Understanding the benefits of Default Cover insurance for a Personal Member

Default Cover is automatically applied to your account, eliminating the need to submit medical or financial information. You simply pay an insurance premium for the provided coverage.

Eligibility for Default Cover

Only some qualify for Default Cover automatically. This is due to the "Putting Members' Interests First" legislation and policy conditions. To be eligible for automatic insurance coverage, you must meet two criteria:

• Age Requirement: You need to be at least 25 years old.
• Account Balance Minimum: Your account balance must be $6,000 or more.

Meeting these requirements generally ensure you're automatically covered by the insurance policy without taking any additional steps.

Opting in for Default Cover if you're not automatically eligible

If you don't meet the automatic eligibility criteria for Default Cover, you still have the option to opt in. To do this, follow these steps:

1. Submit an Early Election Form: You must complete and submit this form to express your interest in obtaining Default Cover.
2. Fulfil the Conditions: There are specific conditions you must meet to opt-in:
   • Receive a Contribution: At least one contribution. (Except a SG contribution made by a participating Employer) must be made to your account. 
   • Maintain a Sufficient Account Balance: Your account balance must be enough to cover the insurance fees. This indicates that you can sustain the cost of the coverage.

By meeting these requirements and submitting the necessary form, you can request Default Cover even if you are not automatically eligible.

Cancellation and Reinstatement of Coverage

You can cancel your insurance coverage at any time. If you wish to reinstate coverage later, you will need to provide medical evidence and any acceptance would be subject to insurer approval.

Fees and costs of Default Cover

The cost of your Default Cover is directly influenced by two main factors: your age and gender, among other risk factors. Fees are deducted from your account every month, and your cover will remain in effect as long as you maintain a sufficient balance to cover these fees.

Understanding Fixed Cover

Fixed Cover refers to insurance where the amount does not change over time. However, it's important to note several key points regarding Fixed Cover:

• Fees may vary: While the cover amount stays the same, your insurance fees can change. These adjustments are based on your age and gender.
• Fees usually increase with age: Expect fees to increase as you get older reflecting the increased risk associated with aging.
•  TPD cover ceases at the latest at age 70, whereas Death cover ceases at the latest at age 80.  

By understanding these aspects, you can better understand your cover and plan accordingly.

Pre-Existing Conditions: definition and potential for removal

A Pre-Existing Condition refers to any injury or illness that first occurred or was apparent before your insurance cover began. This encompasses any health issues diagnosed, or symptoms experienced before the start of your cover.

Can this exclusion be removed?

Yes, requesting the removal of the pre-existing condition exclusion from your cover is possible. This process involves:

• Providing medical evidence: You must submit detailed medical information and evidence to support your request.
• Review by the Insurer: The insurance provider will assess the evidence you submitted to determine if the exclusion for your pre-existing condition can be lifted.

This opportunity allows for greater coverage flexibility based on your health history and current medical status.