How much insurance cover do I need?

How much insurance cover is right for you?

The type and level of cover that’s right for you will depend on your individual circumstances. Some key considerations can include your age, income, lifestyle, living expenses, financial situation and family circumstances — just to name a few.

As your life changes, your insurance needs can change too. When you go through significant life events, it can be a good reminder to review your cover to make sure it still fits your needs. For example, if you purchase a home, get married, have a baby or adopt a child.

Insurance through your super

Taking out insurance cover through your super can be a convenient and affordable way to meet your insurance needs. We bulk-buy insurance cover, which helps keep the costs of premiums down. We also deduct premiums from your super balance, so you don’t need to organise payment separately.

At UniSuper, we offer three types of insurance cover: Death, Total & Permanent Disablement (TPD) and Income Protection.

Death cover

Death cover provides a payment if you’re diagnosed with a terminal illness or pass away. When thinking about what amount of Death cover is right for you, you might want to consider things like family expenses (for example education costs), any debts (including a mortgage), and funeral costs.

TPD cover

TPD cover gives you a lump sum payment if you can’t work due to permanent disability. When thinking about what amount of TPD cover is right for you, you might want to consider things like your rent or mortgage payments, your family’s lifestyle and living expenses, the cost of potential modifications to your home, any loans or debts, and your current income.

Income Protection cover

Income Protection cover provides a monthly payment if you can't work because you’re injured or ill. When thinking about what amount of Income Protection cover is right for you, you might want to consider things like your current income, your rent or mortgage repayments, your family’s lifestyle and living expenses, and any debts you have.

Note: Income Protection cover is not available to Defined Benefit Division (DBD) members.

Ready to review your insurance?

You can get an estimate of your insurance needs through our insurance calculator. The calculator can also give you an estimate of how much the cover costs if you take out the insurance through UniSuper.

If you already have insurance through your UniSuper account, you can manage your cover by logging in to your online account and selecting Insurance from the menu options.

Looking for one-on-one support? Our financial advisers can help you work out what type and level of cover is right for you. Call 1800 823 842 to get started.