You probably know roughly what you earn. You might know your mortgage rate, your savings balance or exactly how much your latest grocery shop hurt. 

But could you say, without checking, whether you have insurance through your super – and what it would actually cover? 

Insurance can be one of the easier parts of super to overlook. It sits quietly in the background, and ideally, you’ll never need to use it. But if illness, injury or death suddenly changes your financial situation, the cover you have – or don’t have – can matter enormously. 

For women and gender-diverse folks building careers, paying off homes, supporting families, caring for others or simply relying on their own income to keep life moving, knowing what financial safety nets are in place is worth a few minutes of your attention. 

So, here’s the no-BS guide to insurance through super: what it can cover, how it works at Verve, and what to check today. 

Most super funds offer some combination of three types of insurance: Death cover, Total and Permanent Disability (TPD) cover and Income Protection. The exact cover, eligibility rules and conditions vary between funds. 

Sometimes called life insurance, Death cover can provide a lump sum benefit if you die. The money can help provide financial support for the people who depend on you. 

And “depend on you” doesn’t only mean being the main breadwinner. Your contribution to your household could include mortgage payments, school costs, care, unpaid work and plenty of things that would be expensive or difficult to replace. 

TPD cover can provide a lump sum if illness or injury leaves you seriously disabled and unlikely to work again, subject to the definitions and conditions of the policy. The money could help with things such as living costs, debts, rehabilitation or changes needed to your home or car. 

Income Protection works differently. Rather than a lump sum, it can pay a regular income for a set period if illness or injury temporarily stops you from working. 

There’s another type of cover you may have heard of: trauma insurance, sometimes called critical illness cover. This can pay a lump sum following certain serious illnesses or injuries, depending on the policy. Super funds can’t offer trauma insurance policies, so if this is cover you want to explore, you’l l need to look outside super. 

Here’s an important point for Verve members: having a Verve Super account does not automatically mean you have insurance. 

Eligible new members can apply for Standard Cover – Death Only or Death & TPD – within their first 60 days of joining Verve. You can log in, answer some eligibility questions and, if eligible, receive a quote and apply for cover. 

If you’ve been with Verve for longer than 60 days, want to choose a different level of cover, or want to add Income Protection, you can apply for tailored cover. If you already hold insurance through another super fund, you may apply to transfer the level of cover across to Verve. Different premiums and conditions may apply, so don’t close your old super account until you consider all other relevant information and know your cover has been accepted and transferred. If you have a pre-existing condition, it may be difficult for you to get any or equal cover with another provider.  

Verve currently offers eligible members access to Death Only, Death & TPD and Income Protection insurance, with premiums paid from your Verve Super balance. Please read the Insurance Guide for more details including eligibility criteria and other requirements. Contact us for more information. 

Paying premiums from super means there isn’t another bill landing in your everyday bank account. There is still a cost: insurance premiums reduce your super balance and therefore the amount of money that remains invested for retirement. Moneysmart recommends considering both the value of your cover and its impact on your retirement savings. 

That balance matters. Too little cover could leave a financial gap when you need support most. Cover you don’t need means paying premiums from money you’re building for retirement. 

There’s no magic amount that suits every person. Your income, debts, savings, dependants, household finances and existing insurance can all change what appropriate cover looks like. 

Insurance deserves another look when life changes. A new job, pay rise, mortgage, baby, separation, career break or a shift into self-employment can all be useful prompts to revisit the financial safety nets around you. 

Start with what you actually have. 

• Check whether you have insurance at all.  Your insurance held in super will be visible when you log in to your account, and also visible on your annual statement. 

• Check the type and amount of cover. Look for Death, TPD and Income Protection. 

• Check what you’re paying. Insurance premiums inside super are paid from your super balance. 

• Consider changes to your circumstances. Think about your income, mortgage or other debts, savings, dependants and what would happen financially if you couldn’t work. 

If you have more than one super account, check them all. You could be paying for multiple insurance policies, and depending on the policies, you may not need them all – although you can claim from multiple valid policies if eligible. For Verve members, you can explore your options, get a quote and find the current Insurance Guide on Verve’s insurance page. If you need support understanding your options, Verve’s Coaches can provide general support, or can organise a time for you to get personal advice relating to your insurance options within your Verve account. 

You don’t need to become an insurance expert today. You just need to know what you have. 

Five minutes. Log in. Have a look. Oh, and have a chat with Future You, because she’s going to appreciate this plan.

No. Eligible new Verve members can apply for Standard Death Only or Death & TPD cover within 60 days of joining, subject to eligibility. If more than 60 days have passed, or you want tailored cover or Income Protection, you can apply using Verve’s Insurance Application form. 

Yes, depending on the products and your eligibility. Before paying for multiple policies, check how they overlap, what each costs and whether you would be able to claim the full benefit from more than one policy. Moneysmart recommends reviewing all your existing cover before deciding what you need. 

No, by law super funds cannot offer new trauma or critical illness policies. Verve offers Death Only, Death & TPD and Income Protection cover to eligible members. Trauma cover is generally arranged separately outside super.