See what insurance you actually have inside your super

When you join most Australian super funds you are automatically given a base level of life and total and permanent disability (TPD) insurance, paid for out of your super balance. It is called default cover because you receive it without any health questions, up to a set amount that is fixed in units rather than tied to your income or debts.

That convenience comes with trade-offs. Because the cover is one-size-fits-all, the amount rarely matches what a particular household actually needs, and the value of each unit falls as you get older even though your mortgage, family costs and health risks often rise.

Where group super cover commonly falls short

• TPD is typically assessed on an "any occupation" basis, which is harder to claim than the "own occupation" definitions available in retail policies.
• Income protection is often not included by default, so there may be no monthly benefit if you cannot work.
• There is no trauma or critical illness cover for events such as cancer, heart attack or stroke.
• Cover is not portable between funds and can lapse if contributions stop.

As a panel broker we have no ownership tie to any panel insurer, and can compare cover across 9 insurers so you can see how a tailored retail policy stacks up against what your fund gives you by default.