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When you open an Essential Super account, you may be automatically provided with Death and Total and Permanent Disablement (TPD) insurance cover5 (subject to meeting certain conditions).
Insurance can help financially protect you and your family if something unexpected happens in your life.
As life changes, so can the level of insurance protection you need. We’ve made it simple for you to increase (subject to insurer acceptance), reduce or cancel your cover at any time.
When you need to make a claim we understand you may be going through a difficult time. We are here to ensure all genuine claims are assessed and paid as soon as possible.
In 2019 changes were made to super law aimed at helping ensure super accounts aren’t eroded by unnecessary fees and insurance premiums. These changes mean you will not automatically receive insurance if you are under the age of 25 or have a balance of less than $6,000, and your insurance may be cancelled if your account is inactive. And your insurance may be cancelled if your account is inactive. There are options for you to maintain cover if inactive or obtain insurance in super if you are not automatically eligible to receive cover.
1 Based on the top marginal tax rate for FY19-20.
2 The amount deducted from your account will be $5 each month, as we give you the benefit of the tax deduction.
3 Additional fees may apply. And, if you leave the superannuation entity, you may be charged a buy/sell spread which also applies whenever you make a contribution, exit, rollover or investment switch. The buy/sell spread for exiting is 0.10% (this will equal $50 for every $50,000 you withdraw). Insurance costs will also apply. Refer to our PDS and Reference Guide to find out more.
4 Before you make a decision on consolidating your super, you should compare the costs, fees, risks and benefits of your other super funds against Essential Super. It makes sense to consider whether you can replace any insurance cover you may lose upon rolling over, potential costs for withdrawing from other super funds as well as any investment or tax implications. You should also decide which super fund you want your employer to pay your future employer contributions to and complete a Super Choice form if necessary.
5 You need to be an Australian resident, living in Australia, aged 25 or older, but under the age of 60 with a balance of $6,000 or more, to receive Death and Total and Permanent Disability (TPD) cover automatically. Please see the PDS and Reference Guide for specific terms that apply to insurance cover in Essential Super, including what’s not covered. For example, for the first five years of your cover, a benefit won’t be paid if it is due to a pre-existing condition. Generally, a pre-existing condition is an illness or injury that you were aware of at any time in the 3 years immediately before the date your insurance cover commences, recommences or increases. The pre-existing condition exclusion won’t apply after the fifth anniversary of your cover if at any time after that anniversary you are capable of working in your usual occupation for two consecutive months. Additional exclusions apply.
The Target Market Determinations (TMD) for our financial products can be found at www.cfs.com.au/tmd and include a description of who the financial product is appropriate for, and any conditions on how products can be distributed to customers.
Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFS) is the issuer of interests in Commonwealth Essential Super ABN 56 601 925 435 (Essential Super) and is a wholly owned subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124 (Bank). The content on this page may include general financial product advice but does not consider your individual objectives, financial circumstances or needs. You should read the Product Disclosure Statement (PDS) and the Reference Guide for Essential Super carefully and consider whether the information is appropriate for you before making any decision regarding this product. Click here to download the PDS and Reference Guide, or call us on 13 4074 for a copy. The Bank and its subsidiaries do not guarantee the performance of Essential Super and an investment in this product is subject to risk, loss of income and capital invested. An investment in Essential Super is via a superannuation trust and is therefore not an investment in, deposit with or other liability of the Bank or its subsidiaries. Where we mention ‘we’, ‘us’ or ‘our’, we mean CFS.