Types of cover
Generally, there are three main types of insurance cover in super.
It’s there to protect you and your family when you pass away, become disabled or are unable to work due to illness or injury.
Death cover, also known as life cover, pays a lump sum to you if you’re terminally ill, or to your dependants, estate or legal representative if you die.
Total and Permanent Disablement (TPD) cover pays a lump sum if you’re unlikely to ever work again due to illness or injury.
Salary Continuance Insurance (SCI), also known as Income Protection (IP), can provide a monthly income if you stop work due to illness or injury. You can choose different benefit periods and waiting periods for SCI cover.
- A benefit period is the maximum length of time you may receive regular payments if you are disabled.
- A waiting period is the continuous period of time an insured person has to be totally or partially disabled before any regular monthly payment starts.