PROTECT
Protect the things that matter

Adequate insurance means you and your family will be taken care of should the unexpected happen.

Covering the gap

Life’s full of ups and downs. And if the unthinkable happened through injury or death, it’s important to make sure that you and your loved ones are taken care of. And what would really help is to have the right level of insurance cover.

A good deal

Life insurance through super is easy to manage and cost-effective. The reason? Group insurance—where we use people power to negotiate competitive prices for quality insurance benefits on your behalf.

Power of choice

You can choose from among Death, Total and Permanent Disablement, and Income Protection cover. You can add, change or cancel your insurance cover at any time, depending on how your circumstances change over time.

Check if you have enough insurance

  • Log in online and select ‘Insurance’ > ‘Insurance cover’  in the top menu; or
  • Download our mobile app and go to ‘Account options’ > ‘Insurance details’.

Update your insurance

How much insurance cover is enough?

Abacus

Use our Insurance Needs Calculator to get an idea of how much you and your loved ones, might need if you were to die, or became totally incapable of work?

Calculate now

Are you wondering what difference advice can make?

Our advice offer is designed to help you maximise your financial position.

We offer expert, phone-based advice on a single super-related issue, as well as Retire Ready meetings—both at no cost to you.

And we've partnered with senior financial advisers to offer personal financial planning. Your first meeting is free.

Call 1800 555 667.

There are three types of insurance cover

Butterfly

  • Death insurance cover pays your beneficiary a lump sum when you die.
  • Total and Permanent Disablement (TPD) insurance cover pays a lump sum to assist with rehabilitation and higher living costs if you are totally and permanently disabled.
  • Income Protection insurance cover replaces part or all of any income lost through your inability to work due to injury or sickness.

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Have you put insurance on the back burner? Do think again.

BUSTED

I have no time

You most likely have default insurance cover within your super, and if you do, you don’t have to find the time or the money to pay your premiums. These are automatically deducted from your account every month.

BUSTED

It's not right for me

You can apply to increase or decrease your insurance cover, apply for Income Protection Cover or even by cancel your cover. We also offer personal phone-based advice, at no cost, to help you find out the types and level of insurance cover you need.

BUSTED

It's too expensive

Insurance premiums are generally lower within super funds, because of group purchasing power. And costs are automatically deducted from your super account, so you don’t have any out-of-pocket insurance expenses.

When it's time to make a claim

If you die while you are a member of iQ Super, a lump sum Death Benefit will be paid to your beneficiaries (which may be your dependants or your estate).

The lump sum is normally equal to your account balance, plus, if you are eligible, an insured component.

You should read your Product Disclosure Statement (PDS) for specific details about how your Death Benefit is calculated and whether you qualify for an insured amount.

The Trustee of iQ Super makes the final decision on who will receive your Death Benefit.

However, super laws try to make sure the Death Benefit is paid to a dependant or to your estate. This means you should nominate who you want your benefit to be paid to in the event of your death. You can make either a binding or preferred nomination.

For more details, please read the Your Death Benefit Fact Sheet.

To make a claim, your dependent(s) need to call us and let us know of your death and take care of the paperwork.

We’ll then send all the necessary documents to the insurer to start the payment process.

For more details, please read the Your Death Benefit Fact Sheet.

The claims process can be complex and take time, but it depends on the circumstances.

If there is a valid binding nomination

The Death Benefit will be paid as you had instructed, and as soon as both the insurer and Trustee have considered the claim.

If there is a preferred nomination, no nomination, or an expired or invalid binding nomination

A nomination is not valid, if the person or people nominated do not meet the definition of dependant under super law. Find out more in our Nominating Your Beneficiary(s) Fact Sheet.

  • Either, the Trustee will make a decision, notify all potential beneficiaries of the decision and provide 28 days to object.
  • Or, the Trustee will make a decision, and the Death Benefit will be paid as soon as possible.

For more details, please read the Your Death Benefit Fact Sheet.

If you become totally and permanently disabled while you are a member of iQ Super, you will receive a lump sum benefit. What your benefit is and how long you need to wait before making a claim depends on whether or not you have an insured component.

To make a claim, you'll need to call us on 1800 555 667 so we can send you the forms you need to complete, and complete the paperwork as required.

Once we receive your documents, we'll ask your employer for an Employer's Statement with details such as your work duties, salary, etc.

We'll then send all completed documents to the insurer to process your claim.

For more details, please read the Your Total and Permanent Disablement Benefit Fact Sheet.

Every claim is different, but the assessment process can typically take several months, depending on the number and type of medical exams needed. Where the illness is terminal, the assessment process is much shorter.

For more details, please read the Your Total and Permanent Disablement Benefit Fact Sheet.

Should you become totally and temporarily disabled while you are a member of iQ Super, you may be eligible for an Income Protection Benefit.

This benefit usually provides a payment of 75% of your salary while you are unable to work, for up to two years. Your Product Disclosure Statement (PDS) has full details of the benefits that may apply to you.

If you are not eligible for Income Protection through super, check with your employer to see if a policy is held for you outside iQ Super.

For more details, please read the Your Income Protection Benefit Fact Sheet.

If you’re eligible and want to make a claim, you'll need to serve out a waiting period (usually 90 days), and just before this period ends, call us on 1800 555 667 so we can send you the forms you need to complete.

Once we receive your documents, we'll ask your employer for an Employer's Statement with details such as your work duties, salary, etc.

We'll then send all completed documents to the insurer to process your claim.

For more details, please read the Your Income Protection Benefit Fact Sheet.

Every claim is different, but the insurer's assessment process can typically take up to six months and sometimes longer, depending on the number and type of medical exams needed.

If the insurer approves your claim, the Trustee must also review the claim before payments can begin. The insurer will approve payment for a set period. Your payments are generally made monthly in arrears.

  • If you return to work during the period, your payments will cease.
  • If you return to work on reduced hours, you may be eligible to receive a partial disablement benefit.
  • If you remain disabled at the end of the period, you may be able to apply for your payments to continue.

For more details, please read the Your Income Protection Benefit Fact Sheet.

A preferred nomination is not binding on the Trustee.

This means, if you die, the Trustee will collect all the relevant information about your personal situation before deciding who the benefit should be paid to. While the Trustee will consider the wishes you expressed in your nomination as part of this process, it’s possible that your benefit will not be paid as you had nominated.

Find out more in our Nominating Your Beneficiary(s) Fact Sheet.

A binding nomination is binding on the Trustee of the Fund.

This means as long as valid beneficiaries are nominated, your benefit will be paid as you instruct. Remember, binding nominations expire every three years, so it’s important to keep them updated. With expiration, the binding nomination becomes a preferred one.

Find out more in our Nominating Your Beneficiary(s) Fact Sheet.

When deciding who you want your super to go to, it’s also worth considering the difference between a payment going directly to a dependant or via your estate.

Payments made to your estate can be subject to challenges to your will and claims from creditors. However, any payment made directly to a dependant cannot be subjected to these claims.

In our words

"Sorting out your insurance is probably not number one on your list of things to do this weekend. But having the right cover is crucial when it comes to a secure financial future. Most of all, it’s about providing for you and your loved ones when it’s needed the most."

Emma Barrett

Director, Member Services

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