How do I check what life insurance I have as part of my super?

Published 03 Jan 2019

Before you start shopping for life insurance plans, find out what kind of cover you may already have through your superannuation fund. Learn how to check your current coverage first and foremost, then you’ll be better prepared to compare your options.

Below is your guide to figuring out what life insurance you have through your super.

How to check your super coverage

Each super fund has a product disclosure statement (PDS) that provides the information you need about insurance coverage. The PDS will show you who the insurer is and the type of coverage you have or could have.

It would also help to get in contact with someone that runs your super fund for this information if you need assistance understanding it. ASIC’s MoneySmart says that your super statement will also have this information and more, including:

  • Your type of insurance cover.
  • How much of it you have.
  • The cost you’re currently paying for the cover, which is deducted from your super balance.

By speaking with someone when you call your super fund provider, you’ll also be able to ask how they classify you – as in, what ‘risk characteristics’ they may have on file for you that could affect your premiums.

Types of life insurance

There are three types of life insurance that supers provide, according to MoneySmart. These are:

  • Death cover. This is the money your beneficiaries will receive when you die.
  • TPD cover. This is total and permanent disability cover, which helps you in the event you cannot work ever again due to a disability.
  • IP cover. Income protection cover assists you with funds if you have a temporary disability that keeps you from working.

Death cover and TPD cover are generally provided by super funds, and cover can be changed or cancelled depending on your needs. Other benefits of cover through your super are that the premiums can sometimes be cheaper and it’s one less payment to keep track of each month since it is automatically deducted from your super.

Once you understand the cover you have and how much you’re paying, you can then approach life insurance shopping with a more well-rounded view of your needs and whether you’d save on a plan outside of your super.

To learn if you’re eligible to receive compensation for disability, get in touch with our team of experienced lawyers at Gerard Malouf & Partners Compensation, Medical Negligence & Will Dispute Lawyers.

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