Compare super with income protection
The table below shows superannuation products on Canstar’s database that provide the option of income protection insurance.
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About super with income protection
What is income protection insurance?
Income protection insurance is designed to help you financially if you’re unable to work for a short period of time due to an illness, injury, or if you become partially or totally disabled.
The amount of money you could get is usually set as a certain percentage of your income and paid on a regular basis until you can return to work, reach a certain age or for an agreed period under your policy – whichever is sooner.
This type of policy can cover you when other mechanisms, such as Workers’ Compensation, don’t apply.
What is income protection insurance in super?
Some super funds may offer their members insurance such as income protection as well as life insurance and Total and Permanent Disability Insurance (TPD). Super funds may offer these types of insurance products by default or on an opt-in basis.
The Australian Government’s Moneysmart website says insurance will not be provided if you’re a new super fund member aged under 25, or your account balance is under $6,000.
If that’s the case, it says you may still be able to arrange some cover if you contact your super fund, or your fund may choose to give you automatic cover if you work in a dangerous job – you can cancel this cover if you don’t want it.
If you already have insurance and your balance falls below $6,000, you usually won’t lose your insurance as a result.
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Looking for an award-winning product or to switch providers or brands? Canstar rates products based on price and features in our Star Ratings and Awards. Our expert Research team shares insights about which products offer 5-Star value and which providers offer outstanding value overall. We also reveal which providers have the most satisfied customers in our dedicated Customer Satisfaction Awards.
About the authors
Michael Lund, Former Senior Finance Journalist
Joshua Sale, Group Manager, Research & Ratings
As Canstar’s Ratings Manager, Josh Sale is responsible for the methodology and delivery of Canstar’s Superannuation Star Ratings and Awards. With tertiary qualifications in economics and finance, Josh has worked behind the scenes for the last five years to develop Star Ratings and Awards that help connect consumers with the right super fund for them.
He believes that for many Australians, superannuation is arguably the most important financial product they will ever have, as the fees you’re paying and your fund’s performance could be the difference between a comfortable retirement and struggling to pay the bills.
When it comes to his own super, the phrase ‘set and forget’ is not in Josh’s vocabulary. Not only does he check his super balance monthly, he maintains spreadsheets with projections to ensure he’s on track for retirement. He is passionate about helping others to actively monitor their super and make sure they are on track for the best retirement possible.
As one of Canstar’s spokespeople, Josh has been interviewed on a wide range of personal finance topics by media outlets such as the Australian Financial Review, news.com.au and Money Magazine.
You can follow Josh on LinkedIn, and Canstar on Twitter and Facebook.
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This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.