Insignia Financial is aware of incidents involving a malicious third-party attempting to access online superannuation accounts across some parts of the Superannuation Industry. As a Plum member, there has been no impact on the security of your account or our services.
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
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.
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.
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 die or you’re diagnosed as likely to die within 24 months due to a terminal illness—you’ll be able to financially assist your loved ones through a lump sum benefit.
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 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.
Get help & advice
We understand everyone is on a different financial journey. Your financial goals and aspirations are unique, and the advice you receive should be too.
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 estimator
This estimator 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.
Your insurer’s claim philosophy
Login to your account to find out more about your insurer’s claim philosophy.
Some things you may like to consider before getting insurance in super:
Are you raising a family?
Insurance cover might be important for you if you’ve got a partner, family or dependants.
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.
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 estimator to find out the cover that’s right for your lifestyle.
Insurance in super FAQs
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Click here to find out more information about the cost of your insurance (otherwise known as premiums).
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It’s important to know that your retirement savings are reduced by the cost of your insurance premiums. That’s because premiums are deducted from your super balance to pay for your insurance cover – unless your employer pays for all of your insurance cover.
You need to check what other insurance cover you may have. If you have more than one super account, you may be paying premiums for multiple insurance covers you may not need. This will reduce your retirement savings, and you may not be able to claim on multiple covers. You can search for any other super you may hold under ‘Find my lost super’ by logging in to your online account. You may also hold insurance cover outside of your superannuation account.
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. A financial adviser can help you decide the insurance cover that’s right for you. You can also call us for more information.
As an example, an expanding family or a reduction in personal debt may impact your choice of 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 inappropriately reduce your retirement savings. One simple check is to calculate your annual insurance premium as a percentage of your annual gross salary. For example, if your gross annual salary is $75,000, you may want to keep your annual insurance premiums to under $750.
If you have Income Protection with a benefit payment period of more than two years, it’s likely that the cost of your insurance will be more than 1% of your annual gross salary.
It’s easy to check the percentage of your annual salary you’re paying in annual insurance premiums. Grab a calculator and follow these steps:
Step 1 - Multiply Your monthly premium amount by 12, then
Step 2 - Divide that amount (your annual premium amount) by your gross annual salary, then
Step 3 - Multiply that amount by 100 to see the answer as a percentage.
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If you’d like to change or cancel your insurance cover, simply complete and submit the Insurance Form by logging into your online account or contact us on 1300 55 7586. You can cancel your cover at any time time.
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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 consecutive months) to stay in place (unless you’ve provided us with your written election to retain your cover).
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To find out when your insurance will end, refer to your Insurance Guide by logging in to your online account.
To find out more about your insurance cover:
Log in to your account to view your Plan's Product Disclosure Statement (PDS) and Insurance Guide
Call us on 1300 55 7586 opens in new window|tel: 1300557586 Monday to Friday 8am-7pm AEST (8pm daylight savings time).
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