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Adjusting insurance through your super

Education HUB article

5 minute read

Adjusting insurance through your super

If you’re like many Australians, when it comes to your health insurance, utilities, or even your mobile plan, you tend to leave them in the ‘set and forget’ pile or ‘too hard’ basket.

With life insurance, it’s probably no different. You may already have some form of cover through your super; however, the chances are you haven’t looked at the details too closely.

What is life insurance through super?

There are a few different types of life insurance including death, total and permanent disablement (TPD) and income protection (IP). Life insurance through super can offer financial support if you become sick or injured and unable to work, as well as helping to take care of your loved ones when you’re no longer around.

Depending on your super fund, your age, and your account balance, you may have been automatically provided with a level of death cover, total and permanent disablement (TPD) cover, and income protection (IP) when you joined.

But because life insurance through super is designed to provide cover for a large number of people, it’s not going to be tailored to your individual circumstances.

Changing your cover to help suit your needs

There are a number of options available if you think you need to change your cover to better suit your needs. You may be able to apply to your super fund for an increase or decrease to your level of cover.

If it wasn’t included when you joined, you may also be able to apply for IP cover. You can also choose to cancel your cover if you decide it’s not right for you.

If you choose to increase your cover or adjust other features, you may be asked to provide personal information about your health, lifestyle, and occupation. And, depending on the information you provide in your application you may also need to get a health check.

Depending on your individual circumstances, the introduction of the Protecting Your Super  (PYS) and Putting Members’ Interests First (PMIF) legislation that impacts insurance within super may influence your cover.

Understanding these changes is important, especially if your super balance is low (below $6,000) and you’re under 25 years old, or your super account has been inactive for 16 months.

Personalising your cover

When deciding on the level of cover that’s right for you, there are a few factors to assess. Firstly, the number of children or dependents you have should be taken into consideration. It’s also important to understand what savings or debts you have.

Secondly, it’s vital to think about the financial impact on you and your family if  your income stopped due to injury, illness, or if you were to pass away.

You can contact your fund at any time to understand what cover you have to help you decide whether it’s right for you.

For more handy articles, visit our Education HUB.


A Wealth specialist can help guide you. Make an enquiry today. 

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Things you should know

Sandhurst Trustees Limited

Sandhurst Trustees Limited ABN 16 004 030 737 AFSL 237906 (Sandhurst) is a wholly owned subsidiary of Bendigo and Adelaide Bank Limited ABN 11 068 049 178 AFSL 237879. Each of these companies receive remuneration on the issue of the product or service they provide. Sandhurst is the responsible entity and issuer of the managed funds available on this website, and is also the trustee and issuer of the Bendigo superannuation products. Investments in these products are not deposits with, guaranteed by, or liabilities of Bendigo and Adelaide Bank and are subject to normal investment risk, including possible delays in repayment and loss of income and capital invested. Before making an investment decision in relation to one of these products you should consider your situation and read the relevant Product Disclosure Statement available on this site.

Sandhurst is the issuer of the commercial lending products and the provider of any traditional trustee services available on this website. The Bendigo Funeral Bond (“the Bond”) is an investment product issued by Australian Friendly Society Limited (“the Society”), ABN 29 087 648 851 AFSL 247028, with benefits provided by the Society’s Funeral Benefit Fund established under Schedule 1, Rule E of its constitution and administered by Sandhurst. The Travel Protection Plan is issued by AIA Australia Limited ABN 79 004 837 861 AFSL 230043. The Society is associated with the Bank and its related entities. Neither the Bank nor any of its related entities guarantee the repayment of capital invested or the investment performance of the Bond. Information is correct at the date of this document and is subject to change.

The content on this website has been jointly prepared by Sandhurst and Bendigo and Adelaide Bank and contains general advice only. Advice in relation to superannuation and managed investment schemes is provided by Sandhurst and advice in relation to life risk insurance is provided by Bendigo and Adelaide Bank. It is provided as general information and must not be relied upon as a substitute for financial planning, legal, tax or other professional advice. The information is given in good faith and has been derived from sources believed to be accurate at its issue date. Neither Sandhurst nor the Bendigo and Adelaide Bank give any warranty for the reliability or accuracy or accept any responsibility arising in any way, including by reason of negligence for errors or omissions for the information contained on this website. The information contained on this website is subject to change without notice. Neither Sandhurst nor the Bendigo and Adelaide Bank has an obligation to update, modify or amend this website or notify you in the event that a matter of opinion or projection stated changes or subsequently becomes inaccurate.

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Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL / Australian Credit Licence 237879. Any advice provided on this website is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the applicable Disclosure Documents before acquiring any product described on this website. Please also review our Financial Services Guide (FSG) before accessing information on this website. Information on this page can change without notice to you.

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