Types of insurance

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

These include:

Note that 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 and Permanent Disablement (TPD) cover

Death and TPD insurance cover can give some financial support in the difficult event 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. (It doesn’t include Income Protection cover.)

You need to satisfy certain criteria to be eligible for default insurance cover when you first join UniSuper.

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 opt 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 defined benefit if you‘re in the DBD). You can opt out of this cover at any time by logging in to MemberOnline or by completing the Change your insurance cover form on our website.

Learn more about Death and TPD insurance cover through your super from the Insurance in your super booklet.

Death-only cover

Death cover provides a lump sum payment in the event of your death 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 in the event that, due to an illness or injury, you become totally and permanently disabled 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.

Income Protection cover gives you a monthly payment for up to two years, five years or to-age-65 if you're assessed as temporarily unable to do your job because you’re disabled.

If eligible, Income Protection cover can provide up to 75% (plus up to 10% super) of your pre-disability income. It’s also flexible—you can choose from a 30, 60 or 90-day waiting period, and a two-year, five-year or to-age-65 benefit period. Note that applying to reduce your waiting period or increase your benefit period will involve providing health evidence to our Insurer.

Note, if you’re a DBD member, you won’t have access to Income Protection cover, but your membership includes temporary incapacity inbuilt benefits that provides similar benefits.

Learn more about Income Protection cover.

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 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.