Death Only Insurance provides cover to help ease the financial burden in case of your death

Flexible Rollover Product investors under age 70 are eligible to purchase Death Only Insurance, which pays a lump sum in the event of your death.

You can choose one of two types of cover, Standard or Fixed Benefit Insurance cover, which differ in value and cost.

The cost of your insurance cover is automatically deducted from your account every fortnight. 

 

Cost and value of Standard Death Only Insurance

  • The cost is $0.50 per unit, per week
  • The value of each unit starts decreasing once you reach age 35

Cost and value of Standard Death Only Insurance 

Age
last birthday
Unit
value ($)
Age
last birthday
Unit
value ($)
Up to 34 75,000 52 22,000
35 72,000 53 20,000
36 69,000 54 18,000
37 66,000 55 16,000
38 63,000 56 14,000
39 60,000 57 12,500
40 57,000 58 11,000
41 54,000 59 10,000
42 51,000 60 9,000
43 48,000 61 8,000
44 45,000 62 7,000
45 42,000 63 6,000
46 39,000 64 5,000
47 36,000 65 5,000
48 33,000 66 5,000
49 30,000 67 5,000
50 27,000 68 5,000
51 24,000 69 5,000
    70+ not offered

 

 

Cost and value of Fixed Death Only Insurance

  • The value of each unit is fixed at $10,000 and doesn’t decrease over time
  • The premium increases with your age.

Cost and value of Fixed Death Only Insurance

 

Age
last birthday
Weekly
premium ($)
Age
last birthday
Weekly
premium ($)
36 & under  0.07 53  0.25
37  0.08 54  0.28
38  0.08 55  0.31
39  0.08 56  0.36
40  0.09 57  0.40
41  0.09 58  0.45
42  0.10 59  0.50
43  0.10 60  0.56
44  0.11 61  0.53
45  0.12 62  0.71
46  0.13 63  0.83
47  0.14 64  1.00
48  0.15 65  1.00
49  0.17 66  1.00
50  0.19 67  1.00
51  0.21 68  1.00
52  0.23 69 1.00
    70+  not offered

 

 

Applying for Death Only Insurance

To apply to purchase Death Only Insurance you must complete a personal statement about your health and limitations may be applied to your cover for any pre-existing conditions.1

 

Find out how much cover you have - and how much you need

You can use the Insurance Calculator to work out whether it’s enough to meet you or your family’s needs should the unexpected happen.

Login to the online member portal to find out how much you’re currently covered for.

Finding the current value of your insurance

  • Once you're logged into the secure member portal:
  • Click on Triple S under Account Information
  • This will take you to the My Account Summary page
  • Scroll down and click on the + sign next to the heading Insurance Summary

Your insurance amount will be displayed

 

Fixed Death Only Insurance (closed to new applications since November 2014)

Investors are no longer able to apply for Fixed Insurance units of cover. You’ll find more information here.

 

Insurance and beneficiaries

Should you die, your entitlement will be paid to your surviving spouse and/or a putative spouse. Should you not have a partner, the entitlement will be paid to your Estate.

Flexible Rollover Product investors can 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, or if you do not have one, the Statutes. Nominating an LPR is not the same as nominating a beneficiary. The rules do not allow you to nominate specific beneficiaries.  

 

Making a claim

For information on making a claim click here.

1 Unless you have transferred from Triple S within the last 60 days.

 

Find out more:

FRP Insurance fact sheet

FRP Cancel Death and TPD or Death Only Insurance