COMMON QUESTIONS ABOUT INSURANCE IN SUPER
Super 101 | Date Posted 6 May 2025
At Team Super, we offer a range of flexible insurance options designed to protect you and your family in the event something happens to you. If you have a super account and are eligible, this insurance is automatically added (and you can change or cancel it at any time).
If you haven’t needed to make a claim before, you may not have given much thought to exactly what type of cover you have or how much, and whether it suits your needs. In this article we look at three common questions that people ask about insurance through super.
1. IS IT WORTH HAVING INSURANCE?
Life insurance provides a financial safety net for you and your loved ones. It can help you keep up with medical costs and living expenses if you get sick or injured, as well as enabling your family to maintain their standard of living if you pass away. If and how much cover you’ll need depends on your personal situation. At Team Super we offer:
Death and Terminal Illness (DTI) Cover – provides a lump sum payment if you die or become terminally ill.
Total and Permanent Disablement (TPD) Cover – provides a lump sum payment if you’re unlikely to ever work again due to an illness or injury.
Income Protection (IP) insurance – provides a temporary income if you’re unable to work due to an illness or injury.
Did you know? For the 2023-24 financial year, Team Super accepted over 95% of claims.
2. HOW MUCH DOES INSURANCE COST?
The cost of your insurance depends on your insurance Division, the type and amount of cover you have, and other factors depending on which Division you’re in, such as age, gender, and smoker status (as applicable). It’s important you tell us your Occupation Group as soon as possible as it affects how much you pay for your insurance. If you don’t tell us, you could pay more for your insurance than you have to. If you hold cover in the Default Division it may also impact your amount of cover.
For more information about the costs of insurance, including the premium rates applicable for your age, read the relevant Insurance Guide.
KNOW YOUR INSURANCE DIVISION
We offer different insurance arrangements, based on which insurance Division you’re in. Generally, you're in the Default Division if you joined the Fund on or after 20 May 2024, are eligible for insurance and haven't opted into the Mining Division (or are ineligible to do so). You’re generally in the Mining Division if you joined the Fund before 20 May 2024, are eligible for insurance and/or have opted in to the insurance Mining Division.
3. CAN I CHANGE MY COVER?
You can update your insurance at any time to change things like your Occupation Group or increase or reduce your amount of cover. You can also apply for new insurance or top up your existing cover; or take advantage of special offers to increase your cover. What you can do depends on which insurance Division you’re in and when your cover started, which you can find in your online account.
TURN TO YOUR TEAM
It’s important to regularly review your insurance cover to ensure it’s right for your needs. Our friendly team can help you understand the different cover options and provide you with an estimate over the phone. During this call they’ll discuss things like what type/s and how much cover you want, your salary, Occupation Group, age and smoker status. Call us on 13 64 63 to find out more.
We can also put you in touch with Team Super Financial Advice for additional support to help you decide what’s right for you. Team Super members are entitled to a complimentary appointment. And did you know? Personal advice on how your account is invested is at no extra cost, but there are fees associated with providing more comprehensive personal financial advice. During your appointment your adviser will discuss the fees and how you’d like to proceed.
Meet the team or request an appointment with Team Super Financial Advice.