What is retail insurance?
"Retail insurance" refers to policies you hold directly with an insurer, outside of your super fund. These typically include:
- Life insurance — pays a benefit on death or terminal illness
- Total and Permanent Disablement (TPD) — outside super, often with broader definitions
- Income Protection — typically more flexible than super-based IP
- Trauma / Critical Illness — pays a lump sum on diagnosis of specified conditions
Retail policies often have broader coverage than the equivalent super-based cover, with more generous definitions, longer benefit periods, and additional features. But many people forget what they hold or don't realise these policies still apply.
How retail differs from super-based cover
- You pay premiums directly rather than from your super balance
- Coverage is usually broader with more flexibility in definitions
- Trauma cover is generally only available retail, not through super
- Benefit amounts can be higher
- Definitions of disability may be more favourable (e.g., 'own occupation')
Don't forget what you signed up for years ago
People often took out retail insurance when they bought a house, started a family, or were advised by a financial planner — and forget about it years later. If you have policies you haven't reviewed in a while, they may still be active.
When retail insurance matters
If you've been diagnosed with a serious condition, suffered an injury, or stopped working, your retail policies may pay out alongside (or instead of) your super-based cover. Sometimes a retail TPD claim succeeds where a super TPD claim has been declined, due to the broader definitions.
What ClaimSure does
We help you check what retail cover you may have, what your policies say, and whether your situation may qualify. The Free Claim Check is a no-obligation way to map out what cover exists and what your options are.