Protecting you and your loved ones
Insurance is available and may provide members and their families with financial support if difficult times are encountered. It may help protect you and your family if you die, become totally and permanently disabled, terminally ill or are temporarily unable to work due to injury or illness.
Benefits
There are some benefits and advantages of having insurance through your super rather than buying it yourself outside of super, such as:
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It's often cheaperGroup buying power generally means you enjoy lower premiums compared to buying insurance yourself. It can also be tax effective. Information about the levels of cover and premiums are set out in the Insurance Guide. |
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It's convenientBecause your premiums are automatically deducted from your super account and not from your take home pay – this means you don’t have to remember to pay for it! |
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Fewer medical checksWe offer a default level of Death and Total & Permanent Disablement Cover (‘Default Cover’) without any medical or health checks which can be particularly helpful if you work in a high-risk job or have health conditions*. You will however need to do some medical checks if you apply for Fixed Cover or Income Protection. *You may still be subject to some limitations if you have a pre-existing condition. These limitations are explained in our Insurance Guide. |
Insurance needs calculator
Calculating the right level of cover you may need can be a challenge. Use our insurance needs calculator to help you work out how much cover you may need – the calculator takes into consideration your lifestyle, age, and financial position.
Insurance cover calculator
With our insurance premium calculator, you can see what you’ll pay when you increase or decrease your cover.
Note – the costs represent Fixed Cover premiums only.
Types of insurance we offer
While most people insure their car and home, when it comes to life insurance many people have little or no cover. Think about how you or your family might cope financially if you were not able to work either temporarily or even permanently due to illness, or injury or in the event of your death.
That’s why Australian Ethical Super offers Death, Death and Total & Permanent Disablement (TPD) and Income Protection (IP) cover to our members. We do not offer standalone TPD Cover.
Death and TPD Cover is offered as Default Cover or Fixed Cover, which is explained further below.
Default Cover commences automatically for members who are at least 25 (but no older than 65) and have a super balance of at least $6,000. If you want cover before these conditions are met, you can opt-in to commence cover in the join form or afterwards by completing an Insurance Opt-in Form.
To help you better understand Default Cover, please refer to our Insurance in Superannuation Key Facts Sheet, our Insurance FAQs and our Insurance Guide for all the terms and conditions that apply.
While Super Funds must provide Default Cover once the eligibility criteria are met, Default Cover is not compulsory and is provided on an opt-out basis. New members have the option to opt-out of Default Cover when they join. If you’re an existing member and your Default Cover hasn’t commenced, you can contact us (by phone or email) or you can complete the Insurance Variation Form to opt out of cover commencing.
For members that already hold insurance cover and want to cancel their insurance you can do this online via the member portal, by contacting us (by phone or email) or you can complete the Insurance Variation Form.
For further information about opting-out or cancelling cover and how this may impact you or your beneficiaries in the future, please view our Insurance FAQs.
If you’d like insurance cover that is tailored to your personal circumstances, we offer Fixed Cover for:
- Death Cover
- Death and Total & Permanent Disablement (TPD) Cover
When you apply for Fixed Cover you are required to answer medical questions and cover may be subject to certain restrictions or loadings.
If you’d like to receive a monthly benefit if you’re temporarily unable to work due to injury or illness, you can apply for IP Cover.
When you apply for IP Cover you are required to answer medical questions and cover may be subject to certain restrictions or loadings.
We’ve further explained the purpose of each benefit type below:
Death Cover pays a lump sum amount to your loved ones if you die or suffer from a Terminal Illness.
Total and Permanent Disablement (TPD) Cover pays a lump sum amount to provide financial support if you suffer an illness or injury that leaves you totally and permanently disabled. Please note we do not offer standalone TPD Cover.
Income Protection (IP) provides you with an income to help meet your living expenses if you're not able to work for a specified period due to illness or injury after completing the relevant waiting period. IP is not offered as part of Default Cover and you will need to apply for IP.
Please read our Insurance Guide for complete definitions of the types of insurance and the terms and conditions that apply.
To learn more about life insurance try our Personal Insurance education tool.
Did you know?
You can apply to increase your cover without medical screening by applying for Life Events Cover* or New Member Offer Cover*.
You also have the option to Transfer your insurance from another complying super fund*. If you consider transferring your insurance to us, we recommend that you don’t rollover your account balance or don’t cancel your insurance until your insurance cover has been accepted.
*Eligibility terms and conditions apply. To find out more about these options including eliglibilty criteria and how to apply, please refer to our Insurance Guide
Manage your insurance
If you’d like to change or cancel your insurance cover, you can call us on 1800 021 227 to help you through the process.
You can also manage your insurance through your member portal, by clicking ‘Insurance’ on the dashboard.
Please refer to the Insurance Guide for more information about varying or cancelling your cover.
Make a claim
Step by step process on how to make an insurance claim with us.
We understand this may be a difficult time for you and your family and we are happy to help you through this process.
Choose who receives your Death Benefit
You can nominate a beneficiary to receive your Super balance and any Death Cover you may hold in the event of your passing.
Australian Ethical Super provides you with three death beneficiary options for your account. Some important legal considerations are outlined below.
- Binding death nominations - you have the choice to determine who should receive your death benefit as long as the people you nominate are classified as a dependant under superannuation law. You can complete the Binding Death Nomination Form to nominate your beneficiary. Please note you need to update your binding nomination every 3 years for it to remain valid.
- Non-binding death nominations (also known as a 'preferred nomination') – As this nomination is not binding, the Trustee has the discretion to pay your money to one or more of your dependants or your legal personal representative (i.e. the executor of your estate). You can make a preferred nomination from your online account from the ‘Beneficiaries’ section.
- No death benefit nomination - your benefit will be paid at the discretion of the Trustee to one or more of your dependants and/or legal representative. It's best to read the Product Disclosure Statement to understand everything you need to know about death benefit nominations.
Regardless of which option you choose, the Trustee must ensure that your money is paid to your dependants or legal personal representative.
Still have questions?
You can call us on 1800 021 227 8.30am to 5.30pm AEST/ AEDT Mon-Fri, or view all frequently asked questions about insurance through Super below