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Originally Posted by firstlane
AmmarK, thanks for letting me know about the super. I didn't have any idea about this. Will definitely look into it.
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Contact them, and they will provide you with the necessary forms and information to make a claim. The income protection insurance is meant to replace govt/centrelink's unemployment insurance burden to people who go out of work. By law, the industry superfunds come with mandatory basic income protection insurance unless you voluntarily cancel it. But you must claim as soon as possible, because once your employer stops putting in your superannuation money, your superannuation account will start becoming inactive. You cannot claim if your superannuation account is considered inactive.
I have renewed appreciation for the superannuation system because of these perks and benefits. Industry Superfunds provide these benefits at a much cheaper cost than if you were to seek private insurance. The payments might be very modest, but the SMSF industry does not give these benefits included in their offerings as far as I know, and you have to take the insurance separately at a higher cost I think. I hope your employer did not operate their own SMSF and in the process remove insurance to lower their maintenance costs. Most small accounting and financial services firms just subscribe to Australian Super's Finance Division for their employee's superannuantion from what I've seen.
p.s: The industry superfund basic insurance has both unemployment insurance, and life insurance too. In case of terminal illness or death, life insurance claim can be made by a nominated beneficiary. See
this link