When you join AustralianSuper, you receive basic Death, Total & Permanent Disablement (TPD) and Income Protection cover.
Is income protection included in superannuation?
Most super funds offer life, total and permanent disability (TPD) and income protection insurance for their members.
Does AustralianSuper include life insurance and income protection insurance?
AustralianSuper provides most members with basic insurance cover with their super account. This cover provides a basic level of protection if you die or become ill or injured. Eligible members receive age-based Death, Total & Permanent Disablement (TPD) and Income Protection cover.
How do I claim income protection from Australia super?
Make a claim
To talk about a possible claim, call us on 1300 667 387 from 8.30am to 5pm AEST/AEDT weekdays. An AustralianSuper insurance representative will be able to help you. You can learn more about making insurance claims by downloading our fact sheets below.
What is AustralianSuper income protection?
Income Protection can help if you become ill or injured (at any time) and can’t work temporarily. It provides monthly payments to support you while you’re not earning your regular salary.
How long is income protection paid for?
The benefit period is how long the monthly payments will last if you remain unable to work due to your illness or injury. Most income protection policies offer two or five years, or up to a specific age (such as 65). The longer the benefit period, the more expensive the policy.
What income protection does not cover?
Income protection will not cover you in the event of employment termination or if you are made redundant. It is designed to assist a policyholder in the event they cannot perform their job, due to illness or injury.
What does Super income protection cover?
If you have income protection insurance through your superannuation, you are not covered for loss of income from reduced hours or job loss. Your income protection insurance will provide cover for you if you become temporarily disabled through illness or injury and are unable to continue in your duties at work.
How is income protection calculated?
In our experience, the most common method for insurers to calculate your benefit is to average out your monthly income over a period (usually 12 months) prior to you becoming partially or totally disabled (usually called your “pre-disability income”) and pay your benefit according to a percentage of that income.
Is Super insurance worth having?
When life insurance in superannuation is and isn’t worth the money. Life insurance in superannuation can cost the average person hundreds or even thousands of dollars a year, and its costs can reduce overall retirement balances by tens of thousands of dollars.
Can you claim income protection if you lose your job?
The short end of it is that income protection doesn’t cover you if you resign from your job. However, if you are involuntarily made redundant you can get an income protection plan that will help you while you are on a hunt for a new job.
Do you have to pay back income protection?
Do I still have to pay for cover if I am receiving the benefit? No, you don’t have to pay for cover if you are under claim.
Can you work while on income protection?
What’s Income Protection? Income Protection can help if you become ill or injured (at work or outside of work) and can’t work temporarily. It can provide monthly payments to help you get by while you’re not earning your regular salary.