The Cook Islands National Superannuation Fund (CINSF) have implemented another option to the benefits for members. The CINSF provides life insurance to all members that are contributing to the scheme, and that life insurance includes a death payment equal to the earnings of the member in the previous calendar year, a terminal illness early payout, lump sum payments for major burns and the loss of limbs. The life insurance provides automatic cover for all members, does not require the completion of any application forms or health declarations, and covers all pre-exiting medical conditions.
The life insurance is underwritten by AIA Insurance in New Zealand, and the premiums are calculated based on each individual members gender, age, and income, with the premium being deducted from the members annual contributions to the CINSF.
Until now the life insurance has been a fixed benefit for all members, but that has now changed to enable members the option to elect not to have the life insurance cover.
The CINSF will continue to provide life insurance to all members, and those that elect to opt out of the cover will be required to complete a declaration. The declaration is to acknowledge they understand that they will not be eligible to claim from the CINSF an insurance payout and that they will not be able to rejoin the Plan without first completing the insurers health assessment process (at their own cost) and being accepted, in writing, by the insurer.
Any members wishing to opt out of the CINSF life insurance can call into the CINSF office and our staff will be happy to assist you.
CINSF Media Release