WHAT COVER DO I HAVE?

When you first join First Super, if you meet General Eligibility^ and/or have made a Valid Election (opted in) for insurance, you will be covered automatically for 4 units of Death and Total and Permanent Disablement (TPD) insurance*.

You can find full details about your cover – including the units held, cost and sum insured – by logging into your firstonline account. Alternatively, contact First Super’s Member Services Team on 1300 360 988 or mail@firstonline.com.au.

Once you have received your cover, you can:

  • change to the lower cost risk or professional rates (if you qualify for them – see below and our Insurance booklet for more details);
  • fix the value of your default insurance (so it doesn’t decline over time);
  • apply for additional cover (without evidence of health)*;
  • apply for Income Protection insurance;
  • apply for a fixed amount of insurance (rather than units);
  • transfer insurance from other super accounts to First Super; or
  • opt out of the insurance cover altogether.

How do I change my cover?

You can read more details on increasing, decreasing or cancelling your insurance with First Super or applying for Income Protection insurance on the How Do I Change Cover? page.

What are Low Risk or Professional rates?

Different rates apply to different occupations as some jobs have more risks attached to them than others. Standard rates apply to all occupations that are not classified as Low Risk or Professional.

Low Risk

You may qualify for Low Risk insurance rates if you:

  • are solely engaged in a professional, managerial, marketing, accounting, administrative or clerical role; and
  • spend at least 80% of all working time in an office environment; and
  • are in, or capable of being in, Active Employment^.

Professional

You may qualify for professional insurance rates if you:

  • are solely engaged in a professional, managerial, marketing, accounting, administrative or similar low risk occupation; and
  • undertake your duties entirely within an office environment;
  • earn more than $125,000 a year from your profession; and
  • are in a senior management role or hold tertiary qualifications or are a member of a professional institute or registered by a government body related to your profession; and are in or capable of being in, Active Employment^.

If you think you may be eligible for Low Risk or Professional cover, you can apply for these lower cost rates at any time by completing the Vary Your Insurance Cover Form.

What is Income Protection insurance?

Income Protection insurance cover provides you with a regular income for up to two years to help you pay bills and meet the normal costs of living if you cannot work because you are Totally Disabled or Partially Disabled due to illness or injury.

Each unit of Income Protection insurance cover provides a gross benefit of $100 per month. You can insure up to 75% of your annual salary plus a 10% contribution to super (85% in total) to a maximum of $25,000 per month.

Income Protection insurance is not provided as default insurance cover, which means you have to apply for cover.

You can:

  • apply to transfer Income Protection cover you already hold into First Super; or
  • apply for Income Protection insurance cover with First Super without transferring existing cover.

For full details of Income Protection insurance with First Super, the cost of cover, waiting periods and rates tables, and how to claim, please see pages 9 to 14 of our Insurance booklet. Alternatively, speak to our Member Services Team on 1300 360 988.

To apply for Income Protection insurance complete and return the relevant sections of the Application for Insurance Cover Form. Alternatively, you can complete your application through eApply. You will need your member number and account number to use this online form.

^See pages 16 to 19 of the Insurance booklet for full definitions.

*The automatic and additional cover is subject to eligibility conditions being met (Refer to the Insurance booklet for full details).

This is a sponsored advertising promotion by First Super Pty Limited (ABN 42 053 498 472, AFSL 223988) as trustee of First Super (ABN 56 286 625 181).  This publication may contain general advice which has been prepared without taking into account your objectives, financial situation or needs. You should consult the Product Disclosure Statement (PDS) firstsuper.com.au/pds before making any investment decision. Before making a decision to combine your superannuation, you should consider any costs, change to insurance cover or loss of benefits that may apply and, if necessary, consult a qualified financial adviser. Past returns are not a reliable indicator of future returns. Content was accurate at the date of issue in July 2020, but may subsequently change. Please contact First Super on 1300 360 988 for updated information or to obtain a copy of the PDS. No commissions or fees are paid to NZRelo as part of this promotion, apart from advertising costs.

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