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Superannuation and insurance: how it works

Many people don’t realise superannuation and insurance go hand in hand. Nationwide’s superannuation insurance cover is designed to provide you and your loved ones with peace of mind. While most Australians insure their cars, homes and other assets, many forget to protect their most important asset – themselves and their ability to earn an income.

Insuring with us has other benefits too; insurance fees are deducted from your Nationwide Super account.

The types of insurance cover available with Nationwide Super are detailed below.

  • Death cover pays a lump sum on your death or the diagnosis of a terminal illness. Maximum benefit of $10 million, for terminal illness cover is included as part of Death cover, the maxmium Terminal illness benefit payment is $3 million.
  • TPD cover pays a lump sum if you become totally and permanently disabled and are unlikely to ever work again in a job which you are reasonably qualified for by education, training and experience. Maxmium benefit of $3 million
  • Income Protection cover provides a replacement income of up to 85% (including 10% contribution to super) of your income if you are unable to work due to illness or injury. Also known as ‘Salary Continuance Insurance’, it provides a monthly benefit for up to 2 years or to age 65, depending on your selection and offers various waiting periods to suit your needs. You are not automatically covered for Income Protection insurance, you must apply for and be accepted for it by the Insurer
Automatic Death & TPD Cover

Members with a Nationwide Super – Employer product automatically receive cover for Death and Total and Permanent Disablement (TPD) if you are under age 70 and joined us through your employer.

The amount of your automatic insurance cover varies automatically according to your age. The insurance fee also depends on your age, the type of cover selected and how the insurer classifies your occupation (your ‘Occupational Category‘). Insurance fees are calculated daily and deducted from your account on a monthly basis on the last Friday of the month.

For full details of insurance fees and cover options, simply refer to the Insurance, Fees and Costs Guide available from our Forms section.

Members can apply for an Occupation Rating to qualify as a white collar or professional worker, and if accepted, will receive a higher insured benefit at no extra cost. Please note that you will be classified under the Standard occupation rating, until you apply to be rated otherwise. You can also apply to change your occupation rating.

Superannuation and insurance cover – what are your options?

You can apply for additional voluntary insurance cover that is paid for out of your Nationwide Super account. The types of voluntary cover available are:

Death and/or TPD cover Income Protection cover

You can apply for Death and TPD cover on a ‘per unit’ basis (which means your premium remains fixed and your level of cover provided per unit changes with your age), or a fixed basis (which means your level of cover remains fixed and your premium changes with your age).

The cost of your voluntary insurance cover will depend on the amount of cover you request, your gender (fixed cover only), your age and occupation.

For full details of insurance fees and cover options, simply refer to the Insurance, Fees and Costs Guide available from our Forms section.

Changes, cancellations and claims made simple

You can request to change or cancel your insurance cover at any time by completing a Request to Change Insurance form, or by contacting us.

If you are unable to work due to illness or injury, you may be able to claim an insurance benefit. You should contact us to discuss your insurance cover and request the preliminary claim paperwork.

If you are a relative or executor of a Nationwide Super member who has passed away, you should contact us when possible to advise us.

Applying for insurance is easy

You can apply for additional insurance by completing the Insurance Application form.

Need help with your insurance?

You can view all the details about our insurance cover options in the Insurance, Fees and Costs Guide, available from our Forms section.

Click on the button below to use a handy calculator to help work out how much insurance cover you may need.

Insurance Needs Calculator