Life and disability insurance
Life and total permanent disability (TPD) insurance provide financial protection for you and your family. It’s provided as a component of Adobe’s superannuation plan through IOOF Super. Cover is provided by Adobe at no cost to you.
What are the benefits?
Life insurance pays a lump sum of three times your annual base salary to your nominated beneficiary if you die.
TPD pays a lump sum of three times your annual base salary to you if you are totally and permanently disabled and unable to work again.
While there is no maximum on how much is covered, you will need to go through medical underwriting if three times your annual base salary exceeds A$1.25 million in order to be covered above this limit. If you choose not to go through medical underwriting, your benefit limit will be capped at A$1.25 million.
Salary continuance insurance
Salary continuance insurance replaces your income if you are sick or injured for more than 30 days. This benefit will continue for up to two years if needed. It’s provided as a component of Adobe’s superannuation plan through either IOOF Super. This is provided by Adobe at no cost to you.
What is the benefit?
While you are sick or injured, you will receive 75% of your monthly base salary each month.
Medical underwriting is required if your benefit exceeds the automatic acceptance level (AAL) of A$14,000 per month.
How do I file a claim?
To file a claim, contact the Employee Resource Centre (ERC).
Increase your personal insurance coverage with IOOF
Adobe has negotiated lower premium rates for employees who want to transfer or increase their personal insurance coverage (over and above the Adobe-sponsored benefit) at their own cost.
What are the negotiated rates and how does payment work?
For life insurance and TPD, the rates are 40% lower than the standard retail rates. For income protection (salary continuance), the rates are 50% lower than the standard retail rates.
As this additional coverage is above the Adobe benefit, you are liable for the premiums owed. The premiums for this cover will be deducted from your IOOF superannuation account at month end. Following month end, IOOF will segregate the premiums owed by Adobe (which Adobe will reimburse) and the premiums owed by yourself under this arrangement.
Who is eligible?
All active members of the Adobe staff super plan with IOOF. Active members are those that have their 11% SG contribution directed to IOOF Employer Super.
If you are currently an insurance-only member with IOOF and wish to utilise this benefit, you will need become an active member (contribute your monthly SG into this IOOF account). This can be done by completing the Super Choice Form and returning it to the ERC.
If you want to increase your cover (not transfer existing):
If you want to transfer your existing coverage:
If you have questions or want to get a quote for additional insurance coverage through IOOF, please email Josh Gaughan.