Adjusting your level of insurance cover with life’s big events is simple with Club Super. Whether it’s getting married, having a child, or buying a home, you can access an extra unit of Death and TPD cover to match where you are in life.1
This option is available for the following key life events:
- Birth or adoption of a child
- New mortgage (for the initial purchase of a primary residence only)
- Death of your spouse
- First becoming eligible for a Department of Human Service’s carer’s allowance
- Your child’s first day at primary or secondary school.
How do I take up this option?
Simply apply for the cover by completing the Key Life Events Form within 90 days of the event occurring and provide evidence of the event occurring.
The key life events option can only be taken up once in any 12 month period by an insured member. For example, if you apply for an additional unit after getting married, you would not be eligible to apply for any other event (such as a new mortgage) within the same 12 month period.
What evidence do I need to provide?
The evidence required for each of the events is outlined in the table below.
||Death insurance benefit|
|| Certified copy of a Marriage Certificate
|Birth or adoption of a child
||Certified copy of a Birth Certificate/adoption documentation|
||Stamped front page of the ‘contract of sale’, or a letter on bank letterhead detailing the loan arrangement|
|Divorce||Certified copy of the Decree Nisi|
|Death of a spouse
||Certified copy of Death Certificate|
|First becoming eligible for a Department of Human Services carer's allowance
||Advice from the Department of Human Services (DHS) on DHS letterhead|
|You child's first day at primary or secondary school
||Certified copy of enrolment documentation|
How much does this cost?
The additional unit of insurance is provided at the same fee rate as any existing Death and TPD insurance cover you already hold. The fee payable will be recalculated to reflect the increase in cover. Any cover provided under this option is subject to the same exclusions and fee loadings that may already apply.2
For more information on the Key Life Events option, please refer to the Additional Information – Insurance in your super.
1 You cannot exercise this option if CommInsure has previously declined an application to increase your cover under this policy.
2 Each Key Life Event increase will also be subject to a 12 month suicide exclusion.