AustralianSuper provides most members with basic insurance cover with their super account. This cover provides a basic level of protection if you die or become ill or injured.
Eligible members receive age-based Death, Total & Permanent Disablement (TPD) and Income Protection cover. Age-based cover is designed to provide a minimum amount of cover for changing needs as you get older.
To check if you have insurance cover with us, log into your account or the mobile app and select the insurance tab. You’ll also be able to see how much you’ve paid for your cover by checking your transaction history.
For more information on the amount of cover you get, how much it costs and when it starts, click on the link to each cover type below.
Benefits of insurance cover through your super
- We work with our insurer to negotiate discounted bulk insurance rates for members.
- AustralianSuper is a profit-for-member fund, so members only pay what it costs us to administer and provide their insurance.
- Your insurance costs (premiums) are deducted from your super account each month and not your take-home pay, so payments are hassle free.
How does insurance through super work?
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Show transcript
Hi, I’m Rebecca Townsend, from AustralianSuper. Today we’re going to talk about insurance through super and how it can help give you peace of mind for life’s ‘what if’ scenarios.
We’ll discuss how insurance works and the types of cover AustralianSuper offers. Plus, we’ll show you how to check, apply to change or add insurance through your super.
We don’t always want to think about it, but insurance could help protect you if you're ill, injured or unable to work. Insurance can also help ease financial stress on your loved ones in the event of an untimely death.
AustralianSuper offers three types of insurance for members.
Life Insurance is a lump sum paid to your beneficiaries in the event that you pass away. It may also be available as a terminal illness payment.
Total & Permanent Disablement (TPD) cover can provide a lump sum payment. It’s intended to help if a total and permanent disability means you are unable to work. It can also assist with things like rehabilitation, living costs, and payments to cover any debts you might have.
Lastly, Income Protection cover can provide monthly payments if you become ill or injured and are temporarily unable to work.
AustralianSuper works with our insurer to negotiate discounted bulk insurance rates for members. Your insurance costs are deducted from your super balance, not your take-home pay. We review our insurance products annually to help offer sustainable and more affordable insurance for our members1. It’s good to know AustralianSuper pays around 90% of claims submitted within 5 business days.
If you’re an AustralianSuper member, you might already have insurance.
If you’re eligible, you could receive the default level of insurance cover. Your cover may stop, however, if a contribution isn't made into your super account for 16 months.
AustralianSuper won't automatically add insurance to your account if you are under 25 or your super balance is less than $6,000. That’s to help protect your balance from being eroded by premiums. Of course, if you would like to add insurance, you can apply.
If you’re not sure whether you have insurance, or what type you have, it’s a good idea to check your account.
When checking your account’s insurance, you might notice you have a work rating. This is one factor that determines the premiums for your cover, based on the risk involved with the work you do.
Our work ratings are:
- Blue collar – which has the highest level of risk and cost
- White collar, and
- Professional
All members with Basic cover have a default work rating of blue collar, so check your cover to see if your work rating suits you.
It’s easy to see your insurance online. You can view your insurance details and apply to change your level of cover by logging in to the Member Portal, and going to Insurance. Alternatively, you can download a form from our website.
Insurance through AustralianSuper can help you prepare for the unexpected. When thinking about the type and level of cover you may need, it's important to keep in mind insurance premiums deducted from your super account could reduce your retirement savings, so it's a good idea to consider if insurance cover is right for you.
For more information, go to australiansuper.com/insurance
End transcript
Want to know more?
Our Key facts sheet is a quick reference guide and gives you an overview of our insurance offer. You can use it to help you compare our insurance with other funds’ insurance and choose the cover that’s right for you.
We’ve also put together some answers to these FAQs about insurance through your super.
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What happens to my insurance if I lose my job?
Any cover you have with AustralianSuper will continue for 16 months, even if you’re not receiving money into your super account. You’ll need to have enough money in your account to pay for your cover.
After 16 months, unless you’ve received a contribution (excludes investment returns, investment credits and refunds), your cover will stop – but we’ll write to you before this happens. The letter will explain the actions you can take to keep your cover if you want to.
Income Protection through your super provides cover for total or partial disablement only. It doesn’t cover redundancy or lack of shifts. If you’re not earning an income for more than 12 consecutive months, there may be no benefit payable to you.
You can reduce or cancel your cover at any time. Any type of cover you cancel won’t restart if you start receiving employer contributions. You’ll need to reapply and provide detailed health information for the Insurer to consider.
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What happens to my insurance if I have a reduction in salary?
If you have a reduction in your salary your insurance cover won’t change. If it’s for an extended time, it may affect the amount of payment you’re eligible to receive if you make an income protection claim. This is because benefit payments are calculated on pre-disability income. You should consider getting financial advice to work out the right level of cover for you.
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Do I need to make any changes to my insurance if I change jobs?
You don’t need to make any changes to your insurance, but it’s a good time to review your cover and check your work rating.
Our insurance calculator can help you work out how much cover you need and the cost of it. Visit australiansuper.com/InsuranceCalculator
We offer three types of work ratings and a change in job might mean you're eligible to change yours. Our Blue Collar work rating means your cover is the most expensive. If you’re on a Blue Collar work rating you should consider whether you’re eligible for a White Collar or Professional rating.
Check if you may be eligible to apply for a different work rating by answering a few questions. Go to australiansuper.com/WorkRatingTool. You can then log into your account, go to My insurance and submit your request to change.
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Will the cost of my cover increase if I make a claim?
If you’ve made a claim, the cost of your cover won’t increase above the normal cost for your age, cover amount and work rating.
However, depending on your claim and the insurance cover you have, you may not be able to claim for that specific illness or injury again.
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What is a beneficiary?
A beneficiary is a person you nominate to receive your super and insurance money if you die. It can be your spouse or partner, your child or children, someone who relies on you financially or a legal representative. Beneficiaries can be non-binding or binding.
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What’s the difference between a non-binding and a binding beneficiary?
A non-binding beneficiary means that AustralianSuper isn’t bound by your nomination. We’ll consider all nominated beneficiaries and decide who we have an obligation to pay under our Trust Deed and current legislation.
A binding beneficiary is formal written direction from you telling us who you want to receive your money. As long as it’s valid, then it’s legally binding and we’re bound to (must) follow it.
More information on beneficiaries and how to nominate is available here.
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Who is the Insurer?
AustralianSuper insurance is provided by TAL Life Limited ABN 70 050 109 450 AFSL 237848
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Where can I find more details about the insurance AustralianSuper offers?
You can find more information about insurance through AustralianSuper in the Insurance in your super guide for your division at australiansuper.com/InsuranceGuide. It includes terms and conditions, when cover starts and stops, cover design options and limited cover or exclusions.
