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Even the most carefully made financial plans can fail due to unexpected circumstances. So it makes sense to have a safety net in place. Having the right insurance cover can ensure a tragedy will not be made worse by financial burden.
Club Super gives you the opportunity to protect yourself, your family and your lifestyle if something happens to take away your earning power by providing eligible members with access to insurance cover 24 hours a day for Death and Total & Permanent Disablement (TPD) and Income Protection.
A summary of the insurance available through Club Super is listed below. If you require more information on insurance, download our latest Product Disclosure Statement (PDS) and Insurance Guide or contact Club Super Administration on 1300 369 330.
Death & TPD Insurance
Club Super offers Death & TPD Insurance as either unit based cover or fixed amount cover up to a maximum limit of $10 million for Death and $3 million for TPD, subject to insurer approval. There are various policy conditions that apply, so please refer to the Product Disclosure Statement (PDS) and Insurance Guide for more information.
Unit Based Cover
Unit based Death & TPD insurance cover costs only $1.90 per week. Each unit of insurance provides the following age dependent Death & TPD cover.
|Age next birthday||Death & TPD cover per unit|
|Up to 40||$150,000|
Fixed Amount Cover
Fixed amount Death & TPD insurance cover is calculated per $1,000 sum insured using the following rates table:
|Age next birthday||
Death Annual premium rates per $1,000 sum insured
TPD Annual premium rates per $1,000 sum insured
|Premium Rate||Premium Rate|
|Up to 40||0.416||0.243|
The minimum fixed amount of Death & TPD insurance cover available is the equivalent of 1 unit for the member's age bracket.
Example of how to calculate the cost of fixed amount Death & TPD cover
Sarah is aged 35 and has fixed her Death & TPD cover at $315,000 . The premium would be calculated as follows:
Fixed amount of cover/$1,000 x premium rate for age
$315,000/$1,000 = $315
$315 x 0.659 (0.416 + 0.243) = $207.59/year
If you wish to increase the level of death insurance cover you currently have, please print and complete the Insurance cover form and mail it to Club Super Administration.
If you wish to apply for more than $1 million of cover, please complete the Full Personal Statement and return it to Club Super Administration. For help on completing the form, please read this guide or give us a call.
Income Protection Insurance
SalarySafe is an income protection package that provides up to 100% of your income plus 9% Superannuation Guarantee in the event that you are unable to work due to sickness or injury. Cover is provided regardless of whether or not you are employed to work on a full-time, part-time or casual basis.
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