Do you need insurance cover?

Having the right insurance cover can give you peace of mind that you'll have money when you need it

Life doesn't always go according to plan

Having insurance through your super1 can help provide peace of mind, acting as a safety net if the unexpected happens.

If you're not sure you want or need insurance cover, consider getting advice to help determine what cover you need and how much (if any) is right for you.

Basic cover starts automatically at 25 when you meet eligibility criteria but you can apply for it earlier.

For detailed information, download the Insurance in your super guide.

How to work out if you need cover

When deciding whether you need insurance cover and how much is right for you, it’s important to consider both your current situation and future needs.

What are your insurance needs?

Start by using our insurance calculator to estimate how much cover you may need to maintain your lifestyle if something happens to you. Think about your day-to-day expenses, debts and future costs.

How much does insurance cost?

Our insurance calculator can tell you how much your cover in AustralianSuper plan, Personal Plan and Super Options might cost. If you’re a member of AustralianSuper Select, check the employee booklet for your employer by logging into your account online.

How do I manage it?

Learn how to manage your cover in your account online. You can make a claim, review your cover, apply to change your work rating and more. Log into your account online to manage your insurance.
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What if I’m under 25?

You can apply for cover any time after you turn 15 – there's no need to wait until you turn 25.

For most members, basic cover will start automatically when you turn 25, your super balance has reached $6,000 and you’re receiving employer super contributions after you meet both age and balance requirements. The reason it starts later is to prevent insurance costs from eating into your super if you’re just starting out in the workforce, working part time, or studying for example.

For more details around eligibility, see the Insurance Guide.

Do you really need insurance cover?

Below are some examples of when and why you might need insurance cover.

Applying for cover

Apply for new cover or to increase your cover by logging into your account online. If you don’t have an online account, you’ll need to register for online access first.

Things to consider

When thinking about applying for insurance through your super, you should keep in mind:

  • Insurance costs are deducted from your super account and reduce your retirement savings. Think about the impact of insurance costs on your retirement savings when working out what’s right for you.
  • Your insurance cover will stop if your account becomes inactive and you haven’t made an election to keep your cover. Your super account becomes inactive when you haven't received any type of contribution or rollover into your super account for 16 continuous months.
  • There are a number of other events which can cause your insurance cover to stop, such as not having enough money to pay for your insurance costs.
  • If you have multiple super accounts with different funds, consider consolidating them to reduce the number of policies you are paying for.
  • When you join AustralianSuper and have insurance cover, your insurance costs will be based on our default work rating – Blue Collar. This is the most expensive work rating. You can use the Work Rating Tool to see if you’re eligible for a different work rating, such as White Collar or Professional, which will reduce the cost of your cover. You can apply to change this by logging into your account online.

We’re here to help

As an AustralianSuper member, you can speak with a team member for advice and assistance2.

Disclaimers

  1. AustralianSuper insurance is provided by TAL Life Limited (the Insurer) ABN 70 050 109 450, AFSL 237848.
  2. Personal financial product advice is provided under the Australian Financial Services Licence held by a third party and not by AustralianSuper Pty Ltd. Fees may apply.
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