Insurance code of practice
It is Prime Super’s intention to comply with the Voluntary Code of Practice for Insurance in Superannuation with some exceptions. These exceptions are considered to be in the best interests of our members and will be detailed in our implementation plan that will be published on this website by 31 December 2018.
Insurance is an important part of your super. It is a secure way of protecting you and your family against the financial strain that serious illness, injury or death can cause.
Imagine being unable to work for an extended period. Most of us would not drive our car without having insurance, and your life and livelihood are no different.
After all, your ability to earn a living is one of your biggest assets. How would you pay the household, medical and other bills? Similarly, if you were to become permanently disabled, or worse, die – how would your family pay the mortgage off, school fees and other ongoing expenses? Insurance is a safety net.
The benefits of insurance through super
According to the government's MoneySmart website, there are benefits in getting insurance through your super. These include:
- It can be cheaper because super funds purchase insurance policies in bulk
- You can get the cover you need for you and your family, even if money is tight
- It's easy to manage because premiums are automatically deducted
- Some funds automatically accept you for cover without requiring a health check
- You can usually choose the amount you want to be covered for