RWTF Group Life Insurance Scheme
The Trustees administer the scheme for serving permanent (SERCAT 6 or 7) Air Force members. Members of the Air Force Reserve who are serving on continuous full-time service for periods of six-months or more are also eligible to join the scheme for the period of full-time service. The scheme provides, upon the death of a financial member, a $15,000 lump sum payment to that member’s nominated beneficiary, where possible within 48 hours of the beneficiary bank details. The Trustees, dependent upon availability of funds, are able to make loans to financial members of the scheme.
The scheme had 7,641 contributors as at 30 June 2020. Current membership of the scheme represents approximately 53% of permanent RAAF members and, in market terms, represents a very good take up of the scheme by Air Force members. During the period under review the RWTF paid $105,000 in benefits to the nominated beneficiaries of deceased Air Force members.