The insurance calculator provides you with an estimate of the premiums you may pay for cover you apply for with First State Super (the Fund). The results are based on your answers to a set of basic questions such as your age, employment, occupation, and the type and amount of cover you’re applying for.
The insurance calculations do not take into account your personal circumstances, they do not constitute and are not a substitute for financial advice and they do not recommend suitable levels of insurance cover for you. You should consider obtaining financial advice which takes into account all of your personal circumstances before making decisions relating to your insurance.
This insurance calculator does not guarantee that you will receive insurance cover through the Fund. You can apply for insurance cover in addition to any automatic cover that you may receive. Applications for insurance cover will be assessed by the Fund's insurer based on evidence of health and personal information, and then either accepted (with or without conditions) or declined. The actual amount of cover and premiums to be charged may also differ from those produced by the calculator.
You should also read the First State Super Member Booklet (Product Disclosure Statement) for your membership division (available by visiting http://www.firststatesuper.com.au or by calling 1300 650 873).
For information about the insurance cover available through the Fund, please see the "Insurance Member Booklet Supplement" for terms, conditions and exclusions, and before deciding to apply for or vary insurance cover.
Only the insurance arrangements available from 1 January 2014 are used in this insurance calculator.
- This insurance calculator does not include information about Police Blue Ribbon insurance cover, Ambulance Officers' or Life events insurance cover.
- You should read the Disclaimer at the top of the insurance calculator for further details, particularly the assumptions and limitations used in the calculations.
- For information about automatic and additional cover, please refer to the applicable member booklet (Product Disclosure Statement).
Estimates of premiums produced by the insurance calculator are based on insurance arrangements for First State Super as at 1 January 2014 and do not take into account the features of any of First State Super's prior insurance arrangements.
Death and Total and Permanent Disablement cover, Death Only cover and Income Protection cover are provided under policies issued to the Trustee by TAL Life Limited - the Insurer.
Assumptions and limitations of the insurance calculator
The insurance calculator provides an estimate of premiums based on certain assumptions and limitations. If your actual situation differs from these assumptions then the insurance calculator may not provide you with an accurate estimate of premiums.
The assumptions and limitations are:
- You are aged more than 15 but less than 70 years of age for Death and Total and Permanent Disablement cover or Death Only cover and more than 15 but less than 65 years of age for Income Protection cover.
- The employer and occupation category you select accurately reflects your situation.
- The Insurer assesses your evidence of health and personal information and accepts your application for insurance cover and you meet the conditions that apply to the commencement of insurance cover.
The calculator does not incorporate features of:
- Ambulance Officers' insurance cover
- Police Blue Ribbon insurance cover
- Life events insurance cover
- Insurance cover transferred in from the Public Sector Executive Superannuation Scheme
- Health Super defined benefit cover
- Interim accident cover
- Partial disablement benefit cover.
Total insurance cover, is subject to a maximum:
- of $5 million for TPD cover,
- of $50,000 per month including the Superannuation Contributions Benefit (if applicable) for a maximum income protection benefit period of two years or of $40,000 per month including the Superannuation Contributions Benefit (if applicable) for a maximum income protection benefit period of five years or to age 65. Further, the maximum monthly Start up Bonus income protection cover is capped according to your employer's insurance category.
- Automatic increases in the amount of insured benefit due to length of insured membership, type of TPD suffered or length of time an income protection benefit is paid are NOT reflected in the calculator.
- Additional Total and Permanent Disablement (TPD) and Income Protection (IP) cover is not available for some occupations including (but not limited to) Police Officers, Paramedics and Hazardous Occupations
The calculator bases the estimates on the legislative environment current at the date or its preparation. This legislative environment, along with your personal circumstances, can change suddenly and the calculator is unable to predict those changes. It is also subject to a limitation that its estimates only take into account the general features of the life insurance products benefit types we have considered when preparing the calculator.
We also think you should consider these important factors when using the calculator:
- Where you have child dependents and do not provide their expense information in detail, the calculator estimates future expenses using the child support tables sourced from the Australian Government Child Support Agency.
- The calculator also uses the current income tax brackets (as per the ATO website) and the current superannuation tax rate.
- The calculator only includes child dependents. You should also consider the need to support any adult dependents where applicable.
- If you are not working full time, the calculator will not provide coverage for the replacement value of any unpaid domestic duties.
Terms and conditions