When you complete a Membership application form to join AustralianSuper, you will be given the choice of two insurance packages:
Package 1: 3 units of Death and TPD cover (Death only if you are aged 65-69); or
Package 2: 3 units of Death and TPD cover plus Income Protection cover (Death only
if you are aged 65-69).
Members who do not make a choice will automatically be given Package 1.
Default cover
3 units of Death and TPD cover (Death only cover from age 65) is provided at a cost of $3.00 per week (ie $1.00 per unit per week) – when you first become a member of the AustralianSuper Industry Plan (conditions may apply.)
Default cover is not available to members of the AustralianSuper Personal Plan as all cover is subject to underwriting.
|
Default cover - 3 units of Death & TPD
Standard Occupational Rating
|
|
Age
|
Cover
|
Age
|
Cover
|
Age
|
Cover
|
|
15-29
|
$129,900
|
42
|
$85,500
|
55
|
$24,600
|
|
30
|
$125,100
|
43
|
$80,700
|
56
|
$20,700
|
|
31
|
$123,000
|
44
|
$72,600
|
57
|
$19,500
|
|
32
|
$120,600
|
45
|
$67,200
|
58
|
$18,300
|
|
33
|
$118,200
|
46
|
$62,700
|
59
|
$15,900
|
|
34
|
$112,200
|
47
|
$58,500
|
60
|
$15,900
|
|
35
|
$110,400
|
48
|
$54,600
|
61
|
Death $15,900
TPD $12,720
|
|
36
|
$109,200
|
49
|
$50,100
|
62
|
Death $15,900
TPD $9,540
|
|
37
|
$107,700
|
50
|
$45,900
|
63
|
Death $15,900
TPD $6,360
|
|
38
|
$106,500
|
51
|
$41,700
|
64
|
Death $15,900
TPD $3,180
|
|
39
|
$101,400
|
52
|
$37,200
|
65-69
|
Death only $15,900
|
|
40
|
$94,800
|
53
|
$35,100
|
|
|
41
|
$88,200
|
54
|
$29,700
|
|
Unitised and fixed level cover
AustralianSuper members applying to vary their Death only or Death and TPD cover can choose between unitised or fixed cover. Members can switch between unitised and fixed cover at any time but cannot have a combination of both.
Unitised cover is based on a set or flat premium amount. The amount you receive in cover decreases as your age increases but the amount you pay remains the same. Default cover is an example of unitised cover. You can apply for a maximum of $2 million unitised cover.
The following table shows the premium cost per week for each unit of cover held.
| |
Premium (per unit per week)
|
|
Death only
|
$0.57
|
|
Death & TPD
|
$1.00
|
Fixed cover works the opposite way. The benefit amount nominated by you does not change as you get older. However, the premium amount you pay will increase at each birthday. TPD cover does, however, reduce from age 61 to nil at age 65.
Fixed cover is available in multiples of $1,000. You can apply for a maximum of $2,000,000 fixed cover.
You can view a Fixed Cover Table showing the premium cost per week, per $10,000 sum insured.
Occupational rating
If you did not make a choice when you became a member of AustralianSuper, your occupational rating will be Standard. However, you may be eligible for lower premiums or higher benefits for Death and TPD cover if your occupation can be classified as Low Risk or Professional.
You may be eligible for these rates if you work primarily in an office environment and perform no manual work. Enter your age below to see the potential benefit gains of upgrading your occupational rating.
Income Protection
The cost of cover
The cost of cover depends on your age, the waiting period you choose and your occupational rating (Standard, Low Risk or Professional).
The following table shows the premium cost per week for a $500 monthly benefit (equivalent to 1 unit) for 30 and 90 day waiting periods.
Income Protection – weekly premium rates scale
| |
Standard |
Low Risk |
Professional |
| Age |
30 day waiting
period |
90 day
waiting period |
30 day
waiting period |
90 day
waiting period |
30 day
waiting period |
90 day
waiting period |
| 15 - 29 |
$0.46 |
$0.23 |
$0.30 |
$0.13 |
$0.25 |
$0.10 |
| 30 - 34 |
$0.56 |
$0.25 |
$0.37 |
$0.14 |
$0.31 |
$0.11 |
| 35 - 39 |
$0.74 |
$0.32 |
$0.48 |
$0.18 |
$0.40 |
$0.13 |
| 40 - 44 |
$1.00 |
$0.49 |
$0.65 |
$0.25 |
$0.54 |
$0.19 |
| 45 - 49 |
$1.35 |
$0.79 |
$0.89 |
$0.40 |
$0.74 |
$0.30 |
| 50 - 54 |
$1.91 |
$1.30 |
$1.23 |
$0.65 |
$1.03 |
$0.48 |
| 55 - 59 |
$2.81 |
$2.12 |
$1.76 |
$1.04 |
$1.47 |
$0.78 |
| 60 - 64 |
$3.02 |
$2.35 |
$2.21 |
$1.26 |
$1.84 |
$0.94 |
Income Protection salary scale
|
Units of cover
|
Your salary |
Units of cover |
Your salary |
|
2 units
|
$7,058 - $14,117 pa |
12 units |
$77,648 -$84,705 pa |
|
3 units
|
$14,118 - $21,176 pa |
13 units |
$84,706 - $91,764 pa |
|
4 units
|
$21,177 - $28,235 pa |
14 units |
$91,765 - $98,823 pa |
|
5 units
|
$28,236 - $35,294 pa |
15 units |
$98,824 - $105,882 pa |
|
6 units
|
$35,295 - $42,352 pa |
16 units |
$105,883 - $112,941 pa |
|
7 units
|
$42,353 - $49,411 pa |
17 units |
$112,942 - $120,000 pa |
|
8 units
|
$49,412 - $56,470 pa |
18 units |
$120,001 - $127,058 pa |
|
9 units
|
$56,471 - $63,529 pa |
19 units |
$127,059 - $134,117 pa |
|
10 units
|
$63,530 - $70,588 pa |
20 units |
$134,118- $141,176 pa |
|
11 units
|
$70,589 - $77,647 pa |
Subject to insurer assessment |
Salaries above $141,176
|
Income Protection insurance calculator
Use our Income Protection calculator to estimate the cost and level of insurance cover available through AustralianSuper.
Start Income Protection calculator
Want to know more?
For further information about the insurance cover available to AustralianSuper members or to apply to increase your insurance cover, download a copy of the Insurance Guide.