Death insurance

Death insurance is designed to provide financial support to family and dependants in the event of your death before retirement.  All HIP members under age 65 automatically receive one unit of Death insurance.  Members are eligible for this cover from the date that their employer makes an on time contribution to HIP. Members also have 60 days from the date of joining the fund to elect up to 4 units of death cover in total without the need to provide medical evidence of insurability.

The cost of cover

Each unit costs $1 per week and is deducted from member's accounts.  The benefit table below shows the amount of cover one until of death insurance provides, based on the members age next birthday.

Death Insurance Benefit Table

Age Next Birthday Amount Insured
16-36 $154,560
37 $146,880
38 $139,080
39 $132,840
40 $126,720
41 $118,920
42 $112,800
43 $106,560
44 $98,760
45 $93,480
46 $86,520
47 $80,280
48 $75,600
49 $71,040
50 $64,920
51 $60,120
52 $55,560
53 $49,440
54 $44,760
55 $38,640
56 $33,960
57 $30,960
58 $27,720
59 $23,160
60 $20,040
61 $16,920
62 $13,800
63 $9,240
64 $6,120
65 $3,000

Increasing your death insurance

Members can apply to increase their death insurance cover at any time provided the member is ‘at work’ and a HIP participating employer is paying superannuation contributions on their behalf. Maximum death insurance cover is $10,000,000.  Additional cover will commence from the date the insurer accepts your application.

To increase your Death insurance please complete an application form in the HIP Insurance Booklet. Call HIP on 1300 654 099 to request a copy to be sent to you.