default cover will be 75% of your monthly salary, subject to a maximum of $30,000 per month, and the automatic acceptance limit of $18,000 per month.

Default TSC waiting period: The greater of 6 months or expiry of accrued sick leave.

Default TSC payment period: Up to 2 years.

Amatil Super has an option for you to apply for extended voluntary TSC cover to provide benefit payments up to age 65. This is in addition to the TSC cover with a benefit payment of 2 years described above. The provision of the extended voluntary TSC cover to age 65 is subject to the insurer’s approval after you provide the insurer with satisfactory medical evidence. The premiums for this cover are deducted from your account balance.

No medical checks

If you join Amatil Super when you first begin working at Amatil, there is no need to apply for insurance; this is automatically provided.  Also, the requirement to provide medical information is waived. If you choose to join the plan at a later date you may need to provide medical evidence to obtain cover.

 

Understanding insurance

Choosing the right type and the right amount of insurance is a good way to help make sure that if anything happens to you, you and your loved ones will be better financially protected. These include:

Death and Total and Permanent Disablement (TPD) insurance

Death cover, also known as Life insurance, may be especially important if family members rely on you financially, or you have large debts like a home loan.

Life insurance provides a lump sum if you die.

Money is the last thing you’d want to think about when faced with a lifelong disability.

But if you were to become disabled to the extent that you are unable to work again, TPD cover provides you with a lump sum payment to help you financially.

To find out more about how TPD cover could help you, download the Do I need Life cover and TPD cover brochure.

Temporary salary continuance (TSC)

You’d insure your car and your house, and it’s also important to insure your most valuable asset, your ability to earn an income.

Consider how much you and your family depend on your current income—and what could happen if it stopped coming in. TSC can help to give you peace of mind that if you were unable to continue to work due to illness or injury, your family would have some financial protection.

TSC provides a monthly payment to you of up to 75% of your regular income while you’re unable to work. Benefits are paid for a period of time that you select (commonly for 2 or 5 years, or until age 65 years) subject to certain conditions.

To find out more about how temporary salary continuance could help you, download the Do I need TSC brochure.

* Certain eligibility criteria may apply. Please refer to your Amatil Super plan summary and Insurance guide fact sheet.

Insurance inside your super account

Did you know super laws were changed last year? You may have received a letter from AMP to let you know about these changes and how you were affected.

The laws were about protecting your retirement savings from being eroded by the cost of insurance that you may not need or want.

If you have insurance in your super, please check the following information to make sure you’re covered under these new laws.

  1. If your super account doesn’t receive any contributions or rollovers for 16 months, the insurance in your account will be cancelled.
    1. To keep your insurance, simply make a payment to your super account or let us know you’d like to keep it.
  2. If you’re under 25 and/or have a balance below $6,000 you won’t automatically get insurance.
    1. If you’d like it included in your super, you can simply request it – do this in the first 120 days of joining Employees Super Plan, and you’ll start receiving insurance automatically.

Insurance requests after 120 days mean you may have to answer some health and lifestyle questions and, for a limited time, you may not receive the full insurance benefits.

If your insurance premiums are fully funded by your employer and they notify us, these laws may not apply to you.

Where to get more information

If you have insurance already but want to understand it better or check whether it’s right for you, you can visit the below places for more information.

1 For category A members

Coca-Cola Amatil (Amatil) does not publish this site and does not endorse or assume responsibility for any advice contained here.