How much you pay for your Death and TPD cover will depend on your level of cover and age, as well as your occupational rating and the type of cover. If you’re on parental leave, you may be eligible for premium-free cover with our parental leave premium waiver. It’s important to understand that insurance premiums are deducted from your super balance, which reduces your retirement savings. If you need to reduce or cancel your insurance, you can do so at any time.

Every occupation receives an ‘occupational rating’. This reflects how dangerous a job is and affects how much you pay for your insurance. For example, if you have a White collar rating, you’ll pay lower premiums than if you had a Heavy Blue rating. If you’ve received default cover, you’ll be covered under our Standard (or Light Blue) occupational rating unless and until you tell us otherwise. See our PDS  for details.   

It’s a good idea to check your occupational rating, as you may be eligible for a lower-risk rating – which in turn may reduce your premiums. If you change jobs, you should also check that your occupational rating matches your new position. 

There are two types of cover for Death and TPD insurance – unitised and fixed. These affect how the cost of your insurance, and the amount insured, change as you age. 

• Unitised cover: The level of cover is based on your age. The number of units, the value of each unit, and the cost of the cover that you hold may increase or decrease as your age increases.
• Fixed cover: The amount of cover stays the same while the cost typically increases with age. However, your TPD cover will reduce from age 60. As fixed cover costs can become expensive as you approach retirement age, it’s important to consider whether you still require the same level of cover.