Did you know? Insurance in super

When an employer chooses a super fund for their workplace, they have to choose one that provides insurance cover to their employees – which means you can access insurance cover through your super fund.

How it works

As a First Super member, you have access to group insurance rates, which can be a cost-effective alternative to insuring yourself individually. Plus, if you’re eligible, you don’t need to provide medical evidence to receive standard cover.

At First Super, we offer three types of insurance cover.

• Death (including Terminal Illness)
• Total & Permanent Disablement (TPD)
• Income Protection

With insurance inside super, your fees are deducted from your account instead of your take-home pay. Insurance fees paid through your super are tax deductible — helping you save on tax. Your account is credited with a 15% contributions tax deduction benefit on the insurance fees paid through your super. It also means you have one less bill or direct debit you need to worry about.

Okay, but why insurance through First Super?

There are no out-of-pocket expenses as the premiums are paid through your super.

You’ll get competitive premiums as First Super negotiates group purchase rates with our insurer on behalf of members.

Our insurance options are flexible to suit your needs and circumstances

You won’t need to get an initial health check.

You can change your level of cover any time.

Before making any decision about insurance cover, we recommend that you consider the impact that insurance premiums may have on your account balance and whether you hold other superannuation accounts that provide insurance cover.

If you would like personal advice about your insurance options, First Super offers intrafund advice with our authorised Financial Advisers¹ at no additional cost to members. Contact our Member Services Team to book an appointment.

1. First Super financial advisers are authorised representatives of Industry Fund Services Pty Ltd (ABN 54 007 016 195, AFSL 232514).