The Union’s group life compensation insurance has had a 3 yearly re-market whereby the broker, Mercer Marsh Benefits tests the market for the type of insurance we currently get. The insurance covers death and terminal illness. The current and future insurer is AIA/Sovereign and is a based on a this scheme as a voluntary scheme. Compulsory schemes are a lot cheaper in terms of contributions.
Previously the amount deducted from contributing members’ pay was $23.23 per fortnight, it will now be $24.61 per fortnight. The deduction increase will take place first pay in May 2022.
The benefit paid to the member upon death or terminal illness diagnosis is $100,000.00
Members can join the scheme by filling in the application and declaration form on our website and fill out the pay deduction form and members can continue their cover when they leave employment by filling out this form.
This is a group life scheme where every member pays the same regardless of their age, other schemes alter their contribution rate as your age band increases.
Any questions please contact the National President Ian Wright via email@example.com
NZPFU National President