It may pay a lump sum if you die or are diagnosed with a terminal medical condition.
It may pay a lump sum if you're unlikely to ever work again due to illness or injury.
It may provide a monthly income payment if you stop work due to illness or injury. Depending on your cover, it could also pay super guarantee contributions to your super fund.
If you join CFS through your employer, you may be eligible to receive automatic (default) insurance cover. Our FirstChoice Employer Super insurance key facts sheet will help you understand and compare the automatic insurance cover available to eligible members.
There are plenty of benefits to having insurance inside super, but it’s important to be across the potential limitations as well.
Check your super statement or app to find out if you have existing insurance cover and how much cover you have. If you’ve had insurance cover automatically provided to you, it may not be the right amount for your needs. We offer flexible options to dial your cover up or down if your current level of cover needs to be adjusted.
The level of insurance you may need depends on many factors. This can include whether you:
One of the best ways to estimate your life insurance needs is to use the Moneysmart life insurance calculator t’s easy to use and will only take you a few minutes.
For other types of insurance, and a more comprehensive view of your overall insurance needs, it’s best to speak with a financial adviser.
Keep in mind that your insurance needs will probably change several times throughout your life, so it’s a good idea to review your insurance regularly, and after any big life events.
You can decrease or cancel your insurance cover at any time, but if you want to increase your cover you will have to apply for it. This usually involves providing evidence of your current health, occupation, income and lifestyle. The insurer may accept or decline your application.
You’ll find the insurance application form in the insurance guide for your super product:
Once you’ve completed and signed the application form, upload it through our online portal along with any attachments, or mail it to us at the address written on the form.
If you’re a FirstWrap or CFS Edge member, your financial adviser can help you increase your insurance cover.
If you already have insurance cover and you experience a big life event (e.g. getting married or having children), you can apply to increase your cover within 120 days of the life event occurring without having to provide any extra medical evidence.
Limits and other eligibility requirements apply. Check the insurance guide for your super product for more information:
It’s not mandatory for you to have insurance inside your super account or to keep the same amount of cover you currently have. You always have the option to reduce or cancel your cover as your insurance needs change.
You can do this by:
You may want to consider getting financial advice to help you work out whether reducing or cancelling your cover is the right decision for you.
If you cancel your cover:
If you have insurance cover with another super fund, or you have an external life insurance policy, it may be possible to transfer your insurance cover to your FirstChoice account.
It’s important that you don’t cancel your previous cover until you receive written confirmation from us that your transfer request has been accepted.
Keep in mind that:
Here are the steps you need to follow if you want to transfer your insurance to your FirstChoice Wholesale Personal Super or FirstChoice Employer Super account. If you’re a FirstWrap or CFS Edge member, your financial adviser can arrange this transfer for you.
Upload your completed form to our online portal along with any attachments.
Or, you can mail them to us using the address on the form.
We’ll update you as your application progresses and contact you if there’s any incorrect or incomplete information.
We understand that if you’re making an insurance claim, it means you’re probably going through a difficult time. We make sure all genuine claims are assessed and approved as quickly as possible to help relieve some of the burden.
Here’s a step-by-step guide to making an insurance claim and information about how we’ll handle your claim:
If you have insurance inside your FirstChoice account, we’ll have to cancel your cover when one of the following events takes place:
You can read about these conditions in more details in the relevant insurance guide:
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Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL) is the trustee of the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557 and issuer of FirstChoice range of super and pension products. Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) is the responsible entity and issuer of products made available under FirstChoice Investments and FirstChoice Wholesale Investments.Information on this webpage is provided by AIL and CFSIL. It may include general advice but does not consider your individual objectives, financial situation, needs or tax circumstances. You can find the target market determinations (TMD) for our financial products at www.cfs.com.au/tmd, which include a description of who a financial product might suit. You should read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. You can get the PDS and FSG at www.cfs.com.au or by calling us on 13 13 36.