Having insurance is not just about protecting your income, it’s about having choices when life doesn’t go to plan.
No-one likes to think about being unable to financially support your spouse or your family if you can’t work due to illness or if you are recovering from a serious accident. Which is why it’s a comfort to know when you join Club Plus Super you may be automatically covered for death, terminal illness and disability insurance.1 As your lifestyle may be affected without a regular income, automatic cover with Club Plus Super also includes income protection insurance. Having default or automatic cover is easy as you don’t need to have a medical assessment or fill out countless forms. However, you can also choose the amount of cover you need if your circumstances change – which makes it your insurance plan, your way!
What is the benefit of Death, Terminal Illness and Total & Permanent Disablement cover?
Death, Terminal Illness and Total & Permanent Disablement (TPD) cover provides a lump sum to you or your dependents in the unexpected event of death, serious illness or injury. You are covered up to certain age-based limits however you can apply for more cover at any time. The value of insurance is not obvious until disaster strikes. Insurance may provide valuable cover for bills until you can go back to work, or to support your family if you’re no longer there.
Income Protection cover
If your lifestyle is threatened because you are unable to work, Income Protection cover will provide you with a lifeline of regular payments so that you can continue to pay your mortgage, medical and living expenses. With Club Plus Super, you can receive a monthly benefit of up to 90% of your salary plus a superannuation guarantee (SG) benefit of up to 9.5% of your salary.1 Generally, the benefit is payable after 21 days up to a maximum period of two years.1 However, you can select a longer waiting period and pay less. For more information, go to the insurance section of our website.
Having options during crisis
We have seen the important role insurance plays if the unpredictable was to eventuate. Some of our Club Plus Super members share their experiences below.
Plan for the unexpected
A serious car accident changed 18-year-old David’s life* and as a consequence, he is now permanently in a wheelchair. This was a very difficult time for David and his family. The uncertainty of how long recovery would take and the worry about medical expenses and bills was overwhelming. The family home had to be renovated to provide wheelchair access. Life as they knew it changed forever.
When contacted by David, the Club Plus Super team quickly assisted him with his TPD and Income Protection claim. He received a lump sum from the TPD cover and a regular payment as part of his Income Protection cover. We made sure that making a claim was hassle free so that David and his family could focus on his recovery and make plans for the future.
Life doesn’t always go to plan
While focused on the weekend soccer game 23-year-old Jon* had no idea he would be out of work for weeks following an injury to his knee, which required surgery. Weeks of hospital visits and physio lay ahead as well as not being able to work.
The Club Plus Super team were able to process Jon’s claim and he made a full recovery, returned to work and still plays soccer. Jon was able to manage his medical bills and living expenses with Income Protection cover which provided him with a monthly benefit during his recovery.
The Government has proposed that automatic insurance cover will not be provided for:
- members under 25 years old,
- accounts with balances below $6,000, and
- inactive accounts that have not received a payment for over 13 months.
This proposal aims to ensure that super accounts are not eroded by insurance fees, however, it’s important to consider what’s best for you and your family.
Need more information?
“Our members call us every day to get more information about insurance,” says Toby Quast, Member Services Specialist. He goes on to explain, “We’re able to provide them with details on the types of insurance we have available and various options they can select to suit their changing needs or circumstances. If they need some advice, we’re able to put members in touch with our Financial Planning team to ensure they have good cover in the event something unfortunate happens.”
To speak to Toby or one of the Member Services Specialists about insurance cover information, call our Member Hotline on 1800 680 627 or refer to the insurance information on our website.