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/age-based and fixed. These affect how the cost of your insurance, and the amount insured, change as you age. 

Unitised/Age-based cover: This cover is designed for members who are comfortable with the level of insurance cover changing over time based on their age and who are comfortable with their insurance premiums changing over time based on their age, occupation and gender.

Fixed cover: This cover is designed for members who want to retain their sum insured at a fixed level and who are comfortable with their insurance premiums changing over time based on their age, occupation and gender.

If you’ve received automatic (default) Death and TPD cover, this is age-based.  However, you can convert from age-based cover to unitised or fixed cover, or you can convert from fixed cover to unitised cover.

Learn more about insurance costs 
To learn more about costs for Death and TPD insurance, read the PDS or use our insurance needs calculator. Members can also head to Member Online for more information on costs.