Monday, 23rd May, 2016

REST Insurance Frequently Asked Questions

For many of us, the ability to earn a regular income is our most important asset. 

As life changes, so do your financial circumstances.  We take on more responsibilities such as a partner, a home and family, but unfortunately, things can go wrong and we may find ourselves without an income.

That’s why insurance is so important.  Being unable to work due to sickness or injury doesn’t just affect you, it can also affect your whole family. It’s important to keep in mind the benefits of insurance cover provided through your REST membership.

Automatic insurance cover

REST is one of the few funds that offers automatic life insurance cover which includes Death cover, Total and Permanent Disablement cover and Income Protection cover.

Due to our size REST is one of the largest group insurance plans in the world, covering more than 1.2 million members. REST’s group insurance plan is through AIA Australia Limited and provides insurance for all of our members at a group rate, subject to eligibility conditions, making it more affordable than purchasing insurance outside of super for most members.

The level of cover between REST’s products varies, so it’s important to know which product you’re in, and the type of cover offered.
  • Death cover provides a lump sum benefit if you die.
  • Total and permanent disablement (TPD) cover provides a lump sum benefit if you become sick or injured to the extent that you are not expected to ever work again
  • Income protection (IP) cover paying you an income if you’re unable to work for a prolonged period due to injury or sickness.
If you are diagnosed with a terminal illness you are also covered and will receive a lump sum payment.

All insurance is subject to meeting certain conditions.  These are available in the relevant Insurance Guide.

Flexible insurance

REST Super’s insurance has a flexible design to provide you with appropriate cover at each stage of your life. Importantly, you receive continued cover if you are between jobs and maintain the required level of account balance. This means you don’t lose your insurance cover on the day you were last employed.

To ensure your super is preserved for your retirement, REST Super’s insurance cover is maintained between jobs and then ceases if your super account balance has insufficient funds. Insurance cover also ceases when a member no longer meets eligibility criteria as set out in the REST Super Insurance Guide.

Making sure you have the right insurance cover for your needs

We recommend you think carefully about what level of insurance is right for you. It’s important that when comparing insurance across super funds you look at the cover levels under your fund and the policy definitions – not just the cost. 

If you are unsure about the level of cover you require, our insurance needs calculators for various REST’s products can help determine how much cover you need or you can seek professional financial advice.

Alternatively, REST members can speak with a Money Solutions* money coach who can help you understand your insurance needs and work with you to choose the right cover for you.

Our team at REST is here to help you. If you have any queries or require further assistance about your insurance cover, please contact us online at rest.com.au or call us on 1300 300 778 between 8am and 8pm weekdays.

* Money Solutions Pty Limited ABN 36 105 811 826, AFSL No. 258145.  Money Solutions personnel are not representatives of the Trustee.  Any financial product advice given by Money Solutions is provided under the Money Solutions AFSL.  The Trustee does not accept liability for any loss or damage incurred by any person as a result of using products or services provided by Money Solutions.

This website is provided by Retail Employees Superannuation Pty Limited ABN 39 001 987 739, AFSL 24 0003 (Rest), trustee of Retail Employees Superannuation Trust ABN 62 653 671 394 (Fund), of which Rest Super, Rest Corporate, Rest Pension and Acumen are part. It contains general advice that has been prepared without taking account of your objectives, financial situation or needs. Before acting on the information or deciding whether to acquire or hold a product, consider its appropriateness and the relevant Product Disclosure Statement (PDS), which is available on this website. The cost of providing financial services is included in the fees in the Fund as disclosed in the relevant PDS. Rest and the Fund do not charge any additional fees or obtain any commissions for the advice provided. Rest’s employees are paid a salary and do not receive any commissions. They may receive a performance related bonus that takes into account the financial services provided. Super Investment Management Pty Limited (ABN 86 079 706 657, AFSL 240004), a wholly owned subsidiary company of Rest, manages some of the fund’s investments. Apart from this, Rest does not have any relationships or associations with any related body corporate or product issuer that might reasonably be expected to be capable of influencing Rest in providing financial services.

Rest personal advice is provided by Rest Advisers as authorised representatives of Link Advice Pty Ltd ABN 36 105 811 836 AFSL 258145

Awards and ratings are only one factor to consider when deciding how to invest your super. Further information regarding these awards can be found at rest.com.au/about-rest/awards. Past performance is not an indicator of future performance. SuperRatings Pty Limited does not issue, sell, guarantee or underwrite this product. Go to superratings.com.au for details of its ratings criteria. For further information about the methodology used by Chant West, see www.chantwest.com.au