Insurance Inside Super

HOW TO GET INSURANCE

Insurance Inside Super

Making 'Life' Easy

Your super may already be protecting you with built-in life insurance so check your insurance inside your super today.

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A large number of superannuation funds have a built-in life insurance policy.

Insurance inside superannuation is an affordable way to manage life insurance for many Australians and it is important to regularly check the insurance cover inside your super and make sure it meets your needs.

IT'S MORE THAN DEATH COVER

Life Insurance

Life Insurance can sometimes be called Death Cover and pays a lump sum to your chosen beneficiary if you pass away

Income Protection

Income Protection is for serious accidents or illness which stop you from working for a prolonged period and pays a percentage of your wage

TPD Cover

Total and Permanent Disablement Insurance is for serious accidents or illness which permanently stop you from working and pays a lump sum
The benefits
Buy in bulk

Super funds purchase life insurance in bulk making insurance generally cheaper for their members 

Tax advantages

Premiums are paid from your superannuation account which could offer tax advantages

Good for cash flow

Premiums don’t come out of your regular income which can be good for cash flow

Automatic cover 

Many super funds automatically accept you for cover without requiring a health check

Fund support 

Your super fund manages your claim and supports you through the process

When you should check your insurance

Key life stages, or ‘moments’ can be a timely trigger for you to check your protection.

  1. Buying a home or increasing an existing mortgage
  2. Starting a family or the birth of a child
  3. Getting married or divorced
  4. Changing jobs or making the decision to retire

What to consider when reviewing your insurance

Everyone's situation is different and it's important to think about your needs and your family circumstance when reviewing your insurance cover. 

  • How much insurance do you currently have and would it cover your lifestyle if you couldn’t work?
  • How much are you paying for it?
  • What are you covered for?
  • Do you have debts that would need to be covered if you could no longer work?
  • What are your long-term costs associated with living, including medical and children’s education?
How to adjust your insurance cover
1. Check

To review your current insurance, look at your superannuation statement, log in to the secure portal or call them.

2. Choose

Think about what type of insurance you may need to suit your life stage.

3. Calculate

Use the calculator on your super fund’s website to get a guide on how much insurance cover you may need.

4. Adjust

To alter or apply for additional cover, log in to your super fund's secure portal. If not available, head to your super fund's website or contact them direct.

5. Confirm

Once you’ve submitted your application you’ll get confirmation of your cover or an indication of what other steps might be required.

 
Discover what insurance cover you have by selecting your fund below