Why do I have insurance?

Did you know, most members who join Rest can choose default insurance? That's because we care about looking after our members and it’s an important part of your super. It can help protect you and your loved ones when things don’t go to plan, like if you get sick, injured or die. We also give you the flexibility to change this insurance, or remove it, if you decide it doesn’t meet your needs.

In 2019 financial year alone, Rest provided insurance cover to over 1.2 million Australians, and paid 5,043 claims for death (incl. terminal illness), total and permanent disability and income protection insurance.* And our insurance provider TAL Life Limited insured around 4.5 million Australians, paying almost $1.62 billion in claims to more than 26,000 Australians and their families.#

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1in5
families will have a parent that can’t work because of a serious accident or illness.
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Without insurance this could mean they’ll lose over
50%
of their income~

What's Covered?

Through TAL, Rest's insurance is designed to provide affordable financial protection to you and those who depend on you. This can include:

Death cover

In the unfortunate event of your death, your loved ones could receive a lump sum payment, or if eligible, a pension.

Total and Permanent Disability (TPD)

If you become totally and permanently disabled as a result of being sick or injured, you may be eligible to receive a lump sum payment.

Income Protection (IP)

If you’re unable to work for a prolonged period due to injury or illness, you may be eligible to receive payments to replace your income.

Insurance explained

Need help understanding insurance in super? You’re not alone. Discover more about the types of insurance, updating your cover and how to stay protected.
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Am I insured?

In the past most members received automatic protection. To find out what cover you have and how much you're covered for, login to MemberAccess and click the 'Insurance' tab. For more information, refer to the Insurance Guide.
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Coronavirus and your insurance

Discover how we'll protect your needs through the coronavirus pandemic.

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Important changes to insurance for some members

Changes to government legislation and superannuation could affect you.

See your product disclosure statement and Insurance Guide to find out more.

Unless you chose to keep your insurance before 1 April 2020, or you are a new member who has actively chosen to have insurance through your super - your insurance will ‘switch off’ if there’s no contribution to your super for 13 continuous months. Your insurance can be re-started within 60 days of it being cancelled, if you let us know.

If your super is less than $6,000 (or you’re under 25) when you join Rest, receiving default insurance is no longer automatic. 

 

If you’d like to have insurance in your super, you’ll need to let us know. Do this by clicking on the insurance tab in MemberAccess, and following the options. We’ll withdraw insurance premiums from your super until you tell us otherwise, so you’ll need to ensure you have enough in your account to cover your premium.

 

If you join Rest and are age 25 or over, with a super balance of $6,000 or more, you’ll receive default insurance automatically when we receive your next super contribution from your employer.

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Work out your needs

The Rest insurance needs calculator can help you work through how much cover you want.
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Advice when you need it

Getting professional advice shouldn’t be scary. We’ve made it easy for members to get in touch – usually at no extra cost.^
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How to claim

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. We’ll do everything we can to make it as quick and painless as possible.

Insurance code of practice

In 2017, Rest adopted the Insurance in Super (ISWG) Voluntary Code of Practice. The Code is the super industry’s commitment to high standards when providing insurance cover to our members.

* Source: Rest Super Insurance Guide 1 April 2020. 

#Source: TAL claims statistics based on total number of claims paid in 2018.

~ Source: australianunions.org.au, Australian Unions 2018, Protecting a members most valuable asset, access 28 February 2020

^ 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.