A continuation option is a group insurance policy benefit. It enables employees who resign or retire from an employer who provides workplace insurance to continue cover by taking out an individual insurance policy with the plan’s insurer on favourable terms.
Continuation options ensure continuity of cover when your employment changes. They allow you to continue your coverage as an individual insurance policy with the plan’s insurer, without undergoing any medical examinations or tests or answering any health questions.
This means that you could continue to be covered for any pre-existing medical conditions, and any medical conditions you have developed since starting with your employer.
To be eligible for a continuation option, you must:
Yes. You must apply for a continuation option within 60 days of your employment termination date, which is usually the case for most insurers. The termination date may be the date you stopped working, or a later date if you were on paid or unpaid leave immediately before cessation of employment.
The new policy is an agreement between you and the insurer. It will not be connected in any way with your workplace insurance plan.
The premium on a continuation option is paid by you. The premium will be calculated by the insurer based on several factors including age, gender, level of cover, and type of cover. A detailed quote will be provided upon request so you can make an informed decision before taking the option.
Your employer plan provides extended coverage for up to 60 days after your employment termination date at no additional cost while you consider your options. Insurer claims and process requirements must be satisfied before any benefit becomes payable.
In most circumstances, you won’t be required to undergo a medical examination or health assessment to maintain the amount of coverage provided by your employer plan. This means you could continue to be covered for any pre-existing medical conditions, and any medical conditions you have developed since starting with your employer.
If you gained all your coverage under your workplace insurance plan through automatic acceptance provisions, the individual policy that you effect cannot contain an exclusion or premium loading for any medical condition or state of health that you may have developed in your lifetime.
Yes, your application will still be assessed in the normal way for non-health factors such as your residency status, any planned overseas travel, and any hazardous pursuits which you may engage in (such as motorsports).
If an exclusion or premium loading has been applied to any part of your cover under your workplace insurance plan, it will carry over to your continuation option.
You can apply for any amount of coverage up to the value of your workplace insurance plan. For example, if you had $1,000,000 in life insurance cover when you left your workplace plan, you could choose to exercise your continuation option for $700,000 in life cover. Certe advisers can assist you in reviewing your insurance and determining an appropriate level of coverage based on your circumstances.
Yes, you may apply for additional cover. The insurer will require you to provide a medical history and may request you undergo medical examinations or tests. Certe’s specialist insurance advisers can assist you in reviewing your insurance and determining an appropriate level of coverage based on your circumstances.
Your employer plan provides extended coverage for up to 60 days after your employment termination date at no additional cost while you consider your options. Insurer claims and process requirements must be satisfied before any benefit becomes payable.
In most circumstances, you won’t be required to undergo a medical examination or health assessment to maintain the amount of coverage provided by your employer plan. This means you could continue to be covered for any pre-existing medical conditions, and any medical conditions you have developed since starting with your employer.
If you gained all your coverage under your workplace insurance plan through automatic acceptance provisions, the individual policy that you effect cannot contain an exclusion or premium loading for any medical condition or state of health that you may have developed in your lifetime.
Yes, your application will still be assessed in the normal way for non-health factors such as your residency status, any planned overseas travel, and any hazardous pursuits which you may engage in (such as motorsports).
If an exclusion or premium loading has been applied to any part of your cover under your workplace insurance plan, it will carry over to your continuation option.
You can apply for any amount of coverage up to the value of your workplace insurance plan. For example, if you had $1,000,000 in life insurance cover when you left your workplace plan, you could choose to exercise your continuation option for $700,000 in life cover. Certe advisers can assist you in reviewing your insurance and determining an appropriate level of coverage based on your circumstances.
Yes, you may apply for additional cover. The insurer will require you to provide a medical history and may request you undergo medical examinations or tests. Certe’s specialist insurance advisers can assist you in reviewing your insurance and determining an appropriate level of coverage based on your circumstances.
You can reduce your cover at any time after the policy has been issued by contacting a Certe adviser.
If you do nothing, your cover will lapse. Any policy you choose to take out in the future will be subject to medical underwriting; you may not be eligible to take out new cover, exclusions may be applied, and/or your premium may be more expensive. In our experience, around 1 in 3 new retail applications have a loading or exclusion placed on the policy. A continuation option is the only way to guarantee a clear medical assessment.
Yes. Non-smoker rates are lower than smoker rates. If you have quit smoking for at least 12 months and have no intention of restarting, you can complete and submit a Non-Smoker Declaration and your premiums will immediately be reduced to non-smoker rates.
To apply, please reach out to Certe within 60 days of your employment termination date for a quote. You will need to complete a short application form and provide evidence of continuing employment/income.
A continuation option typically takes two weeks to complete, which is around four times faster (and far less onerous) than the application process for a brand-new policy.
If you cancel your policy within 14 days of taking out your new policy, you are entitled to a full refund of any premiums you have paid.
Certe is part of the AZNGA Group. General Advice Warning: The information provided on this webpage is intended to provide general information only and the information has been prepared without taking into account any particular person’s objectives, financial situation or needs. Before acting on such information, you should consider the appropriateness of the information having regard to your personal objectives, financial situation or needs. Certe Wealth Protection Pty Ltd (ABN: 31 150 270 278) and Genesis Financial Partners (ABN: 24 095 795 878) are Corporate Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306.
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