Insurance is a very important part of your financial planning as it gives you and your family financial security should you become permanently disabled or pass away.

LESF Super provides a range of low-cost insurance options designed to help you make sure you have the right level of cover for your personal circumstances. Taking out insurance through the Fund has a number of advantages includes:

  • Automatic insurance (default cover) for all members with no medical underwritten
  • Tax-effective premium taken from your super account
  • Options to increase or decrease your covers
  • Option to transfer your existing cover into the Fund

 

Insurance Options

The type of insurance LESF offers depends on your occupation.

For existing members who are working in the legal services industry (excluding self-employed people), LESF offers insurance cover for:

Death - a lump sum payment in the event of your death or terminal illness. Up to $5 million underwritten cover available.

Total and Permanent Disablement (TPD) - a lump sum payment if you becomes totally and permanently disabled (as defined). Up to $3 million underwritten cover available.

Income Protection (IP) - a monthly benefit* of up to 75% of your normal salary or wage (or $25,000 per month), if the you  cease working because you become totally or partially disabled.

* The benefit is paid after a 30 day waiting period and continues for a maximum of 2 years.

 

For new members joining the Fund after 25 February  2016 who are not working in the legal services industry, self-employed people (all industries) or those who join LESF on an individual basis, LESF offers insurance cover for:

Death - a lump sum payment in the event of your death or terminal illness. Up to $3 million underwritten cover available.

Total and Permanent Disablement (TPD) - a lump sum payment if you becomes totally and permanently disabled (as defined). Up to $3 million underwritten cover available.

 

Default Insurance Cover

On joining LESF, eligible members automatically receive the applicable Default Cover without any medical check. The level of cover and the cost of the Default Cover depends on a range of factors, including age, occupation and gender. Note there are costs associated with insurance cover and each member is responsible for meeting the costs of their cover. Please refer to the LESF Super PDS Insurance Guide for full details.

 

Increase Your Cover

Do you know, 96% of Australian families with dependents are under insured? For some people, the default cover is not enough to provide necessary support for their loved ones, if everything ever happened to them. LESF Super offers a number of ways to increase your cover.


Apply for additional underwritten Cover

You can apply to increase your insurance cover at any time. This means that you will need to provide the Insurer with satifactory evidence of health and you will need to pass the Insuer's assessment process before any additional cover can be provided. This process may include medical tests and physical examinations.

 

Transfer existing cover

Where a member is insured under another insurance policy and they have selected LESF Super as a result of “choice of fund”, they can transfer their existing death , Total and Permanent Disablement and / or Income Protection cover into LESF Super without medical underwriting (subject to meeting eligibility criteria).

Read LESF Super Insurance Guide for detailed information.