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Life insurance through super

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Protecting you and your loved ones

Insurance helps to protect you and your loved ones in case something unexpected happens. Insurance is available to provide members and their families with financial security if unexpected difficulties are encountered. It can help protect you and your family in the event that you die, become totally and permanently disabled, terminally ill or are temporarily unable to work due to injury or illness.

Types of insurance we offer

While people insure their car and home, when it comes to life insurance many people have little or no cover. Think about how you or your family might cope financially if you were not able to work either temporarily or even permanently due to illness or injury or in the event of your death.

That’s why Australian Ethical Super offers Death, Total and Permanent Disablement (TPD) and Income Protection (IP) cover to our members.

Death and TPD cover is offered on a Default or Fixed cover basis which is explained further below.

Death insurance pays a lump sum amount to your loved ones if you die or suffer from a terminal illness.

Total and Permanent Disablement (TPD) insurance pays a lump sum amount to provide financial support if you suffer an illness or injury that leaves you totally and permanently disabled. Please note we do not offer standalone TPD cover.

Income Protection (IP) provides you with an income to help meet your living expenses if you're not able to work for a specified period due to illness or injury after completing the relevant waiting period. IP is only offered as a standalone product and is not offered as part of Default Cover.


To learn more about life insurance try our Personal Insurance education tool.

Please read our Insurance Guide for complete definitions of the types of insurance and the terms and conditions that apply.

To find out about how we design default insurance cover, please read our Insurance Strategy.

To help you better understand your default insurance cover, please refer to our Insurance in Superannuation Key Facts Sheet.

Benefits

There are some advantages of having insurance through your super rather than buying it yourself outside of super, such as:

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It's often cheaper

Group buying power generally means you enjoy lower premiums compared to buying insurance yourself. It can also be tax effective.

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It's convenient

Because your premiums are automatically deducted from your super account and not from your take home pay – this means you don’t have to remember to pay for it!

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Fewer medical checks

We offer a default level of cover without any medical or health checks which can be particularly helpful if you work in a high-risk job or have health conditions* that can make it difficult to get insurance outside of super. You will however need to do some medical checks if you apply for fixed cover or IP cover.

*You may still be subject to some limitations if you have a pre-existing condition. These limitations are explained in our Insurance Guide.

Manage your insurance

If you’d like to change or cancel your insurance cover, you can call us on 1800 021 227 to help you through the process.

You can also manage your insurance through your member portal, just click on ‘Manage Insurance’ on the dashboard.

Please refer to the Insurance Guide for more information about varying or cancelling your cover.

Make a claim

Step by step process on how to make an insurance claim with us.

We understand this may be a difficult time for you and your family and we are happy to help you through this process.

find out how

did you know?

You can apply to increase your cover without medical screening by applying for Life Events cover* or New Member Offer cover*.

You also have the option to Transfer your Insurance from another complying super fund*. If you consider transferring your insurance to us, we recommend that you don’t cancel your insurance until your insurance cover has been accepted.

*Eligibility terms and conditions apply. To find out more about these options including eliglibilty criteria and how to apply, please refer to our Insurance Guide

FAQs

Calculating the right level of cover you need can be a challenge. Use our insurance needs calculator to help you work out how much cover you may need – the calculator takes into consideration your lifestyle, age, and financial position.

With our insurance premium calculator, you can see what you'll pay when you increase or decrease your cover.

Note - the costs represent Fixed Cover premiums only.

We offer Default Cover, which consists of a set level of Death & TPD cover depending on your age. As you get older the amount of Death & TPD cover provided to you will change, so will the premiums you pay. Premiums are paid from your super account monthly and the amount you pay depends on your age, occupation and sex at birth.

Default Cover is automatically provided when you are age 25 or older (but under 65) and have had an account balance of $6,000. If you want cover before these conditions are met you can opt in to commence cover at any time by completing an Insurance Opt-in Form.  

If you don’t want this cover to commence automatically when you reach the eligibility conditions you can complete the Insurance Variation Form or you can call us.  

For further details on terms and conditions and how much Default Cover costs, please read our Insurance Guide

If you would like to fix your Default Cover or nominate a dollar amount of Death & TPD cover you would like to receive without it changing over time*, you can apply for Fixed Cover. Generally, premiums increase as you get older.

If you would like to fix your Default Cover, you can do this by completing the Insurance Variation Form.

If you would like to nominate a dollar amount, you will be subject to medical checks and your cover may be subject to exclusions and loadings. You can apply anytime by completing the paper Insurance Application Form or by logging into the member portal and applying online.

*The level of cover provided under Fixed Cover will remain the same regardless of your age until you reach 61 (subject to maximum insurable age restrictions). From age 61, the level of TPD cover will reduce each year until it reduces to zero at 70.

Income Protection is offered as standalone cover. You can apply for IP anytime by completing the paper Insurance Application form or by logging into the member portal and applying online.

Insurance in Superannuation Voluntary Code of Practice

Australian Ethical Super has previously stated its intent to adopt the Insurance in Superannuation Voluntary Code of Practice (the Voluntary Code). The Code had been scheduled to come into effect on 1 January 2022.

Since the development of the Voluntary Code, the majority of the requirements in the code have been overtaken by legislative and regulatory reforms. In addition, many of the elements of the voluntary code have already been implemented by Australian Ethical Super to improve member experience.

For this reason, the Code Owners announced on 1 July 2021 to replace the Voluntary Code. You can see that announcement here.

Guidance on issues not covered by legislation, including on improving outcomes for vulnerable members and claims handling for members with life insurance in group superannuation, has been jointly developed by the Code Owners and Australian Ethical Super will consider this guidance in our interactions with members.

Note: The Code Owners are The Association of Superannuation Funds of Australia (ASFA), the Australian Institute of Superannuation Trustees (AIST) and the Financial Services Council (FSC).

  • Plain language in member communications
  • Active management of insurance claims
  • Defined timing for processing of claims
  • Factsheets available on our website

The Code began on 1 July 2018, and super funds have until 1 January 2022 to fully implement the new requirements.

See our transition/implementation plan below and if you would like more information, please refer to the Voluntary Code: