Insuring yourself, from the unknown
How secure would you, and your loved ones, be if life changed? You have the option to add on a life and income protection insurance bundle, with premiums paid from your mysuper account. Benefit from lower premiums and automatic cover of pre-existing conditions (no fitness or medical tests), if added within 90-days of joining ACC and your salary is less than $150,000.
Provided by AMP, this is for mysuper members only.
Your loved ones would receive a lump sum cash payment of three times your annual salary (up to $450,000) to help cover debts and expenses if you’re not around.
If you suffer from a sickness or injury that prevents you from working, you would receive a tax-free monthly benefit of 50% of your annual salary (up to $8,000) until you’re back on your feet.
If you choose to add on the mysuper insurance bundle within 90-days of joining ACC, your salary is less than $150,000, and you are at work the day your cover commences, any pre-existing conditions will be covered.
Outside the first 90-days
If you apply outside the first 90-days of joining ACC you can still add on the insurance bundle, but you will be subject to acceptance by the insurer after you complete a full application form (including medical information). Unless you have any underlying health issues this should not affect your premium. If there is an issue it may be that the premium is increased, or cover is declined, deferred or accepted with conditions.
Unlocked account structure
Premiums can only be deducted from unlocked contributions so if you have chosen the 100% Locked account structure you aren't able to add-on our insurance cover. The KiwiSaver Act 2006 does not permit payment of insurance premiums out of locked contributions.
Income Protection rules
Redundancy is not covered and a 13-week stand-down period applies. Expiry is set at 65.
Income protection work hours
Income protection cover is based on working a minimum of 15 hours per week. Should your working hours change, or fall under 15 hours per week, please update us as soon as possible so we can update your cover accordingly.
Option to opt-out
At any time, should you wish to cancel the optional insurance bundle, you can contact our team. Our team can be contacted on [email protected] to answer any insurance related questions.
Calculate how much you’d be covered for and how much would come out of your mysuper account. This is based on age, gender, salary, and reviewed 1 October each year.