Automatic Insurance Cover Reinstatement at Age 25

Some members make decisions when they’re young that are right for them at the time. But once you cancel insurance, you usually can’t get it back without having to go through a medical process.

We’re making it easier for you to get cover again later when it may be more relevant for you. From 1 June 2009, if you have no insurance cover and are working for an employer making mandatory contributions to REST, we will automatically reinstate Basic Cover.

Costs and benefit of Basic Cover at age 25

See the Basic Cover Costs and Benefits at Age 25 tables for details of the cost and sums insured.  As you get older, the benefit and cost of cover will change. For more information, see the Insurance Guide

To keep up with the cost of living, your benefit level will increase by 5% as of 1 January 2010 and each January thereafter. As a result of the increase in cover, insurance costs for Basic Cover will also increase by 4.5% on 1 January each year.

When age 25 insurance cover commences

Your insurance cover will commence once a mandatory employer contribution has been received and the contribution relates to a period of employment beginning on or after the beginning of the month in which you turn 25 and before you turn 26.

You must be in Active Employment on the day your cover starts. If you are not in Active Employment on this date, Limited Cover will apply until you return to being in Active Employment for two consecutive months.

Cooling off period

We will send you notification once we receive your mandatory employer contribution to confirm that your cover has commenced. Once you are notified that insurance cover has commenced, a 60 day cooling off period will begin, giving you the chance to cancel your cover.
 

Definitions
 

Active Employment

Active Employment means being At Work and in the insurer’s opinion not being restricted by sickness or injury from carrying out the identifiable duties of your employment, or the duties of your usual occupation each week on a fulltime basis, being at least 30 hours per week.
 

Limited Cover

Limited Cover means you are only covered for claims arising from a sickness that became apparent or an injury that occurred on or after the date your cover most recently commenced. 
 

This website does not contain full details of the contract between REST and its insurer and only offers a general guide to the insurance offered by REST. The insurance is provided under a contract between the Trustee and American International Assurance Company (Australia) Limited ABN 79 004 837 861 AFSL Number 230043, trading as AIG Life. The Insurance information contained on this website relates to conditions that apply from 5 December 2008.