Click here to find out more information about the cost of your insurance (otherwise known as premiums).

It’s important to find a balance between super savings and the level of your insurance cover. This is because the more insurance premiums you pay, the less monies going into your retirement savings.

The type and amount of insurance cover that’s right for you depends on your personal, family and financial circumstances, as well as your income and lifestyle. It’s also important to consider that other factors such as your age and changes to your insurance or changes to your Occupation may cause your premiums to increase over time.

As your circumstances change, you may need more, or less, cover – that’s why a regular review is so important.

For example, an expanding family or a reduction in personal debt may differently influence your choice in the type and amount of cover you have. It’s important that you have the insurance cover that meets your needs at a cost that doesn’t unnecessarily diminish your retirement savings.

One simple check is to calculate your annual insurance premium as a percentage of your annual gross salary.

If your gross annual salary is $75,000, for example, you might prefer to keep your annual insurance premiums to under $750.

It’s easy to check the percentage of your annual salary you’re paying in annual insurance premiums: (your monthly premium amount x 12) / (your gross annual salary) x 100 = percentage of premiums paid.

If you’d like to make any changes to your insurance cover, complete and submit the Insurance form available by logging into your account. You can cancel your cover at any time.

The following factors could impact your insurance cover:

• Changing or combining your superannuation
• Changing your working hours
• Working less than the required number of hours per week (usually a minimum of 14-15 hours)—to be eligible for Salary Continuance Insurance (SCI) cover
• Having SCI, also known as Income Protection, benefits elsewhere
• Being on a leave of absence for longer than 12 months
• Being unemployed for longer than 13 months
• Your super account needs to have sufficient funds to pay for the cost of your insurance and mustn’t become inactive (inactive means, no contributions or rollovers received into your account for over 16 months) to stay in place (unless you’ve provided us with your written election to retain your cover).
  

To find out when your insurance will end, refer to your Insurance Guide which is part of your Product Disclosure Statement by logging in to your account.