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New Insurance from 1 July 2007 Death and disabilities are things that we don't like to think about, but these are often unexpected. If you haven't planned for it, your loved ones could face an enormous financial burden, especially when dealing with mortgage repayments and other expenses. From 1 July 2007 Insurance cover under SMART is not compulsory, however you will need to indicate your choice on the Member Application. If you do not elect anything on your Member Application, you will automatically be given the default level of insurance (please note this applies to new members who join the fund after 1 July 2007). Members who elected no insurance prior to 1 July 2007, will remain without cover. If you do choose to be covered, you are protected 24 hours a day, 7 days a week for Death and Total and Permanent Disablement as long as your SMART member account balance is above $1000 to pay premiums. You can apply for unlimited Death Cover and up to $2.5 million of TPD Cover for the cost of $1.50 per unit per week (refer to the table inside the SMART Insurance Guide), which will be deducted from your membership account. There will be no deduction for insurance costs if you elect not to have cover, however you must opt out on your member application otherwise you will automatically be given the default amount of insurance. The level of benefit payable depends upon your age next birthday at the date the claim arises according to the Benefit Scale table (please refer to the SMART Insurance Guide which will soon available by following this link,) or contact a SMART Customer Service Officer by calling 1800 802 800. SMART
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