Virgin Super
Making your super work harder for you
Insurance
Insurance for some of the nastier things in life can be bought through Virgin Super. Buying insurance this way may be cheaper than going out solo, as it's paid directly out of your superannuation account rather than after-tax dollars from your personal savings.
Types of insuranceThere are three types of insurance with Virgin Super and you can choose one or a combination.
| Income protection | If you're unable to work after a 90-day waiting period due to temporary illness or injury, Income Protection Insurance pays up to 75% of your salary, in monthly benefits. |
| Total permanent disablement | Provides a lump sum cash payment if you're permanently unable to work due to illness or injury. You can only take up TPD with death cover (i.e. not on a standalone basis). |
| Death | Provides a lump sum cash payment when you die or if you’re diagnosed with a terminal illness, meaning you’ll die within six months. You can also take up TDP with death cover (i.e. not on a standalone basis). |
Eligibility |
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|---|---|---|
| Insurance | Age and employment eligibility | Maximum cover |
| Maximum cover | If you're aged anywhere from and including sweet 16 and up to a hearty 65. | $5,000,000 lump sum |
| Total permanent disablement | If you’re aged from and including sweet 16 and up to a hearty 65. And working either full time or at least 15 hours per week part time. |
$2,000,000 lump sum for total permanent disablement. Plus: $5,000,000 lump sum for death. |
| Income protection | If you’re aged from and including sweet 16 and up to a hearty 65. And working either full time or at least 15 hours per week part time. |
$20,000 per month Or: 75% of salary paid per month (which ever is the lesser amount) |
If you're an existing member of Virgin Super and would like to apply for insurance on your super, go to our Manager my super section and find out how.
To get the full picture on insurance through super, call our Customer Care Team on 1300 652 770 between 8am and 6pm EST, weekdays or check out the Insurance Guide Disclosure Statement (PDF 587Kb) - it contains lots of useful details, like when and how you can make a claim, how to figure out costs, when and for how long you’re covered, and more.
