Insurance
It’s all about protecting you and your loved ones.If something happened to you, like a car accident or critical illness, your ability to earn income would stop – either temporarily or permanently. Imagine how this would affect you and your family?One of the benefits of buying insurance through your super is that you pay with pre-tax dollars straight from your super account. This means you get peace of mind and protection without having it lower your take-home pay. The cost of premiums is generally lower than retail products because the fund can buy insurance cover for a large group at a lower cost. Group cover also enables the fund to provide automatic insurance cover for members without requiring medical evidence. The cost of premiums over time will reduce your superannuation retirement savings so you should also consider that. Choice, flexibility and low-cost insurance cover:
Automatic Basic CoverAs a member who joins Catholic Super and unless you tell us otherwise, you will automatically receive the basic cover outlined below, except if you are joining the Personal plan, then you will need to apply for cover:
You then have 60 days from the time of joining to choose one of the Income Protection options which provide for different waiting periods and benefit payment periods. |
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When Does Your Cover Start?In nearly all cases, insurance cover will commence the day you start working. If you are not ‘at work’ on the date your cover commences you will receive ‘limited cover’ for TPD and IP cover until you are again ‘at work’.If you are a Personal Plan member, your insurance cover will commence from the date you are advised in writing by Catholic Super that cover has been accepted. Extra Cover – Build Your OwnCatholic Super’s Basic Cover might not provide enough insurance to meet your needs. A person with a mortgage and children at school may require a higher level of cover than a person with no debts or dependents.You can apply for additional Death Only or Death & TPD cover under our Build Your Own Cover option and additional units of Income Protection cover. When applying for additional Death or Death & TPD, your cover will be converted from the basic unitised cover to fixed cover in multiples of $1,000. Income Protection whether you have the default or choose to increase, remains as units. Follow the 3 simple steps for protection; How much cover do I need, how much will it cost and applying for additional cover. Transfer of existing coverBoth Employer Sponsored and Personal Plan members may be eligible to transfer existing Death, TPD and/or Income Protection insurance cover held outside of Catholic Super. To transfer your cover you can either:
If you would like someone to help you or need more information, check the Product Disclosure Statement or contact us. |
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