How much is enough?

You may be considering your options when it comes to insurance in your super. Once you’ve worked out what type of cover you need, then the next question is how much is enough?


Having the right amount of insurance cover

It really does matter that you’re not over insured or underinsured. With the former, you risk paying too much in insurance fees, and with the latter (a more common issue among Australians), you will see a gap between the amount of insurance you need and the amount of insurance you hold.

In fact, research by RiceWarner reveals that there has been a significant increase in the amount of insurance cover provided to Australians through super funds over the last 10 years, but in light of the current insurance landscape, the greater clarity provided by recent legislation and the COVID-19 pandemic, the underinsurance gap has widened since 2017.1

That’s why it’s important to work out how much insurance is enough. It may feel like you’re asking, “How long is a piece of string?" and the answer is actually the same. It depends, so here are a few things to consider.

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What would you do with your insurance money?

Apart from your mortgage, other debts, ongoing living expenses and maintaining your quality of life, there may be other expenses unique to you.

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How often do you review your insurance needs?

Just like your super, insurance is also not a ‘set and forget’ thing. As your personal and financial circumstances change, so will your insurance needs.

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Do you need additional cover and can you afford it?

Additional cover comes at a cost, so you also need to consider what level of cover is financially viable for you to afford.


Work it out with our handy calculator

The Insurance Needs Calculator is easy to use and can help you understand how much insurance cover you or your dependants may need in the event of your death, or an injury or illness that leaves you incapable of working.

This calculator considers three insurance types: Death, Total and Permanent Disablement (TPD) and Income Protection.

Any insurance cover request may be subject to assessment and approval by us and the insurer.



Check your current level of insurance cover

  • Log in online and click on ‘Insurance’ in the top menu to check your current level of insurance cover with us and to view other insurance details.
  • Download our Super Tracker App on the App Store or on Google Play, and select Insurance > Insurance cover.

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1 Media release: New research shows a larger underinsurance gap, 19 November 2020, RiceWarner,