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

Flexible Rollover Product spouse investors aged under 70 are eligible to purchase Death Only Insurance, which pays your partner or Estate 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 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

Value of Standard Death Only Insurance units 

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

 

  

Cost and value of Fixed Benefit 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.

Value of Fixed Benefit Death Only Insurance units 

Age last

birthday

Unit value ($) Weekly premium

Age last

birthday

 Unit value ($)

Weekly premium

up to 34 10,000  0.07 52 10,000  0.23
35 10,000  0.07 53 10,000  0.25
36 10,000  0.07 54 10,000  0.28
37 10,000  0.08 55 10,000  0.31
38 10,000  0.08 56 10,000  0.36
39 10,000  0.08 57 10,000  0.40
40 10,000  0.09 58 10,000  0.45
41 10,000  0.09 59 10,000  0.50
42 10,000  0.10 60 10,000  0.56
43 10,000  0.10 61 10,000  0.63
44 10,000  0.11 62 10,000  0.71
45 10,000  0.12 63 10,000  0.83
46 10,000  0.13 64 10,000  1.00
47 10,000  0.14 65 10,000  1.00
48 10,000  0.15 66 10,000  1.00
49 10,000  0.17 67 10,000  1.00
50 10,000  0.17 68 10,000  1.00
51 10,000  0.21 69 10,000  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 medical conditions.

 

Find out how much you're covered for

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 secure 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)

Spouse members 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

How to make a claim should the unexpected happen.

 

Related Documents

FRP Apply and Change of Death and TPD form

FRP Cancel Death and TPD form