Asset Super

(Fixed Cover) Death and Total & Permanent Disablement

As a member of Asset Super, you can request the type and the level of cover that suits you and your circumstances.  We don’t believe that ‘one size fits all’, so we let you tailor your insurance to what you need and can afford. That’s why we call it ‘Fixed cover’.

With standard cover, the premiums are fixed and the level of cover reduces as you get older. If you prefer, you can opt to fix the level of cover instead. As with standard cover this can be for Death only or Death + TPD.

With fixed cover you choose the dollar amount of cover you require and this remains constant until you advise us in writing that you wish to change it. The only requirement is that your chosen level of cover needs to be at least $10,000 and your premiums at least $1.15 per week.

The premiums for fixed cover increase as you get older, so you need to be aware of the amount of premiums being deducted from your account. This is particularly important at older ages when, depending on the level of cover you choose, the premiums may start to erode your account balance and your ultimate superannuation benefit.

Let’s look at Craig (illustrative only) Craig joins Asset Super at age 35 and requires $200,000 of death + TPD cover, the annual premiums for the next 3 years will be approximately as follows: Year 1 - age 35, annual premium $169.52 Year 2 - age 36, annual premium $175.76 Year 3 - age 37, annual premium $183.04 If he maintains the same level of cover to age 50 the annual premium (based on current rates) would be $481.52.