At Team Super, we offer a range of flexible insurance options designed to protect you and your family in the event something happens to you. If you have a super account and are eligible, this insurance is automatically added (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.

1. 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. At Team Super we offer:

• 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.

2. HOW MUCH DOES INSURANCE COST?

The cost of your insurance depends on your insurance Division, the type and amount of cover you have, and other factors depending on which Division you’re in, such as age, gender, and smoker status (as applicable). It’s important you tell us your Occupation Group as soon as possible as it affects how much you pay for your insurance. If you don’t tell us, you could pay more for your insurance than you have to. If you hold cover in the Default Division it may also impact your amount of cover.

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.

For more information about the costs of insurance, including the premium rates applicable for your age, read the relevant Insurance Guide.