What are the types of insurance through super?

Term Life

Term Life insurance offers financial protection for your family and other dependants in the event of your death. It can provide cover for expenses such as home loan repayments, school fees, outstanding debts and other financial commitments.

Term Life insurance provides your dependants with a lump sum payment when you die. Term Life insurance premiums are generally not tax deductible for individuals, but the benefit is free of tax.

Total & Permanent Disablement (TPD)

If you are totally or permanently disabled, then you will never work again. This would mean serious changes to your lifestyle and TPD insurance can help you support those changes.

TPD or total and permanent disability insurance provides a lump sum payment if you’re totally and permanently disabled before retirement and can’t work again, or can’t work in your usual occupation.

Salary Continuance Insurance (SCI) / Income Protection

Your ability to earn an income is one of your biggest assets. Income protection insurance provides a regular monthly income if you become disabled because of sickness or injury and are unable to work. Your financial adviser can help you decide on the income protection policy that best meets your needs.

There are many different income protection policies available, most let you insure up to 75% of your normal gross income. You can usually choose the waiting period before benefits are payable, the benefit period and the policy’s expiry date.

Generally income protection premiums are tax deductible, however any payments are considered taxable income.