Protect your income and your family, with no out of pocket costs.
Cost-effective insurance through super
Through CFS, you can hold life cover, total and permanent disablement (TPD) cover, and income protection cover within your super. Premiums are paid from your super balance at group-negotiated rates through AIA Australia, often lower than buying insurance cover on your own outside super.
What is insurance in super?
Insurance in super means your cover including life, TPD and income protection, sit inside your super account. Your premiums are deducted from your super balance rather than your take home pay. If you’re a member of FirstChoice Employer Super, you may be eligible for automatic default insurance cover with your employer's super plan, without having to apply for cover or undertake a full medical exam.
Because CFS negotiates group insurance rates with the insurer, premiums are generally lower than retail cover. Premiums may also be taxed at a lower rate, making insurance through super a tax effective way to pay for insurance.
Three types of cover available through FirstChoice super
Life cover (Death)
Lump sum payment to your beneficiaries
If you pass away or are diagnosed with a terminal illness
Total & Permanent Disablement (TPD)
Lump sum payment to you
If you become permanently disabled and can no longer work
Income Protection (also known as Salary Continuance Insurance)
Up to 75% of your salary, monthly
If you are unable to work due to illness or injury
Why have insurance inside your super?
Here are the benefits of having insurance through superannuation:
Generally lower premiums
Group policies with AIA often cost less than most retail equivalents because CFS negotiates group insurance rates with the insurer.
No hit to your cash flow
Premiums come out of your super balance, not your pay.
Tax-effective
Premiums are paid with concessionally-taxed money. This means it can provide a tax effective way to pay for your insurance.
Automatically eligible
Members of FirstChoice Employer Super can receive default cover without underwriting. Subject to eligibility.
Portable
Transfer existing cover from another fund or retail insurance policy. Subject to insurer's acceptance. Eligibility conditions apply.
What will it cost you?
Insurance premiums vary according to your age, occupation, the type and amount of cover you choose, and may change on your birthday or cover anniversary. They may also be affected by your health, whether or not you smoke, and any sports or recreational activities you take part in.
For more information please refer to the relevant insurance booklet below or call us on 13 13 36.
FirstChoice Wholesale Personal Super
FirstChoice Employer Super
How much cover do I need?
Use the Moneysmart life insurance calculator to estimate how much life cover you may need. It can help you decide:
- whether you need life cover
- how much cover might be right for you
- what costs your cover could help with when you pass away
This calculator only covers life insurance. It doesn’t include other types of cover, such as income protection, total and permanent disablement (TPD) or trauma insurance.
For other cover types or a more comprehensive view of your overall insurance needs, it’s best to consider your financial advice options.
Manage your cover
You can manage your insurance cover inside FirstChoice in the Insurance Portal by logging into FirstNet or the CFS app and selecting insurance. In the insurance portal you can:
Apply for cover
You can apply for cover at any time through the insurance portal. It's quick and simple. Cover is subject to the insurer's acceptance
Modify your existing cover
You can increase, decrease or cancel your cover at any time. Increases in cover are subject to the insurer's acceptance.
Calculate how much cover you may need
Work out if you need cover, how much and the type of cover, using AIA's insurance needs calculator.
Get a quote
Get a premium quote in seconds.
Make a claim
Start your claim in minutes and track your progress anytime. It's fast, secure and simple.
Transferring cover from another fund
Follow these steps to transfer your insurance to CFS from another fund.
Compare insurance
Review your existing insurance and compare it with the cover inside CFS.
Submit the form
Complete and submit the Transfer of Insurance Cover Form provided by CFS.
Receive CFS confirmation
We’ll confirm the transfer within a few weeks. Wait until you hear from us before cancelling your old cover.
Cancel your old cover
Once the transfer is confirmed you can cancel your old cover and we’ll update your insurance records.
AIA Embrace — more than just a payout
With insurance through your CFS super, you get access to AIA Embrace at no extra cost. This includes a range of health and wellbeing programs delivered online or over the phone.
Benefits include:
- Annual health screenings
- Mental-health support
- Health and wellness programs
How to make a claim
Follow these steps to make a claim.
Lodge your claim online
Log in to FirstNet or the CFS app. Open the insurance portal to start your claim.
Track your progress
You can track progress anytime from your dashboard.
Get in touch if you need help
If you need help, call us on 13 13 36 and we'll walk you through it personally.
Frequently asked questions
Your insurance premiums are generally based on your age, gender, occupation and the amount of cover you choose. For Salary Continuance Insurance (SCI) cover, premiums also depend on your waiting period and benefit period.
For more details, refer to your super account’s insurance booklet or get a quote in the insurance portal by logging into FirstNet or the CFS app.
Yes. Complete the Transfer of Insurance Cover Form.
Yes, you can cancel your cover at any time through the Insurance Portal by logging into FirstNet or the CFS app or by giving us a call.
If you cancel your insurance cover, you'll only be able to make a claim for events that occurred before your cover was cancelled.
If you want cover again, you can reapply in the insurance portal by logging into FirstNet or the CFS app.
AIA Australia Limited (ABN 79 004 837 861, AFSL 230043) is the group insurer for CFS and one of the largest life insurers in the world with 50+ years of experience. Because AIA insures thousands of CFS members together, premiums are generally lower than retail-direct cover held outside of super.
We're here to help
Get in touch
Get in touch with us online or call us 8:30am to 6pm (Sydney time) Monday to Friday.
Find the right advice option
Our dedicated team can help you choose from a range of different financial advice options.
Download mobile app
Track your balance and see your transaction history from anywhere.
Disclaimer
Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL) is the trustee of the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557 and issuer of FirstChoice range of super and pension products. Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) is the responsible entity and issuer of products made available under FirstChoice Investments and FirstChoice Wholesale Investments.
The insurance provider is AIA Australia Limited ABN 79 004 837 861, AFSL 230043 (AIA Australia, the ‘Insurer’). AIA Australia is part of the AIA Group. The respective insurance covers are provided under policies issued to the trustee.
Information on this webpage is provided by AIL and CFSIL. It may include general advice but does not consider your individual objectives, financial situation, needs or tax circumstances. You can find the target market determinations (TMD) for our financial products at https://www.cfs.com.au/tmd which include a description of who a financial product might suit. 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. You can get the PDS and FSG at www.cfs.com.au or by calling us on 13 13 36.