Insurance

Life insurance through super works in much the same way as insuring your home or car – but it protects your most valuable asset – you.

Depending on your circumstances you may be eligible for insurance under Tasplan Protect 1 or Tasplan Protect 2.

Tasplan Protect 1

If you’re NOT a Tasmanian State Government employee or a former RBF Tasmanian Accumulation Scheme member, you may be eligible for insurance under Tasplan Protect 1.

Tasplan Protect 2

If you’re a Tasmanian State Government employee or a former RBF Tasmanian Accumulation Scheme member, you may be eligible for insurance under Tasplan Protect 2.

To varying degrees, these products will provide you and your family with either a lump sum or a monthly income if you have an accident, get sick or die. Just what is covered, depends on what type of insurance you're eligible for and the cover you take out.

Tasplan Protect 1 and Tasplan Protect 2 offer different default levels of cover which may provide some insurance. However, you can choose to increase or decrease your level of cover to meet your needs.

Benefits of insurance through super

There are benefits of buying insurance through super:

  • it's often cheaper because super funds purchase insurance policies in bulk

  • there may be a tax advantage because the fees are paid from your super account, not your after-tax income

  • you can get the cover you need for you and your family, even if money is tight

  • it's easy to manage because fees are automatically paid

  • when you join, we generally automatically accept you for cover without needing a health check.

Cost of insurance

Here are some important points to be aware of about the cost of our insurance cover:

  • the cost of your insurance cover depends on:
    • your age next birthday
    • the type and amount of cover you have and
    • your occupation rating
  • costs are made up of insurance fees (gross costs) less a tax deduction we’re able to claim on the insurance fee (net cost), which is passed straight back to you
  • insurance costs are calculated weekly and deducted monthly in arrears from your account
  • see our insurance guides - Tasplan Super Insurance guide Tasplan Protect 1 or Tasplan Super Insurance guide Tasplan Protect 2 – if you want more information about the cost of insurance.

Next steps

Why do you need insurance?

Find out

How much might it cost to insure you and your family? Log in to Tasplan Online and get an estimate.

Try our new online calculator