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Life insurance through super explained

Education HUB article

5 minute read

Life insurance through super explained

When it comes to putting life insurance in place, there can be a lot to consider. From how to access cover, to thinking about the types and levels of insurance that may be right for you.

Having the appropriate life insurance can provide financial support if you become unwell or injured, as well as helping to take care of your loved ones when you’re no longer around.

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Insurance through super explained

What type of life insurance cover is available through your super?

Making decisions on life insurance is a personal choice. But for many, accessing cover through super offers convenient and competitive life insurance solutions. And depending on your age and account balance, cover may have automatically been provided when you joined.

There are a few different types of cover that may be available including death, total and permanent disablement (TPD) and income protection (IP).

  • Death cover provides a lump sum payment to your loved ones if you pass away or are diagnosed with a terminal illness. If injury or illness prevents you from being able to work, there are other types of cover that can help provide financial support.
  • IP cover replaces part of your monthly income if you’re temporarily unable to work due to illness or injury.
  • TPD cover provides a lump sum payment in the event you become permanently disabled.

The benefits of life insurance through super

Super funds usually arrange cover for a large group of people, meaning they might be able to offer lower premiums for you and other fund members. However, this will depend on your fund and a range of factors, including your individual circumstances.

When you join a super fund, you may automatically have cover without requiring a health check. On the other hand, if you were to apply for life insurance yourself, you may need to provide personal information about your health, lifestyle, and occupation.

Having insurance through your super also means you pay for premiums directly from your super account. This means you can get cover regardless of your financial situation, without impacting your monthly cash flow.

What else do I need to consider?

There are a few things to think about before deciding whether insurance through your super fund is right for you.

For instance, the types of insurance and levels of cover available may be limited, and certain exclusions may apply. And because cover isn’t tailored to your circumstances, it’s important to consider what you need.

Recent changes to law have impacted the way insurance through super is provided, so there could be cases where your cover is switched off unless you tell your fund you want to keep it.

And with premiums being deducted from your super, you should consider how that will affect your overall account balance, as well as how much it will leave for you in retirement.

Getting the right cover for you

If you’re not sure what cover you have in place already, or if it’s right for you, you can contact your super fund at any time.  There may be options to adjust your insurance, such as increasing or decreasing your level of cover, or applying for different features or benefits.

There are many resources available to help you make an informed decision about your life insurance. And a handy place to start could be ASIC’s MoneySmart website, which provides information on a range of financial topics.

To learn more about a wide range of topics, 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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