Protection when you need it the most

Super Informed
Info for members
28 Jul 2022
4 min read

We insure lots of things in our lives—our homes and cars, just to name a couple. But what about ourselves?

Child being strapped into car seat

Insurance through your super

Sometimes in life, not everything goes to plan, so it’s important to make sure you and your loved ones are protected in case something does go wrong. That’s where insurance through your super comes in.

It helps to understand how it works, and how you can select the right level of cover for you. Here we take you through some of the basics of insurance through UniSuper.

What does UniSuper offer?

External insurance cover

We provide three types of insurance cover through our external insurer, TAL—one of Australia’s largest life insurers: 

  • Death cover: provides a payment if you pass away or have a terminal illness.
  • Total and Permanent Disablement (TPD) cover: provides a payment to you if you can’t work due to permanent disability. 
  • Income Protection cover: provides cover for up to 85% of your salary (including up to 10% super) as a monthly payment if you can't work because you’re injured or ill. Income Protection can’t cover you if, for example, you lose your job because your employer closes its business or if your work hours have reduced.

Learn more about the types of insurance cover

Inbuilt benefits

Inbuilt benefits are provided only to members of our Defined Benefit Division (DBD).

Inbuilt benefits are in addition to any external insurance cover you may hold, and can cover you if you can’t work due to illness or injury, if you have a terminal illness, or pass away. 

Although it might seem like inbuilt benefits are similar to external insurance cover, they’re very different:

  • UniSuper provides inbuilt benefits—not an external insurer
  • they’re determined by formulas that factor in your work arrangements, age and salary
  • you can’t opt out of them—they’re built into the design of the DBD
  • unlike premiums you would pay for external insurance cover, there is no charge deducted from your account for inbuilt benefits.   

How can UniSuper help to protect me?

Scenario External insurance cover: Accumulation 1, Accumulation 2, Personal Account, Defined Benefit Division  Inbuilt benefits: Defined Benefit Division only  
Unable to work temporarily due to illness or injury Income Protection cover* Inbuilt temporary incapacity benefit
Unable to work permanently due to illness or injury Total and Permanent Disablement (TPD) cover Inbuilt disablement benefit
Death or terminal illness Death cover (includes terminal illness) Inbuilt death benefit 
Inbuilt terminal medical condition benefit

* Income Protection cover is not available to DBD members because DBD members generally have access to the inbuilt temporary incapacity benefit.

How do I pay for my external insurance cover?

Good news! If you have external insurance through your super, we deduct your insurance premiums from your super balance—so there’s no need to pay separately. It’s important to make sure your account has sufficient funds to cover your insurance premiums when they are due—if it doesn’t, we may cancel your cover automatically. The cost of external insurance is calculated according to your age, type, and level of cover.

How do I pay for my inbuilt benefits?

If you’re a DBD member, the cost of inbuilt benefits is built into the DBD design, so there’s no premium or charge deducted from your account. This means you won’t have to worry about the cost of inbuilt benefits changing over time.

How do I change my external insurance cover?

Change is sometimes inevitable in life. As your situation changes, so too could your insurance needs, so it’s a good idea to frequently review your cover to make sure it’s still right for you.

Our Insurance calculator could help determine your needs. You can log in to your online account to change your level of cover to suit your needs. You may need to provide evidence of your health to increase your cover.

UniSuper Advice is a multi-award winner 

Before deciding to change your insurance cover, consider talking to UniSuper’s award-winning advice team.  

Our super consultants can provide information and general advice on a range of topics at no extra cost, including insurance. You don’t have to be a UniSuper member to meet with a super consultant. Book an appointment in-person on campus, online or over the phone, or call 1800 823 842.

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