Do you have automatic insurance cover?

Do you have automatic insurance cover?

Many Club Plus Super members are eligible for automatic insurance cover when they join the fund. Automatic cover is when you get accepted for a certain amount of insurance cover automatically on joining the fund, without any medical assessment. Recently, the government changed the laws, so some members don’t qualify for automatic insurance while other members have lost the insurance cover they had.

What exactly is insurance?

Insurance pays you money when you can’t work because you’re injured or sick.*
It also helps pay off debts and look after the people you care about if you die.
We all know insurance can be complicated, so we’ve created a video to make it easy to understand. Watch now

So, what types of insurances are there?

There are different types of insurance depending on what you need.

Death/Terminal Illness cover provides a cash payment to help pay outstanding debts and look after your loved ones if you die.

Total & Permanent Disability cover gives you a cash payment upfront if you get an illness or injury and can’t work again.

Income Protection cover gives you a regular cash payment if you can’t work because you’re temporarily sick or injured. Please note this cover in our fund is linked to payment of your superannuation guarantee payments into the fund.

Changes to our insurance

Club Plus Super believes that life insurance and income protection within super plays an important role in providing a safeguard for you and your family.

The legislative changes to superannuation and the effect of COVID-19 significantly impacted the insurance market and, in many instances, caused rising insurance premiums. To keep premiums lower for our members, we completed an extensive review of our insurance product in consultation with our insurer, OnePath. The good news is that premiums for short-term income protection and life insurance were reduced, however some additional changes were made which you need to be aware of – read more here.

How can we help you?

If you’re not sure if you have insurance or the terms and conditions of when you may be able to make a claim, or you want to get insurance or change your cover we can help you with that. Information is available from our website, over the phone on 1800 680 627, or from your Club Plus Super local member services manager.

Club Plus Superannuation Pty Limited ABN 26 003 217 990, AFSL 245362, the Trustee of the Club Plus Superannuation Scheme ABN 95 275 115 088.

*The insurance described here is a guide only and you should read the important information about insurance including eligibility, exclusions, terms and conditions before making a decision. Go to clubplussuper.com.au/pds and read the relevant Insurance Booklet (or call us on 1800 680 627 for a copy) and seek independent financial advice around this if you are unsure.