Insurance with NESS Super
Insurance can give you peace of mind as it provides financial support to protect what’s important to you if you die or have to stop work due to illness or injury.
We provide insurance cover automatically when you have a balance of $6,000 and you’re 25 years or over, and your employer contributions have been received. Insurance premiums are automatically deducted from your super.
If you or your employer stops making SG contributions, your insurance premiums will continue to be deducted from your super. However, your Income Protection insurance will cease if SG contributions cease.
You can change or cancel your automatic insurance cover at any time.
Our default cover includes:
75% of your income plus 10% payable as super contributions to your NESS Super account if you are ill or injured, for up to 2-year, with a 30-day waiting period.
Total & Permanent Disablement (TPD)
2 units of TPD cover.
A lump sum payment to support you if you’re unlikely to ever work again due to illness or injury.
Death or Terminal Illness (TI)
2 units of death cover
If you die, a payment to your dependants, estate or legal personal representative; or
If you’re medically certified as likely to die within 24 months, a payment to you.
Death or Terminal Illness (TI) Cover
With Death cover, NESS Super provides automatic cover if you die prior to the age of 70. It is 2 units of cover depending on your age. Premiums are based on a member’s age.
Or if you become terminally ill and we can you provide evidence that you are likely to die within 24 months, a terminal illness payment could be payable to you.
Total & Permanent Disablement (TPD) Cover
With TPD cover, NESS Super provides automatic cover if you are unlikely to ever work again due to illness or injury, up to age 65. It is 2 units of cover depending on your age. Premiums are based on a member’s age.
Income Protection (IP) Cover
For Employed Members, IP cover provides cover to members who cannot perform their usual occupation because of illness or injury. The payment of an income protection benefit provides you with a set level of income to help pay for living expenses and financial commitments.
The Income Protection cover ensures members are covered for up to 85% of their pre-disability income. This is made up of, up to 75% of your pre-disability income payable to you and up to 10% payable as superannuation contribution for up to 2 years (104 weeks).
To be eligible for Income Protection members MUST ensure that Employer (SG) contributions are being paid to their NESS Super account. The default Income Protection cover is provided at a premium of 1.76% of the SG contributions received by NESS from your employer and will be automatically deducted from your NESS Super account.
There is a 30 day waiting period.
Members can apply to increase the length of cover from 2 years (104 weeks) to 5 years (260 weeks), though different premiums will apply.
For Self-Employed Members, IP cover is available if a member suffers an illness or injury.
Self-Employed Members can nominate an annual income to protect in the event of injury or illness. The minimum of $50,000 sum insured applies and premiums are paid from your super in monthly instalments.
To determine the level of cover you need, you should look at the average income your business generated over the last two (2) financial years (based on your tax returns) or such shorter period that you have been Self-Employed (if no tax returns have been filed your sum insured will be limited to $50,000):
- For Self-Employed Members who do not have a retail store or shop location and their occupation is a Self-Employed licensed electrician, plumber, electrical engineer, air-conditioning technician, communication or cable technician within the electrotechnology industry, deduct 35% as your business expenses which will give you an estimated amount to nominate as your sum insured.
- For all other Self-Employed Members, you should consider your average net income (business income less business expenses) which will give you an estimated amount to nominate as your sum insured.
If you don’t own all of the business, you should average your calculation based on your percentage of the last annual share of that income.
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