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Think ahead. Act now for the future

What insurance in super do you have?

We believe everyone should be able to protect their future and have financial security if something ever happens. Having the right insurance is really important*.

Here are three main insurance types within super for you to consider*:

Death Cover

paid on the death of the insured member or if they are diagnosed as terminally ill with a life expectancy of generally 12 or 24 months.

Total & Permanent Disability (TPD)

paid if an insured member becomes disabled and is unable to ever work again or unable to look after themselves.

Income Protection

provides a replacement income of a specified amount for members who are unable to work due to illness or injury.

*We recommend that you seek help from a financial adviser to obtain advice tailored to your own personal circumstances.


What insurance do you need?  

The type of cover that might suit you, and the amount of cover you’ll need, will depend on your personal circumstances. When it comes to determining your insurance needs, you may need to consider* things such as:

  • your income
  • how many children or other dependants you have
  • whether you earn the sole income in your family, or contribute a portion of income to the family budget
  • your level of debt•
  • the value of any available assets (and whether they are easily accessed)
  • your family’s current level of expenditure, and
  • whether there are likely to be any significant increases to expenditure (for example education expenses)

*We recommend that you seek help from a financial adviser to obtain advice tailored to your own personal circumstances.


When should you review your insurance?

Any time is a good time to review the amount of insurance cover you have in super. Or certain life events may occur that prompt you to review your insurance cover. These events may include:
  • getting married or divorced
  • having children
  • receiving a promotion at work or changing your employment arrangements (for example, reducing or increasing your normal working hours, or being made redundant)
  • buying property or any other asset involving a loan
  • starting your own business, and
  • children starting school


How to get insurance in super?

Due to government rules for insurance in super, we’re not able to provide automatic insurance cover until:

  • you’re at least age 25
  • your account balance is at least $6,000 or
  • your account doesn’t become inactive (inactive means your super account hasn’t received a rollover or a contribution for 16 months).

What could government changes to insurance in super could mean for you?