Summary
Protect what matters to you
Having the right insurance can give you peace of mind that you’ll have an income when you need it and be able to protect those close to you when they need. Your ability to earn an income could be one of your biggest assets for the future, so just like your car or home you should protect it.
Most AustralianSuper members are provided with basic insurance cover with their super1. Eligible members receive age-based cover:
- Life insurance (Death cover)
- Total & Permanent Disablement (TPD) cover
- Income Protection cover
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
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 pay you a lump sum if you become totally and permanently disabled and can’t work anymore. It can help you pay for rehabilitation, any debts you have and the future cost of living.
- Income Protection can be beneficial if you become ill or injured (whether or not at work) and can't work temporarily. It provides monthly payments to support you while you’re not earning your regular salary.
AustralianSuper provides most members with basic insurance cover for a basic level of protection with their super account. If you’re not sure whether you have insurance, or what type you have, it’s a good idea to check your account.
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.
Understanding your work rating and insurance
The type of work you do has an impact on how much you pay for insurance through your super. And what’s called a “work rating” classifies the usual activities of your job into one of three ratings:
- Blue Collar
- White Collar
- Professional
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Your individual work rating is one of the factors that determines how much you pay for your insurance cover. 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 Collar.
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.
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.
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.
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?
Every AustralianSuper member has different insurance needs. Do you need cover and how much? When making this decision think about now and the future. It may help to think about:
- 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
Read more
- Money when it matters most
- Accessing insurance through your super - Carolines's Story
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Important Information
- AustralianSuper insurance is provided by TAL Life Limited (the Insurer) ABN 70 050 109 450, AFSL 237848