There aren’t many certainties in life, which is why it pays to protect your future against the unknown.
Insurance through super is a great way to protect your income and live with peace of mind.
At First State Super, we have existing relationships and bulk buying power with insurance providers, which means we’re able to offer competitive policies that may not be available to you as a public customer approaching a broker or insurer.
And for many members, this may mean a higher level of cover at a cheaper price than they would receive through retail insurance.
If you join us through a participating employer, you may already get automatic cover once we start receiving your super guarantee contributions – it’s just one of the ways we look out for your financial future.
You aren’t required to provide any additional information, take a medical test, or fill out any extra forms – we take care of the whole process when you join us through a participating employer.
Not only is it easier to access more cover with less effort, it also won’t impact your take-home pay.
Insurance premiums are paid from your super balance, so you won’t have to factor in the cost of insurance in your week to week budget.
We offer three ways to protect your future:
Total and Permanent disability cover (TPD)
TPD is a lump sum payment that you can claim if you are permanently unable to work due to injury or illness. TPD is available in a bundle package with death cover.Read more
Death cover (including terminal illness)
Death cover can give your loved ones financial security when you’re no longer around to provide for them. Death cover is available on itsRead more
own,or bundled with total and permanent disablement (TPD) cover.
Income protection (IP)
IP cover can replace up to 75Read more
per centof your monthly income should you find yourself unable to work due to partial or total disablement. It is not available as automatic cover. You need to apply for this separately.
How much do I need?
Enter a few personal and lifestyle details into our insurance calculator to find out how much cover you would need to continue meeting your financial commitments.
Our insurance calculator can also give you an estimate of how much your premiums will cost.
If you joined us through a participating employer, you can still ‘top up’ to make sure your benefits properly meet your needs.
We also offer life events cover for when major milestones come along, such as getting married, having a child, or taking on a mortgage. Periods of any kind of significant change can be a good time to check in with us and reassess your insurance needs.
To apply for life events cover, just send us an application form to have your insurance cover increased within 90 days of your milestone.
You can top up your existing cover online by logging into your account, or by filling out an application form.
Keep in mind that once your application is received, it may take up to several months to process depending on your personal circumstances and health.I want to speak to a superannuation adviser
How much will it cost?
Many factors can impact the cost of your insurance, including your age and insurance category rating.
While you don’t pay insurance premiums directly out of your own pocket, it’s important to remember that insurance cover isn’t free.
It comes out of your retirement savings, which is why you might consider making additional voluntary contributions.
Managing your insurance cover shouldn’t be stressful – if you don’t know where to start or want to know more about our flexible options, speak to a superannuation adviser. They can advise you on anything related to your membership with us, including your insurance needs.
Transferring your cover
After becoming a member, and if you have the same type of insurance cover already through First State Super, you can apply to transfer any death, death with TPD or income protection you have in a previous life policy across to us.
You can transfer up to $10 million in death cover, $5 million in TPD or $40,000 per month of income protection cover by completing an application form.
You only need to provide minimal information about your health, income, occupation and lifestyle for your application to be assessed by our insurer.
If any individual restrictions, conditions, premium loadings or exclusions were in place under the previous insurance arrangements, they may also apply to the transferred cover.
Before cancelling any previous insurance, please wait for written confirmation from us that your cover has been successfully transferred. Keep in mind certain occupations are not eligible for insurance tranfer.
What you need to know
Automatic cover is available to members aged between 15 and 70 who receive super guarantee contributions from a participating employer.
You can opt out of or reduce your automatic cover using our Application to reduce or cancel insurance cover form.
Bear in mind that once you reduce or cancel this cover, you're unable to reinstate it. If you want cover in the future, you will need to apply again, and provide information about your health and lifestyle.
For full terms and conditions view the Insurance Member Booklet Supplement relevant to you.
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