Death & TPD insurance cover
Affordable, flexible cover, for when you and your loved ones need it most.
Our members automatically receive the default level of Death & Total and Permanent Disablement (TPD) cover when they become eligible.
Learn how default cover works here.
Death cover provides a lump-sum benefit to either your dependants or your nominated legal representative when you pass away. It also provides the same benefit to you if you’re diagnosed with a terminal illness (either through illness or injury) that’s likely to result in your death within 12 months.
TPD cover provides a lump-sum benefit to you if you become totally and permanently disabled (as defined by our insurer).
This may help with ongoing expenses and one-off costs that you or your dependants may face if you die, are diagnosed with a terminal illness or become permanently disabled and unable to work.
If you’re between 65 and 69, you receive restricted TPD cover. Insurance cover is not provided to anyone over 70. Exclusions also apply. For example, cover will not apply for any pre-existing medical conditions.
- The costs are automatically deducted from your super.
- You don’t need to remember to renew each year.
- Cover is flexible and can be changed at any time.
Tailoring your insurance cover
You have the flexibility to apply to increase, decrease or cancel your insurance at any time, or transfer the amount of your existing insurance held with another fund at any stage.
Your work category reflects the general nature of the work you do and affects the premiums you pay. 'Light Blue' is the default work category applied to you unless you tell us otherwise. Other categories include 'White Collar' and 'Professional'.
You can apply to change your work category at any time.
Fixed Premium vs Fixed Amount cover
You can choose between Fixed Premium cover or Fixed Amount cover.
Fixed Premium means the amount you pay stays the same according to your age bracket, but the amount of cover you have changes as you get older. This is designed so that you have a level of cover which varies relating to different stages of your life.
Fixed Amount cover means you choose the amount of cover you want. The cost will change as you get older, but the amount you’re insured for will stay the same.
If you apply to change your default Death & TPD cover to Death Only cover, you’ll no longer have TPD cover. Changing to Death Only cover will mean you’re insured in the event of your death or terminal illness.
Terminal Illness cover
A Terminal Illness benefit is always included as part of Death & TPD or Death Only cover. This means that if you cancel any Death & TPD or Death Only cover you have, you’ll also be cancelling Terminal Illness cover.
To be eligible to receive a Terminal Illness benefit through your Death & TPD or Death Only insurance cover, you must be diagnosed with a terminal illness (either through illness or injury) that’s likely to result in your death within 12 months.
To be diagnosed as having a Terminal Illness you must have two (2) written certifications by different medical practitioners that confirm your life expectancy to be less than 12 months. Both written medical certifications must be dated within the period where you have had cover with us.
If these conditions are met, a Terminal Illness benefit becomes payable to you on the date of the latest medical certification.
How much does it cost?
Insurance premiums are deducted from your super each quarter and are based on:
- your age
- your work category
- the type and amount of cover you have.
For example, a 34-year-old member with 2 units of 'Light Blue' Fixed Premium Death & TPD cover will have $135,000 of cover that costs $3.97 per week, or $207 per year.
A 44-year-old member with 2 units of 'Light Blue' Fixed Premium Death & TPD cover will have $60,000 of cover that costs $5.05 per week, or $263 per year.
How much is enough?
Use our insurance calculator to work out how much cover you need and what it covers.Calculate now
Insurance cover is provided by OnePath Life Limited ABN 33 009 657 176 AFSL 238 341 (“OnePath”) and subject to the terms and conditions of the insurance policies issued by OnePath.