Insurance
Your greatest asset is your ability to earn an income but it is often taken for granted. Have you considered what would happen if you were unable to work due to illness or injury?
Insurance is an important part of your financial planning, as it provides you and your family with financial security should something unexpected happen to you. Having insurance means that if you die or become disabled or injured, money is available to pay debts and meet ongoing expenses.
Holding your insurance within your superannuation account can be both cost-effective and tax-effective:
- Premiums are generally lower because you’re accessing group rates instead of individual rates.
- Premiums are generally lower because your super fund is able to claim a tax-deduction and may pass this benefit on to you.
- Premiums come from your super account rather than your salary.
- You can generally access default cover without the need to prove good health.
If you join Spectrum Super as part of an employer plan, you will receive a default level of insurance without the need to prove good health and the premiums for this cover will be automatically deducted from your account.
If you would like to customise your insurance cover to your needs, Spectrum Super offers a number of options. You can choose from:
- death cover
- death and total & permanent disablement (TPD) cover
- income replacement cover.
In addition, if you choose income replacement cover, you can choose from:
- 30, 60 and 90 day waiting periods
- two-year, five-year and age 65 benefit periods.
For full details of the terms and conditions that apply to insurance held within Spectrum Super, please refer to the PDS. For guidance on the appropriate level of insurance cover for your personal circumstances, please speak to your financial adviser.
Insurance rates
Please see the Insurance rates table and the Product Disclosure Statement.
More information?
To find out if you are eligible to apply for insurance, please refer to our Occupations Ratings Guide.
