AustralianSuper TPD Insurance

Information verified correct on September 30th, 2016

Benefits of AustralianSuper TPD Cover

It’s easy to remember the insurances for your house and car, because they’re right there in front of you every day. However, there is something even more important, although often forgotten, which is your health. So, instead of taking your health and your ability to earn an income for granted, consider the benefits of total and permanent disability (TPD) cover should anything happen to you.

AustralianSuper TPD cover provides protection against a range of illnesses and injuries that can permanently impair your health, your ability to work, and to continue to provide for and look after your family. Every TPD cover policy is different, so as you compare the AustralianSuper TPD Cover, be sure to look into the disabilities which are eligible for a benefit payout, and the amount of that you can apply for.

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Key Features of AustralianSuper TPD Cover Plan

Your AustralianSuper TPD cover will provide a lump sum benefit payment if you become totally and permanently disabled. When you join AustralianSuper as a fund member, you can apply for TPD cover if you are between and 65 years old. This cover will be active once AustralianSuper receives your first employer contribution.

Other features that you can benefit from AustralianSuper TPD cover include:

  • Apply for cover of up to $1.5 million: When you join Australian Super you will automatically be approved for a set level of TPD cover, which are based on your age at the time. However, you can choose to increase this amount at the time of your application, choosing a benefit amount of up to $1.5 million, without the need to undergo a medical or blood test.
  • Cover for terminal illness: If you have diagnosed as terminally ill with less than 12 months to live, a TPD benefit may be payable.
  • Any Occupation TPD cover: With AustralianSuper, you will receive a benefit payment of you have been unable to work for at least three months as a result of an illness or injury, and if you are unlikely to be able to be in gainful employment in any occupation that you have reasonable education, training or experience.
  • Cover for homemakers: AustralianSuper TPD cover also provides cover for individuals, such as housewives or househusbands, who perform unpaid domestic duties at home on a full-time basis.
  • Increase your cover amount at anytime: You can increase your level of cover when you join, a specific life events or at any time as appropriate. Specific life events often include entering a de facto relationship, marriage, birth of child, taking out a mortgage or death. If you choose to increase your AustralianSuper TPD cover amount of more than $1.5 million in the future, you may need to provide medical information.
  • Tax benefit: By taking out TPD cover through AustralianSuper, you are effectively enjoying a 15% tax deduction being passed onto you through your premiums.
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