Our Insurance Strategy

The Aware Super insurance strategy outlines our approach when designing the insurance we offer. Our insurance philosophy is to provide our members with an adequate level of cover at a reasonable price without eroding our members’ super savings.

When determining the types of cover, level of benefit and premium, we consider a number of factors to ensure that the cost of insurance is appropriate. Our priority is to maximise our members’ super savings so they have enough to live on when they retire.

Our default death (including terminal illness) and total and permanent disablement (TPD) insurance cover is designed to meet the needs of our general membership. In addition, members can also apply for Income Protection cover to replace up to 75 per cent of their monthly income.

Insurance design principles

These principles guide us when developing and reviewing our members’ insurance arrangements:

  • We try to ensure premiums paid by members for insurance cover provided automatically does not exceed 1% of the average salary for that group of members.
  • We seek to improve the health of our members where possible with an emphasis on prevention, early intervention and return to work strategies to keep cover affordable for all members.

  • Our default cover provides a critical safety net of cover at an affordable cost that would meet the reasonable needs of most members. Our priority is to help our members maximise wealth accumulation for retirement.
  • Where scale allows, we design our cover to meet the needs and relevance of each employment sector.

  • We seek to keep our design simple and intuitive to understand for our members.
  • We provide members guidance and access to a range of advice to assist in reviewing their insurance and further tailoring their cover to meet their individual needs.
  • We make it simple and effortless for members to change their cover based on their needs.

  • We treat existing and new members equally.

  • We seek to ensure our insurance offer and premiums are attractive to new and existing members to help the fund grow and leverage the benefits of scale for members.

Helping members understand insurance

It’s important our members understand the insurance they have and how to tailor it to their needs (including cancelling cover where required). Members can change, cancel and opt in to keep their insurance by logging in to their account online, or just check their level of cover on the Aware Super mobile app.

The Key Facts Sheet- Insurance (Employer Super) provides important information about our automatic insurance cover and can help you compare our automatic default insurance with other funds.

For more information about your insurance options read the relevant Product
Disclosure Statements
and Member Booklet Supplements (Insurance).

Eligible members can take up our automatic Death and Total and permanent disablement (TPD) insurance, and apply for Income protection insurance (up to 75% of income). Members can also increase this insurance in certain circumstances and decrease or cancel this cover at any time. Learn more about type of cover offered.

You can also apply to transfer any Life, Total and permanent disability (TPD) or
Income Protection (IP) insurance you have with another super fund or insurer,
even if you don’t yet have this insurance with us.

There are a number of online tools you can use to check your
existing level of insurance, assess and calculate your insurance needs and
apply for, or update your cover.

You can update your insurance to better meet your needs.

  • Increase your level of cover by:
  • applying for the Start-up bonus offer (where available)
  • applying for additional Life event cover.
  • Decrease or cancel all or part of your level of cover.
  • Fix your cover amount (so the benefit amount stays the same as you get older).
  • Transfer your other insurance to your Aware Super account.
  • Apply to change your occupational rating.

You can make all these insurance changes online or download the relevant form.


We’re here to help you through the claims process and make it as
smooth and simple as possible. We’ll answer all your questions and keep you or
your family up to date from beginning to end. If you need to make a claim you
should call us as soon as possible, so we can start the process.

For more information read our insurance fact sheets, available at, making an insurance claim.

As part of the claims process you may have access to:

  • a specialist support program for people with cancer and/or a
    mental health condition
  • direct communication with an Insurance Case Manager to help speed up the initial process when collecting all the relevant documentation, answering questions and providing regular updates
  • Claims Assist online – you can use this to upload your claims documents, instead of sending them by post, and track the progress of your claim, and 
  • our speedy payment process – we’ve reduced the time it takes to approve and finalise insurance payments, where possible.

Dangerous occupation exception

Generally, a new member to a superannuation fund is not eligible to receive automatic cover if they are under age 25 or have an account balance under $6,000. A superannuation fund can elect to apply for an exemption to this requirement if they believe a group of their members work in dangerous occupations and it will be difficult for these members to obtain life insurance outside the fund. Aware Super has therefore elected to apply a ‘dangerous occupation exception’ for the following groups of our members:

Generally, a police officer’s occupation is considered riskier than other occupations, which may make it harder for these members to obtain life insurance outside the fund.  Aware Super has therefore elected to apply a ‘dangerous occupation exception’ for eligible NSW Police employees and provides them with automatic insurance cover even if they are under age 25 or have an account balance under $6,000.

Aware Super recognises an ambulance officer’s occupation is considered riskier than other occupations and has elected to apply a ‘dangerous occupation exception’ for eligible NSW Ambulance employee members. Eligible members receive automatic insurance cover even if they are under age 25 or have an account balance under $6,000.

Aware Super recognises emergency services employment to be riskier than other occupations and has therefore elected to apply a ‘dangerous occupation exception’ to eligible members employed by NSW Rural Fire Service and NSW Fire + Rescue (excluding retained fire fighters). This means that eligible members receive automatic cover even if they are under age 25 or have an account balance under $6,000.

Compulsory Insurance Arrangements

We also provide compulsory insurance for eligible sworn NSW Police Officers and eligible NSW Ambulance Officers:

Police Blue Ribbon Insurance (PBRI) provides Death (including terminal illness), TPD and Income protection cover, in line with the requirement of the Police Act (1990).

Ambulance Officers’ Insurance (AOI) provides Death (including terminal illness) cover, in line with the relevant award requirements.

This insurance is paid for by the relevant employer.

Our Premium Adjustment Arrangements

There are two Aware Super premium adjustment mechanisms related to historic insurance arrangements covering periods up to the end of 2019 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 and used to reduce premium costs in future for relevant members.

For the Police Blue Ribbon Insurance (PBRI) arrangements, the amount, if any, is used to reduce future premiums by offsetting against premiums that would otherwise be payable. 

Insurance Voluntary Code of Practice

In 2018, three industry bodies1 got together and developed the Insurance in Superannuation Voluntary Code of Practice (“the Voluntary Code”) to establish what the highest standards of value and service should be when providing members with insurance in super. The Voluntary Code had been scheduled to come into effect on 1 January 2022. We strongly support the Voluntary Code and continually look for ways to improve our insurance.

Since the development of the Voluntary Code, the majority of the requirements in the code have been superseded by legislative and regulatory reforms which have been implemented. For this reason, the Code Owners (ASFA, AIST, FSC) announced on 1 July 2021 to replace the Voluntary Code with Guidance Notes to support vulnerable members and appropriate claims handling standards . See further details on the announcement.

Aware Super has been compliant to most of the elements of the Voluntary Code. We’ll continue to refer to the Voluntary Code and the new Guidance Notes to further refine and enhance our insurance product and service to our members.

1The Association of Superannuation Funds of Australia (ASFA), the Australian Institute of Superannuation Trustees (AIST) and the Financial Services Council (FSC)