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Understanding insurance

One of your biggest assets is your ability to earn an income. Insurance can protect you and your loved ones from financial loss.

Key points


  • If you have super, your fund may offer insurance cover as part of your membership.
  • When you have insurance through your super, insurance costs are paid for out of your super account.
  • There are three different types of insurance you can have through super:
    • income protection cover
    • death including terminal illness cover, and
    • total and permanent disablement cover.
  • Having enough insurance can help cover any debts and living expenses or provide a payment to your loved ones if you die.

Types of insurance through super

Insurance can help protect you and your family if something unexpected happens. The type of cover you choose may depend on your lifestyle and needs. Insurance through super can cover you:

  • if you lose your income because you become sick or injured
  • if you become permanently disabled and unlikely to work again
  • if you become terminally ill or die.

Learn more about the types of insurance

Death cover provides a payment to:

  • your beneficiaries if you die, or
  • you if you are diagnosed with a terminal illness.

Find out how death cover works

Tell us who you want to leave your benefit to

If you become sick or injured and are unlikely to ever work again, you shouldn’t have to worry about money. Total and permanent disablement cover is also known as TPD. It can provide a lump sum payment to you to help cover your expenses.

Learn more about TPD cover

If you’re unable to work due to an illness or injury, you might be out of work for a while. Income protection cover can provide you with a monthly benefit while you’re not earning an income. This means you can focus on your recovery.

Find out how income protection cover works

How much insurance do you need?

The amount you’ll need depends on a few things such as:

  • your age
  • if you’re married
  • if you have children
  • your living expenses and any debts you may have.

Use our insurance calculator

Apply for cover

You can top up or change your insurance so you have the right amount of cover. It can be done in a few simple steps.

Learn more about applying for cover

Basic Cover

Our Basic Cover gives you automatic insurance for:

  • Death cover
  • Total and permanent disablement cover.

Learn more about Basic Cover

Basic Plus Cover

Our Basic Plus Cover provides double the amount of Basic Cover plus an option for income protection cover.

Learn more about Basic Plus Cover

Income protection cover through IP Express

Another simple way to apply for income protection cover, if you don’t already have it, is to apply through IP Express. IP Express gives you more benefit period and waiting period options than Basic Plus Cover.

Learn more about income protection cover

To apply, you’ll need to answer some simple questions including about your:

  • employment
  • health
  • lifestyle.

Life events cover

You can increase your cover after y ou experience a life event such as:

  • any of your children turn 12 or start high school
  • an increase in your salary
  • first wedding anniversary.

For the full list of life events, refer to the relevant Insurance handbook

Get life events cover

Learn more about life events cover

Transfer your insurance

If you have insurance with another company or super fund, you can apply to transfer it to us. You cannot apply to transfer and then keep your old insurance.

Apply to transfer your insurance

Learn more about transferring your cover

Increase your insurance

You can top up your insurance at any time so you have the right amount of cover if your circumstances have changed.

Learn more about updating your insurance


Frequently asked questions

You can find out what insurance you have by:

We’ll take your insurance fees out of your super balance. The cost of your cover is known as an insurance premium. The premium is based on several factors, such as:

  • your age
  • your cover type and amount
  • your insurance category
  • any premium loadings the insurer applies.

For income protection cover, we’ll also take the following into account:

  • your waiting period
  • your 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 premium

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 things such as the applicant’s:

  • type and level of cover applied for
  • personal medical history
  • lifestyle information
  • occupation.

Underwriting may result in the insurer:

  • applying standard premium rates
  • applying higher rates 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.

Where next?

Transfer insurance to Aware Super

If you have insurance somewhere else, you can apply to transfer it to us. This means you could save money and maintain your existing cover.

Check your insurance

Did you know you can check and change your insurance using your Aware Super Member Online account?

Simple advice at no extra cost

Take advantage of simple financial advice over the phone or virtually. Our super advisers can help with questions about your Aware Super account.