Where are you at with your super?

  • Home
  • SalarySafe Income Protection insurance fees – reduced from 1 February 2018

SalarySafe Income Protection insurance fees – reduced from 1 February 2018

Here at Club Super, we understand the importance of having a safety net in place if you’re unable to work in your usual occupation due to sickness or injury. We also understand how important it is for our members not only to have enough cover, but for it to be affordable as well. Recently we undertook a review of our Income Protection insurance product (known as SalarySafe) and the good news is from 1 February 2018, our Income Protection fees have reduced by more than 21%. To add to the good news, members will continue to receive the same level of cover even though the fees have decreased. 

You can see our updated fees for each waiting period below:

Waiting Period

Previous Income Protection
insurance fee

New Income Protection insurance fee
(from 1 February 2018)

 28 days*

12.960%

10.16%

30 days

11.664%

9.15%

60 days

9.720%

7.62%

90 days

7.776%

6.09%

The fee is based on their compulsory employer superannuation contribution.

* Members will automatically receive a 28 days waiting period unless they elect another waiting period.

What is Income Protection (SalarySafe) insurance?

We are constantly reminded to have our home, car and health covered by insurance, but how often have you thought about Income Protection insurance? While it may not be front of mind, Income Protection insurance is important as it helps to protect your income if you’re temporarily unable to work due to sickness or injury.

Club Super has you covered!

SalarySafe is Club Super’s Income Protection insurance product and is designed to pay you a regular income if you’re unable to work for an extended period of time due to sickness or injury. If you joined Club Super as an employer member, you would have automatically received SalarySafe cover.

We pay a benefit of up to 90% of your income, for the first 26 weeks of your claim (tapering applies thereafter), if you’re unable to work in your usual occupation due to sickness or injury.

On top of that, a 10% Superannuation Guarantee contribution on the Income Protection benefit is paid into your super account.

SalarySafe cover kicks in following the “Waiting Period” after you are injured or sick and cannot work for a period of time.

Brad’s story – the importance of protecting yourself and your family

Brad has been a Club Super member since 1993 and recently needed to take 6 months off work due to a medical condition. Fortunately, he had SalarySafe insurance cover through his Club Super account, which helped take the stress out of worrying how he was going to pay his bills so he could focus on his recovery. Check out Brad's story in the video below.

We’re right beside you

To find out more about our insurance products (including SalarySafe), visit our insurance page.

If you or your employees have any questions about SalarySafe insurance cover, call us on 1300 369 330 between 8:30am – 5:00pm Monday to Friday or email us at info@clubsuper.com.au