SEN about insurance - May 2019
Amending information previously provided
For members over 50 whose Death Only cover will be reduced and premiums increased from 1 July 2019, we’re offering two new options. These options will allow you to keep your current level of Fixed Premium Death Only cover after 1 July 2019, without the need to answer any health questions or be underwritten.
References to current level of cover refer to the level of cover held on 13 April 2019 and does not include any changes made after 13 April 2019.
The two new options are:
Transfer your current level of cover to the closest available number of Fixed Premium Death Only units equal to, or above the current level of cover under the new insurance cover arrangements. With Fixed Premium cover, you pay a fixed cost for every unit of cover you have. Premiums and cover will change depending on your age.
Move to Fixed Amount Death Only cover equal to your current level of cover (rounded up to the nearest $1,000) under the new insurance cover arrangements. With Fixed Amount cover, the premium will increase as the you age, while the amount covered stays the same.
Please note that if you have an additional type of insurance with us, such as Fixed Premium Death & TPD cover or Fixed Amount Death & TPD or Death Only cover, this will not be shown in the letter sent on 13 April.
Individual correspondence to members aged 50 and over with Death Only Fixed Premium cover