Features and Benefits

Life and TPD

Evolution Mining Mungari offers Life and TPD Cover to all permanent staff (upon commencement of employment) working 15 hours or more per week, at no cost to employees.

The insurance is provided through MLC, which means that there is generally no direct correspondence with the employee unless the employee is required to be medically underwritten or a claim is being processed.

 

Life cover

The lump sum payment can be used to repay debts and to provide for your family’s ongoing expenses and the education costs of your children.

 

Total and Permanent Disablement (TPD) cover

This type of cover is designed to pay a lump sum upon proof of you being totally and permanently disabled, according to the policy definition, with the proceeds going to Evolution Mining. Proceeds are then paid to you (net of taxation) as an ETP (Eligible Termination Payment). The lump sum payment can be used to repay debts and to provide for you and your family’s ongoing expenses.

 

Key Benefits

  1. The Company will pay the premiums on your behalf.
  2. You have automatic cover, which means there is no need for medical underwriting under the policy up to $328,224.This is a wonderful benefit, which you could not obtain if you applied for this type of insurance on your own.

 

Product Features

  1. Level of Cover
    • Category A: Life and TPD – (($250,000 less Tax Threshold Amount)/0.535)) + Tax Threshold Amount
    • Category B: Life only – (($250,000 less Tax Threshold Amount)/0.535)) + Tax Threshold Amount
  2. Automatic Acceptance Level – Automatic Acceptance Limit (AAL) of $328,224. You will be automatically covered when you join the company.
  1. Ceasing Age

          Life is age 70.
          TPD is age 65.

  2. Maximum Benefit Level
  • Category A
  • Life: $10,000,000
  • TPD: $3,000,000
  • Category B
  • Life: $10,000,000

 

Category Description

  • Category A: All permanent employees of the Employer aged under 65 years working at least 15 hours per week.
  • Category B: All other permanent employees of the Employer aged 65 years or more working at least 15 hours per week.

 

If you have any further queries, please contact Horizon Wealth Management by phone on 02 9392 8700 or by email at info@horizonwealth.com.au.