If you’ve been wondering whether you can get insurance with your Stockspot Super account, the answer is yes.
Stockspot Super offers life cover, total and permanent disablement (TPD) insurance, and income protection insurance. These are provided by MetLife, one of Australia’s largest insurers. Best of all, your premiums are paid from your super – not your take-home pay.
This guide answers the most common questions about Stockspot Super insurance, including how it works, what cover is available, how much it costs and how to apply.
- What insurance can I get with Stockspot Super?
- Why get insurance through super?
- How much does Stockspot Super insurance cost?
- How to apply for insurance through Stockspot Super
- Key things to know before applying
- Can I move insurance from another fund to Stockspot Super?
- Questions?
What insurance can I get with Stockspot Super?
You can apply for three types of insurance:
- Life cover – pays a lump sum to your beneficiaries if you pass away.
- TPD insurance – pays a lump sum if you suffer a permanent disability and can’t return to work.
- Income protection insurance – pays up to 75% of your income for a set period if you’re unable to work due to illness or injury.
Why get insurance through super?
There are a few benefits of holding insurance inside your Stockspot Super account.
- Tax-effective premiums:
- Life and TPD insurance premiums are paid from your super contributions, which are taxed at just 15%. This is usually more tax-effective than paying premiums from your after-tax salary.
- Income protection insurance premiums are also paid from your super, but it’s worth noting that if you pay for income protection outside of super, you can claim a tax deduction on those premiums in your personal tax return. Inside super, you don’t get a personal tax deduction, but you still benefit from using your pre-tax contributions.
- No impact on your take-home pay: Because premiums come from your super, not your bank account, your cashflow isn’t affected.
- Peace of mind: You can feel confident knowing you and your family are protected if something unexpected happens.
How much does Stockspot Super insurance cost?
The cost of Stockspot Super insurance depends on a few factors, including your age, the type of cover you choose, and how much cover you apply for. Premiums for life, TPD and income protection insurance are calculated by MetLife, based on your personal details and risk factors.
You can use the MetLife premium calculator to get an estimate of your insurance costs before you apply. Most people find the premiums are affordable because they’re paid from your super, not your take-home pay. This means you stay protected without impacting your everyday budget.
Keep in mind, your premiums will come out of your Stockspot Super balance, so it’s important to review your cover from time to time to make sure it still suits your needs.
How to apply for insurance with Stockspot Super
It’s easy to apply for insurance through Stockspot Super. Here’s how it works:
- Understand your policy
Head over to our important documents section to read the Insurance Guide and Product Disclosure Statement (PDS) to understand what’s covered, how claims are assessed, and any important terms. Note these documents are branded Dash / Super Simplifier because Stockspot Super is offered on the Super Simplifier platform - Estimate your premium
The MetLife insurance needs tool can help you decide how much cover is right for you. Use the MetLife premium calculator to get an idea of what your cover will cost. - Complete your application
Log in to your Stockspot Super dashboard and select ‘Opt-In’ under Insurance. The online form takes about 15–20 minutes. Based on your answers, we may contact you before sending it to MetLife for assessment. - Review your offer
If MetLife recommends changes to your policy – like specific exclusions – we’ll let you know. You can then choose whether to accept. - Policy issued
Once approved, your cover starts immediately. You’ll get a confirmation email, and your policy will be visible in your dashboard. Some benefits may have waiting periods.
Key things to know before applying
If you have insurance in another super fund, make sure your new Stockspot Super insurance is active before doing a full rollover. You could lose your old cover if you close the account too soon.
Most applications are completed in around 5 business days, but it may take longer if medical checks are needed.
You can change or cancel your insurance any time in your dashboard.
Can I move insurance from another fund to Stockspot Super?
If you already have a personal insurance policy arranged through an adviser, you may be able to keep it and have the premiums debited from your Stockspot Super account. This lets you continue your existing cover while using Stockspot Super for your investments.
However, if you have a group insurance policy through another super fund, we can’t take over that cover. Group policies can’t be transferred. If you want to keep your group insurance, contact your current fund to check the minimum balance or contribution needed to maintain your cover.
Before rolling over your super, make sure your new or existing insurance is active to avoid losing cover during the switch.
Ready to apply?
Once your Stockspot Super account is set up, just head to the Insurance section in your dashboard to get started. Applying is simple, and we’ll guide you through each step.
Questions?
Contact our Client Care & Advice team – we’re here to help and happy to assist with any questions.
