Types of insurance

There are several types of insurance cover available to eligible UniSuper members.

These include:

DBD members are eligible for inbuilt benefits (self-insured by UniSuper) that provide an income stream in the event of disablement and temporary incapacity. If you transfer from the DBD to Accumulation 2, your inbuilt benefits will be transitioned to external insurance cover.

Death and Total & Permanent Disablement (TPD) cover

Death and TPD insurance cover can give some financial support if you become terminally ill, permanently disabled or die. You can choose to have Death-only cover, TPD-only cover, or Death and TPD cover.

Note, if you're a DBD member, you also generally have inbuilt death and disablement benefits.

Default Death and TPD cover

When you first become a UniSuper member, you automatically receive default insurance cover, provided you meet certain eligibility criteria.

Depending on your age, default cover is one unit of Death and TPD insurance cover.

Income Protection is not offered as default cover.

Default Death and TPD cover is ‘unitised’, which means the cost of each unit of cover stays the same over time, however, the amount of cover you get reduces as you get older. You can also choose to have fixed cover, which means the cost increases over time, but the amount of insurance you get stays the same.

Premiums are deducted from your account (or the accumulation component of your account if you‘re in the DBD). You can opt out of this cover at any time by logging in to your account or by completing the Change your insurance cover form.

Learn more about unitised and fixed Death and TPD premiums and benefits.

Transferring insurance from another fund

If you have insurance cover with another super fund, you may be able to transfer it to UniSuper, provided you meet certain conditions. Read more about transferring insurance from another fund.

Death-only cover

Death cover provides a lump sum payment if you die or if you’re diagnosed with a terminal illness. Your beneficiaries and/or your estate may receive your insured benefit in the event of your death.

TPD-only cover

TPD provides a lump sum payment if you become totally and permanently disabled
as a result of an illness or injury, and you satisfy any other applicable criteria.

Income Protection cover

Income Protection cover could help with some of your daily living expenses if you fall ill or are injured and you’re off work for some time as a result.

Features of income protection

  • can provide up to 75% (plus up to 10% super) of your pre-disability income
  • choose from a 30, 60 or 90-day waiting period
  • choose a two-year, five-year or to-age-65 benefit period.

Note that you’ll need to provide health evidence to our insurer to reduce your waiting period or increase your benefit period.

Learn more about Income Protection premiums and benefits.

If you’re a DBD member, you don’t have access to Income Protection cover, but your membership includes inbuilt temporary incapacity benefits that provide similar protection.

Transitioned cover

If you’re a Defined Benefit Division (DBD) member, your inbuilt benefits may be transitioned to external Death, TPD and Income Protection cover if:

  • you’re in your first 24 months of DBD membership and you decide to transfer to Accumulation 2 membership, or
  • you decide to use your defined benefit component to purchase a Flexi Pension as part of a Transition to Retirement (TTR) strategy.

In some circumstances, transitioned cover is also provided when members transfer from Accumulation 1 to Accumulation 2.

Pre-existing conditions

The insurance cover you receive on the day you become an Accumulation 2 or Personal Account member will generally only cover you for events occurring from that date onwards. This cover will generally be subject to a pre-existing condition (PEC) exclusion. See the Insurance in your super booklet for more information.

Learn more:

Life events cover and salary increase cover

Life Events cover and Salary Increase cover provide straightforward processes for you to increase your insurance cover during a range of life’s major events or after a salary increase.

Life events cover

Members under age 55 can apply to increase their Death and/or TPD cover due to a life event (e.g. purchasing a home, getting married, having a child, etc.)

Salary increase cover

With Salary Increase cover, you may be eligible to increase your Income Protection cover by one unit—subject to the maximum cover limit—with limited underwriting.

Read more about Life Events/Salary Increase cover.

Need some advice?

UniSuper Advice helps thousands of members navigate the financial side of important life events each year.

Talk to UniSuper Advice on 1800 UADVICE (1800 823 842) and see how they can help you.

This page provides a snapshot of the types of insurance cover that may be available to UniSuper members. Before making any decisions, read the PDS relevant to your membership category and the Insurance in your super booklet.