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How insurance through super works

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What is superannuation insurance

Your super offers a range of insurance options to cover you if something unexpected happens.

The cost of insurance is paid out of your super account, so you don't have to budget for it separately. The cost of your cover is known as an insurance premium and the amount depends on factors such as:

  • Your age
  • Your cover type and amount
  • Your insurance category
  • Where applicable, your gender
  • Premium loadings the insurer applies
  • Any applicable waiting period and benefit period if you have income protection.

Aware Super offers death cover including terminal illness, total and permanent disability (TPD) cover and income protection. Insurance through your super can be convenient and often cost‑effective, but it’s worth checking what cover you have, how much it provides and whether it suits your needs.

Did you know
If you’re an Aware Super member, you can check what cover you have with your superannuation by logging in to your Member Online account or the Aware Super app and clicking on the Insurance tab.

Types of insurance cover

There are three common types of cover you may have with your super account:

Type of insurance cover What it helps with
Death cover including terminal illness Pays a lump sum to your beneficiaries if you die, or to you if you are diagnosed with a terminal illness. To make sure your super and insurance benefits go to the people you choose, you can easily nominate your beneficiaries in Member Online.
Total & Permanent Disablement (TPD) cover Provides financial support if you’re unlikely to work again due to illness or injury.
Income protection cover Replaces part of your income for a set period if you’re temporarily unable to work because of illness or injury.

Not all members will automatically have all three types of insurance. The type and amount of cover you hold depends on factors like age, employment status and account type. It’s a good idea to check what cover you may have been provided automatically, also known as your ‘default cover’.

If you’re an Aware Super member, you can log in to check what type of cover you have.

Benefits and considerations of insurance through your super

Benefits
 Considerations
Often can be more affordable than standalone cover Over your life course, the default cover levels may not match what you actually need. Use our insurance calculator to find out how much cover you need right now, and in the future.
Premiums are automatically deducted from your super balance There may be exclusions and waiting periods.
Often easier to set up, sometimes without medical checks Cover can sometimes end due to low balance or no contributions.

How much insurance cover do you need?

How much insurance you need depends on factors such as your dependents, lifestyle, income and debts.

Use our insurance calculator to explore how much cover might be right for you and how much it will cost.

It’s a good idea to regularly review your cover to make sure it’s at the right level to protect what you need it to and meet day-to-day expenses if something unexpected happens.

If you’d like to top up your insurance or apply for new insurance, you can do this through your Member Online account. After you apply, the insurer will contact you if they need any more information. When a decision has been made, we’ll let you know the outcome of your application.[IN1]

Check what insurance you have with Aware Super:

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When and why to review your cover

Your insurance needs will change over time. It’s a good idea to review your cover if you:

  • Change jobs or employers
  • Buy a home or take on new debt
  • Get married or start a family
  • Experience changes in your health, wealth or life.

It’s also worth checking your cover each year as cover can lapse if your balance is too low or no contributions are made.

Learn more about why you should review your insurance.

Transferring insurance cover to Aware Super

Joining or consolidating into Aware Super? You may be able to transfer your existing cover from another life insurance policy or another super fund to us. This can help you avoid losing cover and prevent paying for multiple policies unnecessarily.[C1]

Conditions can apply, so log in or contact us on 1300 650 873 to discuss your options.

See if transferring to Aware Super is right for you.

Calculate your insurance needs and cost of cover

See how much cover could be right for you.
Calculate now Not a member? Join now

FAQs

Super funds often provide death cover, TPD cover, and income protection. In some cases, these cover types can be provided automatically as default cover. Insurance premiums are generally deducted directly from your super balance.

Life insurance in super doesn’t work like a savings account. It doesn’t build up a “cash value” you can withdraw. Instead, it pays a lump sum (for example, $10,000) to your beneficiaries if you die, or to you if you’re diagnosed with a terminal illness.

Learn more about death cover

TPD cover can provide vital financial support if you become seriously ill or injured and can’t work again. Whether it’s worth it depends on your needs.

Find out more about TPD cover

Death cover can help protect your family from financial stress if you pass away. If others rely on your income, it’s worth considering.

See more about life insurance through super

Log in to your Member Online account or the Aware Super app, or check your most recent annual statement to see what cover you hold. You can also review your insurance cover types.

Your cover may end if no contributions are made and your balance drops too low.

Learn how to keep your cover

Yes. You may be able to transfer existing cover when joining Aware Super, but you'll need to cancel your other cover when your application is approved by the insurer. You can see the Insurance Handbook for eligibility criteria.

Transfer your cover

Where to next?

Types of cover

Find out more about death, TPD and income protection cover.
Explore insurance types

Nominate a beneficiary

Make sure your super and insurance benefits go to the people you choose. It’s easy to lodge your nominations online.
Nominate a beneficiary

Talk to a super expert

Aware Super members can get help with your options at no extra cost.[AD2]
Book a check-in

[AD2] Members can get advice about their Aware Super accounts at no extra cost, or advice on their broader needs for a fee.

[C1] Before consolidating, consider if this is right for you, including the loss of any insurance cover from your other funds, the impact on your investments, and potential tax implications and read the PDS and TMD at aware.com.au/pds. You may wish to speak with a qualified financial planner before making this decision.

[IN1] Insurance described in this communication is provided under group life insurance and group income protection policies issued by TAL Life Limited, ABN 70 050 109 450, AFSL 237848 (‘the insurer’, or ‘TAL’). This communication is intended to be a guide to the insurance available through Aware Super under the policies, however, all insurance is subject to the precise terms of those policies which will prevail to the extent of any inconsistency. Insurance cover is subject to the terms and conditions outlined in the applicable policy. For more information refer to the relevant Product Disclosure Statement (PDS) and Insurance Handbook.