Death Insurance (Triple S)
To ease the financial burden on your loved ones.
Most Triple S members will be provided with three default units1 of Standard Death and Total & Permanent Disablement (TPD) Insurance until age 70.
Being a combined cover, this means it is not possible to elect to have Death only (or TPD only) insurance.
A lot of people think that their superannuation Death Benefit automatically forms part of their estate and is distributed according to their Will (or under the laws of intestacy). That is not the case.
A Triple S Death Benefit will be paid out according to a set hierarchy, which is:
1. To your Legal Personal Representative (LPR) if you have nominated one;
2. To your spouse or putative spouse, if you have one, and if you have not nominated an LPR; or
3. To your estate, if you have not nominated an LPR and are not survived by a spouse or putative spouse.
How much cover do I have?
You can login to the online member portal to find out how much you’re currently covered for.
You can also use the Insurance Calculator to help determine what level of insurance you may need to meet you and your family’s needs, should the unexpected happen.
The Insurance Calculator provides quotes for Death and Total & Permanent Disablement cover.
Can I change my level of Death and TPD Insurance cover?
- Purchase more Standard units of cover, or Fixed Benefit Insurance units
- Elect to have fewer Standard units of cover, or Fixed Benefit Insurance units, or
- Cancel your cover 1,2
However, the maximum value of Death and TPD Insurance you can have is $1,500,000 for full-time or part-time employees, or $750,000 for casual employees.
When purchasing insurance, you’ll need to complete a personal statement about your health. Limitations may be applied to your cover for any pre-existing medical conditions.
Members also have the option of applying for Fixed Benefit insurance, which is an alternative type of cover that can provide you with a fixed level of cover until you reach age 70. For more information on this type of cover please refer to the Triple S Death and TPD & Death Only Insurance fact sheet.
How much does Standard Death and TPD Insurance cost?
Standard Death and TPD Insurance units cost $1 per unit, per week.
The value of each unit starts decreasing once you reach age 35.
How much does Fixed Benefit Death and TPD Insurance cost?
The cost of a Fixed Benefit unit is based on your age and the premiums will increase as you get older. Please refer to the relevant table in the Triple S Death and TPD & Death Only Insurance fact sheet for more information on this type of cover.
The value of each Fixed Benefit unit will not decrease in value with age. Once you fix your level of cover it remains the same until you advise us you want to change it, or you reach age 70.
Who does my death benefit go to?
Your death benefit will be paid to your surviving spouse.
Alternatively, Triple S members can also choose to nominate for their death benefit to be paid to their nominated Legal Personal Representative (LPR) (ie Estate).
By nominating your LPR, the death benefit will be paid to your Estate rather than your spouse and distributed according to your Will.
Nominating an LPR is not the same as nominating a beneficiary. The rules do not allow you to nominate specific beneficiaries. For further information on how a death benefit is paid and the required documents please refer to the Making a Claim for a Death Benefit page.
How does death insurance work within spouse accounts?
Spouse Members have access to Death Only insurance, which can be applied for on or after opening a spouse account in either the Triple S Scheme or Flexible Rollover Product (FRP).
For Triple S Spouse Members, any Death Only insurance ceases when the Triple S member ceases to be a member (ie withdraws their Triple S balance) or when the spouse member is no longer the spouse of the Triple S member (ie has divorced or permanently separated from the Triple S member).
As spouse members do not automatically receive cover, insurance must be applied for3.
Spouse Members have the option of choosing between Standard and Fixed Benefit Death Only insurance. For further information please refer to the Product Disclosure Statement, Reference guide and insurance fact sheets for the relevant scheme. If you have additional questions after referring to this material please call Super SA on (08) 8214 7800 for further information.
2 Keep in mind that if you decrease or cancel your Triple S insurance and you apply to increase your level of cover in the future, you will be required to provide information about your health, and limitations may be applied to your cover for any pre-existing medical conditions.
3 Death insurance is not payable where a claim arises from suicide within the first 12 months after the commencement or increase in the level of cover.