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Home / Super funds / Insurance and super

Insurance and super

Insurance and super

Three types of insurance coverage are permitted to be provided within super funds:

  • Life,
  • Total and permanent disability (TPD), and
  • Income protection.

A default level of insurance coverage is automatically provided when you join a super fund. However, it’s important that you regularly review whether or not the coverage provided is appropriate for your needs when your circumstances change over time.

Larger super funds can generally offer cheaper premiums than you could individually negotiate directly with insurance companies. However, if you’re a member of multiple super funds, you may have excess default coverage.

Self-managed super fund (SMSF) trustees must consider whether to take out appropriate insurance cover for each member of their fund as part of preparing their investment strategy.

Set out below are the latest articles that relate to insurance and super.

PremiumCase study: How to reduce tax on your TPD payments from super

Case study: How to reduce tax on your TPD payments from super

March 1, 2022

If you suffer a total and permanent disability, making the most of any TPD insurance you have in super is crucial.

Video: Beginners guide to super and insurance

Video: Beginners guide to super and insurance

January 21, 2021

Camille Schmidt from SuperRatings talks about some of the benefits of being insured through your super fund, what types of insurance you can get, how to think about your insurance needs, how to compare insurance options and why premiums have recently risen.

PremiumSuper funds with the lowest fees for life and TPD insurance

Super funds with the lowest fees for life and TPD insurance

January 20, 2021

Life insurance premiums inside superannuation are on the rise due to legislation making insurance opt-in for young members, inactive accounts and low balance accounts.

PremiumSuper funds with the lowest fees for income protection insurance

Super funds with the lowest fees for income protection insurance

January 20, 2021

The cost of Income Protection insurance has increased sharply, but some super funds are bucking the trend.

PremiumTPD insurance through super: A definitive guide

TPD insurance through super: A definitive guide

January 18, 2021

TPD cover is a valuable part of default insurance inside super. But there are big differences in what funds offer, so it’s important to understand the details.

PremiumIncome protection insurance through super: A definitive guide

Income protection insurance through super: A definitive guide

January 18, 2021

Income protection insurance through your super fund will help pay the bills if you can’t work temporarily. But it’s important to understand exactly how these policies work.

PremiumInsurance inside super: A definitive guide

Insurance inside super: A definitive guide

January 18, 2021

Insurance inside super can be confusing, but it’s an easy way to ensure you’re financially protected if something goes wrong. Check our 7 steps for taking control.

PremiumLife insurance through super: A definitive guide

Life insurance through super: A definitive guide

January 18, 2021

Insurance cover through your super fund offers cost effective protection for your family if you die. Here’s a simple guide to death cover, with a checklist of issues you need to consider

Industry offers temporary fix for junk TPD insurance in superannuation

Industry offers temporary fix for junk TPD insurance in superannuation

July 11, 2020

The cover is much harder to claim if you’re unemployed, casual or part-time, because of the ‘activities of daily living’ test.

3 reasons the TPD insurance in your super might be junk

3 reasons the TPD insurance in your super might be junk

February 13, 2020

People working casually, part-time or in ‘hazardous’ jobs may be paying for junk total and permanent disability insurance.

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