Insurance

Personal insurance costs less than you think

Protecting yourself

Death and disability	Income protection
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While most of us insure our homes and cars, we forget about the most important thing of all. Our ability to earn an income.

Insurance can offer you a financial safety net and peace of mind. So, if something did happen, you have financial backup in place to take care of yourself and your family.

NGS Super offers award-winning insurance coverage for less

One of the great benefits of being a member of NGS Super is our affordable insurance cover. In 2009 and 2010 we won Money magazine’s Best of the Best award for Best Value Insurance in Super.

Super affordable - we buy insurance at wholesale rates

CommInsure is our insurance partner. It’s part of the Commonwealth Bank and an industry leader with proven expertise. You can tailor an insurance plan to suit your needs, now and into the future, at surprisingly low premiums.

Some personal insurance is automatically included as standard with your NGS Super account for eligible members. But as your life changes with new financial commitments, like a mortgage and school fees, so should your level of cover. You can apply to increase your cover at any time, or choose to opt out of insurance cover.

Easy eligibility for default standard insurance

• You are an employee of an NGS Super participating employer
• You are a member of NGS Super residing in Australia
• Your employer is contributing to NGS Super on your behalf
• You are aged between 14 and 64
• You have not previously been a member of NGS Super
• You have never claimed or been eligible to claim a disablement benefit from any superannuation fund

We have significantly lower premiums than retail funds - just take a look!

Based on $300,000 of death and total and permanent disablement cover, a 26 year old female (non smoker paying insurance premiums through to age 65, would save $12,765 in today's dollars with NGS Super compared with the median retail fund premiums payable for the same cover. Have a look at how much you can save!

 

Age Next Birthday	NGS Super	Median Retail Fund	% higher than NGS
26	$101	$166	64%
30	$106	$191	80%
35	$113	$224	98%
40	$120	$318	165%
45	$236	$515	118%
50	$344	$894	160%
55	$643	$1,728	169%
60	$1,165	$3,366	189%
65	$1,959	$5,796	196%

*Source: Chant West Pty Limited (www.chantwest.com.au)

 

Disclaimer: The Chant West data is based on information provided by third parties that is believed accurate at May 2011. The premiums are based on Death & TPD cover of $300,000. The retail fund premiums (29 funds) are inclusive of adviser commission. Your objectives, financial situation and needs have not been taken into account by Chant West and you should consider the appropriateness of this information having regard to your objectives, financial situation and needs, and read the relevant Product Disclosure Statement, before making any decisions. Chant West's Financial Services Guide is available at www.chantwest.com.au

 

Guaranteed extra death and disablement cover

 

There are specific life events where you may need more insurance cover. Following a life event you can apply to increase your cover. Through your membership of NGS Super, the insurer agrees (subject to certain conditions and limits) to assess your request without the need to show evidence of your good health. These specific life events are:

• getting married
• when you start a family
• commencing a new mortgage to purchase a residential home
• your child’s first day at school
• getting a divorce
• death of your spouse
• first becoming eligible for Centrelink’s carer’s allowance.

If your circumstances change and you want to take advantage of this guaranteed increase of death and disablement cover, you must notify NGS Super in writing within 60 days of the event (i.e. getting married, etc) or receiving the next member statement providing appropriate proof of the event and its date. Any increase in cover will take effect from the date that the insurer receives your written notice to exercise this option.

Guaranteed extra IP cover

In addition to the above life events, you can also apply for guaranteed income protection cover when getting a job promotion.

 

Applications for guaranteed extra cover using the Application for guaranteed extra cover form must be received by NGS Super within 60 days of the life event or receiving the next member statement, whichever is later.

 

For more information about our insurance offering please read our Insurance fact sheet in conjunction with the Member Guide (PDS).

 

We offer these insurance products. Just click for more information.

• Death (including terminal illness) and total and permanent disablement insurance
• Death only insurance (including terminal illness)
• Disablement only insurance
• Income protection insurance