Insurance Cover with EquitySuper

Why insure?

Most people insure all the things they’ve worked hard for, but forget to think about themselves. Your ability to earn an income is probably the most precious asset you can ever protect. You probably know a relative, friend or colleague who has been diagnosed with cancer, suffered a heart attack or had an accident, leaving them unable to work for a period of time, or even permanently. 

Insurance with EquitySuper can give you comfort knowing that if something happens, you and your family can be looked after. It covers you 24 hours a day, 7 days a week; not just when you’re at work.

The fact is that most Australians don’t have enough insurance. It doesn’t matter whether you have a high or a low income; insurance is a way to avoid the risk of finding yourself in financial difficulty.  It forms an important part of your overall financial plan. So make sure you have adequate cover, especially if your circumstances change. (Go to Life Insurance Calculator).

Making it affordable

Some of the benefits of insuring through EquitySuper:

• More disposable income – With EquitySuper insurance premiums are deducted from your super account, and not from your pay packet as with private insurance, leaving you with more to spend on your other goals.
• Convenience – Because premiums are automatically deducted from your EquitySuper account, paying for insurance is one less thing you have to worry about.
• Value for money – Because of our size, we can negotiate competitive rates with our insurance provider. To get similar insurance from outside super, the cost to you may be higher.
• No questions asked – Through EquitySuper many members can have cover without providing medical records or having a medical examination (this is called automatic acceptance).
• Pay less tax – Unlike private insurance which is paid for from your after-tax income, insurance with EquitySuper is generally paid for with pre-tax contributions, reducing the amount of tax you pay on your super contributions.  

How much is enough?

You should review your personal circumstances regularly to ensure you and any dependants will not suffer financial hardship in the event of your death or disability. If you aren’t sure how much cover you currently have, please call us on 1300 659 799.

You can use our Life Insurance Calculator to give you an indication of how much cover you may need. If you find you currently have less insurance than you need, please contact us for further information and details on how to apply.

When you leave your employer

When you leave an EquitySuper employer you are generally able to continue your insurance cover (although the premium may change slightly). This means you don’t have to worry about medicals or forms to obtain insurance cover elsewhere.

This is important as you may not get the same level of cover and at the same low cost elsewhere, especially if your medical circumstances have changed.

Further information

For further information regarding insurance, click here to visit our FAQs.

Eligibility for insurance cover, the terms and conditions of that cover; and the payment of any insurance benefits will be determined in accordance with the provisions of the relevant policy documents.