Insurance Matters FAQs

AustralianSuper reviews the Fund’s insurance offer at the start of every year. This review takes several months.

We consider the cost of insurance, the cover we offer and the number of claims made and paid. As a result of the review, the cost of cover can increase or decrease.

This year, 87%¹ of insured members received a decrease in the cost of their insurance cover.

Over recent years we’ve had a relatively better claim experience than historical periods for Death cover and Income Protection, so we've decreased the cost of these cover types.

While we've decreased costs for Total & Permanent Disablement (TPD) cover for insured members aged 48 and over, we’ve increased costs for younger ages because of an increase in the number of TPD claims.

• The weekly cost for Death cover decreased by an average of 6%.
• The weekly cost for Income Protection with a benefit payment period up to two years has decreased by an average of 15% (for all waiting periods).
• The weekly cost for Income Protection with a benefit payment period up to five years and up to age 65 has decreased by an average of 18% (for all waiting periods).
• The weekly cost for Total & Permanent Disablement (TPD) cover for members aged 48–64 decreased between 0% to 15%.
• Due to a rise in the number of TPD claims for members aged 15 – 47, members in this age range have had an increase in weekly costs of between 2% to 31% depending on their age.

AustralianSuper doesn’t make any profit from the insurance we provide to you. Because AustralianSuper is run only to benefit members, you only pay what it costs to provide your insurance.

AustralianSuper insurance is provided by TAL Life Limited (the Insurer) ABN 70 050 109 450, AFSL 237848.

¹As at 30 April 2024, 87% of insured members received a decrease in insurance costs from 28 September 2024.

The change in cost depends on the cover you have and your individual work rating. If you have Income Protection, it also depends on your benefit payment period and waiting period.

This year, 87%¹ of insured members received a decrease in the cost of their insurance cover.

We’ve had a relatively better claim experience than historical periods for Death cover and Income Protection, so we've decreased the cost of these cover types.

While we've decreased costs for Total & Permanent Disablement (TPD) cover for insured members aged 48 and over, we’ve increased costs for younger ages because of an increase in the number of TPD claims.

• The weekly cost for Death cover decreased by an average of 6%.
• The weekly cost for Income Protection with a benefit payment period up to two years decreased by an average of 15% (for all waiting periods).
• The weekly cost for Income Protection with a benefit payment period up to five years and up to age 65 decreased by an average of 18% (for all waiting periods).
• The weekly cost for TPD cover for members aged 48–64 decreased between 0% to 15%.
• Due to a rise in the number of TPD claims for members aged 15–47, members in this age range have had an increase in weekly costs of between 2% to 31% depending on their age.

¹As at 30 April 2024, 87% of insured members received a decrease in insurance costs from 28 September 2024.

There are a number of events which can cause your insurance cover to stop, such as not having enough money to pay for your insurance costs or if you cancel your cover or if your account becomes inactive and you haven’t made an election to keep your cover. Inactive means you haven’t received any type of contribution or rollover into your super account for a continuous period of 16 months.

From 28 September 2024, you can elect (at any time) to keep your cover so that it doesn’t stop if your super account becomes inactive. You’ll need to make this election before your account becomes inactive.

If you make this election on or after 28 September 2024, it will apply to any insurance cover you have at the time of your application and to any future cover obtained in your super account. Your insurance can still stop for other reasons. For the full list of events that can make your cover stop, refer to the Insurance in your super guide.

Is your cover currently extended?

From 28 September 2024 any cover type you had with an extension (immediately before 28 September 2024) will continue and your extension won’t end if we receive an employer super contribution for you.

The changes we’ve made to our insurance products might not be relevant to you right now, but this information will be relevant to you if you decide to apply for or are provided with insurance in the future.

Most super funds automatically provide most members with basic (default) insurance cover with their super account when they join.

At AustralianSuper, most members receive basic Death, Total & Permanent Disablement (TPD) and Income Protection cover. This cover provides a basic level of protection if you die or become ill or injured¹.

The letter we sent you when you joined explained this and your annual statement also details the amount and types of cover you have and how much it costs.

You can view all the details about your insurance cover, including your individual work rating and annual statements anytime by logging into your account and going to Insurance then Manage insurance.

¹ The cover provided automatically is based on your division, age, account balance and if you are receiving employer contributions. You can apply to increase, decrease, cancel or change your cover anytime. Age limits and other conditions apply. Read the Insurance in your super guide for more information.

You can view details of your current cover by using the app or logging into your account and going to Insurance then Manage insurance.

You can view the insurance costs (premiums) that have been deducted from your super account by logging into your account and going to Transactions. You’ll see the costs listed by cover type in the transaction list.

You can cancel your cover anytime. Simply log into your account and go to Insurance, then Manage insurance and click on the Change cover button.

It’s important to remember though that if you cancel your cover now you might not be able to get cover later. That’s because you’ll need to reapply and provide detailed health information for the Insurer to consider.

If you’re not sure whether you should keep your cover, consider getting advice to help work out what cover you need (if any) and how much is right for you.

With AustralianSuper, you have access to a choice of help and advice options from simple, personal advice over the phone¹, to more comprehensive, broader advice with a financial adviser². Read about your advice options.

¹ There’s no charge for general advice about your super account. The financial advice you receive will be provided by MUFG Retire360 Pty Limited ABN 36 105 811 836, AFSL 258145 and will be their responsibility. Personal product advice provided may attract a fee, which will be outlined before any work is completed and is subject to your agreement.
² The Personal financial product advice is provided under the Australian Financial Services Licence held by a third party and not by AustralianSuper Pty Ltd. Some personal advice may attract a fee, which would be outlined before any work is completed and is subject to your agreement. With your approval, the fee for advice relating to your AustralianSuper account(s) can be deducted from your AustralianSuper account subject to eligibility criteria.

If your basic cover stops¹, it can recommence if you start receiving employer super contributions into your super account again.

If your cover has restarted, you would have been provided with the basic cover for the plan you’re in and your age at the time which could be higher or lower than the cover you had before, and it may be limited cover².

We'll write to you if this happens.

¹ If your cover stopped because you cancelled it, it won’t start again.
² The cover provided automatically is based on your division, age, account balance and if you are receiving employer contributions. You can apply to increase, decrease, cancel or change your cover anytime. Age limits and other conditions apply. Read the Insurance in your super guide for more information.

Membership of AustralianSuper is open to all Australians regardless of the industry they work in. This means that members work across a wide range of occupations.

Unless you apply to change your individual work rating when you join, we apply our default work rating, Blue Collar, to your super account. This is because we’re unable to make an assessment on the level of risk associated with the usual activities of your job and your work environment.

Insurance cover with a Blue Collar work rating is more expensive than the same insurance cover with a White Collar or Professional work rating.

Due to past employer arrangements, some members may have a default individual work rating of White Collar or Professional and this is confirmed in the letter we send you when your cover starts.

GHD Superannuation Plan members automatically receive a White Collar individual work rating.

You can check your individual work rating by using the app, logging into your account or by calling 1300 300 273.

Also referred to as default cover, AustralianSuper automatically provides most members with basic (age-based) insurance cover with their super account¹. This cover is designed to provide a minimum amount of cover for changing needs as you get older.

¹ The cover provided automatically is based on your division, age, account balance and if you are receiving employer contributions. You can apply to increase, decrease, cancel or change your cover anytime. Age limits and other conditions apply. Read the Insurance in your super guide for more information.

Call 1300 667 387 from 8.30am to 5pm AEST/AEDT, weekdays. If you’re not sure if you should apply, call us and we’ll help you work out the next steps.

This communication is not marketing information. It’s important information about your insurance that we’re required to send you. You may have opted out of receiving marketing communications electronically.

If you want to check or change your communication preferences, log into your account, select your profile from the top right and choose Communications preferences from the drop-down options.

If you need to update your email or home address, log into your account, select your profile from the top right and choose Contact details from the drop-down options.

We’re here to help, so if you’ve read through these FAQs and you still can’t find the information you’re looking for or need some help, you can get in contact with us in a number of ways, including live chat, Facebook Messenger and email. Go to our Help & Support page to choose the option that suits you.

Alternatively, you can call us on 1300 300 273 from 8am to 8pm AEST/AEDT weekdays. Please note that the Contact Centre is receiving a much higher number of calls currently and wait times are much longer than usual. We’re doing our best to help all members as quickly as we can and appreciate your understanding.