To calculate the sum insured that you are eligible for, follow the formula 15% x salary x years to age 65. This will calculate the sum insured and you can see the premium for the sum insured in the table below.
In the event of your death or total and permanent disablement you will recieve the sum insured plus your super fund account balance.
For example, an employee who is 30 years old has an existing super fund account balance of $20,000 and is earning $35,000 a year would be eligible for:
15% x 30,000 x 35 years to age 65 = $157,500 of Death and TPD cover.
The premium he will pay using the premium from the table below will be calculated using the formula:
Eligible Death and TPD cover / $100,000 = calculable rate
Death & TPD Premium per $100,000 x calculable rate = premium for eligible Death and TPD cover per month
$157,500 / $100,000 = 1.57
8.20 * 1.57 = $12.87 per month premium for Death and TPD cover
|Age Next Birthday||Death & TPD Premium per $100,000|
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