Understanding insurance through your super
Insurance in your super can be a complex topic. That’s why we’ve prepared some handy resources to unpack the basics and help you make an informed choice.
Frequently asked questions
-
How do I check if I have insurance?Log in to your online account and navigate to 'Insurance' to check your current level of cover.
-
What level of cover do I need?
Everyone’s insurance needs are different. As your life changes, your insurance needs can change too. You should frequently review your cover to ensure it’s right for you and your situation. If you’re unsure, consider speaking to our award-winning advice team.
In the meantime, our handy Insurance calculator is a great place to start when determining what the right level of cover might look like for you.
-
What types of insurance cover does UniSuper offer?UniSuper offers three types of cover – Death, Total and Permanent Disablement (TPD) cover and Income Protection cover. Generally, when you join us, you may receive insurance cover automatically. You can cancel, decrease or apply to increase your cover to suit your needs. Insurance cover is provided by our insurer, MetLife. For the full details see Insurance in your super booklet (PDF, 827 KB).
-
How do I pay my premiums?
Good news! If you have insurance through your super, we deduct your premiums from your super balance—so there’s no need to pay separately from your hip pocket.
It’s important to make sure your account has sufficient funds to cover your insurance premiums—if it doesn’t, we may cancel your cover automatically. The cost of insurance is calculated according to your age, your gender, occupation rating (Personal Account only), type, and level of cover.
-
Can I change or cancel my insurance cover?
Yes, you can modify (increase, reduce or cancel) your cover at any time. Your insurance is flexible, and you can apply to change the cover to meet your needs. To learn more, see Change your insurance cover.
-
What’s a beneficiary?
A beneficiary is a person whom you’ve nominated to receive your super and insurance benefits if you pass away. Your nomination can be binding or non-binding. Your beneficiaries could be your spouse, children, financial dependents or a legal personal representative.
See How to nominate a beneficiary for your superannuation for more information.
-
I’m a DBD member—how does insurance differ to my inbuilt benefits?
If you’re a DBD member, you’ll generally get automatic inbuilt benefits that can be thought of as similar to insurance as they can cover you if you:
- can’t work due to illness or injury
- have a terminal illness, or
- pass away.
UniSuper (not an insurer) provides inbuilt benefits and are paid in addition to insurance cover.
We’ve built the cost of inbuilt benefits into the DBD design, so there’s no charge or premium deducted from your account—you don’t have to worry about the cost changing over time. Being part of the DBD design, you can’t change or cancel your inbuilt benefits.
See DBD inbuilt benefits for more information.
To find out more, read the Product Disclosure Statement (PDS) relevant to your membership category and the Insurance in your super booklet (PDF, 827 KB).