A description of the occupation classes is below:
|TelstraSuper occupation class||Description||Examples|
|White collar||Clerical, administration and managerial occupations involving office duties. No manual work undertaken. Includes occupations with tertiary qualifications that may involve very light physical work.||
|Light blue||Certain qualified tradespeople who engage in light manual work only. Includes business owners in non-hazardous industries involved in light manual work and those who may supervise medium blue collar workers (no more than 25% of their work time). Includes occupations that are not limited to an office, where travel is an essential part of the job.||
|Medium blue||Skilled tradespeople in non-hazardous industries wholly involved in manual duties.||
Heavy manual workers in non-hazardous industry performing higher risk occupations.
TPD and IP benefits may not be available.
If IP cover available, a maximum 2 year benefit period and 90 day waiting period apply.
Non income generated occupations are rated accordingly:
Death only rating
Death & TPD rating
|Home duties||Person who is solely responsible for performing full-time unpaid domestic duties.||White collar||White collar||Decline^|
|Retiree||Person who has left their job and ceased work without intention to restart||Heavy blue||Refer*||Decline^|
|Student||Person who attends an educational institution full-time||Heavy blue||Refer*||Decline^|
Person who has no gainful employment and is actively seeking work.
May be in receipt of a Newstart Allowance or similar Centrelink payments (as these are means tested, this may not always be the case).
The occupation loadings are as follows:
|Occupation||Death only||Death & TPD||Income Protection|
John is 42 years old and works as a Telephone Engineer for Telstra earning $85,000 a year. As a TelstraSuper Corporate Plus member, he currently has $238,000 of default Death & TPD insurance paid for by his employer.
John has reviewed his insurance needs with our Insurance Needs calculator. He would like to increase his Death & TPD insurance and apply for an extra $500,000 in voluntary cover to ensure he is fully protected.
As a Telephone Engineer, John’s occupation class for his voluntary cover is ‘Light blue’ which attracts a 40% occupation premium loading on top of his standard annual voluntary premium rate.
John also disclosed a pre-existing medical condition in his application which our insurer, MLC Life Insurance, accepted with a medical premium loading of 50%. The medical loading is applied after the standard premium is adjusted for the occupation loading.
The premium John would pay for his voluntary cover would be:
- Age next birthday (ANB): 43
- Requested Death & TPD Top-up insurance: $500,000
- Standard Death & TPD premium rate for male (ANB 43): $1.62 per $1,000 sum insured
- Occupation class: Light blue
- Occupation class premium loading: 40%
- Rates for John’s cover (Light blue Death & TPD premium rates for a male ANB 43): $1.62 + 40% = $2.27 per $1,000 sum insured
- Voluntary premium: ($500,000/$1,000) x $2.27 = $1,135 per annum
- Medical premium loading: 50%
- Total Voluntary premium: $1,230 + 50% = $1,702.50 per annum
If you'd like more information about your insurance you can:
- log into your SuperOnline account to see what insurance cover you have
- access# the Insurance Online member portal, via SuperOnline, to apply for or vary your insurance cover, submit and track insurance claims and access our insurance calculators
- read the relevant insurance guide and product disclosure statement for more information on your options
- speak to an Adviser from TelstraSuper Financial Planning who can do a needs analysis for you. Call 1300 033 166 or request a call online.
*The insurer must provide individual consideration. An additional occupation loading may apply.
^Cover is unavailable.
#Members must have an account that allows insurance cover to be applied under a Policy and must be registered users of SuperOnline. Members must also have a valid email address and reside in Australia.
TelstraSuper does not receive money or other material benefits (other than claims payments for our members and related costs) from our insurer or reinsurer. The premium paid by members is directly for the cost of insurance and avoids any conflict of interest between our members and our insurer. If this arrangement ever changes, we will make you aware of this by updating this statement on our website, annual report, Product Disclosure Statement and Insurance Guide. We may also issue you a Significant Event Notice directly.
This information is general advice only and does not take into account your individual objectives, financial situation or needs. Before acting on any advice you should assess whether it is appropriate for you and consider talking to a financial adviser. Before making any decision or acquiring any product you should obtain and review its product disclosure statement by calling 1300 033 166 or visiting our website at www.telstrasuper.com.au.