Review your insurance
Review your insurance

Sometimes it pays to check your level of cover

 

If your job has changed, you’ve received a pay rise, or you have never reviewed your insurance with First Super, you may find you are eligible for reduced premiums. This means you’ll pay less and have more in your super.

 

Why review your cover?

When you take out insurance with us, you are automatically placed in our Blue Collar/manual occupation category. This is the default level of cover. This is the occupation category you will remain in, unless you review and apply for our White Collar/non-manual or Professional categories.

We assume there is a higher level of risk with traditional blue collar or manual jobs, so the premiums are a bit higher than our other occupation categories. (This helps us keep insurance affordable for everyone.)

However, if you’ve changed job, received a pay rise, or never reviewed your insurance cover, it could be the wrong level of cover for you.

To check what cover you currently have, log on to firstonline and visit the ‘Insurance’ section. This will show you what occupation category you are in, how much you are covered for and how much you are paying each week.

How reviewing her insurance helped Amy1 have more in super

Amy has default insurance with First Super. She has 4 units of Death and TPD cover that were provided to her automatically.

Based on her current default rating, Blue Collar/manual, Amy pays $10.76 per week for her Death and TPD cover.

The usual activities of Amy’s job are conducted in an office environment. By using the Insurance Calculator on First Super’s website, Amy learns she has the right amount of cover but could be paying less in premiums. Amy could also check this information by calling or emailing First Super. She then applies for lower premiums by completing the Change or Cancel Your Insurance form.

Her application is approved and the cost of her cover is reduced to $4.92 per week (from the date it’s approved) as she is considered to be in First Super’s White Collar/non-manual occupation category.

This means by paying less in premiums, she’ll have more invested in her super.

How to review your insurance:

Firstly, it’s important to check how much you are currently insured for. Login to firstonline to check this information.

After that, use our Insurance Calculator. This will help you work out how much insurance you need and show you how much it will cost each week. If you already know how much insurance you need, you can use our quick Cost Calculator instead.

It will ask you some basic questions about yourself and then needs more in-depth information on your income and expenses to calculate an estimate of the cover you need. Finally, it shows the weekly cost for each type of insurance with First Super.

 

How to change your insurance

We’re here to help

If you have any questions, call our Member Services team on 1300 360 988, email us or use the live chat to the right of this screen.

 

1 Amy is not a real member

Issued by First Super Pty Limited (ABN 42 053 498 472, AFSL 223988) as Trustee of First Super (ABN 56 286625 181).  

This content contains general advice which has been prepared without taking into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you. Read the Product Disclosure Statement (PDS) before making any investment decisions. To obtain a copy of the PDS or Target Market Determination, please contact First Super on 1300 360 988 or visit our website at firstsuper.com.au/pds.