Insurance is not automatic or compulsory for our Personal Division members and therefore you must apply to have insurance cover, which is paid for out of your Nationwide Super account.
Types of cover
The types of cover available are Death and/or Total and Permanent Disablement (TPD) cover; and Income Protection cover.
Death cover – pays a lump sum on your death or the diagnosis of a terminal illness. Maximum limit – Unlimited*
*Terminal illness cover is included as part of death cover, the maximum terminal illness benefit payment is $5 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. Maximum limit – $5 million
Death and TPD cover – is available in multiples of $10,000 and is offered on a fixed basis, which means your level of cover remains fixed and your premium changes with your age.
The cost of your insurance cover will depend on the amount of cover you request, your gender, your age and occupation rating.
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.
The premium cost of Income Protection depends on your age, waiting period and benefit period selected, your gender and occupation rating.
Applying is easy
You should refer to the Personal Division Product Disclosure Statement or Insurance Guide for more information on your insurance options. To apply for insurance cover, simply apply online through your MemberAccess account or complete the Insurance Application form.