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 occupational category (which you can check in MemberOnline).
Typically, your middle years are when you’re most likely to need cover due to increased financial commitments and, for many, family responsibilities. For this reason, the standard level of death and TPD cover we provide is curved so that it’s lower when you’re young and increases in your middle years before decreasing again in your later years.
If you’re already a CareSuper member you can check the amount of cover you have in MemberOnline and change it if it doesn’t suit your needs. If you’re not a member, you can explore your insurance options in our Insurance Guide.
What it costs
The fees you pay for default insurance cover are based on weekly rates and deducted from your super account on the last calendar day of every month.
The fees for cover are outlined in our Insurance Guide.
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.