Money when it matters
However much we like to think 'it won't happen to me', you never really know what's around the corner. If the worst happens, you may not be able to rely on sick pay, savings, the help of family, or workers' compensation to get by.
Insurance through your super can provide you with a safety net if the unexpected happens. At work or outside work - 24 hours a day, seven days a week. And it's paid out of your super account, not your take home pay, so it's hassle free.
I don't think I can afford insurance cover. Do I really need it?
If you're not sure, you should consider getting advice to help work out what cover you need (if any) and how much is right for you. More information is available at australiansuper.com/advice
When making a decision about whether you need cover and how much, you should think about now and the future. Below are some examples of why you might need insurance cover.
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You rely on your income to pay living expenses such as rent, bills and food
Jacob has finished his hairdressing apprenticeship. He's landed a full-time hairdressing job and moved out of home into a share house. He’s loving his new independence so he wants to apply for Income Protection and TPD cover just in case he gets sick or something happens to him and he can’t work. -
You have debts such as a mortgage, student loan, personal loan, credit card or car payments
Raj is single and has just bought his own apartment. He manages his finances carefully every month to make his mortgage and credit card payments. He wants Income Protection and TPD cover so he can continue making his payments in case he can’t work due to an accident or ill health. -
You need to provide for children or anyone else you support financially
Sienna has a two year old daughter and works part time in retail. She wants to make sure her husband and daughter have financial support if she dies or can’t work because of illness or injury, so she wants to apply for Death, TPD and Income Protection cover. -
You have a job where there's a higher chance of injury than normal
Sarah got her first full time job in construction last year. She lives with her mum who’s on a Disability Support Pension, so she pays fortnightly board and contributes to the monthly bills. Sarah’s thinking about taking out Death, TPD and Income Protection. She wants peace of mind that if anything happens to her, she can either leave a death benefit to her mum or if she’s injured, have enough to pay the bills while she recovers. -
You participate in sports competitively or as a hobby
Mario loves to hit the slopes on weekends during winter. A couple of his snowboarding mates have had injuries that forced them to take time off work for a number of weeks. Mario wants to apply for Income Protection and TPD cover just in case he gets seriously injured and can’t work in his removalist job due to an accident or injury. -
You're self-employed or employed on a contract
Alex rents an apartment on their own. They’ve recently left their full-time job to start their own business working as a freelance graphic designer. When workloads are quieter, they also pick up the occasional shift as a ride-share driver. They’re considering applying for TPD cover and Income Protection through their super in case they get sick or something happens and they’re unable to work.
If any of this sounds like you but you're not sure how much insurance you need, our insurance calculator can help you figure this out. Plus it will tell you how much it'll cost.
Paying for your insurance cover from your super account (monthly) may mean you'll have less for retirement. But having cover can provide peace of mind for you and your family if the worst happens. That's why it's a good idea to consider if cover is right for you.
What types of cover can I get with AustralianSuper?
Income Protection
If you’ve got a job and you get sick or hurt, at or outside of work (no-one plans a snowboarding injury), Income Protection can provide monthly payments to help you get by when you’re not earning.
Total & Permanent Disablement (TPD) cover
What if you get seriously injured and can’t ever go back to work? TPD cover can pay a lump sum to help cover costs like rehab or debt repayments.
Life insurance
Got a family? Life insurance (Death cover) can help ease the financial stress on dependants by paying them a lump sum if something happened to you.
- In the event of a claim your eligibility for benefits will be determined by the Insurer in line with our insurance policy terms and conditions. For terms and conditions about insurance, including current costs, how much you can apply for, what you’re covered for, when it stops, limitations and exclusions, and your insurance options, read the Insurance in your super guide for your division at australiansuper.com/InsuranceGuide. AustralianSuper insurance is provided by TAL Life Limited (the Insurer) ABN 70 050 109 450, AFSL 237848.
- Personal financial product advice is provided under the Australian Financial Services Licence held by a third party and not by AustralianSuper Pty Ltd.