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 super 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 if they die, become sick or get injured. Eligible members receive age-based cover:
- Life insurance (Death cover)
- Total & Permanent Disablement (TPD) Cover
- Income Protection cover
How does insurance through super work?
The right cover 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.
Insurance by the numbers
Over the past 10 years, AustralianSuper paid over $4.1 billion across more than 63,200 claims2 to help members and their families.
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
- As at 30 June 2023, “Money when it matters most – insurance in your super” effective 6 November 2023.
- As at 24 February 2023, “AustralianSuper reduces insurance costs” from 27 May 2023.
- Voluntary Code of Practice in Insurance Annual Code Compliance Report FY22