How much does insurance cover cost?

If you’re a GESB Super or West State Super member, the cost of Death and TPD insurance cover depends on your age, if you're male or female, occupation category, type and amount of cover. If you need to be assessed by our Insurer, the Insurer may also consider other factors.

Occupations are categorised into broad groupings for insurance purposes - you can find these in page 15 of the Insurance and your super brochure.

To determine your occupation category, we (and our Insurer) rely on information provided by you or your employer. If your occupation details are incorrect or if your occupation category changes in the future, please keep us up-to-date as your premiums are affected by your occupation category.

Your premiums for Death-only cover, TPD-only cover or combined Death and TPD cover will be deducted from your account each month. These are calculated using this equation¹:

Level of benefit (per $1,000 of cover)

x

Age and male- or female-based annual premium rate

x

Occupation category factor

The cost of SCI cover depends on your age, if you're male or female, your occupation category, the amount of cover and your waiting period selected. If you need to be assessed by our Insurer, the Insurer may also consider other factors.

Your premium is calculated using the equation below and will be deducted from your super account each month¹:

Level of benefit (per $1,000 of monthly benefit)

x

Age and male- or female-based annual premium rate

x

Occupation category factor

x

Waiting period factor

If you are a Gold State Super member your account includes automatic death and disability insurance, at no extra cost, for as long as you’re making contributions, and until you turn 60.

1 If you have additional insurance cover subject to a loading, the premium is calculated separately for the cover that is, and the cover that is not, subject to loading. For cover that is subject to a loading, the result needs to be multiplied by the loading