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Everyone's insurance needs are different, and some super funds may offer the option to tailor your cover to suit your needs.
Most super funds offer three main types of insurance, with more than 70% of Australians who have life insurance choosing to hold it through their super fund.1
The types of insurance available through super generally include life insurance, total and permanent disability (TPD) insurance, and income protection insurance.
As your life changes, so may the insurance cover you need, which means insurance does not need to be a set-and-forget option.
QSuper insurance is designed to be flexible. With QSuper, you can tailor your income protection insurance, total and permanent disability (TPD) cover, or death cover to suit you.
How much cover you need will depend on your individual circumstances.
You can change your insurance to meet your personal needs, although it is important to note that tailoring your insurance may impact the premiums that you pay.
The cost of your insurance cover will depend on the type and amount of cover you hold, as well as your age and any ways in which you have personalised your cover.
Income protection insurance may help eligible members to maintain the lifestyle you've built for yourself and your loved ones by paying you a weekly benefit if you are unable to work due to serious illness or injury.
To personalise your income protection insurance, you may change:
Life insurance pays a benefit if you die or suffer from a terminal illness, while TPD cover pays a lump sum to you if you are unlikely to ever be able to work again after meeting the definition of total and permanent disablement.
To personalise your Life or TPD insurance, you may change:
Tailoring your insurance with QSuper is quick and easy.
Simply log in to Member Online. Click on Change Your Insurance in the left-hand menu, then select an option to make changes to your insurance to suit your personal circumstances.
Alternatively you may access the appropriate Insurance forms on the QSuper website, to make the changes you require.
You may also call QSuper at 1300 360 750
Monday to Friday from 8:00am-6:00pm.
1. Australian Securities and Investments Commission, MoneySmart: Insurance through super, accessed 19 January 2021 at https://moneysmart.gov.au/how-life-insurance-works/insurance-through-super
2. Cover amount is 87.75% of your insured salary which includes a contribution replacement benefit of 12.75% of insured salary into your QSuper account.
Excluding Queensland Police Officers.
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