Do you have the right type of insurance?

Super funds not only help you in saving for your retirement but also offer insurance as peace of mind in the event that something may happen to you. So, if you have insurance, it’s important to make sure you’re not underinsured or being overcharged for cover you don’t need, and if you don’t have insurance, it might be worthwhile exploring the option to take it out through Vision Super.

What are the types of insurance offered?

Vision Super provides the following cover and the flexibility to choose the amount of cover to suit your unique needs.

Income Protection (IP) or salary continuance cover

You’ll receive a regular benefit of up to 75% of your income (plus super contributions) if you’re unable to work due to illness or injury.

Death and TPD (total permanent disability)

Death cover (also known as life insurance), pays a lump sum to you or your dependants if you die or you’re diagnosed with a terminal illness.

TPD is a one-off payment that you will receive if you become totally and permanently disabled and are no longer able to work as a result. 

Death only

Tailor your insurance

The level of cover you receive when you first start a policy may not necessarily meet your needs later in life when your circumstances change, for example if you get a mortgage or have children, so it’s important to regularly assess what you’re covered for.

A tailored insurance policy should provide cover that meets your personal circumstances, offering the best possible outcome if you ever need to make a claim. When reviewing your insurance to make sure it’s right for you, you should consider:

• Your family’s financial needs if your regular income were to be lost.
• Whenever your life changes, you should consider updating your insurance cover.
• Whether you may be able to get insurance cover again in the future – this may be difficult depending on your age, occupation and health circumstances.
• The cost of your insurance cover and the impact to your account balance.

To use the Vision Super calculator to figure out how much Death and TPD cover you may need, click here, and for IP click here.

You can find details of the insurance you hold by logging into (or registering) your online account via our secure portal or your most recent statement tells you the insurance you currently hold, but if you can’t find it or you’re still not sure, just call us and we’ll be happy to answer your questions.

It can be challenging to know what cover is right for you and your family. So, whenever you review if your current cover is right for you, it might be helpful to consider seeking financial advice before making any changes. If this is something that interests you, call us on the number below and we can talk to you about how to do this.

We’re here to help

Vision Super is there to make it easy for you to get the cover you need. Don’t hesitate to contact our Member Services hotline on 1300 300 820 Monday to Friday 8:30 am to 5 pm or email us at memberservices@visionsuper.com.au if you need help.

General Advice Warning
This article includes general information only and does not contain any personal advice because it does not take into account your personal objectives, financial situation or needs or medical situation. It is provided for general information only, to help you understand Vision Super’s products, services, policies and procedures. The information was correct at the time of publication but may have changed since. You should consider whether it is appropriate for you and your personal circumstances before acting on it and, if necessary, you should seek professional financial advice. Before making a decision to invest in any Vision Super product, you should read the appropriate Vision Super Product Disclosure Statement (PDS).