Death cover
What is Death cover insurance through super?
Death insurance (which includes cover for Terminal Illness), provides a lump sum payment if you die or are diagnosed with a terminal illness. It can be used to pay off debts, funeral costs, or help your family pay the bills that keep coming in.
Death cover is also often called “life insurance”.
Who is eligible for Death insurance cover?
Many members already have Death insurance as part of their automatic cover. You should check to see if you already have cover by logging into your firstonline account.
To be eligible for Death cover, you must be between age 11 and 69 and meet the other conditions of automatic cover, or have applied for cover. Cover stops at age 70.
You should read the Insurance Guide for full information about eligibility and terms and conditions.
How much Death cover do I need?
How much Death cover you need will depend on your individual circumstance. It will depend on your age, income, lifestyle, living expenses, your financial situation and family circumstances.
As a starting point, ask yourself these questions:
- Who is financially dependent on you and how much would your family need to live on?
- What debts would need to be paid off immediately? Mortagage, car loans, personal loans.
- If you have children consider chilcare, school fees, extracurricular activities, medical and dental expenses.
Work out how much insurance cover you need
Use our Insurance needs calculator to help work out how much Death and TPD cover you may need.
How much does Death cover insurance cost?
Death cover costs between $0.31 and $0.77 per unit per week. The cost per unit depends on your occupation category. There are three different occupational categories:
- Blue collar / manual
- White collar / non-manual
- Professional
When your Death insurance cover starts, the cost is automatically defaulted to the higher $0.77 unit per week (blue collar / mannual). So it is worth checking to make sure you are in the right occupational category for your insurance cover.
Use our Insurance calculator to work out the cost of your insurance.
What are units in Death cover insurance?
A “unit” of insurance represents a certain amount of cover. As you get older, the amount of cover each unit is worth decreases. If you want the value of your insurance to stay the same over time, you can fix your cover by paying a bit extra.
Use our insurance calculator to get a quote on units or fixed cover.
Who receives your Death cover payment if you die?
If you die, your account balance and any insured death benefit will generally be paid as a lump sum to your beneficiary/ies or your estate.
A beneficiary is someone you have chosen in advance to receive your money. Not everyone is eligible to be a beneficiary. For example, you could choose your spouse, but usually not your sibling.
We’re here to help. So let’s talk.
If you have any questions, please call our Member Services Team on 1300 360 988, or email us.