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What is the Super Payment Method?

See all Life insurance FAQs

Last updated 10 April 2017

The Super Payment Method allows you to pay your Total Care Plan Super premiums* via a partial rollover from your super fund, instead of having to find the additional money from your budget. It’s an easy way to pay your premiums. You can pay your premiums by transferring or rolling over money from:

  • A superannuation account in the FirstChoice Trust (we call this the FirstChoice Super Payment Method) or
  • A selected complying super fund (we call this as the External Super Payment Method because the premium is transferred from a fund other than the FirstChoice Trust.

To do this, you’ll need to complete a Superannuation Payment Authority (Authority) which allows us to act on your behalf to transfer or roll over money.

When paying by the FirstChoice Super Payment Method, you can pay monthly, quarterly, half-yearly or annually.

When Paying by the External Super Payment Method, you can only:

  • Pay annually
  • Pay from a super fund we’ll accept transfers from and
  • For a rollover, rollover from a taxed source.

If you choose this payment method you may qualify for a renewal reward of up to 15% which reduces the next year’s premium.

Also, if you take out a new Total Care Plan Super policy on stepped premiums and choose to pay by the Super Payment Method a 10% discount will apply to the Life and TPD Cover premiums as long as you continue to pay this way. 

For information about the selected super funds we’ll accept transfers from, talk to your Financial Adviser. If you don’t have an Adviser, a Commonwealth Financial Planner may be able to help you. To arrange a no-obligation consultation, call us on 1800 241 996.

* For policies which started on or after April 2003.

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