The insurance premium is the cost of your cover. The premium is based on several factors: 

• Your age 
• Your cover type and amount 
• Your insurance category 
• Any premium loadings the insurer applies

For Income Protection Cover we’ll also take into account your:

• Waiting period
• Benefit period

In addition to your insurance premiums, we deduct an insurance administration fee. This fee is $1.85 per month and helps cover the cost of managing your insurance.

Calculate your insurance premiums

You can find out what insurance you have by logging into your Member Online account or your Aware Super app.

Underwriting is the process an insurer takes to assess an insurance application. This is how they decide if they can offer any cover, the cost of cover, and if any special conditions will be applied.

Insurance is underwritten by our insurer.

The insurer's decision is based on the applicant’s:

• Type and level of cover applied for
• Personal medical history
• Lifestyle information
• Occupation

Underwriting may result in the insurer:

• Applying standard premiums rates
• Applying a premium loading, which means the insurance would cost more
• Excluding some conditions from cover
• Deferring an application
• Denying the cover due to unacceptable high risk

Some members are eligible for automatic insurance. This does not require underwriting.

Some occupations are considered dangerous and people in these occupations can find it more difficult to get insurance. Aware Super can apply an exception for these occupations. This means these people are eligible to get some Basic Cover automatically, even if they’re under age 25 or have less than $6,000 in their account.

Aware Super has decided to apply a ‘dangerous occupation exception’ for the following groups of our members:

• NSW Police officers
• NSW Ambulance officers
• NSW Rural Fire Service and NSW Fire + Rescue (excluding retained fire fighters)

There are two Aware Super premium adjustment mechanisms related to historic insurance arrangements still in force. 

These premium adjustment mechanisms are sometimes known as profit shares or experience adjustments.  The intent of these arrangements is to return a portion of premiums where the number or value of claims is better than the insurer expected in their pricing.

For the Aware Super insurance arrangements, any entitlement to a premium adjustment amount is paid into the Insurance Reserve maintained by the fund in accordance with its Insurance Reserve Policy and used for the benefit of relevant members.