Death and Total & Permanent Disablement (TPD)
Income Protection
Increasing your cover
Making a claim
Death and Total & Permanent Disablement (TPD)
Insurance for Death and TPD is designed to provide financial support if you die or become totally and permanently disabled.
Cover is available for:
- Death – up to 70 years of age
- TPD – up to 65 years of age.
Provided you are in active employment on the date that cover commences.
Income Protection
Income Protection insurance helps protect your income if you are disabled and temporarily unable to work through illness or injury.
Income Protection cover is provided in units. In the event that you can’t work due to temporary disability, each unit of Income Protection cover provides a benefit of $500 a month (before tax), and is payable for up to two years. The maximum amount you can be paid is 85% of your salary, with 75% being paid to you and 10% going into your AustralianSuper account.
Waiting periods
The waiting period is the number of days that you must wait before you are eligible to make an Income Protection claim. AustralianSuper members can choose either a 30 or 60 day waiting period. You will pay higher premiums for a 30 day waiting period. If you don’t make a choice you will be provided with a 60 day waiting period.
If you have two Income Protection insurance policies, you may be able to start receiving payments from AustralianSuper once once payments from your other insurance provider stop, as our waiting period can be extended while you are receiving benefit payments from another policy. You must continue to be disabled in order to receive payment. For more information please refer to our Insurance Guide.
Increasing your cover
When you first join AustralianSuper
When you first join AustralianSuper, you may apply to increase your Death, TPD and Income Protection cover up to certain limits without having to provide medical information or have your application assessed by the Insurer. To apply for more cover you need to complete the appropriate section when you join AustralianSuper. If you apply for increased cover it may be
limited.
The amount you can increase your cover to without having to provide medical information is:
Type of cover
|
Maximum amount of cover
that is available
|
| Death and/or
TPD cover
|
$1.5 million
(cover above $600,000 will be
limited to $1.5 million or 10 times
your salary*, whichever is lower).
|
| Income Protection |
Up to $20,000 per month (40 units)
or 85% of your salary* (whichever is
lower).
|
*Salary is your current annual gross (before-tax) salary, excluding employer super contributions.
These cover amounts don't apply to Personal Plan members. See our Insurance Guide for information about insurance in the Personal Plan.
When your life changes
If your personal or financial situation changes, then you may need to change your insurance. Marriage, children or buying a home are all reasons to review your insurance cover. With AustralianSuper’s Life Events cover, you can apply to increase your Death, TPD or Income Protection cover up to certain limits without having to provide medical information or have your application assessed by the Insurer.
If you already have insurance with AustralianSuper, you can apply to increase your cover once per year within 60 days of once of the following life events occurring:
- you get married
- you get divorced
- you have child or adopt a child
- you take out a mortgage to purchase or build your home in Australia.
Each increase in Death or TPD cover:
- cannot be higher than $500,000 for fixed cover, or the nearest number of units that provides at least $500,000 of cover (for units of cover).
- cannot cause your total cover to exceed $1.5 million or 10 times your salary (if your total cover exceeds $600,000), whichever is lower. You will need to complete an Application to vary insurance cover form (available in the Insurance Guide) for the amount of cover that exceeds this limit.
- will have the same exclusions and other special conditions as apply to the rest of your cover.
- will be limited cover for two years from the start of the increased cover, and will become full cover if you are in active employment after the two years.
Each increase in Income Protection cover:
- cannot cause the total cover that you hold to exceed $20,000 per month or to exceed 85% of your salary (you will need to complete an Application to vary insurance cover form if your cover exceeds these limits).
- will have the same exclusions and other special conditions as apply to the rest of your cover.
- will be limited cover for two years from the start of the increased cover, and will become full cover once you are in active employment at the end of the two year period.
If you apply to increase your cover following a life event, Interim Accident cover will apply to the extra cover. For details see our
Insurance Guide.
To apply for increases cover due to a life event, complete the Life Events cover application form.
Increasing your cover at any time
At any other time, you can apply to increase your cover but your application will be assessed by the Insurer and you will need to complete a Personal Statement and/or provide medical information.
The maximum cover you can apply for is:
Type of cover
|
Maximum amount of cover that is available
|
Death cover
|
No maximum
|
TPD cover
|
$3 million
|
Income Protection
|
Up to $50,000 per month or 85% of your
salary*
|
Making a claim
You can lodge a claim for a Death, TPD or Income Protection benefit by calling us on 1300 659 337. For more information you can download our TPD and
Income Protection factsheets on the topic.