There aren’t many certainties in life, which is why it pays to protect your future against the unknown. Find out more about the types of cover available.
Insurance through super is a great way to protect your income and live with peace of mind.
At Aware Super, we have existing relationships and bulk buying power with insurance providers, which means we’re able to offer competitive policies that may not be available to you as a public customer approaching a broker or insurer.
And for many members, this may mean a higher level of cover at a cheaper price than they would receive through retail insurance.
If you join us through a participating employer, you’ll usually get automatic cover (without having to provide any additional information) if we are receiving your super guarantee contributions and you’re age over 25yrs and have $6,000 or more in your super account. It’s just one of the ways we look out for your financial future.
We offer three ways to protect your future:
Total and Permanent disability cover (TPD)
TPD is a lump sum payment that you can claim if you are permanently unable to work due to injury or illness. TPD is available in a bundle package with death cover.Read more
Death cover (including terminal illness)
Death cover can help give your loved ones financial security when you’re no longer around to provide for them. Death cover is available on itsRead more
own,or bundled with total and permanent disablement (TPD) cover.
Income protection (IP)
IP cover can replace up to 75Read more
per centof your monthly income should you find yourself unable to work due to partial or total disablement. It is not available as automatic cover. You need to apply for this separately.
How much do I need?
Enter a few personal and lifestyle details into our insurance calculator to help decide how much cover you would need to continue meeting your financial commitments.
Our insurance calculator can also give you an estimate of how much your premiums will cost.
You can also increase your cover when you have major ‘life events’, such as getting married, having a child, or taking on a mortgage. Periods of any kind of significant change can be a good time to check in with us and reassess your insurance needs.
To apply for life events cover, just send us an application form to have your insurance cover increased within 90 days of your milestone.
Keep in mind that once your application is received, it may take up to several months to process depending on your personal circumstances and health.I want to speak to a superannuation adviser
How much will it cost?
Many factors can impact the cost of your insurance, including your age and insurance category rating.
While you don’t pay insurance premiums directly out of your own pocket, it’s important to remember that insurance cover isn’t free.
It comes out of your retirement savings, which is why you might consider making additional voluntary contributions.
Managing your insurance cover shouldn’t be stressful – if you don’t know where to start or want to know more about our flexible options, speak to a superannuation adviser. They can advise you on anything related to your membership with us, including your insurance needs.
After becoming a member, and if you have the same type of insurance cover already through Aware Super, you can apply to transfer any death, death with TPD or income protection you have in a previous life policy across to us.
You can transfer up to $10 million in death cover, $5 million in TPD or $40,000 per month of income protection cover by logging in to your online account and applying through Insurance express or by completing an application form.
You will need to provide information about your health, income, occupation and lifestyle for your application to be assessed by our insurer.
Cover you transfer from another super fund is in addition to any existing cover you might be entitled to with us. Your combined cover will be subject to the maximum allowable levels that applies to each cover type.
If any individual restrictions, conditions, premium loadings or exclusions were in place under the previous insurance arrangements, they may also apply to the transferred cover.
Before cancelling any previous insurance, please wait for written confirmation from us that your insurance has been successfully transferred. Keep in mind certain occupations are not eligible for insurance transfer.
What you need to know
If you join us through a participating employer, you’ll usually get automatic cover (without having to provide any additional information) if we are receiving your super guarantee contributions and you’re age over 25yrs and have $6,000 or more in your super account.
You can cancel or reduce your automatic cover using our Application to reduce or cancel insurance cover form, or call the service centre on 1300 650 873 and we can process your request over the phone. If you have registered for online access, you can also reduce or cancel your cover online using Insurance Express by logging into your account.
Once you reduce or cancel this insurance, you can’t reinstate it. If you want insurance in the future, you will need to apply again by providing information about your health and lifestyle.
For full terms and conditions view the Insurance Member Booklet Supplement relevant to you.
If you are employed in a ‘dangerous occupation’ you may be provided with automatic cover irrespective of your age or account balance, we’ll notify you when you join whether this applies to you. ↩
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