Insurance is an important way to help protect the lifestyle you’ve worked hard to create for yourself and your loved ones. There are some good reasons why it makes sense to consider insurance cover through your super fund.

It may be tax-effective with premiums paid from your super account, and it may be cost-effective through the use of a group insurance policy covering all members to achieve lower premiums. There may also be other benefits, for example you may receive cover automatically without having to provide additional medical evidence or underwriting to the insurer.

You may not need to claim on insurance very often, but if and when you do, you want to feel secure in the knowledge that your cover can help look after yourself and those you care about.*

*Benefit payments are subject to policy terms and conditions. Please refer to the Reference Guide: Insurance for more details.

Changes to insurance in super

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Two laws about insurance cover in super came into effect during 2019, designed to ensure that super account balances are not unduly eroded by insurance premiums, particularly for accounts that have a low balance or have been inactive for a certain period. 

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Default cover: eligibility & start of cover

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Generally, you're eligible for default of Death and Total and Permanent Disablement (TPD) cover if you’re employed by the Group on a permanent basis or on a fixed term arrangement.

If you join Accumulate Plus or first become eligible for default cover on or after 1 April 2020, default cover generally doesn’t start immediately upon joining the fund or becoming eligible for cover. You must meet certain age and account balance criteria before this default cover starts automatically, or you may request to start your default cover within a limited early opt-in period.

Of course, it’s important to always consider your personal circumstances to ensure you have the right amount of cover to suit your needs. 

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How much cover should you have?

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The insurance you need will mostly depend on your own personal circumstances and what financial commitments you have. Thinking about these factors will help you consider what an insurance benefit may need to cover if something were to happen to you. 

 

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Types of insurance

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When it comes to protecting your lifestyle, loved ones and financial future, it’s important to consider the different types of cover that may be best suited to your circumstances.

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Transfer cover from another fund

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If you transfer other super accounts into your Accumulate Plus account, you may also be eligible to transfer any insurance cover you have in the other accounts as well. 

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Changing life events…changing cover

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As certain events happen throughout your life, they can have an impact on your financial commitments. This makes it the ideal time to reconsider your insurance needs as well.

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Nominating beneficiaries

While it’s not something most of us like to think about, you’ve worked hard for your super savings so it’s important to make sure it ends up in the right hands if something happens to you.

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Cost of cover

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Accumulate Plus has some of the lowest insurance premiums among super funds in Australia, consistently reaching the top quartile, or lowest premiums, when compared to industry medians. (Source: SuperRatings)

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Making an insurance claim

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We appreciate that if a time comes when you need to make a claim you will be going through a difficult situation, so we want our claims process to be as simple and hassle-free as possible.

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