Like most Australians, you probably insure your home, your possessions and even your health. But what about your most important asset – your ability to earn an income?
Of course we all think we’re bulletproof and believe that accident or injury isn’t going to happen to me. But stop and think for a moment, where would it leave you and your family if your income stopped?
With First Super’s insurance, you have the peace of mind that if injury, disability or death happens, you and your family will have money to pay the bills. And it costs as little as 53 cents per week!*
One of the best things about getting your insurance through First Super is that the premiums come out of your super account, not your wallet. Your cover may also cost a lot less than it would if you took it out on your own through a bank or insurance company. This is because First Super buys group insurance policies on behalf of our members at wholesale rates.
Three types of cover
First Super offers you three different types of insurance:
A lump sum of money is paid to you if you are diagnosed with a terminal illness, or to your family if you die. It can pay for your funeral, your debts, or help your family to pay the bills that won’t go away.
This is a lump sum that is paid to you if you become totally and permanently disabled. As well as paying your bills (mortgage, living expenses etc.), it can also help with medical expenses.
If you can’t work for a long period because you are sick or injured, Income Protection insurance can pay you up to 85% of your income while you’re off work. That way the bills can keep getting paid while you’re recovering.
Most First Super members are automatically given some Death and Disability cover on joining the Fund. Income protection cover is voluntary and is not automatically provided to members
Making sure you have enough cover for your needs
Do you have enough Death and Disability cover for your needs? And what happens if you are temporarily unable to work because of sickness or injury? Having Income Protection will give you money for up to 2 years if you are temporarily unable to work. First Super members can see how much cover they have currently on their latest Annual Statement.
Whether you need Income Protection and the amount of Death and Disability cover that is right for you depends on your personal situation. If you’re the main breadwinner, have a partner, children, a mortgage and other debts, you’re likely to need more than cover than someone who is single and has little debt.
The best way to work out how much you need is to look at your living costs. How much money would you need to pay the bills and cover living expenses if you couldn’t work for 6 months? How much would you need if you couldn’t work ever again? The answers to these questions will give you an idea of how much cover you’re likely to need.
Need more information on First Super's insurance cover options?
* 1 unit of Death & TPD cover for ‘Low Risk’ category members.