When people think of their superannuation benefits, they usually think of the accumulation of contributions and investment earnings that they will be able to access during retirement.
But another benefit of your superannuation is the insurance cover available.
At First Super, we offer three types of insurance cover.
Death (including Terminal Illness)
Total & Permanent Disablement (TPD)
Default insurance cover of 4 units of Death and TPD is provided automatically to all eligible members who meet General Eligibility (see below) and to those who have made a Valid Election (opted in). This costs $11.20 per week at the default Blue Collar / manual rate ($5.12 per week if you are eligible for White Collar / non-manual rates and $4.64 per week if you are eligible for Professional rates), subject to eligibility conditions being met.
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 Planners# at no additional cost to members. Contact our Member Services Team to book an appointment.
Okay, but why 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.
- Flexible options 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.
The basic eligibility requirements are that the member is:
- an Australian citizen, a permanent resident of Australia, or a non-citizen for whom an employer is required to make superannuation guarantee contributions; and is either:
- aged between 11 and 69 years (for Death and TPD cover); and
- aged between 16 and 64 for Income Protection Insurance.
Default cover for a new member is provided automatically if the member meets the above conditions and General Eligibility (see below), and satisfies the following requirements:
- the member is aged 25 and above; and
- the member’s account balance has reached at least $6,000 at least once
- a contribution or rollover has been made into the member’s First Super account within 16 months of their account balance value reaching $6,000
- OR, the member has made a “Valid Election” (opted in).
INSURANCE FOR MEMBERS JOINING FIRST SUPER AFTER 1 APRIL 2020
INSURANCE FOR MEMBERS WHO JOINED FIRST SUPER BEFORE 1 APRIL 2020
I joined First Super before 1 April 2020 and I currently have insurance.
I joined First Super before 1 April 2020 and my insurance was cancelled due to having a low balance.
I joined First Super before 1 April 2020 and I cancelled /opted out of insurance.
WHAT YOU NEED TO KNOW
For full details about the insurance offered by First Super, the terms and conditions, the rates tables, and the key definitions, please read our Insurance Guide. You’ll find responses to some of the most frequently asked questioned about our insurance products below.
What are First Super’s General Eligibility conditions?
What are my options once I have default Death and TPD insurance?
What is Limited Cover?
Can I transfer insurance to First Super?
What happens if I have let my insurance lapse or my cover was cancelled, but then I apply for it to start again or it automatically starts under General Eligibility?
What isn’t covered by Death and TPD insurance cover?
I’m interested in Income Protection insurance – am I eligible?
We’re here to help. So let’s talk.
# Intrafund advice and full service financial advice is provided by First Super Financial Planners, who are authorised representatives of Industry Fund Services Limited (IFS) (ABN 54 007 016 195, AFSL 232514).
Benefits of MetLife
First Super provides peace of mind when it comes to your insurance. Backed by MetLife; one of the world’s largest insurers we understand the emotional and financial value of providing the right protection to you and your loved ones. MetLife has over 145 years’ experience providing assurance to 100,000,000 customers in more than 40 countries worldwide. MetLife offers reliability, stability and insurance to meet your specific needs.