Adjusting your insurance cover through 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.

So what is life insurance through super?

Life insurance through super can offer financial support if you become sick or injured and unable to work, or help take care of your loved ones if 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.

And 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 needs.

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, now and into the future. You may be able to apply to your super fund for an increase (or decrease) to your level of cover or apply for IP cover if it wasn’t included when you joined. 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 make adjustments to 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.

OK, so what else might I need to consider?

When deciding on the level of cover that’s right for you, some things you might want to think about are the number of children or dependents you have, and any savings or debts. It may be worth taking time to consider how you (or your family) would be able to take care of the bills if your income stopped due to injury or illness, or if you were to pass away.

There are also limitations and features in superannuation that you should be aware of, as the cover in most cases is standard compared to holding insurances outside superannuation.

You can leave your family in a worse position, same position or better position by dictating the level of cover you take out and options available, this will ultimately impact how much you pay for the cover.

If you’re looking for further information, there are a range of tools and resources available, such as online calculators that can help you decide what level of cover might be suitable for your needs. A handy place to start might be ASIC’s MoneySmart website.

We offer a service to compare the top insurers in Australia and recommend the most appropriate options for your situation to provide you with a Personal Protection Plan.

You can also contact your fund at any time to understand what cover you have to help you decide whether it’s right for you. You may also get in touch by calling our office at 9188 1547 and or email so we can organise a complimentary review of  your overall financial health and current protection arrangements.




Before acting on any of the information contained in this article you should obtain special advice from a specialist investment or risk professional, which is appropriate to your specific investment or risk needs, objectives and financial situation.

Tags: , , , , , , , , , , ,

Ronald Pratap

Principal Financial Planner at RP Wealth Management | Financial Planning l SMSF I Insurance l Property Advisory. Our purpose is to provide our clients with sound advice and direction to assist with their financial affairs and help them make the best choices in achieving what is important to them.


Level 2
351 Oran Park Drive
Oran Park N.S.W 2570

  • Ronald has always gone above and beyond for getting the best for my husband and I. He is always very punctual and helpful in giving advice. Ronald makes us feel comfortable and that no question is a silly one. I would 100% recommend him to anyone.

    Matthew (32) & Yasna Dench (31)
    Regional Sales Manager | Special Education Teacher

  • I have been working with Ronald for over 6 years. During this time, Ronald has been outstanding in his efforts to improve the bottom line of my portfolio. His continued guidance and enthusiasm makes him the perfect adviser and manager of personal finances.

    Sharad Bhasin (54)
    Deputy Harbour Master

  • I found Ronald to be very knowledgeable about all aspect of finance and being very helpful in overseeing my finances and making sure that I will live comfortably for quite a few years to come. his friendly nature comes from deep down and his clients are treated like family. I will not be afraid of recommending Ronald to all my relatives and friends.

    Carmelo Venturini (69)

  • Ronald is a very friendly, knowledgeable and competent person, this is shown in every conversation we have had and it is a peace of mind knowing he is in control of my financials. Thank you

    Greg B (35)
    Warehouse Supervisor

  • Ronald at RP Wealth Management offers an invaluable service to my Estate planning clients by providing professional advice about protecting their family and their wealth with different insurance products in the event of a tragedy. Ronald is incredibly knowledgeable and always provides exceptional customer service to his clients.

    Kaisha Gambell (29)

  • I have had the pleasure of dealing with Ron and have found him to be both knowledgeable and sincere. He is someone that believes that if you do the right thing by people they will do the right thing by you. I would not hesitate to recommend Ron to people that are looking for someone to provide them with an ethical outcome

    Mario Z (32)


    Follow us

    Check out our social media pages for more updates from RP Wealth Management