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Insurance through super
Secure your future and enjoy peace of mind for you and your loved ones.
Why get insurance through your super?
Here are three key reasons why you should consider getting insurance through superannuation
- Cost-Effective Premiums: Insurance premiums are often lower when purchased through your super fund because the fund can negotiate group rates. This can make it more affordable compared to buying insurance outside of super.
- Convenience: Premiums are automatically deducted from your super balance, making them easier to manage and pay for. This can help with cash flow management and ensure your coverage remains active.
- Tax Advantages: Contributions to your super fund, including those used to pay for insurance premiums, may be taxed at a lower rate than your regular income. This can provide a tax-effective way to pay for your insurance.
Insurance cover available within super
Life insurance
Life insurance, also called death cover, provides a lump sum payment to your beneficiaries if you pass away.
Total permanent disability
Total and Permanent Disablement (TPD) insurance provides a lump sum payment if you become permanently disabled and can no longer work.
Income protection
Income protection, also called Salary Continuance Insurance (SCI), provides a regular income if you're unable to work due to illness or injury.
Transferring your insurance to CFS from another super fund
This is usually a simple and straightforward process. Here’s a step-by-step guide to help you through it:
- Check and compare: Review the details of your existing insurance cover with your current super fund, or the insurance you may hold in an individual life insurance policy. Then you can compare it with the cover available through CFS.
- Download and submit the Transfer Form: Download, complete and submit the insurance transfer form provided by CFS.
- Wait for Confirmation: CFS will review your application and confirm the transfer of your insurance cover. This process may take a few weeks – don’t cancel your existing cover until you get this confirmation.
- Update Your Records: Once the transfer is complete, CFS will update your records to reflect the new insurance cover. Then you can cancel your existing cover and store away your documents.
How much insurance cover do I need?
You can use the Moneysmart life insurance calculator to determine how much death cover you may need. For other cover types or a more comprehensive view of your overall insurance needs, it’s best to consider your financial advice options.
Step-by-step guide to accessing your insurance portal
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Once you've logged into Firstnet, select the "Insurance" tab in the navigation bar at the top of the page.
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Select “insurance portal” to open your AIA portal
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Once your portal is open, you can check and update your cover. Simply select “get a quote”, “modify cover” or simply review your existing insurance cover.
If you're a CFS Edge or Firstwrap member, you can talk to your financial adviser about your insurance.
How can I make an insurance claim?
Members can simply call or email us to start an insurance claim. You can also download our claim forms online. Once your claim form is complete, you can submit it by logging in to FirstNet and using e-Post, via email, or posting it to the address on the forms. More information might be requested from you to progress the claim.
What's next?
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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.
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. 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.
*As at 7 March 2025