Insurance in Super

When most people think of superannuation, they normally think of guaranteed contributions, nest-eggs and a future that feels far off.

But the reality is that your super fund could be doing even more for your current needs: by offering you insurance.

At First Super, members are given basic Death and Total Permanent Disablement insurance, and are also offered voluntary Income Protection cover. After that base level, however, it’s up to individual members to decide whether they’d like to increase their cover.

First Super offers three kinds of insurance cover to its members: Death (including terminal illness), Total and Permanent Disablement (TPD) and Income Protection insurance.

Those considering why they should go with First Super as opposed to a regular insurance company should know that there are a number of advantages for choosing their super fund.

Firstly, you won’t have to put up with out of pocket expenses, as your premiums will be paid through your super account. First Super purchases its insurance with large group rates, so you’ll be assured of competitive premiums, plus you’ll be offered flexibility of cover with the option of changing your plan at any time.

Plus in almost all cases there is no need for a health check.

Better still, it’s worth checking to see if you qualify for a discounted insurance rate (known as a Low Risk Rate) before you make your decision.

You will be considered ‘Low Risk’ if you work in a professional, managerial, marketing, accounting, administrative or clerical job and if you spend 80 per cent of your working time in an office.

You might also qualify for a lower Professional Rate if you earn more than $125,000 per year and are in a senior management role or hold tertiary qualifications.

It’s well worth looking into whether you qualify for these lower rates.

First Super’s insurance is backed by major insurer MetLife – one of the world’s largest insurance companies, with over 145 years’ experience. This means you’ll be getting all the advantages of a small fund with the backing of one of the biggest insurance providers in the market.

To qualify for First Super insurance, you’ll need to be an Australian citizen, permanent resident or a non-resident being paid superannuation guarantee contributions. Have a look at the First Super website for more information on the insurance options we offer.

First Super commissioned The New Daily to research and write this article. The views expressed are of The New Daily.

This publication was issued by First Super Pty Ltd (ABN 42 053 498 472, AFSL 223988), as Trustee of the First Super superannuation fund (ABN 56 286 625 181). It does not consider your personal circumstances and may not be relied on as financial advice. Content was accurate at the date of issue, but may subsequently change.