On 27 May 2023, the cost of insurance cover changed1. How much you’ll pay depends on the types and amount of cover you have.
1 As at 24 February 2023, 97% of insured members received a decrease in insurance costs from 27 May 2023. AustralianSuper insurance is provided by TAL Life Limited (the Insurer) ABN 70 050 109 450, AFSL 237848.
Why the cost of cover has changed
Our priority is to offer sustainable and affordable insurance for members. To do this, every year we carefully review the insurance products we offer and what they cost. This allows us to minimise the increases to insurance costs whenever possible, or even decrease costs, depending on the number of claims paid in previous years.
How much has the cost of cover changed?
The cost depends on the cover you have. You can use the link to our insurance calculator (below the example tables on this page) to calculate the new cost of your cover.
You’ll still only pay what it costs to provide your cover. AustralianSuper doesn't make any profit from the insurance we provide.
Here are some examples that illustrate2 the change in cost for members in the AustralianSuper Plan based on their age, individual work rating, Income Protection benefit payment period and 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 27 May 2023 | Cost of cover from 27 May 2023 |
|---|---|---|---|
| Death cover | $147,000 | $1.47 a week | $1.26 a week |
| TPD cover | $56,000 | $0.48 a week | $0.42 a week |
| Income Protection | $2,200 a month | $0.77 a week | $0.67 a week |
| Total | – | $2.72 a week | $2.36 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 27 May 2023 | Cost of cover from 27 May 2023 |
|---|---|---|---|
| Death cover | $166,000 | $1.58 a week | $1.36 a week |
| TPD cover | $45,000 | $0.71 a week | $0.63 a week |
| Income Protection | $3,100 a month | $3.53 a week | $3.69 a week |
| Total | – | $5.82 a week | $5.68 a week |
| Difference | – | – | -$0.14 a week |
The total weekly decrease to the cost of Miriam’s cover is 14 cents.
Lazlo is 53 and his individual work rating is Professional. He has Income Protection with a benefit payment period up to age 65 and a 60-day waiting period.
| Cover types | Basic cover amounts | Cost of cover before 27 May 2023 | Cost of cover from 27 May 2023 |
|---|---|---|---|
| Death cover | $54,000 | $1.18 a week | $1.02 a week |
| TPD cover | $11,000 | $0.56 a week | $0.49 a week |
| Income Protection | $2,900 a month | $41.62 a week | $41.62 a week |
| Total | – | $43.36 a week | $43.13 a week |
| Difference |
– | – | -$0.23 a week |
The total weekly decrease to the cost of Lazlo’s cover is 23 cents.
2 Case studies provided are for illustrative purposes only and aren’t a representation of the actual benefits that may be received or the fees and costs that may be incurred.
