Features and Benefits

Salary Continuance Insurance

Evolution Mining Cowal offers Salary Continuance insurance to all permanent staff (including any contractor) working 15 hours or more per week, at no cost to employees.

This is an extremely generous benefit as income protection insurance premiums bought individually are normally very expensive.

The insurance is provided through OnePath, 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.

 

Key Benefits

 

  1. The Company will pay the premiums on your behalf.
  1. You have automatic cover which means there is no need for medical underwriting under the policy if you earn a base salary of less than $247,059 pa (for Categories 1 and 2) and less than $280,000 pa (for Category 3).

    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 – Covers 75% of salary plus 10% super (only applicable for Categories 1 and 2). Covers 75% of Salary for Category 3.
  2. Automatic Acceptance Level – Automatic Acceptance Limit (AAL) of $17,500 per month, or $210.000 per annum. As the benefit cover is for 75% of base salary plus 10% superannuation (only applicable for Categories 1 and 2), this means that employees earning a base salary of $247,059 pa (for Categories 1 and 2) and $280,000 pa (for Category 3) or less will not have to be underwritten.

    Employees earning more than a base salary of $247,059 pa (for Categories 1 and 2) and $280,000 pa (for Category 3) will need to complete health declarations as their benefit payment will be over the AAL; alternatively their benefit will be capped at $210,000 pa.

  3. Waiting period – 90 day waiting period. Waiting periods relate to how long an employee needs to wait before their claim will be paid. As benefit payments are one month in arrears after the waiting period has passed, the first payment is paid around the 120th day after the employee has been unable to return to work. Normally annual leave and sick leave accruals can be used to fund a portion of the waiting period. The waiting period starts on the date a Medical Practitioner examines the person and certifies that he/she is Disabled and unable to work.
  4. Benefit period
    • Benefit period for Category 1 is age 65. If an event occurs which prevents the employee from returning to work, this benefit will be paid for a maximum period of up to the employee’s 65th
    • Benefit period for Categories 2 and 3 is for 2 years. If an event occurs which prevents the employee from returning to work, this benefit will be paid for a maximum period of 2 years.
  5. Maximum Benefit Level – $30,000 pm or $360,000 pa.

 

Category Description

 

  • Category 1 (Closed): Employees at Yilgarn sites (Plutonic Gold Mine, Lawler Mine and Darlot Mine) who commenced employment on or before 30 April 2005 and elected to remain on a benefit period to age 65 including Cowal common law employees.
  • Category 2 (Closed): All other employees at Yilgarn sites (Plutonic Gold Mine, Lawler Mine and Darlot Mine) who do not belong to category 1; and Cowal AWA employees.
  • Category 3 (Open): All employees as at 31 March 2007 other than those included in Category 1, Category 2 and all new employees commencing employment from 1 April 2007.