Do you have the right insurance?

Having the right insurance cover for your needs can help you feel prepared and protected if life doesn’t go to plan.

Most working Australians have some insurance through their super.

But an analysis of insurance needs compared to the cover that people have, shows millions of Australians are underinsured.¹

Are you underinsured?

Australia’s underinsurance gap:

• Most working Australians have default insurance cover through their super.
• Around 1 million Australians are underinsured for death cover and total and permanent disability (TPD) cover.
• Around 3.4 million people are underinsured for income protection insurance.
• Underinsurance is highest among Australians aged under 35 years, followed by those aged 35-45 years.
• The biggest gap between cover and need is among Australians aged 45-54 years with death and TPD cover.

Source: Australia’s Life Underinsurance Gap: Research Report, October 2022

What underinsurance means

Underinsurance means if you can’t work, your cover might mean you:

• won’t have enough money to pay off debts
• can’t afford important expenses like health and recovery costs or children’s education
• won’t have enough replacement income.

What insurance can I get through my super?

We provide three types of cover and design all our cover to help provide you and your employees with security and peace of mind. We offer:

• Death cover is designed to provide your family, or any nominated beneficiaries with a lump sum of money or a regular income stream if you die. Additionally, if you are diagnosed with a terminal illness, you may be able to receive your death benefit as a terminal illness benefit.
• Total & Permanent Disability (TPD) insurance pays you a lump sum if you are unable to work again due to illness or injury. This allows you to take care of yourself and your loved ones, as well as cover any ongoing medical costs.
• Income Protection cover can help maintain the lifestyle you’ve built for yourself and your loved ones by paying you a weekly benefits if you are unable to work due to serious illness or injury.

Find out more about insurance with us to help protect you and your employees’ financial future.

Here for you

You can be confident we’re here when you need us. Of the claims we finalised from 1 January to 31 December 2022, we accepted:²

• 97.4% of Death cover claims
• 95.0% of TPD cover claims
• 98.4% of Income Protection cover claims

Change your insurance as your life changes

Our cover is flexible so you can make changes as your life changes.

You can change or cancel any or all of your insurance at any time to meet your personalised needs.

Learn more

You can find out what insurance cover you have and can easily personalise your insurance cover by logging into Member Online

1. Financial Services Council, October 2022, Australia’s Life Underinsurance Gap: Research Report, accessed 2 August 2023
2. Australian Securities and Investments Commission (ASIC) MoneySmart website’s Life insurance claims comparison tool, accessed 2 August 2023 at moneysmart.gov.au