Death insurance

Death insurance is designed to provide financial support to family and dependants of 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 contributions to HIP.

Members can apply to increase their Death insurance at any time to a maximum of $1,000,000. 

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

HIP Death Insurance Premiums

Age Next Birthday Sum Insured
16-36 $128,800
37 $122,400
38 $115,900
39 $110,700
40 $105,600
41 $99,100
42 $94,000
43 $88,800
44 $82,300
45 $77,900
46 $72,100
47 $66,900
48 $63,000
49 $59,200
50 $54,100
51 $50,100
52 $46,300
53 $41,200
54 $37,300
55 $32,200
56 $28,300
57 $25,800
58 $23,100
59 $19,300
60 $16,700
61 $14,100
62 $11,500
63 $7,700
64 $5,100
65 $2,500

Increasing your death insurance is easy

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.

To increase your Death insurance please complete an application form in the HIP Insurance Booklet.

Additional Death insurance cover will commence from the date the insurer accepts your application.