Most super funds, including Team Super, offer a range of insurance options designed to protect you and your family in the event something happens to you. If you’re a Team Super member and have a super account, this insurance is automatically added when you become eligible (and you can change or cancel it at any time).
If you haven’t needed to make a claim before, you may not have given much thought to exactly what type of cover you have or how much, and whether it suits your needs. In this article we look at three common questions that people ask about insurance through super.
- IS IT WORTH HAVING INSURANCE?
Life insurance provides a financial safety net for you and your loved ones. It can help you keep up with medical costs and living expenses if you get sick or injured, as well as enabling your family to maintain their standard of living if you pass away. If and how much cover you’ll need depends on your personal situation. Team Super offers members:
- Death and Terminal Illness (DTI) Cover – provides a lump sum payment if you die or become terminally ill.
- Total and Permanent Disablement (TPD) Cover – provides a lump sum payment if you’re unlikely to ever work again due to an illness or injury.
- Income Protection (IP) insurance – provides a temporary income if you’re unable to work due to an illness or injury.
Team Super tip: Under the law, super funds will cancel insurance on inactive super accounts that haven’t received contributions for at least 16 months. Your super fund should contact you before your insurance is about to end.
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2. DANGEROUS OCCUPATIONS
While most super funds offer insurance cover to their members, they may not cover people working in a job that’s considered ‘dangerous’. If you work in transport, mining, or a related industry, jobs commonly excluded from insurance cover include miners, truck drivers, loaders, mechanics, flight crew, store persons.
At Team Super, our insurance caters for members working in such high risk or ‘dangerous occupations’, who can find it hard to obtain adequate and reasonably priced insurance elsewhere, due to their jobs.
3. HOW MUCH DOES INSURANCE COST?
The cost of your insurance depends on the type and amount of cover you have, as well as other factors including your age, gender and smoker status (as applicable). For Team Super members, it also depends on which insurance Division you’re in and the type of job you do. One of the main benefits of insurance through super is hassle free payments – your insurance is easier to manage as the premiums are automatically deducted from your super account, so you don’t need to worry about budgeting or making payments.
4. CAN I CHANGE MY COVER?
Yes! You can (and sometimes should) change your cover, as it’s not set and forget. And things like your salary and the type of job you have can have flow on impacts to how much you pay and what you’re covered for.
Team Super members can update their insurance at any time to change things like your Occupation Group or reducing or cancelling your cover. You can also apply for new insurance or top up your existing cover; or take advantage of special offers to increase your cover (if eligible within a specified period).
Remember, it’s important to regularly review your insurance cover to ensure it’s right for your needs.
Already a member of Team Super? You can view and manage your insurance online! Simply grab your member number from your last statement and log in via teamsuper.com/login.
Not yet a member? Learn about the benefits of joining Australia’s top specialist fund for transport, energy and mining. Visit teamsuper.com/join.
Team Super is Team Super Pty Ltd AFS licence 246864, the trustee for the Team Superannuation Fund. Refer to the PDS and TMDs on Team Super’s website at teamsuper.com when considering if their financial products are right for you. Any financial advice in this article does not take into account your financial situation, needs or objectives, and you should consider these factors before taking any action.
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