LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564
Disclaimer This seminar provides general information only. It has been prepared without taking into account your individual objectives, financial situation or needs. You must not rely on this information alone as a sole or primary source of advice or guidance for the purpose of making decisions about your superannuation options. If you are interested in exercising your options in LGIAsuper in relation to a matter referred to in this presentation you should obtain the relevant Product Disclosure Statement and consider contacting an LGIAsuper representative who can give you appropriate advice which does take into account your particular objectives, financial situation and needs. LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564
Managing employee’s wellbeing: the importance of insurance
Today we will discuss • What are your employees covered for? • Insights into Employee wellbeing and claims • The claims process • New Legislation: Putting Members Interests First • Council Super Hub • Summary LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564
Insurance in superannuation provides protection for your employees Take roadside accidents for example
Accidents happen – take the 2016 Australian road statistics for example 1,290 20 25,000 40-64 MEN people people more men majority people died on seriously than women seriously of roadside Australian injured die on our injured for fatalities took roads in on roads roads each every recorded place in this 2016 in 2016 year road fatality age group Source: Road deaths Australia, Bureau of Infrastructure, Transport and Regional Economics. Source: 2016 Road deaths Australia, Bureau of Infrastructure, Transport and Regional Economics Based on Australian roads, estimates only. LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564
How are your employees covered with LGIAsuper? DEATH Disability (TPD) INCOME Pays your loved Pays you a If you’re unable to ones a lump sum lump sum if you work temporarily if you die. suffer Total and it will pay you an Permanent income. disablement (TPD). Default cover automatically accepted depending on your age and balance Source: LGIAsuper Product Disclosure Statement www.lgiasuper.com.au LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564
Average amount of Death & TPD insurance coverage for LG employees $700,000 $600,000 1 4 $500,000 $400,000 Sum insured $300,000 $200,000 $100,000 $0 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60 62 64 Age Source: LGIAsuper Product Disclosure Statement www.lgiasuper.com.au LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564
Income protection provides benefits for temporary periods of sickness or injury Any injury or illness that prevents the employee from completing their normal work duties that they are reasonably qualified for. Income Protection Total and Permanent Disability – OWN Occupation – ANY Occupation Source: LGIAsuper Product Disclosure Statement www.lgiasuper.com.au LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564
Insights into Employee wellbeing and claims
Insights for local government insurance claims 4% IP CAUSES TPD CAUSES OCCUPATION TYPES 0% Back 12% Depression/Anxiety/Stress 16% 17% Blue Collar - IP Neurological/Nervous system 36% 28% White Collar - IP 47% 19% Cancer/Tumour 13% 14% Blue Collar - TPD Injury(other than head/neck) White Collar -TPD Cardiovascular 10% 0% 25% 19% 13% Other 3% 9% 8% 6% Arthritis TOTAL & PERMANENT INCOME PROTECTION PROFILE DISABILITY (Council Average) (Council Average) Average insurance cover and Cover: $260,000 Cover: $52,000 premiums per employee Yearly Premiums: $144 Yearly Premiums: $317 Employees Insurance With Cover: 90% With Cover: 76% Coverage Without Cover: 10% Without Cover: 24% T otal of claims approved 88% approved 94% approved for employees 8% declined 3% declined (eligibility to claim (fund average) (eligibility to claim and not TPD) not meeting the definition) 4% under assessment 3% under assessment Source: LGIAsuper claims history. Information not available publicly LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564
Insurance is an option for employees unable to meet the requirements of their job • Age 53, multiple sclerosis; $170k TPD paid plus super balance • Age 56, arthritis; Manual role, initially worked closely with council to change shifts. Moved to IP, then $60k TPD paid • Age 56, back injury; Physical role and council tried to accommodate, but $66k TPD payout • Age 50, couldn’t physically get into work trucks anymore; very limited education and not good with technology, he was paid about $96K TPD Insurance claims can play a role in your ageing workforce strategy Source: LGIAsuper claims history. Information not available publicly LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564
How an employee can claim
The claims process involves the employee, the employer and LGIAsuper Start Customer/ Notifies LGIAsuper of Employee employer intention to claim completes Online Application Receives claim notified, checks Assess claim customer contact details, and notify insurance policy is in-force employee and eligible. Provide Online Application link to employee Claim notification and eligibility information provided. Our insurer may contact employer to verify employment information and medical practitioners LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564
Employees can now manage their insurance through Member online Click on view my insurance LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564
See an overview of your insurance cover Manage your insurance details Click on Go to Insurance Online LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564
Review and manage your insurance through insurance Online On insurance online you can: Increase, decrease or cancel your cover Transfer your insurance Increase due to life event Covert or fix insurance cover Start a claim LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564
New legislation: Putting Members Interests First
Your new employees may not be protected from 1 April 2020 • Insurance will be opt-in for members: 1. Under 25 years old 2. Balance under $6000 • New and young employees won't have the same safety net as all your other employees – this may be especially important to apprentices and outdoor workers • Financial burden for injured employees could fall to the council • LGIAsuper is available to meet with all new employees LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564
We can help all new employees set up their super and insurance arrangements correctly the first time About us Super in local Contributions government Next steps Investments Insurance Member online LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564
Super Hub
Introducing Local Government Super Hub LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564
Super Hub delivers benefits at no cost Benefits for HR & Payroll teams Benefits to your employees • Focused on local government issues • Quick connection and answers in and information regarding super one place • Can be customised with specific • Talk about super how you want to (Phone/email/live chat) information relating to your council • A way to reduce enquiries from • Simple and straightforward layout employees relating to superannuation • Employees can book a Super • Fast and effective way to get new Health Check online memberships open • Most popular FAQ section and updated regularly • Arrange workplace visits and seminars online LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564
Super Hub delivers benefits at no cost LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564
Staff Expos / Wellness Days
Invite us to your Staff Expos / Wellness Days • Talk super LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564
Invite us to your Staff Expos / Wellness Days • Talk super • 5 min Super Health check LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564
Invite us to your Staff Expos / Wellness Days • Talk super • 5 min Super Health check • Insurance checks LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564
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