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, the insurer will pay a sum of money to you or, in the case of death, a dependant or legal personal representative.

Buying insurance through your super may be cheaper than buying a separate policy (because super funds can strike “group” deals covering a large number of members). The cost of insurance cover also comes directly out of your super account rather than from your personal savings.

Do I need to apply for insurance?

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. To do this, you will need to meet some eligibility requirements.

What types of insurance are available?

We offer three types of insurance:

Income Protection Cover
Total & Permanent Disablement (TPD) Cover
Death Cover

We also offer a range of additional insurance options or benefits, like Life events cover.

Automatic insurance 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 super with us. You can refer to your Member Guide for details.

The amount of cover that eligible members automatically receive is:

two units of Death Cover
two units of TPD Cover
two units of Income Protection Cover.

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 reduces each year as you get older. Take for example, Kate, turning 28 next birthday. Her automatic level of insurance cover would be:

Age	Death cover	TPD cover	Income Protection cover	Total cost per week
28	$166,200	$166,200	$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.

How much does insurance cost?

The cost of your insurance premium is dependant 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 Member 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.

Where can I get insurance advice?

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’s current insurer is AIA Australia Limited (ABN 79 004 837 861 AFSL No. 230043) trading as AIA Australia (AIA or the Insurer). The insurance cover is provided under policies issued to Health Super by AIA (Policy). Insurance cover is subject to eligibility criteria and other terms and conditions in the Policy, summarised in the Member Guide (Product Disclosure Statement).

Health Super Financial Services Pty Ltd (trading as Health Super Financial Planning) ABN 37 096 452 318, AFSL No. 240019 is a wholly owned subsidiary of Health Super Pty Ltd (the Trustee of Health Super). Health Super Pty Ltd pays Health Super Financial Planning (HSFP) half of the annual 1% account keeping fee charged for Health Super’s Pension products. Health Super Pty Ltd also pays a variable monthly amount to HSFP to conduct member seminars. Health Super is not a representative of HSFP and receives no commission when making a referral to this service.

Insurance

If you want more details about your insurance cover or to make a claim, please refer to our:

Member Guide