If your employer is making super contributions for you, there’s a good chance you’re an ‘Employee Plan’ member – and it means you probably have automatic default cover as part of your super account.
Why do you automatically receive cover?
In line with Government legislation, when employers select a super fund for their workplace, they must choose one that provides a level of insurance cover. (Don’t worry, you can change this.)
Let’s look at how standard insurance works through CareSuper and what your choices are.
The best way to approach this sensitive subject is by thinking of those who depend on you. Put simply, death cover can provide support for your loved ones if you die. You can tell us who you’d like your money to go to by:
- Making a non-binding nomination, which means we’ll consider your wishes when deciding who receives any payment, or
- Making a binding nomination, for greater certainty.
There are rules around who qualifies as a beneficiary, and reasons you might want to choose one nomination type over the other. We can help with that.
Total and permanent disablement (TPD) cover
Gives you a cash payment if you’re too unwell or injured to work again. (Provided you meet the insurance policy terms and conditions.) It’s possible to convert the payment into an income stream instead of a lump sum by opening a CareSuper Pension.
How much you’re covered for with standard cover
This depends on how old you are and your occupation.
Younger people usually have less debt and fewer financial responsibilities. For this reason, the standard level of death cover is lower than TPD cover until age 30 – and the premium you pay is lower too.
When you turn 30 your death cover automatically increases to match your TPD cover. It then gradually decreases again as you get older, while the premium stays the same.
The type of work you do can also make a difference to your cover. You automatically qualify for the ‘general’ insurance category when you join. However, if you’re an ‘office’ worker or a ‘professional’, you can apply to change your category in MemberOnline so you’ll get more cover for the same cost. (Eligibility criteria apply.)
You’ll find full details in our Insurance Guide.
What it costs
The amount you pay for default insurance cover (‘the premium’) is based on weekly premium rates and deducted from your super account on the last calendar day of every month.
You can see how much standard cover costs by entering your details into our Insurance calculator.
To check exactly how much insurance cover you have and what it costs, log in to MemberOnline.
Choose cover that works best for you
Standard insurance not right for you? You can make changes to suit your needs, including boosting your cover if you’re a new member or cancelling insurance at any time.
Personal Plan and Corporate members
If you’re a Personal Plan member (meaning you pay your own super contributions or you're a member through your spouse) or part of a corporate insurance arrangement, your situation is a bit different.
Personal Plan members don’t get default cover, so you’ll need to apply for access to our full range of insurance benefits. Find out how to tailor your cover.
To check the specifics of your corporate insurance arrangement, it’s best to head to the Corporate Insurance PDS or your relevant CIA Insurance Guide.