Medprac
Superannuation plan details
MLC Masterkey Business Super
Default Horizon 5 (Growth Portfolio)
Phone: 13 26 52
How much does my $3 a week insurance premium buy me?
Workplace and financial advice services
Workplace education and financial advice services are available to employers and Medprac members, including information on the following:
- Member inquiries and administration
- Salary sacrifice
- Government co-contribution
- Personal insurance - death; total & permanent disability (TPD) cover; and salary continuance
- Consolidation of superannuation accounts
- Investment options within super
- Estate planning
Plan benefits
- Consistent performance over time
- Access to quality fund managers with proven track records
- Managed by a team of experienced professionals
- Simple investment choices
- Competitively priced wholesale plan fees
- Additional fee rebates to members as the plan size increases
- Access to insurances at discounted group rates
- Access to automatic acceptance limits (AAL) without having to undergo medical tests or underwriting (in most cases)
- Access to member information via the internet
- Free investment switches
- Access to support and educational tools, including online calculators
- Family members can join and receive discounted fees associated with the plan
- Access to financial advice through the Gow-Gates Group
Insurance features
Category 1: Permanent staff
Death and TPD
- Death and TPD cover, based on a $3 premium amount a week (up to certain limits) plus your account balance.
Category 2: Casual staff
Death only
Death only cover, based on a $3 premium amount a week (up to certain limits) plus your account balance.
Automatically covered for $3 a week, please refer to the rates table below.
Death only cover depends on the age of the insured - refer to the product disclosure statement (PDS). Cover is for members aged from 15 to 64 years.
Salary continuance (income protection)
- Available on application
- Refer to the PDS for premiums
- 75% of annual salary to a maximum of $20,000 a month with a choice of 30, 60 or 90-day waiting periods.
All premiums are at discounted group rates. Premiums are deducted from members' account balances. To cancel your cover, please advise MLC in writing or change your cover by filling out the relevant form (contact MLC or Gow-Gates).
Fees
Medprac Plan Establishment fee $0 Contribution fee $0 per contribution Rollover fee $0 per rollover Management fee Ranges from 0.9% to 1.98% pa** MasterKey Horizon 5 - Growth Fund* 1.1% Account fee $4.50 per month Employer service fee 0.1% pa Account closure fee Nil if transferred to MLC MasterKey Personal Super (and remain there for 12 months) otherwise $65 Switching fee 4 free switches per year, then $30 per switch
Table notes
* This is where your superannuation will be invested if you do not make an investment choice. It is referred to as the default investment option.
** Depending on the investment option selected (see the PDS for details).
IMPORTANT: All fees quoted in the table above are net of tax.