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When you join you can choose:
- Default death and Total & Permanent Disablement (TPD) cover based on your age (you may also be provided default Income Protection cover, depending on your membership), or
- The level of cover to suit your requirements
AustralianSuper insurance provides:
- Premiums at discounted bulk rates, less than what you may pay as an individual
- Hassle-free premium payments, with premiums deducted from your super account each month
- An option to increase your cover at any time to suit your needs (you may have to provide medical information to the Insurer)
AustralianSuper insurance is provided by TOWER Australia Limited (the Insurer) ABN 70 050 109 450 AFSL 237848.
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What is the default cover when you join?
If you select default cover you are automatically provided with Death and TPD cover once we receive your first employer contribution. You may also be provided with Income Protection cover (to find out if this applies to you, please read your Member Guide).
The following tables show how many units of cover are provided for your age when you join:
| Your age when you join AustralianSuper |
Death cover
(number of units)
|
TPD cover
(numberof units) |
Income Protection cover (number of units) |
Amount of monthly
Income Protection
|
| 15-20 |
1 |
3 |
4 |
$2,000 |
| 21-49 |
3 |
3 |
6 |
$3,000 |
| 50-54 |
3 |
3 |
5 |
$2,500 |
| 55-64 |
3 |
3 |
4 |
$2,000 |
| 65-69 |
3 |
0 |
0 |
$0 |
If you’re not in active employment on the date your cover starts with us, your cover may be limited.
Cover is not provided automatically to Personal Plan members. But if you are a Personal Plan member, you can apply for cover. A minimum account balance of $1,000 is required before insurance cover can commence. For more information on insurance for Personal Plan members see the Insurance Guide.
Do you work in an office job that doesn’t involve manual labour?
You could pay less or get higher Death, TPD or Income Protection cover if your work is classified as Low Risk or Professional – this classification is known as your occupational rating.
If you spend at least 80% of your time in an office environment (excluding travel from one job to another) and don’t do any manual work you may be eligible for a Low Risk or Professional occupational rating.
Work out which group you’re in with our Occupational rating wizard.
AustralianSuper, working with Rice Warner, have calculated that for a 35 year old male with an annual salary of $60,000 and a $50,000 account balance who retires at age 67, their retirement balance would increase by $54,597.
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