What type of insurance cover can you get?
Through your super, you may be eligible for three types of cover:
- Death cover, also known as life cover, pays a lump sum to you if you’re terminally ill, or to your dependants, estate or legal representative if you die
- Total and Permanent Disablement (TPD) cover pays a lump sum if you're unlikely to ever work again due to illness or injury
- Salary Continuance Insurance (SCI), also known as Income Protection (IP), can provide a monthly income if you stop work due to illness or injury.
Some super funds automatically provide their eligible members with a default level of death and TPD cover, but usually, you have to choose to have Salary Continuance Insurance.
How to review your insurance
Find all the insurance cover you have inside or outside your super, with us and elsewhere, so you can identify:
- the type of cover
- the level of cover
- and the amount you’re paying.
You'll find this when you:
- Check the insurance section of your latest super statement.
- Log in to FirstNet or the Colonial First State mobile app.
The mobile app is not yet available for FirstWrap members, but you can log in to FirstWrap.
For employer super members, you can contact your HR team for insurance premiums paid by your employer.
Review your insurance so you can determine whether it still meets your needs. Speaking to your financial adviser can help you in this choice.
- Speak with a financial adviser to understand differences between holding insurance inside or outside your super.
- Assess if your needs have changed since you took out your current insurance.
- Consider if your insurance meets your needs.
- If you plan to switch insurance providers, you should ensure the replacement cover is in place before cancelling your existing cover.
We can help you find an adviser, if you don’t have one.
What circumstances may affect your insurance?
The following may impact your insurance cover:
- If you have not received super contributions for 16 consecutive months then we must cancel your cover (unless you have elected to keep cover in these circumstances)
- Not having enough money in your super account to pay your monthly insurance premiums may result in your cover ending.
- For Salary Continuance Insurance cover, a change in your working hours may result in your maximum benefit period being limited to 2 years
Other changes to your circumstances may impact your insurance cover. Please refer to the Product Disclosure Statement.
When does your cover in super end?
Insurance in your super may end if:
- you reach the product expiry age
- your super account hasn’t received any money for 16 continuous months unless you tell us you want to keep your cover in these circumstances
- you don’t pay the full premium owing within 90 days after the first missed monthly premium
- you're no longer a member of the fund
- you withdraw your whole super account balance.
Keep reading about changes to premiums, terms and conditions.
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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.
The insurance provider is AIA Australia Limited ABN 79 004 837 861, AFSL 230043 (AIA Australia, the ‘Insurer’). AIA Australia is part of the AIA Group. The respective insurance covers are provided under policies issued to the trustee.
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 https://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.