First super offers three types of insurance cover - Death, Total & Permanent Disablement (TPD) and Income Protection.
Death and Total and Permanent Disability (TPD) Insurance
When you join First Super you will be covered automatically for 4 units of Death & TPD insurance. Employer Sponsored Members who joined First Super when they first became Eligible (generally on starting with their employer), are in Active Employment and have never been paid or been eligible to be paid a TPD benefit can receive up to twice this amount by ticking the box on the application from.
Once your default insurance has been issued you can :
Drop some or all of the default insurance;
Change to the lower cost risk or professional rates if you qualify for them;
Fix the value of your default insurance so it doesn’t decline over time;
Apply for more units of insurance;
Apply for a fixed amount of insurance (available from 31 July 2012); or
Transfer other insurance you have into First Super.
You should read the other important information about First Super’s insurance cover available in First Super Product Disclosure Statement (pdf | 907kb) .
Am I eligible for insurance cover?
To be eligible for insurance cover you must be:
an Australian citizen, a permanent resident of Australia, or a non-citizen for whom an employer is required to make superannuation guarantee contributions, and
between 11 years and 64 years of age (for TPD cover) or under 70 years of age (for Death cover).
If you have previously received or are eligible to receive a TPD benefit from any other source, you are not eligible for TPD cover, but you can still choose to take Death only insurance cover.
Income Protection Insurance
You can choose to apply for optional Income Protection cover, which provides a monthly income for up to two years if you become temporarily disabled due to illness or injury and unable to work.
The benefit you receive depends on your salary, subject to a a maximum benefit of $25,000 per month.
The maximum benefit payable is 75% of annual income, plus a further 10% superannuation contribution.
The cost depends on the waiting period you select, your occupation, and whether you are male or female.
Premiums are deducted from your First Super account in regular instalments.
How do I apply for or change my insurance cover?
For information on how to apply for insurance or increase your existing level of insurance cover call us on 1300 360 988 (Monday - Thursday, 8:45am to 5:15pm or Friday, 8:45am to 5:00pm Melbourne time) or download the First Super Product Disclosure Statement (pdf | 907kb).
If you wish to cancel or reduce your insurance cover write to us at:
PO Box 666
Carlton South VIC 3053
Important information about insurance
All types of insurance can end on certain events such as the:
Date you commence active duty with the armed forces of any country,
Date you reach an age at which the insurer will no longer insure you
Date you die
Date you cease to be a member of First Super
Effective date you request cancellation of insurance
End of the month in which your account balance has insufficient funds to pay the premiums, or
Occurrence of a defined exclusion event such as an act of war.
Please see the First Super Product Disclosure Statement (pdf | 907kb) for more information.
Not sure about the type or amount of insurance you have?
The type and amount of insurance you have appears on your statements from First Super. You can also access your insurance and other account details:
- Online at firstonline, or
- By calling us on 1300 360 988 (Monday - Friday, 8.45am to 5.15pm Melbourne time).
Insurance issued in error
Insurance cover issued or maintained in error is invalid. If insurance cover is discovered to be invalid because, for example, you were ineligible to receive it, premiums paid in error will be refunded to your account along with an allowance for any investment earnings lost.