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, 97%¹ of insured members received a decrease in the cost of their insurance cover by an average of 11%.

Over the past year we had fewer claims for Death, Total & Permanent Disablement (TPD) and Income Protection cover with a benefit payment period up to two years and a 60-day waiting period, so we've been able to decrease the cost of these cover types.

• The weekly cost for Death cover decreased by an average of 13%.
• The weekly cost for Total & Permanent Disablement (TPD) cover decreased by an average of 12%.
• The weekly cost of Income Protection with a benefit payment period up to two years and a 60-day waiting period decreased by an average of 12%.
• However due to a rise in the number of claims for Income Protection with a benefit payment period up to two years and a 30-day waiting period, the weekly cost for most members with this cover increased between 0% to 19%.

There weren't any changes to the weekly cost of Income Protection with benefit payment periods up to five years or up to age 65. AustralianSuper doesn’t make any profit from the insurance we provide to you. Because AustralianSuper is run only to benefit members, you’ll still 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 24 Feb 2023, 97% of insured members received a decrease in insurance costs from 27 May 2023.

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, 97%¹ of insured members received a decrease in the cost of their insurance cover by an average of 11%.

That’s because over the past year, we had fewer claims for Death, Total & Permanent Disablement (TPD) and Income Protection with a benefit payment period up to two years and a 60-day waiting period, so we’ve been able to decrease the cost of these cover types. 

• The weekly cost for Death cover decreased by an average of 13%.
• The weekly cost for Total & Permanent Disablement (TPD) cover decreased by an average of 12%.
• The weekly cost of Income Protection with a benefit payment period up to two years and a 60-day waiting period decreased by an average of 12%.
• However due to a rise in the number of claims for Income Protection with a benefit payment period up to two years and a 30-day waiting period, the weekly cost for most members with this cover increased between 0% to 19%.

There weren't any changes to the cost of Income Protection with benefit payment periods up to five years and up to age 65.

¹As at 24 Feb 2023, 97% of insured members received a decrease in insurance costs from 27 May 2023.

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 insurance in the future.

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

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

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 work rating and annual statements anytime by logging into your account and going to Insurance.

You can view details of your current cover by using the app or logging into your account and going to 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 our 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. Go to australiansuper.com/advice for more information.

¹ There’s no charge for general advice about your super account. The financial advice you receive will be provided by Link Advice Pty Limited ABN 36 105 811 836, AFSL 238145 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 cover.

We'll write to you if this happens. 

¹ If your cover stopped because you cancelled it, it won’t start again.

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 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 work rating of White Collar or Professional and this is confirmed in your insurance cover commencement letter. GHD Superannuation Plan members automatically receive a White Collar work rating. You can check and review 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 account. This cover is designed to provide a minimum amount of cover for changing needs as you get older.

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.

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

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. Visit australiansuper.com/contact 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.