Before we begin

Please take time to read the important information below. Applications for insurance cover may be subject to assessment and approval by our insurer.

Accumulation 2 members

Accumulation 2 members must go to the ‘Assumptions’ section of the ‘Financial details’ page of the calculator and change:

• The superannuation contribution rate shown in the “Superannuation (Death/TPD)” assumption from 10.5% to either 14% or 17%. If you don't know the rate that applies to you, check your statement or call us on 1800 331 685.
• The benefit payment period shown in the “Income Protection benefit period” assumption from 2 years to 5 years—or to whatever your existing Income Protection benefit period is.

If you’re an Accumulation 2 member and you don’t change the above assumptions, the estimates provided by the calculator may not be reasonable for your circumstances.

Purpose

There are many types of life insurance benefits available in the market and no product is identical to another. The Trustee doesn’t intend that this calculator will influence your decision about your super or any financial product, and no such intention should be inferred.

It’s important you evaluate the appropriateness of insurance to your financial circumstances. You should consider the cost of cover over time as this may impact the amount of money you end up with in retirement. Large or multiple amounts of insurance cover may erode savings you will have available for your income when you stop working. Like most types of insurance, you have the option to change, review or cancel at any time.

The type and amount of cover estimated by the calculator is not a recommendation or an opinion about appropriateness of the cover and is not intended to be an exact figure. It doesn’t take your financial needs into account and is purely based on the information you enter and the assumptions. You shouldn’t rely on the results of the calculator when making decisions about your insurance cover. We recommend you consider obtaining advice from a qualified financial adviser before making any decisions about your insurance, the need for any other types of insurance or for any replacement of insurance.

Please take time to read all of the details about the calculator – how it works, the conditions and limitations.

How it works

The calculator works by estimating amounts based on a combination of factors entered by you, and a number of assumptions. Key assumptions, such as the costs associated with living, can change.

The factors to be entered by you include information about your assets, liabilities and income. There are some assumptions you can’t change (these are matters fixed by legislation) and some assumptions you can change (such as the rate of inflation you think might be relevant to you)—these are all identified in the calculator. Where you don’t vary the assumptions, the calculator will use the default assumptions.

The factors you can enter and the assumptions selected have both been chosen based on a reasonable appraisal of circumstances commonly taken into account when people consider the protection life insurance can provide. The default assumptions are based on a combination of government legislature, regulatory guidance and reputable surveys and studies.

Conditions and limitations

The estimated outcome produced by the calculator is intended to be illustrative only, and is based on the assumptions and limitations set out. The outcome is also limited by the accuracy of the data you enter into the calculator.

The calculator doesn’t make any assumptions about you or your circumstances. Before making any financial decisions consider your own financial circumstances, needs and objectives and consider obtaining financial advice.

The calculator bases the estimates on the legislative environment current at the date of its preparation. This legislative environment, along with your personal circumstances, can change suddenly and the calculator is unable to predict those changes. It’s also subject to a limitation that its estimates only take into account the general features of the life insurance product benefit types in the Fund.

About this calculator

This calculator has been designed for use by UniSuper Defined Benefit Division, Accumulation 1, Accumulation 2 and Personal Account members who are eligible to receive Death and Total & Permanent Disablement (TPD) cover, and Income Protection (IP) cover where applicable, through group insurance policies the Trustee has taken out with TAL Life Limited ABN 70 050 109 450 AFSL 237848 (TAL).It has been made available by UniSuper Management Pty Ltd ABN 91 006 961 799, AFS Licence No. 235907 on behalf of UniSuper Limited ABN 54 006 027 121 (Trustee), the Trustee of UniSuper ABN 91 385 943 850 (Fund). It has been developed by TAL, whose copyright is reserved.

TAL is responsible for the calculation methodology and the outcomes produced as a result of the information you add about your circumstances. The systems and logic included in the calculator are based on existing legislation at the date of its preparation and don’t take into account any proposed legislative changes.

TAL is the insurer and underwriter for all external insurance cover provided through the Fund. As such, the insurance estimated by the calculator is provided as a guide only and doesn’t constitute a quote or guarantee that the cover will be available to you. The estimated cover may be subject to underwriting assessment and approval by the Trustee and TAL. Premium loadings and/or policy exclusions may also apply.

In using this calculator, you’ll enter certain personal and financial information. TAL doesn’t collect that information and won’t make it available to a TAL representative that you may subsequently speak to regarding the calculator’s estimate or an application. As such, you may be required to provide the same information at a later stage, especially if you’re applying for underwritten insurance cover.

General advice warning

The information presented in this calculator contains general advice that has been prepared without taking account of your objectives, financial situation or needs. Before acting on the information or deciding whether to acquire or hold a product, consider its appropriateness and the relevant Product Disclosure Statement (PDS), available at unisuper.com.au. The cost of providing financial services is included in the fees in the Fund as disclosed in the relevant PDS.

Neither the Trustee nor TAL accept any liability, either direct or indirect, arising from any person relying, either wholly or partially, upon any information, provided by, resulting from, shown in, or omitted from, the calculator. In no way will the Trustee or TAL be liable for any loss or damage caused by a user’s reliance on information obtained using this calculator.