How does insurance inside super work?

There are plenty of benefits to having insurance inside super, but it’s important to be across the potential limitations as well.  

Check your super statement or app to find out if you have existing insurance cover and how much cover you have. If you’ve had insurance cover automatically provided to you, it may not be the right amount for your needs. We offer flexible options to dial your cover up or down if your current level of cover needs to be adjusted.  

The level of insurance you may need depends on many factors. This can include whether you: 

• are single or in a relationship 
• have children who are financially dependent on you 
• own your home outright (or are paying rent or a mortgage) 
• have outstanding debts 
• have substantial recurring expenses (such as school fees) 
• have other sources of income that would be sufficient to cover your expenses and liabilities.  

One of the best ways to estimate your life insurance needs is to use the Moneysmart life insurance calculator t’s easy to use and will only take you a few minutes.  

For other types of insurance, and a more comprehensive view of your overall insurance needs, it’s best to speak with a financial adviser.   

Keep in mind that your insurance needs will probably change several times throughout your life, so it’s a good idea to review your insurance regularly, and after any big life events. 

You can decrease or cancel your insurance cover at any time, but if you want to increase your cover you will have to apply for it. This usually involves providing evidence of your current health, occupation, income and lifestyle. The insurer may accept or decline your application. 

You’ll find the insurance application form in the insurance guide for your super product: 

Once you’ve completed and signed the application form, upload it through our online portal along with any attachments, or mail it to us at the address written on the form. 

If you’re a FirstWrap or CFS Edge member, your financial adviser can help you increase your insurance cover. 

If you already have insurance cover and you experience a big life event (e.g. getting married or having children), you can apply to increase your cover within 120 days of the life event occurring without having to provide any extra medical evidence.  

Limits and other eligibility requirements apply. Check the insurance guide for your super product for more information: 

It’s not mandatory for you to have insurance inside your super account or to keep the same amount of cover you currently have. You always have the option to reduce or cancel your cover as your insurance needs change. 

You can do this by: 

• calling, emailing or writing to us
• logging into our online portal
• completing the Reduce or Cancel Insurance Cover form.

You may want to consider getting financial advice to help you work out whether reducing or cancelling your cover is the right decision for you.      

If you cancel your cover:  

• you and your beneficiaries won’t be able to make an insurance claim for any illness that presents or injury that occurs after the cancellation date.  
• you might not be able to get cover again later. This is because you’ll need to apply and provide detailed health information to the insurer for assessment. 

If you have insurance cover with another super fund, or you have an external life insurance policy, it may be possible to transfer your insurance cover to your FirstChoice account.  

It’s important that you don’t cancel your previous cover until you receive written confirmation from us that your transfer request has been accepted.  

Keep in mind that: 

• your transfer request is subject to eligibility and the insurer’s acceptance of your request 
• the terms, conditions and premiums will generally be different to your previous insurance cover 
• there are limits on how much cover you can transfer. 

Here are the steps you need to follow if you want to transfer your insurance to your FirstChoice Wholesale Personal Super or FirstChoice Employer Super account. If you’re a FirstWrap or CFS Edge member, your financial adviser can arrange this transfer for you. 

We understand that if you’re making an insurance claim, it means you’re probably going through a difficult time. We make sure all genuine claims are assessed and approved as quickly as possible to help relieve some of the burden. 

Here’s a step-by-step guide to making an insurance claim and information about how we’ll handle your claim: