U-PLUS Insurance Cover Options And Premium Rates
The premium rates specified in the following tables are applicable from 1 July 2011 and are subject to change in accordance with the
policy.
Basic Cover
Benefits:
» total disability benefit for disability resulting from an accident
» full death cover and accidental death cover
» 85% income replacement ratio up to a maximum $2000 per week
» 30 day waiting period
» 3 year benefit period
Note: Workers compensation top-up cover is also provided with basic cover for NSW employees. An additional premium applies. See the table below for details.
Premium Rates
State
Basic Cover
Workers Compensation
Top-Up Cover (NSW Only)
Total Premium
Per Person Per Month
NSW
$48.50
$41.50
$90.00
QLD
$49.65
N/A
$49.65
VIC, ACT, WA, NT
$50.81
N/A
$50.81
SA
$51.27
N/A
$51.27
TAS
$49.89
N/A
$49.89
Enhanced Cover
Benefits:
» total disability benefit for disability resulting from an accident
» total disability benefit for disability resulting from a sickness
» full death cover and accidental death cover
» 85% income replacement ratio up to a maximum $2000 per week
» 30 day waiting period
» 3 year benefit period for accident claims and 2 year benefit period for sickness claims
Note: Workers compensation top-up cover is also provided with enhanced cover for NSW employees. An additional premium applies. See the table below for details.
Premium Rates
State
Enhanced Cover
Workers Compensation
Top-Up Cover (NSW Only)
Total Premium
(Per Person Per Month)
NSW
$86.00
$41.50
$127.50
QLD
$88.04
N/A
$88.04
VIC, ACT, WA, NT
$90.09
N/A
$90.09
SA
$90.91
N/A
$90.91
TAS
$88.45
N/A
$88.45
Enhanced Death Cover
Benefits:
» death benefit paid for any cause of death $25,000; or
» death benefit paid for any cause of death $50,000
Note: Premium payable for enhanced death cover must be paid in conjunction with premium for either basic cover or enhanced cover as described previously within this PDS.
Enhanced death cover replaces the standard death cover provided under basic or enhanced cover.
Premium Rates
State
Death Benefit (Paid For Any Cause Of Death)
Additional Premium
(Per Person Per Month)
ALL
$25,000.00
$2.70
ALL
$4.20
$50,000.00
Changing the Benefits
To calculate the applicable premium when changing the benefits simply multiply the total premium for basic or enhanced cover by the
additional premium loading in the table below.
Premium Rates
State
Benefit Change Description
Additional Premium Loading
(Per Person Per Month)
ALL
decrease the waiting period from 30 days to 14 days
Premium x 1.75
ALL
decrease the waiting period from 30 days to 21 days
Premium x 1.50
ALL
increase the benefit period for sickness from 2 years to 3 years
Premium x 1.35
Note: When changing the benefits, contact Coverforce to obtain a quotation.
Calculating enhanced income protection cover; an example:
Your workers compensation policy is held in NSW and You require enhanced cover for Your employees with a reduced waiting period from 30 days to 14 days.
Your revised premium of $192.00 per person per month, is calculated by multiplying the NSW enhanced cover premium by the
additional premium loading provided in the table above plus the NSW workers compensation top-up cover premium.
$86.00 x 1.75 + $41.50 = $192.00
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