Australian Government reforms restrict when super funds can provide automatic insurance cover to members. The purpose of this is to help protect members’ retirement savings from being eroded by premiums for insurance cover they may not want or need.
Under the Putting Members' Interest First (PMIF) reforms, we generally cannot automatically provide insurance cover to members before they attain age 25 or before their account balance reaches $6,000. These age and balance requirements are now a key component of the eligibility criteria for you to automatically receive Standard cover.
Members have the option to request Standard insurance cover before the age 25 and $6,000 account balance requirements (subject to them meeting the other eligibility criteria).
For full terms and conditions, refer to the Super Savings Insurance Guide.
There are some great benefits to being insured through your super. Premiums are deducted from your Super Savings Accumulation account balance so it doesn't affect your take home pay. It also means you don't have to remember to pay for it. Once your insurance cover commences we renew your benefits every year until cover stops.1
Eligible members are automatically provided with Standard Death and Total & Permanent Disability Assist cover.
Death cover, including 'terminal illness' benefit, is paid as a lump sum.
Total & Permanent Disability Assist cover provides support payments to you should you suffer an injury or sickness that permanently prevents you from working to retirement age.
Learn moreWe provide the opportunity to tailor your insurance cover to your specific needs through Tailored cover. Super Savings members with an Accumulation account can apply for:
Income Protection cover provides you with ongoing income and financial support should you become temporarily unable to work due to an injury or sickness.
It can give you the peace of mind that you have income that can help pay your expenses while you focus on your health and recovery.
Learn more1. Continuation of cover is subject to there being sufficient funds available and ongoing contributions in your Accumulation account to pay the weekly premium. For full terms and conditions, including details on when cover stops, refer to the Super Savings Insurance Guide.
