Stay on top of your insurance cover
It’s important to regularly check your insurance to make sure it continues to protect your needs. Head to the ‘insurance tab’ in MemberAccess to check or change your cover.
Insurance helps you protect yourself and your loved ones from the unexpected.
Rest believes affordable and quality insurance is an important part of your super. We care about looking after you - that's why we offer death, total and permanent disability (TPD) and income protection (IP) cover to our members.
We understand it can be hard to know where to start when making a decision about your personal insurance, so we’ve broken it down for you below in three helpful PDF guides.
There’s lots of things to consider when deciding if insurance in super is right for you. Learn about the benefits of insurance with Rest, our insurance provider TAL and what cover options we offer.
It is important to feel confident with your cover. It’s a good idea to consider what type of insurance you may need to suit your needs. We provide flexible options, plus you can change your cover at any time.
We understand everyone’s needs are different. Staying on top of your insurance and premiums is really important. Learn how insurance works, when your cover changes and the many ways to top up your super to stay protected.
Setting automatic insurance premiums
Premium adjustment arrangement
Rest's insurance strategy
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Rest's claims philosophy
Intention of Total and Permanent Disability
Rest’s Total and Permanent Disability (TPD) insurance cover is designed to provide a lump sum payment to support you with the financial expenses you may incur (such as medical treatment or ongoing care) if you have a sickness or injury and it’s unlikely that you will ever work again in a suited occupation.
Our Rest Super default level of TPD cover has been designed to provide some initial financial support for a typical member, regardless of whether they are full-time, part-time or casual, based on the age of the member and how much we believe they can afford to spend on premiums while protecting their retirement savings. Our Rest Corporate default level of TPD cover is chosen by your employer and can be found in your Employer Plan Summary.
The default level of TPD cover might not be right for everyone, so you have the option to apply for a level of cover that is right for you – whether it’s higher, or lower than the default level.
If you need to make a claim, Rest’s insurer will consider your ability to perform the same (or similar) role, taking into account your previous education, training and employment experience. If you didn’t work at all for 13 months or more before being certified by a doctor as disabled, Rest’s insurer will look at different aspects of your sickness or injury (such as not being able to look after yourself ever again without help, or losing limbs and/or sight), prior to determining how likely it is that you can return to work in a role that reasonably meets your education, training or experience.
If your claim is accepted by the insurer, the insurance benefits will be paid into your super account. If you then confirm that you want a lump sum paid to you, Rest is required by law to check that you meet what is known as a “condition of release” which means that you can have your super (including insurance benefits) released to you before reaching your retirement age. If a lump sum is paid to you, all or part of your withdrawal may be taxed.
Other terms and conditions apply to TPD insurance cover. You should read the relevant Insurance Guide here to determine if Rest’s TPD cover is right for you.
Intention of Income Protection
Rest’s IP cover is intended to provide you with a monthly income benefit to replace up to 77% of your pre-disability income if you have an extended absence from work due to sickness or injury. An additional amount reflecting 12% of this monthly income benefit is also included to replace the super contributions which would otherwise be provided by your employer you were working. This just helps protect your retirement savings.
The default level of IP design is based on the generally low salaries of our Rest members who work in the retail industry. This helps to improve the affordability of premiums and reduces the chance of providing a member with more IP cover than they could actually claim. The level of IP is flexible, and members can apply for a higher level of cover (up to 77% of their salary, plus 12% of the monthly income benefit for super) if they need it due to having a higher salary.
The level of default IP increases over time, similar to the earnings of a typical Rest member (whether they are a full-time, part-time or casual employee). Cover is generally lowest at younger ages and increases as your age, and your salary is more likely to increase, then decreases again as you near retirement.
In addition to having the flexibility to change your level of IP cover, you can also change the waiting period and the benefit payment period at any time before an injury or sickness results in you needing time off work. Any changes to your IP cover will result in changes to the premium you pay for your cover.
You may be able to claim an IP benefit if you stopped working or are unable to work at full capacity in your usual job due to injury or sickness for a prolonged period. (The default “waiting period” for Rest Super’s IP cover is 60 days.
If Rest’s insurer determines you are eligible to receive an IP benefit, the first monthly income benefit will be paid directly to you by Rest’s insurer. The first monthly income benefit is usually made at least one month after the waiting period has finished. IP benefit payments are assessed on a monthly basis and will continue to be paid to you until you can be reasonably expected to return to your usual job, however this benefit can only be made for a maximum period of time. (The maximum “benefit payment period” for default IP cover is 5 years.)
If you make an IP claim and are approved and are receiving income from other sources due to injury or sickness at the same time, the monthly income benefit will be reduced. This is to prevent you from receiving more income than when you were working as required by law.
In the event you make an IP claim, the Claims Team at Rest’s insurer will support you to return to your pre-sickness or pre-injury life where possible through things like rehabilitation support, retraining or re-education.
Other terms and conditions apply to IP cover. You should read the Rest Super Insurance Guide to determine if the Rest’s IP cover is right for you.
It’s important to regularly check your insurance to make sure it continues to protect your needs. Head to the ‘insurance tab’ in MemberAccess to check or change your cover.
Discover how we'll protect your needs through the coronavirus pandemic.
The Rest insurance needs calculator can help you work through how much cover you want.
Getting professional advice shouldn’t be scary. We’ve made it easy for members to get in touch – usually at no extra cost.^
We're here for you when you need us most. We know when making an insurance claim, it can be at a difficult time for you and your family.
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^Rest financial advice is provided by Rest Advisers as authorised representatives of Link Advice Pty Ltd ABN 36 105 811 836 AFSL 258145. For advice on complex situations such as pre-retirement, pensions or retirement the cost will depend on the topic and the member’s circumstances.