Most superannuation funds provide their members insurance cover with their super account. You can protect your income, your loved ones, and your future with these basic covers if something goes wrong.
Members who are eligible for basic insurance cover can either apply for insurance directly through their superannuation or obtain their insurance by default when they join the superannuation fund because of their employment.
Basic covers include: –
- Income Protection or Salary continuance.
- Total & Permanent Disablement (TPD).
- Death Benefit also known as Life Insurance.
Income Protection (IP):
This cover can help you at a time when you need it most and if you are injured or fall ill and as a result you cannot work temporarily. In this case, if you have Income Protection cover, you can make a claim with your superannuation and if your claim is approved, you will receive payments equivalent to 75% of your monthly earnings.
To apply for Income Protection insurance, you must be aged between 15 and 65 years and receiving contributions from your employer.
Total & Permanent Disablement (TPD):
A TPD benefit is paid to you if you become totally and permanently disabled and can no longer work to earn an income. TPD benefit is usually paid as a lump sum to help you with your cost of living, to pay a mortgage or simply to seek medical treatment.
A TPD insurance cover is normally offered to those between the ages of 25 to 65 and receiving employer contribution.
Death Benefit or Life Insurance:
Life is unpredictable, anything can happen to us at any time. Death benefit or Life Insurance can financially help your partner and dependents if you pass away and do not have sufficient savings or financial support.
If have insurance at the time of your death, your dependents can make a claim for the death benefit and receive a lump sum.
Death benefit insurance cover is usually provided to those between the ages of 15 to 69 and the amount is calculated based on your income or suited to your needs.
How to check if you have insurance with your Super?
To check if you have insurance cover with your superannuation, you can log into your online account or simple call your superannuation and ask them to confirm if you have insurance.
At Alliance Compensation & Litigation Lawyers, we can check if you have insurance cover with your superannuation and the amount you may be eligible to receive if you make a claim. All we will need from you is your membership number and a signed authority.
We are here to help you answer your questions on personal injury compensation