Life insurance through super
If you’re looking for life insurance, you could consider getting some cover through your superannuation. The table below shows a selection of the superannuation products on Canstar’s database that provide the option of life insurance.
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The initial results in the table above are sorted by Star Rating (High-Low) , then 5 year return (High-Low) , then Provider Name (Alphabetical) . Additional filters may have been applied, see top of table for details.
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What is life insurance through super?
The purpose of life insurance is to provide you and your family or loved ones with financial security if you were to pass away, become terminally ill, or in some cases become unable to work.
Most super funds offer some life insurance to their members, according to the federal government’s Moneysmart website. Premiums are typically deducted from the balance of your super account, on a regular basis. But will the cover offered through super be enough to meet your needs?
Life cover in super may typically be only for a relatively small amount, with the former financial research firm Rice Warner saying in its Underinsurance in Australia 2020 report that the median default life insurance cover within super meets “approximately 65% to 70%” of the basic cover needs of the average household.
In addition, Moneysmart notes that while a life insurance policy held within super will tend to have cheaper premiums than one taken out separately, the level of cover it offers may be more limited.
You can use the table at the top of this page to compare superannuation funds that include life insurance as an option. Under the ‘insurance’ filter, there are additional options to tick that will adjust the table to show funds that offer Income Protection Insurance and Total and Permanent Disability (TPD) insurance.
Frequently Asked Questions about life insurance through superannuation
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Canstar Superannuation Star Ratings and Awards
Looking for an award-winning product or to switch providers or brands? Canstar rates products based on price and features in our Star Ratings and Awards. Our expert Research team shares insights about which products offer 5-Star value and which providers offer outstanding value overall. We also reveal which providers have the most satisfied customers in our dedicated Customer Satisfaction Awards.
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Michael Lund, Former Senior Finance Journalist
Joshua Sale, Group Manager, Research & Ratings
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This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.