When it comes to comparing Australian insurers you will often find that a company is the conglomeration of several smaller insurers or financial institutions, or the result of mergers and takeovers amongst key players in the market. While this ruthlessness for business may not be a quality you are looking for in a life insurance company, consider the breadth of experience the resulting company has when these numerous financial facets are combined.
Important: If you are under 25 years of age
Australian Super announced on 18 September 2017 that it would no longer require Australians under the age of 25 to 'opt out' of life insurance. This means life insurance is not automatically included for those under 25 years of age. Instead, younger policy holders will 'opt-in' if they want cover.
At AustralianSuper, there is a specialist staff employed in house to manage to products and services on offer, in addition to which external service providers from other leading insurers and financial institutions are used to offer and combine their expertise, including:
An accountant from Superpartners Pty Ltd.
NAB providing the banking services.
An external auditor from KPMG.
TAL limited as the group life insurer.
Legal advisers from Holding Redlich, IFS Legal Pty Ltd, Maurice Blackburn Commercial and Mercer Legal.
The unique and winning combination of these industry experts and the specialist board of directors at AustralianSuper, has been recognised with:
A Platinum Rating from SuperRatings.
Best Financial Services Site for 2012 Australia/New Zealand from Sitecore.
Employer Choice for Women citation from EOWA.
Money Magazine Best Value Insurance in Super 2011.
Smart Investor Blue Ribbon Award from The Financial Review, 2011.
What insurance products are on offer from AustralianSuper?
AustralianSuper has used its size and position in the market to secure bulk buying power on your behalf for great value life insurance products. With AustralianSuper, your life insurance management is easy too, with your premiums automatically deducted from your super account so you don't have to fit them into your budget, this means your insurance premiums are eligible for a 15% tax deduction, which is passed on to you.
You can apply for life insurance cover with AustralianSuper up to the value of $1.5 million, without the need for a medical test, and you can change your cover amount at any time. For example, you might want to consider the AustralianSuper Death and TPD insurance, which features:
Financial support for you and your family: If you die or you become totally and permanently disabled, you or your family will be able to receive the benefit amount paid to you as a lump sum.
Death coverage: With AustralianSuper you can be covered in case of death if you are 15 to 69 years old.
Your choice of cover and premium structure: To help your Death and TPD insurance fit in with your budget now, and your needs at the time of a claim, AustralianSuper bases your insurance on the type of work you do. This means you can choose a fixed benefit amount, where your premiums increase as you get older, or a fixed cost amount, where your premiums stay the same, but your benefit amount reduces as you get older.
You can also opt for the AustralianSuper income protection insurance policy, which offers:
An ongoing income: Your AustralianSuper income protection insurance benefit can help you keep up with your household bills and daily living expenses, even if you are unable to work because of illness or injury.
Your choice of benefit amount: The AustralianSuper income protection insurance benefits are provided in units, where each unit can provide an income of up to $500 per month in the event that you are unable to work because of temporary disability.
Income protection benefit period: The monthly benefit amount from your AustralianSuper income protection policy will be paid for up to two years, while you recover enough to return to work.
Cover until you retire: You can be protected by your income protection policy until you are 65 years old.
Payment from your super: The premiums for your income protection insurance are deducted from your super account each month. This means you don't have to put your family at risk because you think you can't afford income protection.
There are many different ways you can structure and tailor your life insurance policies to suit your family's budget, and to protect the dreams and plans you have for the future. So find out more about just how the AustralianSuper life insurance products can help you protect your family, your way.
Why compare life insurance with Finder?
You pay the same price as buying directly from the life insurer.
We're not owned by an insurer (unlike other comparison sites).
We've done 100+ hours of policy research to help you understand what you're comparing.
Frequently asked questions
According to the AustralianSuper Insurance Guide, you can apply for cover by logging in to your account online, selecting 'Insurance' from the top menu, and following the prompts to apply for death, total and permanent disablement (TPD), and income protection cover. Alternatively, you can download and complete an application form from their website, and send it to AustralianSuper by mail or email. New members can also apply for cover through an online registration process.
AustralianSuper offers Total and Permanent Disability (TPD) insurance as part of its insurance offerings. This insurance provides a lump sum payment if you suffer a permanent disability that means you are unlikely to work again in any occupation for which you are suited based on your education, training or experience. However, eligibility for this cover may be subject to certain conditions and requirements, which are outlined in the Product Disclosure Statement (PDS) and Insurance Guide.
Premiums for AustralianSuper life insurance are generally reviewed annually and may change based on a range of factors, including your age and occupation. AustralianSuper will provide you with notice if there are any changes to the premium rate that apply to your policy, including at least 30 days' written notice of any changes.
AustralianSuper's Death, terminal illness and income protection covers members up to age 70, after which the insurance cover will cease, and premiums will no longer be charged. For Total and Permanent Disablement (TPD) insurance, the maximum benefit period is until age 65, and premiums increase each year in line with CPI.
The tax implications of life insurance within superannuation can be complex. Generally, life insurance premiums paid from super aren't tax-deductible; the insurance benefits paid out to the beneficiary will be tax-free if paid to a dependent or taxed as a lump sum if paid to a non-dependent. It's recommended to consult with a financial advisor or tax professional to understand your specific tax obligations.
Important note. These FAQs were generated by ChatGPT. A real-life human at Finder – James Martin, editor for insurance – reviewed the responses before publication.
Willam Eve is the country manager for Finder's Canada operations. He has previously held the positions of group publisher of insurance for Finder Australia and lead publisher for the Finder global team. William has a Bachelor of Communications from the University of Technology Sydney, Australia. He loves the challenge of launching Finder into new markets while helping grow Finder’s global team.
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Review the Australian Seniors Life and compare options available.
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