Insurance Fees

more info from AvSuper iconThe information on this web page forms part of the AvSuper Product Disclosure Statement (dated 1 October 2021) and AvSuper Corporate Product Disclosure Statement (dated 1 October 2021). Please refer to your PDS and our AvSuper Member insurance guide and/or member investment guide for more information.

The following tables and information outlines the fees and amount of cover provided by AvSuper insurance cover as described in our member insurance guide.

 

Please select the relevant tab below for the type of cover you are interested in.

Important notes about insurance fees 

  • Insurance fees are calculated and deducted from your super account at the end of each month.
  • The fees shown below are gross, as required by law. However, tax rebates for insurance fees that AvSuper receives will be applied to relevant member accounts, so members generally pay up to 15% less than the gross cost shown.
  • Any applicable stamp duty has been factored into all our insurance fees.
  • Fees for your insurance cover may include fee loadings or exclusions applied by the insurer. Note that these loadings and exclusions will not affect any existing Automatic cover.
  • The Trustee does not guarantee the rates. Any rate changes will be published on this page and you will be notified in writing.
  • Members may have corporate and voluntary cover at the same time through one AvSuper account, but Automatic Cover will not apply to corporate members.

 

Automatic cover

All eligible* members are provided with automatic insurance cover to provide a minimum level of two units of our cost-effective death and TPD insurance cover. Fees for this cover are based on AvSuper’s voluntary cover for a light blue collar worker, by default.

Voluntary death and TPD cover

Voluntary cover is available to all eligible accumulation members, and includes cover transferred from Corporate cover.

Weekly fees (per unit of cover)

Type of cover Occupation class
Professional White collar Light blue collar Heavy blue collar
Death only $0.34 $0.40 $0.57 $1.03
Death and TPD $0.51 $0.60 $0.85 $1.53

 

Value of a voluntary death or death/TPD unit at your age

Age Death only and Death/TPD Age Death only and death/TPD
15-26 $84,000 46 $21,000
27 $82,000 47 $18,500
28 $80,000 48 $16,000
29 $78,000 49 $16,000
30 $76,000 50 $13,000
31 $73,500 51 $13,000
32 $71,500 52 $10,500
33 $69,500 53 $10,500
34 $67,500 54 $8,000
35 $65,500 55 $8,000
36 $61,000 56 $8,000
37 $57,000 57 $8,000
38 $52,500 58 $8,000
39 $48,500 59 $8,000
40 $44,000 60 $5,500
41 $40,000 61 $5,500
42 $36,000 62 $5,500
43 $31,500 63 $5,500
44 $27,500 64-69 $5,500
45 $23,000    

Income protection insurance cover

These fees are based on your age and occupation class. This table shows the monthly fee rate per unit ($100 monthly benefit) for light blue collar workers.

Click on your age group below to view the relevant rates.

Age 30 day waiting period 90 day waiting period 180 day waiting period
Short term Long term Short term Long term Short term Long term
15-24
15 $0.35 $0.74 $0.13 $0.32 $0.11 $0.27
16 $0.35 $0.74 $0.13 $0.32 $0.11 $0.27
17 $0.35 $0.74 $0.13 $0.32 $0.11 $0.27
18 $0.35 $0.74 $0.13 $0.32 $0.11 $0.27
19 $0.35 $0.74 $0.13 $0.32 $0.11 $0.27
20 $0.35 $0.77 $0.13 $0.33 $0.11 $0.28
21 $0.35 $0.79 $0.13 $0.34 $0.11 $0.29
22 $0.36 $0.82 $0.13 $0.36 $0.11 $0.30
23 $0.36 $0.85 $0.13 $0.37 $0.11 $0.31
24 $0.36 $0.88 $0.13 $0.38 $0.11 $0.32
25-34
25 $0.37 $0.91 $0.13 $0.38 $0.11 $0.32
26 $0.37 $0.94 $0.13 $0.38 $0.11 $0.33
27 $0.38 $0.98 $0.13 $0.39 $0.11 $0.33
28 $0.39 $1.03 $0.13 $0.40 $0.11 $0.34
29 $0.41 $1.09 $0.13 $0.42 $0.11 $0.36
30 $0.42 $1.15 $0.13 $0.43 $0.11 $0.37
31 $0.44 $1.22 $0.14 $0.46 $0.12 $0.39
32 $0.46 $1.31 $0.14 $0.48 $0.12 $0.41
33 $0.49 $1.39 $0.15 $0.52 $0.13 $0.44
34 $0.51 $1.49 $0.16 $0.56 $0.13 $0.47
35-44
35 $0.54 $1.6 $0.17 $0.60 $0.14 $0.51
36 $0.58 $1.72 $0.18 $0.65 $0.15 $0.55
37 $0.61 $1.84 $0.19 $0.71 $0.17 $0.60
38 $0.65 $1.98 $0.21 $0.78 $0.18 $0.66
39 $0.69 $2.12 $0.23 $0.85 $0.20 $0.73
40 $0.73 $2.28 $0.25 $0.94 $0.21 $0.80
41 $0.78 $2.45 $0.27 $1.04 $0.23 $0.88
42 $0.84 $2.63 $0.30 $1.15 $0.25 $0.98
43 $0.89 $2.82 $0.34 $1.28 $0.29 $1.09
44 $0.96 $3.02 $0.37 $1.42 $0.31 $1.21
45-54
45 $1.02 $3.24 $0.41 $1.58 $0.35 $1.34
46 $1.10 $3.47 $0.46 $1.76 $0.39 $1.50
47 $1.18 $3.71 $0.52 $1.97 $0.44 $1.67
48 $1.26 $3.97 $0.58 $2.19 $0.49 $1.86
49 $1.36 $4.25 $0.65 $2.43 $0.55 $2.07
50 $1.46 $4.54 $0.73 $2.70 $0.62 $2.30
51 $1.58 $4.84 $0.82 $2.99 $0.69 $2.54
52 $1.70 $5.15 $0.92 $3.31 $0.78 $2.81
53 $1.84 $5.48 $1.03 $3.64 $0.88 $3.09
54 $1.99 $5.81 $1.16 $3.99 $0.99 $3.39
55-64
55 $2.16 $6.14 $1.30 $4.34 $1.11 $3.69
56 $2.34 $5.93 $1.46 $4.11 $1.24 $3.50
57 $2.55 $5.69 $1.63 $3.87 $1.39 $3.29
58 $2.78 $5.15 $1.83 $3.62 $1.56 $3.08
59 $3.04 $4.69 $2.05 $3.41 $1.74 $2.90
60 $3.32 $2.28 $1.94
61 $3.64 $2.55 $2.17
62 $3.74 $2.68 $2.28
63 $3.16 $2.09 $1.77
64 $1.09 $0.65 $0.55

Fees for other occupation classes are

  • 60% (professional),
  • 70% (white collar)  or
  • 200% (heavy blue collar) of the light blue collar fees.

Applicable stamp duty has been included and additional loadings may also be applicable – we will inform you if this applies to you.

Fee example for short term income protection
A 26 year old female heavy blue collar worker choosing cover of $4,000 a month (40 units) with a 90 day waiting period would have an monthly fee of $10.40 (40 x $0.13 x 200%)
Fee example for long term income protection
A 33 year old man classified as white collar who chooses a 30 day waiting period for $3,000 (30 units) cover per month pays a fee of $29.19 per month (30 units x $1.39 x 70%)

Corporate Cover

This table shows the current monthly rates for each $1,000 of Corporate cover (death, TPD and TTD). Corporate cover is compulsory for Corporate members and is based on 20% of your future service (ie number of years until you turn 60) multiplied by your salary as explained in your PDS and our insurance guide.

Please note that Corporate fees only apply to Corporate members. On the day you cease being a Corporate member, voluntary cover and associated fees will apply.

Age Male death & TPD Female death & TPD Age Male death & TPD Female death & TPD
15 $0.048 $0.022 38 $0.067 $0.056
16 $0.048 $0.022 39 $0.072 $0.063
17 $0.048 $0.022 40 $0.079 $0.073
18 $0.048 $0.022 41 $0.090 $0.083
19 $0.048 $0.022 42 $0.102 $0.093
20 $0.047 $0.021 43 $0.116 $0.103
21 $0.046 $0.021 44 $0.130 $0.110
22 $0.043 $0.020 45 $0.146 $0.119
23 $0.043 $0.019 46 $0.163 $0.131
24 $0.043 $0.019 47 $0.183 $0.148
25 $0.042 $0.019 48 $0.207 $0.167
26 $0.041 $0.018 49 $0.231 $0.189
27 $0.041 $0.018 50 $0.259 $0.215
28 $0.040 $0.019 51 $0.289 $0.242
29 $0.042 $0.019 52 $0.324 $0.271
30 $0.042 $0.020 53 $0.360 $0.303
31 $0.043 $0.024 54 $0.398 $0.330
32 $0.046 $0.027 55 $0.434 $0.360
33 $0.048 $0.029 56 $0.479 $0.390
34 $0.053 $0.033 57 $0.531 $0.420
35 $0.053 $0.038 58 $0.589 $0.451
36 $0.057 $0.043 59 $0.653 $0.485
37 $0.061 $0.049

Note that these fees decrease by 2% if you have income protection cover instead of TTD, and income protection fees will apply.

Fixed cover is where eligible* members can set an amount of cover and the related fee will increase as you age. These fees are based on your age and occupation class.

Monthly fee per $1,000 cover, based on the Light blue collar occupation class

Age Death only Death & TPD Age Death only Death & TPD
15-25 $0.029 $0.043 43 $0.078 $0.118
26 $0.029 $0.043 44 $0.090 $0.134
27 $0.030 $0.045 45 $0.107 $0.161
28 $0.031 $0.047 46 $0.118 $0.176
29 $0.031 $0.048 47 $0.133 $0.199
30 $0.033 $0.048 48 $0.154 $0.231
31 $0.033 $0.050 49 $0.154 $0.231
32 $0.034 $0.052 50 $0.189 $0.284
33 $0.035 $0.053 51 $0.189 $0.284
34 $0.037 $0.055 52 $0.234 $0.351
35 $0.038 $0.057 53 $0.234 $0.351
36 $0.041 $0.061 54 $0.308 $0.462
37 $0.043 $0.064 55 $0.308 $0.462
38 $0.048 $0.070 56 $0.308 $0.462
39 $0.051 $0.076 57 $0.308 $0.462
40 $0.056 $0.084 58 $0.308 $0.462
41 $0.062 $0.093 59 $0.308 $0.462
42 $0.068 $0.103 60-69 $0.448 $0.671

Fees for other occupation classes are

  • 60% (professional),
  • 70% (white collar) or
  • 180% (heavy blue collar) of the light blue collar fees.

Additional loadings may also be applicable to some members — we will inform you if this applies to you.

Fee example for Death only
If a 40 year old female light blue worker wishes to have $100,000 of Death cover, each $1,000 of cover would cost her 5.6 cents per month.  Total monthly fee would equal $0.056 × 100 ($100,000/1,000) = $5.60
Fee example for Death and TPD
If a 32 year old male heavy blue worker wants $150,000 of Death and TPD cover, each $1,000 of cover would cost him 9.4 cents per month ($0.052 × 1.8).  Total monthly fee would equal $0.052 × 150 ($150,000/1,000) × 1.8 (occupation class loading) = $14.04

*Eligibility conditions include being an Australian resident and not having made nor being currently eligible to make a TPD or terminal illness claim. Age restrictions and cover cessation events also apply. Contact us if unsure of your eligibility.

Phone 1300 128 751 (Local call)
Email:
avsinfo@avsuper.com.au