Superannuation Life Insurance - what protection is available
Suncorp Super offers a range of insurance options to help protect you and your family from life’s uncertainties.
What are the advantages of having insurance through super?
Growing your savings tax-effectively to fund your retirement lifestyle isn’t the only benefit of super. The advantages of holding life insurance within super (instead of outside super) include the following:
- If you’re employed, insurance fees can be funded from your pre-tax employer or salary sacrifice contributions.
- If you’re self-employed, insurance fees can be funded from your pre-tax income.
- As most super funds are collectively insuring a lot of people, they can offer members a ‘group discount’ on premiums.
Improved cash flow
- As insurance fees are funded by your compulsory employer super contributions or super balance, there’s no need to dip into your take-home pay.
- Some super funds offer automatic acceptance for basic cover, with no need for you to undergo medical assessment.
Cover can be designed to suit your needs
- You can usually apply for more cover (subject to medical assessment), decrease cover or opt out altogether.
Insurance cover with Suncorp Everyday Super™
- Automatic acceptance for Life and Total and Permanent Disability (TPD) cover*
- Level of cover is based on your age* and automatically adjusts as you get older.
- You can apply to increase cover to $850,000.
Insurance cover with Suncorp Brighter Super™
- Life cover option up to $5 million (including terminal illness cover of up to $3 million)
- Total and Permanent Disability (TPD)** cover up to $3 million
- Income protection** cover (two-year benefit period or until you reach age 65) up to $25,000 dollars a month
- Anyone over 15 or under 65 can apply for cover if they are an Australian resident or hold a valid visa.***
***A person must be “gainfully employed” on a “permanent basis” for at least 15 hours per week for TPD and income protection cover.’