When it comes to comparing Australian insurers you will often find that a company is the conglomeration of several smaller insurers or financial institutions, or the result of mergers and takeovers amongst key players in the market. While this ruthlessness for business may not be a quality you are looking for in a life insurance company, consider the breadth of experience the resulting company has when these numerous financial facets are combined.
Important: If you are under 25 years of age
Australian Super announced on 18 September 2017 that it would no longer require Australians under the age of 25 to 'opt out' of life insurance. This means life insurance is not automatically included for those under 25 years of age. Instead, younger policy holders will 'opt-in' if they want cover.
At AustralianSuper, there is a specialist staff employed in house to manage to products and services on offer, in addition to which external service providers from other leading insurers and financial institutions are used to offer and combine their expertise, including:
An accountant from Superpartners Pty Ltd.
NAB providing the banking services.
An external auditor from KPMG.
TAL limited as the group life insurer.
Legal advisers from Holding Redlich, IFS Legal Pty Ltd, Maurice Blackburn Commercial and Mercer Legal.
The unique and winning combination of these industry experts and the specialist board of directors at AustralianSuper, has been recognised with:
A Platinum Rating from SuperRatings.
Best Financial Services Site for 2012 Australia/New Zealand from Sitecore.
Employer Choice for Women citation from EOWA.
Money Magazine Best Value Insurance in Super 2011.
Smart Investor Blue Ribbon Award from The Financial Review, 2011.
Congratulations, Australian Super!
Australian Super received the following awards in the 2024 Customer Satisfaction Awards:
'Life Insurance' - Most Loved Brand (Winner)
'Life Insurance' - Top Value Brand (Winner)
'Life Insurance' - Most Trusted Brand (Winner)
'Life Insurance' - Quality Service Brand (Highly Commended)
What insurance products are on offer from AustralianSuper?
AustralianSuper has used its size and position in the market to secure bulk buying power on your behalf for great value life insurance products. With AustralianSuper, your life insurance management is easy too, with your premiums automatically deducted from your super account so you don't have to fit them into your budget, this means your insurance premiums are eligible for a 15% tax deduction, which is passed on to you.
You can apply for life insurance cover with AustralianSuper up to the value of $1.5 million, without the need for a medical test, and you can change your cover amount at any time. For example, you might want to consider the AustralianSuper Death and TPD insurance, which features:
Financial support for you and your family: If you die or you become totally and permanently disabled, you or your family will be able to receive the benefit amount paid to you as a lump sum.
Death coverage: With AustralianSuper you can be covered in case of death if you are 15 to 69 years old.
Your choice of cover and premium structure: To help your Death and TPD insurance fit in with your budget now, and your needs at the time of a claim, AustralianSuper bases your insurance on the type of work you do. This means you can choose a fixed benefit amount, where your premiums increase as you get older, or a fixed cost amount, where your premiums stay the same, but your benefit amount reduces as you get older.
You can also opt for the AustralianSuper income protection insurance policy, which offers:
An ongoing income: Your AustralianSuper income protection insurance benefit can help you keep up with your household bills and daily living expenses, even if you are unable to work because of illness or injury.
Your choice of benefit amount: The AustralianSuper income protection insurance benefits are provided in units, where each unit can provide an income of up to $500 per month in the event that you are unable to work because of temporary disability.
Income protection benefit period: The monthly benefit amount from your AustralianSuper income protection policy will be paid for up to two years, while you recover enough to return to work.
Cover until you retire: You can be protected by your income protection policy until you are 65 years old.
Payment from your super: The premiums for your income protection insurance are deducted from your super account each month. This means you don't have to put your family at risk because you think you can't afford income protection.
There are many different ways you can structure and tailor your life insurance policies to suit your family's budget, and to protect the dreams and plans you have for the future. So find out more about just how the AustralianSuper life insurance products can help you protect your family, your way.
Why compare life insurance with Finder?
You pay the same price as buying directly from the life insurer.
We're not owned by an insurer (unlike other comparison sites).
We've done 100+ hours of policy research to help you understand what you're comparing.
Frequently asked questions
According to the AustralianSuper Insurance Guide, you can apply for cover by logging in to your account online, selecting 'Insurance' from the top menu, and following the prompts to apply for death, total and permanent disablement (TPD), and income protection cover. Alternatively, you can download and complete an application form from their website, and send it to AustralianSuper by mail or email. New members can also apply for cover through an online registration process.
AustralianSuper offers Total and Permanent Disability (TPD) insurance as part of its insurance offerings. This insurance provides a lump sum payment if you suffer a permanent disability that means you are unlikely to work again in any occupation for which you are suited based on your education, training or experience. However, eligibility for this cover may be subject to certain conditions and requirements, which are outlined in the Product Disclosure Statement (PDS) and Insurance Guide.
Premiums for AustralianSuper life insurance are generally reviewed annually and may change based on a range of factors, including your age and occupation. AustralianSuper will provide you with notice if there are any changes to the premium rate that apply to your policy, including at least 30 days' written notice of any changes.
AustralianSuper's Death, terminal illness and income protection covers members up to age 70, after which the insurance cover will cease, and premiums will no longer be charged. For Total and Permanent Disablement (TPD) insurance, the maximum benefit period is until age 65, and premiums increase each year in line with CPI.
The tax implications of life insurance within superannuation can be complex. Generally, life insurance premiums paid from super aren't tax-deductible; the insurance benefits paid out to the beneficiary will be tax-free if paid to a dependent or taxed as a lump sum if paid to a non-dependent. It's recommended to consult with a financial advisor or tax professional to understand your specific tax obligations.
Important note. These FAQs were generated by ChatGPT. A real-life human at Finder – James Martin, editor for insurance – reviewed the responses before publication.
Willam Eve is the country manager for Finder's Canada operations. He has previously held the positions of group publisher of insurance for Finder Australia and lead publisher for the Finder global team. William has a Bachelor of Communications from the University of Technology Sydney, Australia. He loves the challenge of launching Finder into new markets while helping grow Finder’s global team. See full bio
Are you thinking of cancelling your life insurance policy? There are a few things that you need to be aware of before surrendering an important protection cover for you and your loved ones.
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We are committed to our readers and stands by our editorial principles
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
