Insurance changes for members aged 55 and above

New insurance cover options for members aged 55 years and above.

From 1 October 2019, members aged 55 years and above have the option to opt-out of Death insurance cover, but still retain their Total and Permanent Disability (TPD) insurance cover.

What happened previously?

Previously, members aged 55 years and above were able to cancel both their Death and TPD insurance cover, or they could cancel their TPD insurance cover only. From 1 October, they also have the option of cancelling their Death cover only.

Important information

Please be aware that should you wish to cancel any of your insurance cover, you may not be given the opportunity to opt back into receiving this insurance cover in the future, and this will be at the discretion of the insurer.

How to amend your insurance?

To change your insurance cover, complete the ‘Adjusting your Insurance Cover’ form and post the form to: Alcoa of Australia Retirement Plan, GPO Box 4303, Melbourne, VIC 3001.

Before making changes to your insurance cover, you should seek advice from a financial adviser to understand the financial implications. You can call the Plan Helpline on 1800 355 028 with any questions you have, and for limited financial advice at no cost to you.

You can find more information about insurance cover in the Plan’s Product Disclosure Statements which are available on the Documents & forms page.

 

This information has been prepared by Mercer Outsourcing (Australia) Pty Ltd (MOAPL) ABN 83 068 908 912, Australian Financial Services Licence #411980. Any advice contained in this document is of a general nature only, and does not take into account the personal needs and circumstances of any particular individual. Prior to acting on any information contained in this document, you need to take into account your own financial circumstances, consider the Product Disclosure Statement for any product you are considering, and seek professional advice from a licensed, or appropriately authorised, financial adviser if you are unsure of what action to take. "MERCER" is a registered trademark of Mercer (Australia) Pty Ltd ABN 32 005 315 917. Copyright 2014 Mercer LLC. All rights reserved.

26 November 2019