AustralianSuper Life Cover (Death Cover)
Learn more about the benefits of AustralianSuper Death Cover.
We’re committed to our readers and editorial independence. We don’t compare all products in the market and may receive compensation when we refer you to our partners, but this does not influence our opinions or reviews. Learn more about Finder .
When you look to buy a product or service, you consider how it will fit into your lifestyle, whether it will suit your needs and how many times you will use it to determine the value and justify the price. On the other hand, life insurance is something you certainly wish that you would never have to use, but that doesn’t make it any less valuable.
AustralianSuper life cover can protect your family financially in the event of your passing, with access to a death benefit that they can use to maintain your dependants' ongoing commitments.
Why choose AustralianSuper Death Cover?
When you leave the future and security of your family in the hands of a life insurance company, you want to make sure you are choosing the right provider, and with AustralianSuper you can know your life insurance will be in the hands of the world’s best insurance experts. AustralianSuper manages its business and accounts by employing managers and specialist staff in house, to meet the individual expertise needed for a leading life insurance provider.
The AustralianSuper board of directors is made up of six member representatives and six employer representatives, who oversee all aspects of operations. The investment committee then monitors a range of factors which relate to the economy, investment markets, the fund and its investment managers. These specially created teams are then complemented with a team of staff working with other leading Australian insurers, including:
- An accountant from Superpartners
- An actuary from The Heron Partnership
- National Australia Bank (NAB) as the partner bank
- KPMG as the external auditor
- An internal auditor from PricewaterhouseCoopers (PwC)
AustralianSuper is able to use their size and diversity within the industry to secure a great price on your death cover, which is much cheaper than you would be able to find as an individual.
Key features of AustralianSuper Death Cover
AustralianSuper Death Cover policy is held as part of your superannuation account, allowing AustralianSuper to automatically deduct the premiums from your super account, so you don’t have to find space in your budget for yet another bill. You must be 15 to 70 years old to apply for AustralianSuper Death Cover.
Other features of AustralianSuper Death Cover include:
- Tax benefits: When your life insurance premiums are paid through your super fund, you are effectively getting a 15% tax deduction.
- Automatic level of cover based on your age when you apply: When you join AustralianSuper, you are automatically approved for set levels of death cover, total and permanent disability cover and income protection insurance. You can apply for cover of up to $1 million of cover.
- No medical: You are not required to take a medical test when you apply for cover; however, if you decide to change your level of cover at a later date, you may need to provide some medical information.
- Nominate your beneficiaries: The death benefit of your Australian Super Death Cover policy is paid to your beneficiaries when you die. Consider a binding nomination to ensure your intended beneficiaries will receive the benefit.
Review your AustralianSuper Death Cover policy regularly
Most Australian superannuation funds will have a life insurance component, so chances are you already have some level of life insurance cover. However, this cover is often only a small amount, designed to provide some initial financial support to your beneficiaries, rather than offer them long term security and financial independence.
Therefore, when you are comparing life insurance options and considering the amounts you need, make sure you calculate your benefit amount based on your family’s current financial needs, with provisions for future developments such as children’s education, upgrading the house, family holidays or other incidental plans you don’t want your family to miss out on.
Also take the time to regularly review your life insurance cover amount, because circumstances can change significantly in just a year or two – you may have one of your children move out or get married, you may have another child or you may even separate from your partner. That is why AustralianSuper makes it easy to check the level of your death cover, by logging into your account online at any time.
More guides on Finder
Coronavirus worries: Can redundancy cover give me some security?
Redundancy cover is back on after temporary pause during coronavirus. Here's the low down on what's happening.
Budget 2020: How your super is changing
Your super fund will be "stapled" to you from job to job, and if your fund is under performing it'll be named and shamed by the government.
Life insurance for 35-year-olds
Compare life insurance policies for 35-year-olds
$1 million life insurance policies
Looking for $1 million life insurance? Compare policies here.
Can I still get life insurance if I’m overweight?
Find out if you can still get life insurance if you’re overweight, what your options are and where to get cover.
Top work perks: Aussies want more paid leave and insurance post-COVID
Finder asked 1,066 Australians about the top three perks they’d like their employer to provide in a post-COVID workplace. Flexibility, more leave and company health insurance topped the list.
Life insurance for new parents
We talk you through life insurance options for new parents.
WILD LIFE Sydney Zoo review
Centrally located, packed full of local critters and perfect for families, WILD LIFE Sydney offers a few fun hours out.
WILD LIFE Sydney promo codes for October 2020
Grab cheap tickets for your next visit to the zoo with these deals and promo codes to WILD LIFE Sydney.
Ask an Expert