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U-PLUS Insurance Cover Options and Premium Rates


The Premium rates specified in the following tables are applicable from 1 June 2009 and are subject to change in accordance with the Policy.

 

Basic Cover

Benefits:

  »  Total Disability Benefit for disability as a result of an Accident

  »  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

$43.50

$36.50

$80.00

QLD

$44.54

N/A

$44.54

VIC, ACT, SA, WA, NT

$45.57

N/A

$45.57

TAS

$44.74

N/A

$44.74

 

 

 

 

 

 

 

 

 

Enhanced Cover

Benefits:

  »  Total Disability Benefit for disability as a result of an Accident

  »  Total Disability Benefit for disability as a result of a Sickness

  »  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

$78.50

$38.50

$115.00

QLD

$80.37

N/A

$80.37

VIC, ACT, SA, WA, NT

$80.24

N/A

$80.24

TAS

$80.74

N/A

$80.74

 

 

 

 

 

 

 

 

 

Enhanced Death Cover

Benefits:

  »  Death Benefit paid for any cause of death $25,000

  »  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 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 with a reduced waiting period from 30 days to 14 days. Your revised Premium of $173.88 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.

 

$78.50 x 1.75 + $36.50 = $173.88

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