Death insurance

Support your loved ones if you pass away   

Death insurance (otherwise known as life insurance) provides a lump sum payment to your beneficiaries in the event of your death or terminal illness. It can provide financial support to your loved ones when they need it most and can help with costs like a mortgage or to cover future expenses. 

Check your eligibility 

You must be aged at least 15 and under 75 and meet other eligibility criteria to obtain death insurance with CareSuper. 

For eligible Employee Plan members, standard cover (which includes death and TPD insurance) will commence automatically when you reach an account balance of $6,000, turn age 25 and receive an on-time contribution from your employer. You can also make an election so cover starts when you tell us or when you receive an on-time contribution from your employer, whichever is later. If standard cover isn’t right for you, you can tailor or cancel at any time.

Check your Insurance Guide for more information about eligibilty and terms and conditions of death cover. 

Cost of death insurance 

Eligible members have access to age-based cover or fixed death cover. 
If you have standard age-based cover the fees you pay depend on your age and other factors outlined in your Insurance Guide. They are based on weekly rates and deducted from your super account on the last calendar day of every month.

See your relevant Insurance Guide for further details on the cost of cover. 

Your occupation makes a difference to your cover 

There are two occupational categories - General and Professional - each reflecting the level of risk associated with different roles and occupations. You can apply to change your occupational category, which will result in paying less for fixed cover or getting a higher amount of age-based cover (with a slight increase in fees).  

Make a beneficiary nomination

You can tell us who you’d like your insurance benefit (plus your super account balance) to go to by:

  • Making a non-binding nomination, which means we’ll consider your wishes when deciding who receives any payment, or
  • Making a binding nomination, for greater certainty.

There are rules around who qualifies as a beneficiary, and reasons you might want to choose one nomination type over the other. 

Let’s help you find out more about nominating beneficiaries >

Apply for death cover in the ‘Insurance section’ of MemberOnline, or complete and return an Insurance application form. 

Death insurance FAQs
What is death insurance?

Death insurance (otherwise known as life insurance) provides a benefit to your beneficiary or beneficiaries in the event of your death or if you are diagnosed with a terminal illness.

How much death insurance do I need?

This depends on your individual circumstances. 

If you’re an eligible Employee Plan member, you’ll receive the standard level cover when you meet certain criteria, as outlined in your Insurance Guide. You can make an election to receive standard cover before you meet these criteria if it’s right for your circumstances.   

However, it’s a good idea for all members to review their actual insurance needs and apply to increase, decrease or cancel their cover accordingly.

For more information read your Insurance Guide and check out our insurance calculator.
If you would like to speak to someone about your insurance needs, CareSuper members have access to general and limited advice over the phone, as part of their membership.*

* Financial advice obtained over the phone, or through MemberOnline, is provided by Mercer Financial Advice (Australia) Pty Ltd (MFAAPL) ABN 76 153 168 293, Australian Financial Services Licence #411766.

How much death insurance can I have?

You can have up to $10,000,000 (age-based and fixed cover). A terminal illness claim is capped at $3,000,000 and the insured balance paid on death.

If I’ve previously been paid a terminal illness benefit or have been diagnosed with an illness that reduces my life expectancy to less than 12 months, what do I need to consider?

You will not be eligible for death, TPD or income protection insurance cover with CareSuper. If this applies to you, call us to ensure you don’t pay insurance fees for cover you aren’t eligible to claim. 

How does age-based cover work?

With age-based cover, you receive an amount of cover, based on your age, that changes as you get older.

See your Insurance Guide for further information. 

How does fixed cover work?

With fixed cover, your level of cover will stay the same but your fees will change as you get older and be determined by your age and occupational category.

See your Insurance Guide for more information. 

What is an occupational category?

There are two occupational categories: General and Professional. Your occupational category can make a difference to the amount or cost of your insurance cover. 

You automatically go into the General category. If the work you do is limited to professional, managerial, secretarial or similar ‘white collar’ tasks, you may qualify for the Professional category and receive more cover for a slight increase in fees or keep the same cover and pay less. See your Insurance Guide for more information.