Life Insurance
Group Risk :: Frequently Asked Questions
Q. When does cover commence for a new member entering an existing plan?
A. If a member joins the plan within the eligibility critera (stipulated in the Policy Schedule), cover will commence as at the date advised. A member who is outside eligibility will be required to complete a Personal Statement and all other underwriting requirements. Cover will commence from the date TOWER notifies the member in writing of acceptance terms (in some cases, the member needs to confirm agreement to acceptance terms).
Q. What is the minimum number of members required for a Group Risk plan?
A. 40 members
Q.Who is the benefit paid to under the Group Life/Group Salary Continuance plans?
A. All claim payments are paid to the policy owner of the plan.
Q. How will I know when my plan is due to be reviewed or re-rated?
A. TOWER will contact the adviser prior to the review date requesting the updated member listings with new entrants and exits for the prior year. All rates are generally guaranteed for a period of 3 years (subject to certain conditions) and at the end of this period the plan will be re-rated. You will be advised accordingly of this procedure.
Q. Who is eligible for an Automatic Acceptance Level (AAL)?
A. If the fund has an AAL, any member joining within eligibility is entitled to an Automatic Acceptance of cover.
Q. What is a continuation option and who is eligible?
A. A continuation option is offered to members who leave their employer and wish to continue their insurance cover with an individual policy without providing further health evidence. Members usually have 30 days to take up this option. There are certain conditions that pertain to this continuation of cover and the plan policy document should be referred to.
If you have any other questions please email groupriskadmin@toweraustralia.com.au
