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Superannuation and insurance: how it works

Many people don’t realise superannuation and insurance go hand in hand. Nationwide Super insurance cover is designed to provide you and your loved ones with peace of mind. While most Australians insure their cars, homes and other assets, many forget to protect their most important asset – themselves and their ability to earn an income.

Insuring with us has other benefits too; premiums are deducted from your Nationwide Super account, and as a not-for-profit super fund, we don’t pay commissions to advisers.

Automatic Death & TPD Cover

You may be wondering how superannuation and insurance are related. Nationwide Super automatically covers you for Death and Total and Permanent Disablement (TPD) if you are under age 70 and joined us through your employer.

The amount of your automatic insurance cover varies according to your age.

Age Next Birthday Insured Benefit – Death Insured Benefit – TPD Cost (per week)*
11-24 $22,500 $54,000 $2.74
25-31 $100,000 $81,000 $4.11
32-37 $140,000 $90,000 $4.11
38 $140,000 $85,500 $4.11
39 $135,000 $81,000 $4.11
40 $120,000 $72,000 $4.11
41 $105,000 $63,000 $4.11
42 $93,000 $55,800 $4.11
43 $87,000 $51,574 $4.11
44 $85,000 $51,574 $4.11
45 $83,000 $51,574 $4.11
46 $78,000 $46,800 $4.11
47 $69,000 $41,400 $4.11
48 $60,000 $34,468 $4.11
49 $55,000 $34,468 $4.11
50 $53,000 $34,468 $4.11
51 $51,000 $30,600 $4.11
52 $43,500 $26,100 $4.11
53 $37,020 $22,212 $4.11
54 $30,000 $22,212 $4.11
55 $24,680 $14,808 $2.74
56 $21,000 $12,600 $2.74
57 $18,000 $10,800 $2.74
58 $15,000 $9,000 $2.74
59 $12,500 $6,809 $2.74
60 $10,000 $6,809 $2.74
61 $9,000 $6,809 $2.74
62 $8,000 $6,809 $2.74
63 $7,000 $6,809 $2.74
64 $6,000 $6,809 $2.74
65 $5,000 $6,809 $2.74
66 $4,500 $2,539 $2.74
67 $4,000 $2,233 $2.74
68 $3,500 $1,962 $2.74
69 $3,000 $1,724 $2.74
70 $2,500 $1,514 $2.74
Death & TPD cover ceases at age 70

* Your premium cost is calculated daily and deducted from your account on a monthly basis. The cost is correct as at 1 July 2017. The rate may change in the future, with prior notice given to members.

Members can apply for an Occupation Rating to qualify as a white collar or professional worker and receive a higher insured benefit for the same cost.

Get the details here
Superannuation and insurance cover – what are your options?

You can apply for additional voluntary insurance cover that is paid for out of your Nationwide Super account. The types of voluntary cover available are:

Death and/or TPD cover Income Protection cover

You can apply for Death and TPD cover on a ‘per unit’ basis (which means your premium remains fixed and your level of cover provided per unit changes with your age), or a fixed basis (which means your level of cover remains fixed and your premium changes with your age).

The cost of your voluntary insurance cover will depend on the amount of cover you request, your gender (fixed cover only), your age and occupation.

Changes, cancellations and claims made simple

You can request to change or cancel your insurance cover at any time by following the links from the Insurance section of your online MemberAccess account, completing a Request to Change Insurance form, or by contacting us.

If you are unable to work due to illness or injury, you may be able to claim an insurance benefit. You should contact us to discuss your insurance cover and request the preliminary claim paperwork.

If you are a relative or executor of a Nationwide Super member who has passed away, you should contact us when possible to advise us.

Applying for insurance is easy

You can apply for additional insurance online through your MemberAccess account or complete the Insurance Application form.

Click here to login to MemberAccess

Need help with your insurance?

Click on the button below to use a handy calculator to help work out how much insurance cover you may need.

Insurance Needs Calculator