Insurance if the unexpected happens
There’s little doubt insurance can help ease the strain when the unexpected happens. Even if you’re in great health now, your situation can change suddenly. An injury or illness could put you out of action temporarily or permanently, or cause your untimely death, leaving your loved ones unprotected when they need it the most. So, no matter what stage of life you’ve reached, there can be significant advantages to having insurance in place.
Do you know if you have insurance in super? And do you know if you have the type and amount of cover that’s right for you? This is the first step you can take towards making sure you have protection for when you need it the most.
We believe everyone should be able to protect their future and have financial security if something ever happens. Having the right insurance is really important. Here are three main insurance types within super for you to consider*:
Paid on the death of the insured member or if they are diagnosed as terminally ill with a life expectancy of generally 12 or 24 months.
Paid if an insured member becomes disabled and is unable to ever work again or unable to look after themselves.
Provides a replacement income of a specified amount for members who are unable to work due to illness or injury. [This can also be referred to as salary continuance insurance or total & temporary disablement.]
* We recommend that you seek help from a financial adviser to obtain advice tailored to your own personal circumstances.
The type of cover that might suit you, and the amount of cover you’ll need, will depend on your personal circumstances. When it comes to determining your insurance needs, you may need to consider* things such as:
*We recommend that you seek help from a financial adviser to obtain advice tailored to your own personal circumstances.
Any time is a good time to review the amount of insurance cover you have in super. Or certain life events may occur that prompt you to review your insurance cover. These events may include:
From 1 July 2019, if your super account hasn’t received a contribution or a rollover within the last 16 months, we’ll be required by law to cancel your insurance cover in super. This means you’ll no longer be protected with insurance cover and you could be at risk if the unexpected happens.
If you’d like to keep your insurance in super in place, you can complete the Choose to Keep My Insurance Cover form or make sure your super account receives a contribution or a rollover before your account is inactive for 16 months.
Please note - a form needs to be filled out for each super account that you hold.
Download and send these documents to let us know you’d like to change your insurance in super:
Use this form when you want to keep your insurance in super even if your account becomes inactive (Over 16 months without a contribution or rollover).
Use when you want to make a beneficiary nomination to confirm who you’d like to receive your super when die.