Insurance options explained
Life Insurance provides a lump sum benefit if you die or are diagnosed with a terminal illness.
TPD (Total and Permanent Disablement) Insurance provides a lump sum benefit if you die, suffer a total and permanent disablement or are diagnosed with a terminal illness.
Income Protection Insurance pays a set percentage of your monthly income for a selected term in the event you are unable to perform your usual occupation as a result of illness or injury.
Insurance with FairVine Super
What is default cover?
FairVine’s default cover has been negotiated with a trusted insurance provider, Hannover Re. As long as you’re eligible, you are covered for Life and Total and Permanent Disablement insurance up to a set amount, which is based on age and gender. You won’t need to answer any health questions to qualify for this insurance, as long as you meet basic eligibility.
How much cover would I receive?
The amount of cover and insurance premiums differs at every age. You will receive default Life and Total and Permanent Disablement cover without any underwriting when you join FairVine.
We have not included Income Protection as part of our default cover, as some people prefer not to have it. But you can apply for Income Protection by answering a short questionnaire on our member portal.
Am I eligible for default cover?
You are eligible for default cover if you satisfy all of the following requirements:
• You have sufficient funds in your account to pay for your monthly premiums.
• You are currently residing in Australia and a)You are a Citizen or Permanent resident of Australia or New Zealand; or b) You hold a valid Australian work visa.
• You have never claimed (or would be able to claim) a TPD or terminal illness benefit from any source.
• You are not performing an occupation excluded from cover by Hannover Re, as detailed in the Insurance Guide.
What if I have insurance already?
You can apply to transfer any existing cover over to FairVine when you join, or you can increase the amount of cover beyond the default amount by answering a few simple questions.
Find out how much your premiums would be with FairVine here.
Am I able to transfer my existing cover to FairVine?
Yes, provided your application to transfer is approved by our insurer Hannover Re. You can apply to transfer by filling out a questionnaire. Please email us on email@example.com or call us on (02) 8322 8199 if you would like further information on transferring your cover.
How can I compare my existing cover with FairVine Super’s options?
We have a handy calculator that you can use to compare cover and options before making a decision.
Should I have multiple insurance policies?
According to ASIC’s MoneySmart*, if you have more than one super account, you may be paying premiums on multiple insurance policies.
This will reduce your retirement savings and you may not be able to claim on multiple policies.
Consider whether you need more than one policy or whether you can get enough insurance through one super fund.
Calculate your insurance with FairVine
Changing your cover
If you would like to increase or decrease your cover or apply for Income Protection, you can do so on your member portal all online. No lengthy forms.
If you have trouble changing your cover, email us or call us on (02) 8322 8199 at any time.
Cancelling your cover
You can cancel your cover at a click of a button on your member portal. From the day you cancel, insurance premiums will no longer be deducted.
If you decide to recommence your cover, you will have to apply for a Fixed Cover and answer a questionnaire.
Are you aware of the new legislation that was recently introduced?
New legislation called ‘Putting Member’s Interest First’ (PMIF) will be in place from 1st April 2020 to ensure super fund members aren’t paying for insurance cover they may not need or want. Insurance premiums can also erode super balances and this new legislation aims to prevent this.
Members who are under 25 and have a balance less than $6,000 must opt-in to receive default cover.