Understanding insurance within super


Having insurance cover may give you peace of mind, if the unexpected ever happened to you. We explain the number of options that may be available to you.

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You probably have insurance for your car. And for your home. But do you have insurance for your most important asset – your health?

Insurance can offer you, and your family, protection if anything unexpected happens to you.

Insurance is available through your super – so you can get the cover you need, with premiums deducted directly from your super balance, and not your after-tax income. 

In some cases, your employer may pay for your insurance through super, so check with them to see if this applies to you. 

There are 3 main types of insurance cover BT offer through super.

1. Total & Permanent Disability cover, or ‘TPD’

TPD cover pays a benefit that may assist with covering your living expenses, rehabilitation costs, or repay debt, if you ever become permanently disabled and are unable to work again.

2. Death or Term Life insurance

Death cover can help ease financial stress by providing your family, or your nominated beneficiaries, with a sum of money, if you were to pass away. It can also provide you a benefit if you are diagnosed with a terminal illness.

3. Income protection (also known as Salary Continuance cover)

If you are temporarily unable to work because you’re unwell or have a disability, income protection cover  may assist with covering your living expenses for a specific period of time – so you can focus on your recovery. This type of cover may be helpful if you have debts, like a mortgage, or have a family to support or are self-employed.

Even if you don’t have any financial dependents, but have financial commitments – having income protection may help you in covering a portion of your income while you aren’t working, due to injury or illness.

Not sure how much insurance you might need? 

When considering insurance cover, remember to think about:

  • any personal debt
  • the costs of caring for your children and their education
  • how much your current lifestyle costs
  • and if you or your family have other financial resources you can draw upon.

It’s a good idea to review your insurance cover regularly to ensure it’s right for you, and your circumstances. 

Big life moments like getting married, having children, or buying property, might change your needs.

You can check what insurance cover you have by logging into your BT Super account online. Or call us on 132 135, and we can help.

Live well – today and in the future with BT.

Need more help?

Call 132 135 for BT Super support.

Superannuation is not just a savings vehicle for retirement. You may also be able to take out insurance through your super fund to protect you and your family when you need it most.
We look at why it is important to check your super savings on a regular basis to see how you are progressing towards achieving your goals and prepare for the best.
A change of jobs can be a busy time, but be sure to take your super along with you. It’s a great way to keep tabs on your super throughout your entire working life.

This information is of a general nature only and does not constitute financial product advice. Before making any decision to continue to hold or dispose of interests in any BT product, please view the relevant Product Disclosure Statement (PDS), which can be obtained by calling 132 135 or by visiting bt.com.au.

BT Super (‘Product’) is part of Retirement Wrap ABN 39 827 542 991 (‘Fund’) issued by BT Funds Management Limited ABN 63 002 916 458, AFSL 233724 the trustee of the Fund. This is general advice only and does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness, having regard to these factors before acting on it. You should obtain the Product Disclosure Statement before deciding whether to acquire the Product.

AIA Australia Limited ABN 79 004 837 861, AFSL No. 230043 is the issuer of insurance cover offered through BT Super and BT Super for Life. Further information about the insurance available through BT Super and BT Super for Life is included in the PDS.