Important information

Insurance

This important information relates to many members' super accounts; their circumstances may be different from yours. If you are in doubt about whether or not a particular provision applies to you or if you simply would like further information, please call us on 1300 133 177.

Key Terms

As a member of NGS Super, you may be automatically eligible to receive Default Cover upon receipt of your first employer contribution (including salary sacrifice) if:

  • your super balance with us is at least $6,000
  • you are aged 25 years or more.

You have access to 3 important types of financial protection and you may be entitled to receive an insured amount as part of your super.

  • Death Benefit: This benefit is made up of your account balance, plus any Life cover that may be payable in the event that you die. Your super balance (including your Life cover, if any) can be paid to the beneficiaries or your Estate.
  • Terminal Illness is included within Life cover: As a member, if you satisfy the definition of Terminal Illness as per the Insurance policy, your super (including your insurance, if any) can be paid to you.
  • Total and Permanent Disablement Benefit (TPD): This benefit is made up of your account balance and insured lump sum payable in the event that you’re permanently unable to work. If you become a person with a total and permanent disability and qualify for a TPD benefit your super (including your insurance, if any) can be paid to you subject to Superannuation Law.
  • Income Protection Benefit (IP): This benefit will provide an income if you are temporarily (or permanently) unable to work due to illness or injury. If you become sick or injured for an extended period and qualify for an IP benefit, a monthly benefit will be payable (in arrears). You must have been a person with a total disability for at least 14 days out of the first 19 consecutive days at the start of your benefit waiting period and a person with partial or total disability beyond the end of your waiting period. Tax at marginal rates will be deducted from the amount shown before you receive your payment.

Please read your PDS and Insurance Guide for more information and to determine your eligiblity for these benefits.

If you currently have insurance cover, your total benefit — including the insured amount — may be shown on the Dashboard. Note that depending on your benefit design, not all insurance options can be displayed. The insured amount is inclusive of any additional voluntary insurance amount you have (as applicable).

If the Dashboard states ‘not applicable’ in any of the columns, it means that:

-        your insurance is too complex to be displayed

-        you have not elected an option or

-        you do not have insurance.

Your insured amount may also be restricted to $0.00 because of this.

Important information about your insured amount

Your insurance cover depends on your eligibility for the cover and the terms and conditions of the policy with our insurer.

Because of this, you may be covered for less than the amounts shown in some circumstances — for example, where:

  • you are not in Active Employment on the date your cover in NGS Super starts, you'll receive Limited Cover until you have been in 'Active Employment' for 14 consecutive days
  • the beginning of the period your first employer super contribution relates to is more than 120 days after you started employment with that employer, you will receive Limited Cover only for a 24-month period, after which you must be in Active Employment for at least 14 consecutive days for Limited Cover to cease
  • your cover (or part of It) may have been Issued with special conditions or exclusions (such as an exclusion for pre-existing conditions)
  • your claim may be for a standard excluded condition, such as one caused by self-inflicted injury or attempted suicide within 13 months of limited or underwritten cover starting
  • your cover may be reduced because of the receipt of some other benefit (such as your death and disablement cover being reduced by earlier payment of a terminal Illness benefit)
  • your monthly Income Protection (IP) cover shown is subject to a maximum of up to 90%* (including up to 10% super) of your Pre-Incapacity Income and if you qualify for an IP benefit you may receive lower monthly IP cover than the amount shown
  • you are not in receipt of any income, then any claim for IP could be based on a reduced or nil Income, as it is calculated on your Pre-Incapacity Income.
  • you are eligible for an IP payment while receiving income from other sources, including (but not limited to):
    • paid sick leave
    • benefits paid or payable under workers’ compensation
    • social security benefits
    • benefits you may receive from another insurance policy and/or superannuation fund that relates to your employment income for the same period your benefit may be reduced. 

*For members who are subject to special transitional arrangements, this percentage may vary.

For details about policy terms and conditions that might affect your insurance cover, please see our Insurance guide

Limited Cover means you are only covered for Life/Terminal illness, Disablement (TPD) and/or Income Protection arising from an illness that first becomes apparent or an injury that first occurs on or after the date your cover last commenced, recommenced or increased under the policy.

Active Employment means:

  • you are employed to carry out identifiable duties
  • you are actively performing or capable of performing those duties and
  • In the Insurer's opinion, you are not restricted by Illness or Injury from carrying out those duties for at least 30 hours per week, or the duties of your usual occupation, even If you then not working on a full-time basis.

If you believe that your Insured amount may be subject to any of the circumstances above, please refer to previous correspondence for full details..

Please refer to our Product Disclosure Statement and fact sheets available on our website for specific Information about your cover and don't hesitate to call us on 1300 133 177  if you have any questions or would like more information.

Protecting Your Superannuation Legislation changes mean we can no longer provide you with Insurance through super If your account has been Inactive for 16 months or more and you haven't opted in to keep your insurance with us. Your account is inactive if you have not received any contributions or rollovers-in for 16 months.

If you have been inactive, we will contact you and provide you details of how you can opt in to continue your cover.

If your account has not received a contribution or rollover for a continuous period of 16 months, your account will be considered inactive and your insurance cover will be cancelled. Please note, if you have reached 16 months and your insurance is still active on the website this may be because:

  • you have become active — that is, we have received a contribution or rollover-in or
  • we may still be processing the cancelation on the system and you will receive a letter shortly.

Important information about your total benefit

The estimate of your total benefit provided on this website does not describe all of the conditions affecting the amount and its availability. Your total benefit is determined in accordance with the trust deed, trustee determinations, government regulations and the benefit design of the plan. The estimate should therefore be read in conjunction with the Product Disclosure Statement or any other member materials you have received from the trustee.

The estimate does not guarantee that you will receive a particular benefit and is based on information available to the trustee at the time this calculation was processed. The unit prices used when paying your benefit will be those available at the time your benefit is processed by the administrator. If you have requested an investment switch that has not been processed or have a surcharge assessment that is not yet effective, this will affect the benefit displayed here.

While all reasonable efforts have been made to ensure the information contained in this estimate is correct, the trustee reserves the right to correct any error or omission. You should not enter any commitments based solely on the information contained in this estimate.

If any of your personal details are incorrect, the total benefit estimate may be affected. If you have any queries concerning your estimate or require further information about your benefit, please call us on 1300 133 177