Superannuation and insurance: how does it work?

Many people don’t realise superannuation and insurance go hand in hand. NSF Super insurance cover is designed to provide you and your loved ones with peace of mind. While most Australians insure their cars, homes and other assets, many forget to protect their most important asset – themselves and their ability to earn an income.

Insuring with NSF Super has other benefits too; premiums are deducted from your NSF Super account, and as a not-for-profit super fund, we don’t pay commissions to advisers.

You may be wondering how superannuation and insurance are related. NSF Super automatically covers you for Death and Total and Permanent Disablement (TPD) if you are under age 70 and joined NSF Super through your employer.

The amount of your automatic insurance cover varies according to your age.

Age Next Birthday Insured Benefit – Death Insured Benefit – TPD Cost (per week)*
11-24 $22,500 $54,000 $2.88
25-31 $100,000 $81,000 $4.32
32-37 $140,000 $90,000 $4.32
38 $140,000 $85,500 $4.32
39 $135,000 $81,000 $4.32
40 $120,000 $72,000 $4.32
41 $105,000 $63,000 $4.32
42 $93,000 $55,800 $4.32
43 $87,000 $51,574 $4.32
44 $85,000 $51,574 $4.32
45 $83,000 $51,574 $4.32
46 $78,000 $46,800 $4.32
47 $69,000 $41,400 $4.32
48 $60,000 $34,468 $4.32
49 $55,000 $34,468 $4.32
50 $53,000 $34,468 $4.32
51 $51,000 $30,600 $4.32
52 $43,500 $26,100 $4.32
53 $37,020 $22,212 $4.32
54 $30,000 $22,212 $4.32
55 $24,680 $14,808 $2.88
56 $21,000 $12,600 $2.88
57 $18,000 $10,800 $2.88
58 $15,000 $9,000 $2.88
59 $12,500 $6,809 $2.88
60 $10,000 $6,809 $2.88
61 $9,000 $6,809 $2.88
62 $8,000 $6,809 $2.88
63 $7,000 $6,809 $2.88
64 $6,000 $6,809 $2.88
65 $5,000 $6,809 $2.88
66 $4,500 $2,539 $2.88
67 $4,000 $2,233 $2.88
68 $3,500 $1,962 $2.88
69 $3,000 $1,724 $2.88
70 $2,500 $1,514 $2.88
Death & TPD cover ceases at age 70

*Your premium cost is calculated daily and deducted from your account on a monthly basis. The cost is correct as at 1 July 2016. The rate may change in the future, with prior notice given to members.

Members can apply for an Occupation Rating to qualify as a white collar or professional worker and receive a higher insured benefit for the same cost.

You can apply for additional voluntary insurance cover that is paid for out of your NSF Super account. The types of voluntary cover available are:

and

You can apply for Death and TPD cover on a ‘per unit’ basis (which means your premium remains fixed and your level of cover provided per unit changes with your age), or a fixed basis (which means your level of cover remains fixed and your premium changes with your age).

The cost of your voluntary insurance cover will depend on the amount of cover you request, your gender (fixed cover only), your age and occupation.

You can request to change or cancel your insurance cover at any time by completing a Request to Change Insurance form, or contacting the NSF Super team.

If you are unable to work due to illness or injury, you may be able to claim an insurance benefit. You should contact the NSF Super team to discuss your insurance cover and request the preliminary claim paperwork.

If you are a relative or executor of a NSF Super member who has passed away, you should contact the NSF Super team when possible to advise us.


Applying for insurance through superannuation is easy

To apply for additional insurance through your superannuation, simply apply online through your MemberAccess account or complete the Application for Insurance form.

Need help with your NSF Super insurance?

Click on the button below to use a handy calculator to help work out how much NSF super insurance cover you may need.