Types of cover
You take care, but sometimes the universe has other ideas
CareSuper offers three types of insurance cover to protect you and your loved ones if something hits you out of the blue.
Death insurance
Provides a lump sum benefit if you pass away or become terminally ill. The maximum cover amount available is $5 million.
Terminal illness cover
You may be eligible to receive your death benefit sooner if you’re diagnosed with a terminal illness that’s likely to result in your death within 24 months. Terminal illness cover is included in your death cover at no extra cost.
Total and permanent disablement (TPD) cover
Provides you with a lump sum benefit if you become totally and permanently disabled and can no longer work. The maximum cover amount available is $3 million.
If you receive a TPD benefit, you won’t have death cover any more unless your death cover amount is higher than your TPD cover amount. In this instance, you can keep the difference of Death cover if you keep your Care Super account open and continue to pay for this cover.
Cover for just in case: Jake’s story
Jake Tasker had no idea how important his insurance in super would become.
On a riverboat holiday, 29-year-old Jake went to the aid of a friend he saw floating unconscious in the water. Without hesitation, he dove head-first into the river to save the man and hit a sandbank below the water. Jake broke his neck in two places and was lucky to be alive.
Wheelchair-bound, Jake was unable to perform his usual job as a motor mechanic. Luckily, Jake had total and permanent disability cover through his super — not that he was aware of it. Jake told his claims assessor, “I thought that if it happened at work, I was insured. I didn’t think it covered me in the middle of a river when I jumped in. I probably wouldn’t have even looked at it if my mum didn’t raise it”.
Because he was unlikely to ever return to work within his education, training, and experience, Jake had his claim for a total permanent disability benefit accepted. With the insurance payment, Jake has been able to afford the equipment and rehabilitation he needs.
Check your eligibility
For eligible members, death and TPD insurance starts automatically when you’re aged 25 and under 70, your account balance is at least $6,000 and we’ve received a SG contribution from your employer, no earlier than 90 days before you’re age 25 and have at least $6,000.
If you want default cover to start before you turn 25 or your account balance reaches $6,000, and you meet other eligibility criteria including SG contribution requirements, you can opt in early through Member Online, provided this is the first time you’ll have cover with us.
Check your Insurance Guide for more information about eligibility and terms and conditions.
Income protection
Income protection provides a replacement income if you can’t work due to sickness or injury.
Subject to meeting eligibility requirements, you may automatically receive default income protection, or you can apply for fixed income protection. The maximum benefit is 75% of your monthly income plus up to 10% super contributions, with a maximum monthly benefit of $30,000.
The cost you pay for income protection is based on your cover amount, age, occupation rating, waiting period and benefit period.
Fixed Income Protection provides a fixed amount of cover and has the option of a:
- waiting period of 30, 60 or 90 days and
- benefit period of two years, five years or to age 65.
For default income protection, the benefit period is two years, and the waiting period is 90 days.
For more about income protection, including default cover, eligibility conditions, definitions, and costs, read the Insurance Guide.
Check your insurance in Member Online
Your occupation makes a difference
Your occupation rating is used to calculate the cost of your cover and reflects the kind of work that you do.
There are three occupation ratings, Active, Office and Professional. Generally, the riskier your job, the more you’ll pay for insurance.
Tip: if you’re in the wrong occupation rating category, you may be paying too much for your cover. To check or change your occupation rating, log in to Member Online, or complete the Occupation rating form.
For more information about occupation ratings, read our Insurance Guide.
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