The industry fund for the people who care
Insurance should be an important part of your financial planning. If eligible, when you join Health Super you also receive insurance cover that provides you, your family and/or estate with financial protection when the unthinkable happens, such as a work injury, illness or worse, death.
If a specific unfortunate event occurs, Health Super’s insurer (AIA Australia) will pay a sum of money to you or, in the case of death, a dependant or legal personal representative.
Buying insurance through your superannuation may be cheaper than buying a separate policy (because superannuation funds can strike 'group' deals covering a large number of members). The cost of insurance cover also comes directly out of your superannuation account rather than from your personal savings.
No, unless you want some additional insurance cover to suit your personal situation. If eligible, you’re automatically provided with some level of Income Protection, Death and Total and Permanent Disablement insurance upon joining. You can change your insurance arrangements depending on your lifestyle and needs. You will need to meet eligibility requirements before you can increase your insurance cover.
We offer three types of insurance:
We also offer a range of additional insurance options or benefits, like Life events cover.
When you join Health Super, you may automatically receive a basic level of insurance cover if you meet the insurer’s eligibility criteria. This means you don’t have to provide any health evidence to receive the cover. That’s just one of the benefits of having your superannuation with us. You can refer to your Insurance Guide for details.
The amount of cover that eligible members automatically receive is:
Each unit has a dollar value depending on the type of cover and in the case of Death and TPD cover, your age next birthday. This means that the amount of any unitised insurance cover that applies to you will vary according to your age and changes each year as you get older.
Take for example, Kate, turning 40 next birthday. Her automatic level of insurance cover would be:
| Age | Death cover | TPD cover | Income Protection cover | Total cost per week |
| 40 | $168,000 | $168,000 | $1,000 per month | $3.30 |
|---|
*This example assumes Kate meets the insurance eligibility criteria. Any Income Protection is subject to an additional maximum of 85% of pre-disability income.
Insurance cover does not apply indefinitely. It ceases in certain circumstances like reaching the maximum insurable age or ceasing membership.
The cost of your insurance premium is dependent on the amount of cover that has been automatically provided to you (if you’re eligible) and any additional cover you may have chosen which has been approved by the Insurer. In the Insurance Guide, you can find more information about the costs of insurance.
Your premiums will be deducted from your account balance annually (in advance) on 1 July or the date you became a Health Super member. If there’s not enough money in your account to pay these premiums, your cover may stop. We’ll let you know before this happens.
If you’re not sure whether you need insurance or would like advice about how much cover you will need to suit your lifestyle or needs, you should seek the advice of a qualified financial planner like Health Super Financial Planning.
Health Super Financial Services Pty Ltd ABN 37 096 452 318, AFSL 240019 trading as Health Super Financial Planning (HSFP) is a wholly owned investment of the Health Super Fund (ABN 88 293 440 675) (Health Super), the Trustee of which is Health Super Pty Ltd (ABN 97 084 162 489 AFSL 246492). The Trustee pays HSFP half of the annual 1% account-keeping fee collected on all Health Super Account Based Pensions. The Trustee also pays a variable monthly amount (calculated on a cost recovery basis) to HSFP to conduct member seminar programs. The Trustee is not a representative of HSFP and receives no commissions when making referrals to this service. To obtain further information about the services provided by HSFP, contact HSFP direct by telephoning 1300 780 223. Alternatively, visit HSFP’s website at hsfp.com.au