Types of cover
Insurance in super is designed to protect you and your family if you pass away, become disabled or are unable to work due to illness or injury. You can choose the type of insurance that best suits your needs and budget:
- Death cover: provides a lump sum benefit to you or your family if you die or are diagnosed with a terminal illness.
- Total and permanent disablement (TPD) cover: can provide a lump sum benefit if you become totally and permanently disabled.
- Salary continuance insurance (also known as income protection): can provide a regular monthly payment of up to a maximum of 75% of your regular salary if you are unable to work due to illness or injury. The benefit is based on your usual monthly income immediately before your disability. It is paid to you:
- while you continue to be disabled (after the waiting period)
- until you reach the end of your agreed benefit period, or
- until another event occurs that ends your cover (eg death).
Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (Colonial First State) is the issuer of FirstChoice Personal Super, FirstChoice Wholesale Personal Super, FirstChoice Pension, FirstChoice Wholesale Pension, FirstChoice Employer Super offered from the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557. It also issues interests in the Rollover & Superannuation Fund (ROSCO) offered from the Colonial First State Rollover & Superannuation Fund ABN 88 854 638 840. This document may include general advice but does not take into account your individual objectives, financial situation or needs. You should read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. The PDS and FSG can be obtained from colonialfirststate.com.au or by calling us on 13 13 36. Colonial First State is a wholly owned subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124, AFSL 234945 (the Bank). The Bank and its subsidiaries do not guarantee the performance of FirstChoice or the repayment of capital by FirstChoice. The insurance provider is The Colonial Mutual Life Assurance Society Limited (CMLA) ABN 12 004 021 809, trading as CommInsure. CMLA is a non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 AFS Licence 234945 (‘the Bank’). The Bank has agreed to sell CMLA to AIA Group (AIA). This transaction is subject to certain conditions and regulatory approvals and is now expected to be completed in 2020. ‘CommInsure’ is used under licence by CMLA.