You may be able to access insurance cover through your super fund for events such as loss of income, disablement and death.
Insurance through your super may be cheaper
An advantage of insurance cover held within a super fund is that it’s generally cheaper and more convenient than taking out your own policy directly with an insurance company.
Because we insure a lot of members at once, we receive bulk-buying power which helps drive costs down.
We’ve arranged insurance cover to be provided to eligible members through group life and income protection policies we have with TAL Life Limited (TAL).1
If you’re eligible, you may automatically receive, and start to pay for, one unit of Death and Total and Permanent Disablement (TPD) insurance cover ("default cover") when:
- you join the Defined Benefit Division (DBD), or
- you're an Accumulation 1 member and you're over 25 years of age with an account balance of at least $6,000.
In addition, Accumulation 1 members who are under 25 years old or have an account balance of less than $6,000 may elect default cover when they join. All premiums will be deducted from your accumulation account. You can cancel or apply to increase your cover at any time.
For Accumulation 1, Accumulation 2 or Personal Account members, you can also access Income Protection cover. Depending on the circumstances, you may be required to provide the Insurer with additional medical information.
If you haven't yet been provided default cover, you can opt-out of receiving default cover in the future.
If you decide you don’t want any Death and TPD cover you automatically receive, you can cancel it by logging in to your online account. You can also do so in writing at any time by completing a Changing your insurance cover form. Your cover will stop the day we receive your request.
Your cover will also stop in other circumstances, including situations where you don’t have enough money in your accumulation account to cover the premium when the monthly payment is due.
Type of insurance cover available through your super
*Subject to eligibility
1ABN 70 050 109 450, AFSL No. 237848. We refer to TAL as 'the Insurer'.