 Tasplan Member Insurance
Tasplan recognises insurance cover as an essential part of any financial plan, because it protects your family in the event of untimely and unexpected happenings, such as death or disability.
In the event of your death or permanent disablement due to an accident, would your family be able to meet their current financial debts? If you were unable to work for whatever reason, could you still pay your mortgage, school fees for the kids, in fact any of the living costs you're paying now?
We believe family protection is very important and that is why we offer low-cost insurance cover that provides financial protection to you and your family 24 hours a day, seven days a week, whether you're at work, at home or on holiday.
Features at a Glance
Tasplan provides eligible members with comprehensive, low-cost and feature-laden insurance cover to assist every member to achieve peace of mind through having insurance cover appropriate to their personal circumstances.
The main features are as follows:
- Flexible Death and Total & Permanent Disablement (TPD) cover
- Option for Death Only
- Income Protection Benefit (optional)
- Low premiums
- Up to $5 million Death cover, $2 million TPD cover and $25,000 per month Income Protection cover
- Basic cover automatically provided to eligible employer sponsored members without having to provide health evidence
- Three units of additional cover available without the need to provide evidence of good health, provided the application for the additional cover is received within 90 days of joining Tasplan
- Additional Cover can be unitised, or fixed, with the option to have cover indexed annually.
- Insurance cover is continuous, regardless of your status of employment.
Basic Cover
Upon commencing employment with a participating employer and joining Tasplan, you will be automatically allocated the following units of Basic cover:
- One unit of Death and TPD cover if you are aged under 20,
- Two units of Death and TPD if you are aged between 20 and 22, or
- Three units of Death and TPD cover if you are 23 years of age or older.
The following table shows the value of three (3) units of Basic cover for both Death Only and Death and TPD cover:
Age
Next
B’day |
Basic Cover
Death Only
Death & TPD |
Age
Next
B’day |
Basic Cover
Death Only
Death & TPD |
|
16 - 47
|
$100,800
|
59
|
$16,832
|
|
48
|
$84,158
|
60
|
$13,861
|
|
49
|
$76,238
|
61
|
$11,881
|
|
50
|
$68,317
|
62
|
$9,901
|
|
51
|
$60,396
|
63
|
$7,723
|
|
52
|
$52,475
|
64
|
$6,139
|
|
53
|
$44,554
|
65
|
$5,000
|
|
54
|
$36,634
|
66*
|
$5,000
|
|
55
|
$28,713
|
67*
|
$5,000
|
|
56
|
$25,743
|
68*
|
$5,000
|
|
57
|
$22,772
|
69*
|
$5,000
|
|
58
|
$19,802
|
70*
|
$5,000
|
* Death Only cover applies after you turn age 65.
Who is Eligible for Basic Cover?
To qualify for Basic cover you must be accepted as a member of Tasplan and Tasplan must receive a contribution from your participating employer within 180 days of becoming a member.
The contribution received must be sufficient to cover the initial premium payment required.
If you do not automatically qualify for Basic cover, you can either provide health evidence to seek acceptance by the insurer, or you can accept limited Basic cover.
Limited Basic cover will apply for a two year continuous period of membership of Tasplan after which your cover will revert back to standard Basic cover. The limitation means that you will not have cover for any pre-existing conditions and intentional self-inflicted injuries or suicide that happen within the first 13 months.
What does it Cost?
Premiums
- Death Only = $0.28 per unit, or $0.84 per three (3) units
- Death & TPD = $0.71 per unit or $2.13 per three (3) units
Example
Bill is aged 46 (age next birthday 47) and is eligible for 3 units of Basic Death & TPD cover.
This provides Insurance Cover for Bill of $100,800 at a weekly cost of $2.13 per week
Additional Death and Death & TPD Cover
Members receiving contributions from participating employers are able to apply for up to three additional units of cover without having to meet requirements for evidence of good health if the
application is received within 90 days of joining Tasplan.
After this time, members can still apply for additional Death Only or Death and TPD at any time provided they complete the short form Personal Statement in the first instance. The additional cover does not commence until accepted by the insurer.
Additional cover varies according to your occupation as can be seen by the table below which shows the value of a single unit:
Each additional unit costs $0.28 per week for Death Only cover, or $0.71 per week for Death and TPD cover.
For more information on Tasplan's insurance options, including the forms to increase your cover, please refer to the Insurance Booklet.
Age
Next
B’day |
Professional
Member
Death Only or
Death & TPD |
White Collar
Member
Death Only or
Death & TPD |
General
Member
Death Only
or Death & TPD |
|
16 - 47
|
$60,480
|
$57,120
|
$30,240
|
|
48
|
$50,495
|
$47,687
|
$25,247
|
|
49
|
$45,743
|
$43,202
|
$22,871
|
|
50
|
$40,990
|
$38,713
|
$20,495
|
|
51
|
$36,238
|
$34,224
|
$18,119
|
|
52
|
$31,485
|
$29,736
|
$15,743
|
|
53
|
$26,732
|
$25,247
|
$13,366
|
|
54
|
$21,980
|
$20,759
|
$10,990
|
|
55
|
$17,228
|
$16,271
|
$8,614
|
|
56
|
$15,446
|
$14,588
|
$7,723
|
|
57
|
$13,663
|
$12,904
|
$6,832
|
|
58
|
$11,881
|
$11,221
|
$5,941
|
|
59
|
$10,099
|
$9,538
|
$5,050
|
|
60
|
$8,317
|
$7,855
|
$4,158
|
|
61
|
$7,129
|
$6,733
|
$3,564
|
|
62
|
$5,941
|
$5,611
|
$2,970
|
|
63
|
$4,634
|
$4,376
|
$2,317
|
|
64
|
$3,683
|
$3,479
|
$1,842
|
|
65-70*
|
$3,000
|
$2,833
|
$1,500
|
* Death Only cover applies after you turn age 65.
Income Protection Cover
| What is it? |
A replacement income when you are unable to work at full capacity or at all, due to illness or injury. |
| How much is it? |
It can replace up to 85% of your monthly income if you can’t work because of illness or injury (subject to a maximum of $25,000 per month). A maximum of 75% will be paid directly to you,
and 10% will be paid to Tasplan. |
| What cover do I get automatically? |
Nil, as cover is voluntary. This means you need to apply for Income Protection insurance cover and must be accepted by the insurer for cover by providing evidence of your good health. |
| Why would you need it? |
In the event of illness or injury:
- To help protect the income you earn and the lifestyle you live.
- If your family relies on your regular income.
- If you don’t want to rely on just your savings, your family, or the public health system in the event of illness or accident.
|
| Who may be eligible for cover? |
Employees aged between 15 and 64 who are members of Tasplan. At the time of application you must reside in Australia. |
For full details about Tasplan's Income Protection cover please contact Tasplan on 1800 005 166 or download an Insurance Booklet.
Links to related articles:
Member services
How to join Tasplan
View your account online
How your account works
Fees & taxes
Free member workshops
Free financial planning advice
Personal contributions
Rolling over old funds
Free fund comparison
Spouse contributions
Home loans & banking
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