Skip to Content

Think ahead. Act now for the future

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.

What insurance in super do you have

think-ahead-illustration

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*:

Death cover

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.

Total & Permanent Disability (TPD)

paid if an insured member becomes disabled and is unable to ever work again or unable to look after themselves.

Income Protection

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].

*We recommend that you seek advice from a financial adviser to obtain advice tailored to your own personal circumstances.

What insurance do you need?

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:

  • your income
  • how many children or other dependants you have
  • whether you earn the sole income in your family, or contribute a portion of income to the family budget
  • your level of debt
  • the value of any available assets (and whether they are easily accessed)
  • your family’s current level of expenditure, and
  • whether there are likely to be any significant increases to expenditure (for example education expenses)

*We recommend that you seek help from a financial adviser to obtain advice tailored to your own personal circumstances.

When should you review your insurance?

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:

  • getting married or divorced
  • having children
  • receiving a promotion at work or changing your employment arrangements (for example, reducing or increasing your normal working hours, or being made redundant)
  • buying property or any other asset involving a loan
  • starting your own business, and
  • children starting school

How to keep your insurance in super

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.

How to keep your insurance in super

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 change your insurance by increasing or decreasing your sum insured.

Use when you want to make a beneficiary nomination to confirm who you’d like to receive your super when die.