We’ve made some changes to our insurance

On 28 May 2022, the cost of insurance cover* changed. How much you pay depends on the type of cover you have.
On 28 May 2022, the cost of insurance cover* changed. How much you pay depends on the type of cover you have.

Why the cost of cover has changed

Over the past year, we had fewer claims for Total and Permanent Disablement (TPD) and Income Protection with a benefit payment period up to two years, so we’ve been able to decrease the cost of these cover types. 

However, the number of claims for Income Protection with a benefit payment period up to five years and Income Protection with a benefit payment period up to age 65 have increased. This means the cost of these two cover types needed to go up.

 

How much has the cost of cover changed?

The cost depends on the cover you have. The costs for all age groups and cover types are detailed here. You can use our insurance calculator at the bottom of this page to calculate the new cost of your cover. 

You still only pay what it costs us to provide your cover. AustralianSuper doesn't make any profit from the insurance we provide.

Here are some examples that illustrate+ the change in cost for members in AustralianSuper Plan based on their age, individual work rating, Income Protection benefit payment period and Income Protection waiting period.

George is 27 and his individual work rating is Blue Collar. He has Income Protection with a benefit payment period up to two years and a 60 day waiting period.
Cover types Basic cover amounts Cost of cover before 28 May 2022 Cost of cover after 28 May 2022 
Death cover $147,000 $1.56 a week $1.47 a week
TPD cover $56,000 $0.58 a week $0.48 a week
Income Protection $2,200 a month $0.95 a week $0.77 a week
Total $3.09 a week $2.72 a week
Difference  -$0.37 a week 

The total weekly decrease to the cost of George’s cover is 37 cents.

Miriam is 39 and her individual work rating is White Collar. She has Income Protection with a benefit payment period up to two years and a 30 day waiting period.
Cover types Basic cover amounts Cost of cover before 28 May 2022 Cost of cover after 28 May 2022
Death cover $166,000 $1.66 a week $1.58 a week
TPD cover $45,000 $0.84 a week $0.71 a week
Income Protection $3,100 a month $4.22 a week $3.53 a week
Total   $6.72 a week $5.82 a week 
Difference  -$0.90 a week

The total weekly decrease to the cost of Miriam’s cover is 90 cents.

Lazlo is 53 and his individual work rating is Professional. He has Income Protection with a benefit payment period up to age 65 years and a 60 day waiting period.
Cover types Basic cover amounts Cost of cover before 28 May 2022  Cost of cover after 28 May 2022 
Death cover $54,000 $1.23 a week $1.18 a week
TPD cover $11,000 $0.66 a week $0.56 a week
Income Protection $2,900 a month $34.34 a week $41.62 a week
Total  $36.23 a week  $43.36 a week 
Difference
$7.13 a week 

The total weekly increase to the cost of Lazlo’s cover is $7.13.

*AustralianSuper insurance is provided by TAL Life Limited (the Insurer) ABN 70 050 109 450, AFSL 237848.   
+Case studies are for illustrative purposes only and isn't a representation of the actual benefits that may be received or the fees and costs that may be incurred.

Looking for more information about the changes to the cost of cover? 

You might find the answers in our FAQs.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Where can I check my cover details?

Your cover details include your:

  • work rating,
  • cover amounts, and
  • Income Protection waiting and benefit payment periods.

You can use the AustralianSuper app or log into your account and go to My insurance.

AustralianSuper Login

Calculate the cost of your cover

You can use our insurance calculator to find out the new cost of each cover type you have.

You'll need to know your cover details.

Go to calculator

Do I need cover?

Not sure whether you need insurance cover? Depending on your age, the work you do, if you have a family and even what your hobbies are, there are circumstances when you might need insurance cover.

Find out more

Frequently asked questions

Can’t find the answer to your question here? Our FAQs might have the answer.

VIEW OUR FAQS

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