Types of cover
Different types of insurance provide you with cover for different circumstances
Death and Total and Permanent Disablement (TPD)
Provides a benefit if you pass away, become terminally ill or are unable to work again due to illness or injury
You may have default or fixed Death and TPD cover with your Spirit Super account. Death and TPD insurance is offered as a fixed dollar amount of cover, and the cost you pay is based on your cover amount, age and occupation rating.
Provides a lump sum benefit if you die or become terminally ill. The maximum cover amount available is $5 million.
Terminal Illness cover
You may be eligible to receive your death benefit sooner if you’re diagnosed with a terminal illness that’s likely to result in your death within 24 months. Terminal Illness cover is included in your Death cover at no extra cost.
Total and Permanent Disablement (TPD) cover
Provides you with a lump sum benefit if you become totally and permanently disabled and can no longer work. The maximum cover amount available is $3 million.
If you receive a TPD benefit, you won’t have Death cover any more unless your Death cover amount is higher than your TPD cover amount. In this instance, you can keep the difference as Death cover as long as you keep your Spirit Super account open and continue to pay for this cover.
Cover for just in case: Jake’s story
Jake Tasker had no idea how important his insurance in super would become.
On a riverboat holiday, 29-year-old Jake went to the aid of a friend he saw floating unconscious in the water. Without hesitation, he dove head-first into the river to save the man and hit a sandbank below the water. Jake broke his neck in two places and was lucky to be alive.
Wheelchair-bound, Jake was unable to perform his usual job as a motor mechanic. Luckily, Jake had Total and Permanent Disability cover through his super — not that he was aware of it. Jake told his claims assessor, “I thought that if it happened at work, I was insured. I didn’t think it covered me in the middle of a river when I jumped in. I probably wouldn’t have even looked at it if my mum didn’t raise it”.
Because he was unlikely to ever return to work within his education, training, and experience, Jake had his claim for a Total Permanent Disability benefit accepted. With the insurance payment, Jake has been able to afford the equipment and rehabilitation he needs.
For more details about Death and TPD cover, including eligibility, definitions, costs and benefit amounts, read the Insurance guide.
You can reduce, cancel or apply to make changes to your Spirit Super cover at any time.
Provides a replacement income if you can’t work due to sickness or injury
You may have default or fixed Income Protection with your Spirit Super account. Income Protection is offered as a monthly benefit amount that’s a percentage of your pre-disability income. The maximum benefit is 75% of your monthly pre-disability income plus up to 10% super contributions, with a maximum monthly benefit of $30,000.
The cost you pay for Income Protection is based on your cover amount, age, occupation rating, waiting period and benefit period.
Income Protection has the option of a:
- waiting period of 30, 60 or 90 days, and
- benefit period of two years, five years or to age 65
For default Income Protection, the benefit period is two years, and the waiting period is 90 days.
To find out more about Income Protection, including default cover, eligibility conditions, definitions, and costs, read the Insurance guide.