Insurance cover

Transuper offers affordable insurance cover to protect you and your family in the event of injury, sickness or death.  Our size means that we can negotiate great cover at a competitive price with our insurer, CommInsure.

As a safety net, we automatically provide basic cover to all eligible members.  Cover applies 24 hours a day, at work, home or anywhere else.

You can transfer your existing level of insurance from another super fund or life insurer into Transuper without providing evidence of health. Conditions apply.

Below is information about the types of cover we offer, the cost of cover and relevant insurance forms.
 

Types of cover

Automatic basic cover

As a new Transuper member you automatically receive basic death, terminal illness and Total and Permanent Disablement (TPD) cover without filling out extra forms or providing evidence of health.

Cover includes 2 units of death (includes terminal illness) cover and 2 units of TPD cover up to age 70.*

Optional extra basic unit of death and TPD cover

You can also apply for a third unit each of basic death cover and TPD cover without providing evidence of health.

You must apply for the third unit of basic cover within 120 days of the issue date of the letter that confirms your membership in the Fund.

Fixed basic cover

Fixed basic cover means that the dollar amount of your cover stays the same and your premiums increase as you get older. You can elect to fix your basic cover at any time. You do not need to provide any evidence of health.

Lifetime event cover

You can apply for extra death and TPD cover on marriage, birth of a child, divorce, death of a spouse, as well as upon other events – without providing health evidence. Conditions apply.
 

Voluntary cover

Voluntary cover provides you with the option to increase your total insurance cover to:

• $10 million cover for death (including terminal illness) up to age 70, or
• $2.5 million cover TPD up to age 70.*

Income protection cover

You can apply for income protection insurance so you receive monthly benefit payments if you can’t work because of sickness or injury. This cover may be provided if you are under age 65 and working on a permanent basis or at least 15 hours per week.

On applying for income protection cover, you can choose either a 30 day or 90 day waiting period (different premiums apply).

An income protection benefit, up to 84% of your pre-disability income or $30,000 per month (whichever is lower), may be paid monthly for up to 2 years if you are eligible. Conditions apply.

Our interim accident cover will keep you covered for up to 120 days to the level of income protection you are seeking (to a maximum of $15,000 per month), while your application for income protection cover is being assessed.

How much does cover cost?

The premiums payable from your Transuper account for all types of insurance cover will depend on the type and level of cover you have, your current age and your insurance group.

Premiums are calculated weekly and deducted from your Transuper account monthly.

Use our Insurance cost and cover calculator to estimate the cost of insurance before you apply.
 

Insurance premium tables

Insurance premium tables detailing costs for Group 1, Group 2 and Group 3 members for basic cover (death, terminal illness and TPD cover), fixed cover, additional voluntary death cover or death and TPD cover, and income protection cover are all detailed within the insurance section of your Member Information Booklet. 
 

Download Transuper Member Information Booklet (898kb)
 

Your insurance group

There are 3 insurance categories, and your category depends on the type of work you do.

You are a Group 3 Professional member if you:

• work full time in an office in a sedentary capacity AND
• you earn a salary greater than $80,000 per annum (or pro rata equivalent if not working full time) AND
• you have an accredited higher education qualification (Higher Education Sector Accreditation under the Australian Qualifications Framework) or are eligible to belong to a recognised professional body.

• spend at least 75% of your time in an office environment with non-manual duties.

You are a Group 1 Manual member if you:

• do not meet all the criteria for either Group 2 or Group 3. 

Important

The default insurance group for all members joining the Fund is Group 1 Manual and if you have not advised us of your insurance group it will be Group 1 Manual.

If you believe the insurance group you are in does not match the type of work you do, or you have changed jobs and type of work, you should consider changing your insurance group to make sure you are paying the correct premium (see insurance forms below).
 
Call 1800 808 799 between 8am and 8pm (AEST) weekdays if you are unsure of your current insurance group. 
 

Insurance forms

For more information about Transuper’s insurance arrangements:

• Download Transuper Member Information Booklet (898kb)
• Call our Customer Service Team on 1800 808 799.

If you need help with paperwork, send an email to our Client Relations Team. Include your name, contact number and state.

Seek professional advice

Having the right insurance for your needs is important, so we suggest you seek professional financial advice before making any decisions about your insurance cover with Transuper. Transuper can give you access to the right advice. We’ll even pay for your first single issue super advice call.

Visit our financial advice section for details.
  

Transuper's insurance provider

The Trustee has taken out insurance contracts with The Colonial Mutual Life Assurance Society Limited (ABN 12 004 021 809), AFS Licence No. 235035 (‘CommInsure’) to provide insurance for Transuper. The Trustee may change the insurer from time to time.

The Trustee does not guarantee the payment of an insured benefit or the performance of CommInsure. 
 

Conditions apply to your insurance cover

Certain conditions and exclusions may apply to the granting or payment of your insurance cover. These may apply under the Fund’s insurance contract, the law or the Fund’s trust deed. The main features that apply to the insurance cover available through Transuper are set out in these pages.

Further detail can be found in the insurance section of your Transuper Member Information Booklet.
 

The Member Information Booklet also sets out the conditions under which insurance cover ends and should be considered carefully before you make any decision.

*Please be aware only some forms of TPD benefits are payable on or after age 65.