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Why have insurance through super?
Learn the advantages so you can get the extra support you need.
Did you know that the majority of members in Russell SuperSolution automatically receive insurance cover when they join the Fund?
Insurance cover is often the last thing you think about when considering your super. For most members, the great benefits of having insurance cover through your fund are often overlooked:
- Cheaper premiums - as super funds use their size to negotiate bulk discounts on premiums, insurance cover within super can often be much cheaper than taking out your own private policy. Your employer may even be paying your basic insurance premiums for you.
- Convenience - if you pay your premiums, they are deducted automatically from your super account. This means you don’t have to pay for your cover out of your own pocket. Remember that your super is being taxed at 15%, rather than at your marginal tax rate, which could be higher.
- Automatic acceptance - subject to certain conditions generally, members are automatically accepted for a basic level of cover, which means they can be protected against death and/or disablement without having to provide evidence of good health.
What cover do you have?
Generally, through super there are three types of cover available:
- Death insurance - a lump sum paid in the event of your death.
- Total & Permanent Disablement (TPD) insurance - a lump sum paid in the event you are unlikely to work again due to a total and permanent disability.
- Income Protection or Salary Continuance insurance – a monthly payment, most commonly 75% of your salary, if you are sick or injured and can’t work.
Death and TPD insurance are the most common types of cover provided through super funds, while some funds also offer Income Protection. Provided you were eligible when you joined Russell SuperSolution you may automatically receive a basic level of cover. You may also be able to apply for additional voluntary insurance cover above the basic level.
For Employer Division members, if you leave your current employer, your insured Death only or Death and TPD cover at the date of leaving your employer plan will automatically be reinstated once you have been transferred to the Personal Division of Russell SuperSolution.
For further details on the insurance cover available in your division of the Fund, please refer to your Product Disclosure Statement by logging into your SuperSolution account.
How much cover is enough?
Use the Insurance Evaluator calculator to get an idea of the level of insurance cover you may need to protect you and your family. Log in to SuperSolution and visit the Calculators page.
For any queries or to find out if you have enough insurance cover, contact the Russell SuperSolution Helpline on 1800 555 667 or log in to your account.
