INSURANCE CHOICES

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Why have insurance inside super?

Having insurance through your super makes protecting yourself against the unforeseen easier than you may think. Premiums are usually lower and automatically deducted from your super account.

WA Super offers members the following types of insurance, to help members and their family manage financially in the event of death and/or disablement due to illness or injury.

These are:

  • Death and Total & Permanent Disablement (TPD)
  • Income protection

Find out more

Watch WA Super’s educational module ‘Insurance through Super’ to learn more.

 

WA Super have partnered with TAL Life Ltd (ABN 70 050 109 450, AFSL 237848) (the Insurer) to provide their members with insurance cover.

Under WA Super’s insurance policy for Death cover, a lump sum will be paid to a member’s nominated beneficiaries if they die or suffer a terminal illness where death is likely to occur within 12 months. Death cover can provide financial security in a time of uncertainty and can help cover debts and living expenses.

Total Permanent Disablement (TPD) cover provides member’s with a lump sum payment if they’re totally and permanently disabled and can’t work again.

What are the levels of cover?

WA Super members who meet the eligibility criteria will automatically receive Basic Cover for death and TPD.

To be eligible for cover under WA Super’s insurance policy, the person must satisfy the following criteria:
– be a member of, or applying for membership with WA Super;
– be an Australian Resident;
– be at least 15 years of age;
– has not been discharged medically unfit, ceased employment or retired due to ill health from any employer;
– has not been diagnosed with an illness or suffered an injury that reduces their life expectancy to less than 12 months; and
– be under the age of 70 for Basic Death and TPD Cover and under the age of 65 for Fixed Death or TPD cover; or
– the Insurer has agreed in writing that they will insure the person under the policy

Note that under WA Super’s insurance policy, current Police officers are not eligible for any cover, and former Police officers are only eligible for Death Only insurance cover.
The table below shows WA Super’s Basic Cover amount by age groups:

Age next birthday Basic Death Cover Basic TPD Cover
16 -25 $60,000 $120,000
26-30 $120,000 $100,000
31-40 $160,000 $80,000
41-45 $160,000 $60,000
46-50 $120,000 $40,000
51-55 $80,000 $20,000
56-60 $40,000 $20,000
61-65* $20,000 $10,000
66-70* $10,000 $10,000

*For individuals aged 60 years of age or more, and/or anyone who was working less than 15 hours per week immediately prior to the date of disablement  (usually the date of injury) averaged over the 3 consecutive months prior to the date of disablement (or shorter period if the member has been employed for less than 3 consecutive months), certain conditions need to be met under WA Super’s  Death and TPD insurance policy to be eligible for a claim.

Find out more

Watch WA Super’s educational module ‘Insurance through Super’ to find out more.

WA Super’s income protection policy gives members a monthly income based on a percentage of their salary, if the member is unable to work due to illness or injury, and they satisfy the conditions for a total disability benefit or a partial disability benefit.

What are the levels of cover?

If eligible for Income protection, WA Super members can choose from multiple levels of cover with benefits payable for 2 years, 5 years or to age 65 with options on waiting periods, subject to any time frame and terms of the policy.

Insurance type Description Level of cover Benefit payable term Waiting period
30 days 60 days 90 days 180 days 1 year 2 years
Basic Cover^ Default 85% of Cash Salary 2 years x x x x x
Voluntary Cover

 

 

2 Year cover 85% of Cash Salary 2 years x
5 Year cover 85% of Cash Salary 5 years^^
Long Term Cover 85% of Cash Salary To age 65^^

^ Default Cover
^^ Indexed after the first year of payment by the lesser of 5% or the Consumer Price Index (i.e. benefit escalation).

Where the member is not automatically provided with default cover, they will need to make an application and be assessed by WA Super’s Insurer, TAL Life Ltd, for their selected cover type and amount.

Find out more

Watch WA Super’s educational module ‘Insurance through Super’ to learn more and visit WA Super to use their Insurance Needs and Premium Calculator

This is a paid promotion by WA Local Government Superannuation Plan Pty Ltd, as Trustee of the WA Local Government Superannuation Plan (WA Super). Other than payment for advertising, no commissions or other fees are payable to NZRelo. Information provided here will change from time to time, is general in nature and not tailored to your personal and financial situation. You should consider if the information is appropriate to you. Before making a decision about WA Super, you should read the Product Disclosure Statement available at www.wasuper.com.au or by contacting the Fund on (08) 9480 3500. All applications must be made and received in Australia. WA Super is the trading name of WA Local Government Superannuation Plan ABN 18 159 499 614 and its Trustee is WA Local Government Superannuation Plan Pty Ltd ABN 64 066 797 162, AFSL 269006.

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