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Insurance in super

We've got your financial future covered.

Government changes to insurance in super

Protecting super balances from the cost of insurance members may
not need, want or be able to claim on

What’s insurance in super?

When you’re with us, insurance cover is available to you through your super account. This cover allows you to be prepared and protect your loved ones—if the unexpected ever happens.

Benefits of insurance in super

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Tax-friendly premiums

The premiums that you pay for the cost of your insurance is taken directly from your super balance. This means that your take home pay won’t be impacted—which could be a tax-friendly option available to you.

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Competitive premiums

We’re able to negotiate group discounts to get you the best prices on your premiums. These prices are generally lower than if you were to get insurance separately.

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We’ve got you covered straight away

You may be eligible to get insurance cover straight away. This means you won’t need to do any medical tests or provide medical records.

Types of insurance cover that we offer

Death cover

If you pass away or you’re likely to pass away within 24 months due to a terminal illness—you’ll be able to financially assist your loved ones through a paid benefit.

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Total and Permanent Disablement

Sometimes the unexpected happens. If you were to become totally and permanently disabled, Total and Permanent Disablement (TPD) cover can help ease financial pressures by paying you a benefit payment.

Salary Continuance Insurance (SCI)

If you’re temporarily unable to work due to illness or injury—Salary Continuance Insurance (also known as Income Protection) can provide you with ongoing income and financial support. This can assist you to meet your day-to-day living expenses while you focus on your health and recovery.

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How much does insurance cost?

The cost of your insurance (otherwise known as premiums) can depend on your age, gender, occupation, medical history, health factors, income and employment arrangements.

Making a claim

We adopt a professional, compassionate and positive approach to claims management and actively seek to keep members at the heart of everything we do.

Government changes to insurance in super

The government has made two sets of changes to insurance in super—the Protecting Your Super Package (PYSP) and Putting Members’ Interests First (PMIF).

Insurance needs calculator

This calculator helps provide an estimate of what you may currently need for death cover, TPD and SCI.

Useful forms

If you’d like to make changes to your insurance, visit our forms page to download the right form for you.

Some things you may like to consider before getting insurance in super:

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Are you raising a family?

Insurance cover might be important for you if you’ve got a partner, family or dependants.

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Have you got debt?

Easing financial stress during unexpected times might be important for you—if you’ve got a mortgage or any personal debt.

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What are your working arrangements?

Your working arrangements might mean that you’d like to be prepared for your financial future.

Get the cover that’s right for you

Use our insurance needs calculator to find out the cover that’s right for your lifestyle.

Insurance in super FAQs

  • 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.

To find out more about your insurance cover:

Log in to your account to view your Product Disclosure Statement (PDS) and Insurance Guide

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