Why have insurance inside super?
Having insurance through your super makes protecting yourself, or your beneficiaries, against the unforeseen easier than you may think. The other benefits of having insurance through super are:
- Insurance through super may be cheaper than an individual policy you might buy directly from an insurance company or broker
- Premiums are conveniently deducted from your WA Super account
- Payment is tax-effective, because super contributions are only taxed at 15%
- All insured members are covered worldwide 24 hours a day, 7 days a week, subject to the policy terms and conditions.
The types of cover we provide are designed to help you and your family manage financially in the event of your death and/or disablement due to illness or injury:
If you meet the eligibility criteria (see below) you can receive our Basic cover, known as Basic Insurance. You must elect to opt-in to receive Basic Insurance for Death, TPD and Income Protection cover. If you don’t opt-in, then Basic Insurance cover will commence when you turn 25 years of age and your account balance is $6,000 or more, unless you tell us otherwise.
When do you receive cover?
If you meet the eligibility criteria (see below) you’ll receive Basic Insurance cover for death (which includes a Terminal Illness benefit) and TPD. You must elect to receive Basic Insurance for Death, TPD and Income Protection cover. If you don’t make an Election, then Basic Insurance cover will commence when you turn 25 years of age and your account balance is $6,000 or more, unless you tell us otherwise.
To be eligible for Basic Insurance cover:
- You must be a member of, or applying for membership with, WA Super;
- You must be an Australian resident;
- You must have either:
– made an Election and be aged at least 15 years; or
– be aged at least 25 years and have an account balance of $6,000 or more.
- You have not been discharged medically unfit, ceased employment or retired due to ill health from any employer;
- You have not been diagnosed with an illness or suffered an injury that reduces your life expectancy to less than 12 months;
- You must be under the age of 70 for Basic Death and TPD Cover and under the age of 65 for Fixed Death or TPD cover; or
- The Insurer has agreed in writing that they will insure you under the policy;
- Current Police officers are not eligible for any cover, and former Police officers are only eligible for Death Only insurance cover.
For Basic Income Protection cover, there are three more additional eligibility criteria:
- You must be gainfully employed as a full time or part time employee or contractor;
- You are not employed on a casual or temporary basis;
- You must be working at least 15 hours per week
To find out more
WA Super have partnered with TAL Life Ltd (ABN 70 050 109 450, AFSL 237848) (the Insurer) to provide you with insurance cover.