Summary
Protect what matters to you
Help build a secure future for you and your family. Having the right insurance gives you the peace of mind that you or your beneficiaries will have money when it’s needed most.
Your ability to earn an income could be one of your biggest assets. Just like your car or your home, it’s worth protecting.
Members in the AustralianSuper plan receive basic insurance cover1 through their super when they become eligible. If you become eligible, you’ll receive age based cover2 to help protect you as your needs change:
- Life insurance (Death cover)
- Total & Permanent Disablement (TPD) cover, and
- Income Protection.
The right cover for your needs
It’s not something you always want to think about, but insurance through super protects you when you’re ill, injured, or unable to work. Plus, it can help reduce the financial stress on your loved ones if the unexpected happens.
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AustralianSuper offers three types of cover to eligible members:
- Death cover (also known as life insurance) can help ease financial stress by paying a lump sum to your beneficiaries if you die.
- Total & Permanent Disablement (TPD) cover can provide a lump sum payment if you become totally and permanently disabled and can no longer work. It can help cover the costs of rehabilitation, debt repayments and the future cost of living.
- Income Protection can provide monthly payments to help you get by if you become ill or injured (at work or outside of work) and can’t work.
Eligibility to claim for insurance benefits will be determined in line with the policy terms and conditions.
You can view your insurance details and apply to change your cover anytime by using the AustralianSuper app, or logging into your account and going to Insurance, then Manage insurance.
Understanding your work rating and insurance
The type of work you do can impact how much you pay for insurance through your super. A work rating classifies the usual activities of your job into one of three ratings:
- Blue Collar
- White Collar, or
- Professional.
Insurance cover with a Blue Collar work rating is the most expensive.
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When you join AustralianSuper and have insurance cover, you pay what it costs to provide you with cover based on our default work rating, Blue Collar3.
Our default work rating is Blue Collar because all Australians are welcome to join AustralianSuper and our membership demographic is wide.
Insurance cover with a Blue Collar work rating is the most expensive. However, you could pay less for your insurance cover if you’re eligible for a White Collar or Professional work rating and your application to change your individual work rating is accepted.
Check your insurance cover and work rating by using the AustralianSuper app or logging into your account and going to Insurance, then Manage insurance.
Work Rating Tool
Work Rating Tool
This tool helps you work out if you could pay less for your insurance cover.
How much cover do you need?
Having insurance through your super can help provide peace of mind, acting as a safety net if the unexpected happens. When making this decision, think about now and the future:
- the day-to-day expenses that your income covers (such as bills, food, transport)
- all your debts – mortgages, credit cards, personal loans
- how much income you and your family need to live comfortably
- the future costs of care and education for your children or anyone you support financially.
Insurance costs are deducted from your super account (unless your employer pays for it) and reduce your retirement savings. Think about the impact of insurance costs on your retirement savings when working out what’s right for you.
Insurance Calculator
Insurance Calculator
Use our calculator to help estimate how much (if any) cover you might need and the cost.
Read more
- Insurance in your super
- Accessing insurance through your super - Carolines's Story
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Disclaimers
- AustralianSuper insurance is provided by TAL Life Limited (the Insurer) ABN 70 050 109 450, AFSL 237848.
- Basic cover isn’t provided in Personal Plan, but you can apply for cover anytime. Basic Income Protection isn’t provided in Super Options, but you can apply for Income Protection anytime.
- Due to past employer arrangements, some members may have a work rating of White Collar or Professional.