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July 23, 2014

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I'm Covered, I have insurance with my Industry Super Fund

May 1, 2014

Holding insurance under an industry super fund i.e. REST, UniSuper, VicSuper, CBUS etc may be an ideal way to manage cash flow, but when it comes to making a claim under your insurance policies there are many things to consider:

Death & Total and Permanent Disability Insurance:


  • Reductions of insurance cover every year even though you are paying the same premium.

  • Cancellation of insurance if you leave your employer

  • Cancellation of other insurances if you claim on a benefit. For example, your income protection may cancel if you have a total and permanent disability claim.

  • Pregnancy exclusions

  • Require you to be working to be insured

  • Terminal illness benefits capped

  • Cancellation of insurance after a period of not working

  • Cancellation of cover if you join the armed forces


Income Protection Insurance:


  • Offsets on Salary Continuance Insurance (income protection) for workers compensation, sick leave, social security benefits and accident compensation.

  • Benefit is usually an indemnity contract – this means it is not guaranteed to be paid, when on claim your benefit is calculated as a percentage of your actual salary not the benefit indicated.

  • Restricted benefit periods of usually two years – in the general market you can apply to have cover payable to age 65


How can Two Mile Bay help?


Two Mile Bay has been a locally owned and operated business since 1996.


Russell McConachy has been surfing Torquay and Port Campbell “big waves” for many years. Russell has extensive knowledge of the superannuation and insurance industry with over 30 years experience.


Kirby Smith, Two Mile Bay’s second financial planner, has lived in Torquay her whole life. She has a degree in financial planning and has been an Authorised Representative for over 4 years and in the industry for over seven.


Two Mile Bay offers many financial services to clients including consolidation of superannuation, insurance needs analysis and review (including Income Protection, Life, TPD and Trauma Insurance) and superannuation planning. Your initial appointment is always free of charge. So get the ball rolling and sort out your super. We can assist you to find the most appropriate insurance cover for your current situation and manage all the paperwork to consolidate your current superfunds if needed.


Phone (03) 52 615 557.

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Phone (03) 52 615 557 | Mobile 0409 253 429 | Email advice@twomilebay.com.au

 Two Mile Bay Pty Ltd is a Authorised Representative of Millennium3 Financial Services Pty Ltd. Australian Financial Services Licensee—Licence Number 244252. For Financial Services Products only. For Australian Residents Only. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice and consider a Product Disclosure Statement.