InsuranceInsurance

We offer a range of insurance products, including life insurance, total and permanent disablement (TPD) and income protection.

Applying for insurance is as easy as ticking a box in your brightday application form.

If you're young and starting out, your insurance needs may be fairly uncomplicated, so in many cases you'll be approved online on the spot when you apply.

If your needs are more complex (for example if you have children and/or a mortgage), we can help you work out what type of, and the amount of cover you require with this insurance calculator. 

Depending on your needs, you'll either be automatically approved or we'll help get your application assessed and get back you.  

We have a range of different products to cover you, depending on your needs

  • Life insurance:  provides a payment if you die*
  • Total and Permanent Disablement (TPD):  provides a payment if you suffer an illness or injury that leaves you totally and permanently disabled*
  • Income protection: a monthly benefit to replace your income if an accident, illness or major trauma precludes you from working

* Life and TPD insurance are generally bundled together, meaning your TPD is included with your life cover for the same premium.

To learn more about the different types of insurance available, read our insurance education series.

How does it work?

When you apply for your Complete Super account, simply tick the box in the application form to indicate you're interested in insurance, then follow the prompts in the form.  Depending on the type and amount of cover you want, you'll either be automatically approved or we'll get your application assessed and get back to you.

You can choose either:

Group cover

  • Cover and premiums are based on averages of a defined group of people
  • Includes life insurance, total and permanent disablement (TPD) and income protection options
  • For more information and details of cover available, read the PDF iconBrightday Compete Super Insurance Guide.pdf.

Individual cover

  • Cover and premiums are based on your individual situation
  • Includes life insurance, total and permanent disablement (TPD) and income protection options.

Not sure what type of insurance is right for you? Learn more.

Things you should know

  • Applying for insurance is asking a life company to assess you as a risk and to "take on" that risk by insuring you. Insurers will usually ask you to answer various health and financial questions to decide whether to accept you as a risk
  • The process of assessing risk is known as "underwriting". Depending on individual circumstances, underwriting may be simple and quick, or complex and lengthy
  • Generally, higher amounts of cover require stricter underwriting, which may include medical testing, contact with medical specialists, or providing financial information
  • To obtain insurance you are required by law to advise the insurer of any health conditions or other details that could affect the insurer's decision to insure you.  If you do not fully disclose relevant details, the insurance contract may be voided or you may receive a lesser payment in the event of a claim
  • The insured value and cost of cover will depend on factors like your age, your occupation and your gender
  • Premiums are deducted from your Cash Hub monthly. Coverage is only in place if premiums are paid and continue to be paid
  • Trauma cover is not available through super

Group cover

  • Premiums may be lower than individual cover but maximum amount insured may also be lower
  • You can transfer up to $500,000 cover if you have been underwritten with another insurer within the last five years
  • Amounts over $1m require full underwriting
  • Cover is only available up to $3m life and TPD.  Amounts over this level require individual cover
  • Income protection: you can transfer your existing cover, monthly benefit is limited to 75% of pre-disability earnings, up to $30,000 per month

Individual cover

  • Life Insurance can provide cover of up to any financially justifiable amount, fully underwritten
  • TPD has maximum benefit of $5m

Protecting Your Superannuation Package Act 2019

Due to legislative changes brought about by the Protecting Your Superannuation Package Act 2019 (PYSP), from 1 July 2019, Brightday can no longer purchase or maintain insurance policies for inactive member accounts - that is, accounts that have not received contributions for a period of sixteen (16) months.

Given the short notice provided on the changed legislation, the Insurer to the Fund Hannover Re, has provided the following special offer of reinstatement of insurance cover to Members up until 30 September 2019. If you wish to have your insurance cover reinstated prior to 30 September 2019:

  • Please complete the enclosed Opt-In election to maintain your insurance cover form and return to us as soon as possible.
  • Upon receipt of the completed form, your insured cover will be re-instated from the date of cancellation at the same level of cover as was held by you at the time of cancellation.
  • Premium deductions from your account will re-commence from the date of re-instatement. You must ensure your account balance is sufficient to cover ongoing premiums.

PDF icon010719 - brightday Protecting Your Superannuation Package Act Flyer.pdf

PDF iconATO Inactive low-balance accounts - Authorising your fund to provide a written declatation to the ATO_.pdf

PDF icon010719 - brighday Super Opt-In Election to Maintain Insurance Cover v2.pdf