Basic Insurance Cover

Basic Insurance Cover is the cover automatically provided to eligible members through their super fund. Here we explain how it works.

What is basic insurance and how much does it cost?

When you join the LGS Accumulation Scheme, you are automatically provided with insurance cover for Death and Total and Permanent Disablement (TPD) when you meet eligibility. You must be at least 25 years of age and have at least $6,000 in your super account balance to be eligible for automatic insurance cover.

When you have Death or TPD cover through super, the premiums are deducted from your superannuation balance rather than your own bank account and the premiums are often cheaper as a result of group discounts. 

Basic level of insurance cover is provided automatically to an eligible member when you join the LGS Accumulation Scheme. No medical examinations are needed, meaning you get the cover immediately when you become eligible and with minimal paperwork.

You can still obtain automatic insurance cover before you become eligible. You can do so by logging in to Member Online or completing the Opt in to insurance form and return to us.

The cover you receive is tailored to the general needs and risk profiles of your age group and is a linked combination of units based on your age next birthday:

Age next birthday Death units TPD units
16-25 5 15
26-30 10 10
31-70 15 5

The cost of Basic Insurance Cover depends on your gender and the type of cover:

  Death per unit per month1 TPD per unit per month1
Male $0.914 $0.475
Female $0.704 $0.592

Premiums are calculated on the last Friday of the month, and the actual amount deducted depends on how many Fridays each month has. Some months contain four Fridays while others contain five, so the amount deducted from month to month varies.

From 1 July 2019, the government has introduced new legislation through the 'Protecting your Super' package. If your account becomes inactive (that is if your account hasn't received contributions for 16 consecutive months) all your insurance will be cancelled. You can ensure this doesn't happen by opting in to keep your insurance via Member Online or the LGS mobile app. Alternatively, you can complete the 'Opt in to insurance' form.

From 1 April 2020, in accordance with the Putting Members' Interests First (PMIF) legislation, new members joining the Fund must be at least 25 years of age and have a super balance of at least $6,000 to obtain automatic insurance cover.

How much cover do I have?

The table below shows the amount of Basic Death and Basic TPD cover provided, based on your age next birthday and the standard units of cover:

Age next birthday Death unit value TPD unit value Death units TPD units Total Death value Total TPD value
16 $23,000 $23,000 5 15 $115,000 $345,000
17 $23,000 $23,000 5 15 $115,000 $345,000
18 $23,000 $23,000 5 15 $115,000 $345,000
19 $23,000 $23,000 5 15 $115,000 $345,000
20 $23,000 $23,000 5 15 $115,000 $345,000
21 $23,000 $23,000 5 15 $115,000 $345,000
22 $23,000 $23,000 5 15 $115,000 $345,000
23 $23,000 $23,000 5 15 $115,000 $345,000
24 $23,000 $23,000 5 15 $115,000 $345,000
25 $23,000 $23,000 5 15 $115,000 $345,000
26 $23,000 $23,000 10 10 $230,000 $230,000
27 $23,000 $23,000 10 10 $230,000 $230,000
28 $23,000 $23,000 10 10 $230,000 $230,000
29 $23,000 $23,000 10 10 $230,000 $230,000
30 $23,000 $23,000 10 10 $230,000 $230,000
31 $23,000 $23,000 15 5 $345,000 $115,000
32 $23,000 $23,000 15 5 $345,000 $115,000
33 $23,000 $23,000 15 5 $345,000 $115,000
34 $23,000 $23,000 15 5 $345,000 $115,000
35 $23,000 $23,000 15 5 $345,000 $115,000
36 $23,000 $23,000 15 5 $345,000 $115,000
37 $21,580 $21,580 15 5 $323,700 $107,900
38 $21,580 $21,580 15 5 $323,700 $107,900
39 $21,580 $21,580 15 5 $323,700 $107,900
40 $20,140 $20,140 15 5 $302,100 $100,700
41 $18,400 $18,400 15 5 $276,000 $92,000
42 $15,540 $15,540 15 5 $233,100 $77,700
43 $12,960 $12,960 15 5 $194,400 $64,800
44 $10,660 $10,660 15 5 $159,900 $53,300
45 $8,620 $8,620 15 5 $129,300 $43,100
46 $7,480 $7,480 15 5 $112,200 $37,400
47 $6,320 $6,320 15 5 $94,800 $31,600
48 $5,180 $5,180 15 5 $77,700 $25,900
49 $4,340 $4,340 15 5 $65,100 $21,700
50 $4,020 $4,020 15 5 $60,300 $20,100
51 $3,960 $3,960 15 5 $59,400 $19,800
52 $3,760 $3,760 15 5 $56,400 $18,800
53 $3,460 $3,460 15 5 $51,900 $17,300
54 $3,140 $3,140 15 5 $47,100 $15,700
55 $2,800 $2,800 15 5 $42,000 $14,000
56 $2,500 $2,500 15 5 $37,500 $12,500
57 $2,200 $2,200 15 5 $33,000 $11,000
58 $1,900 $1,900 15 5 $28,500 $9,500
59 $1,560 $1,560 15 5 $23,400 $7,800
60 $1,260 $1,260 15 5 $18,900 $6,300
61 $1,080 $1,080 15 5 $16,200 $5,400
62 $940 $940 15 5 $14,100 $4,700
63 $780 $780 15 5 $11,700 $3,900
64 $780 $780 15 5 $11,700 $3,900
652 $640 $640 15 5 $9,600 $3,200
662 $640 $640 15 5 $9,600 $3,200
672 $640 $640 15 5 $9,600 $3,200
682 $640 $640 15 5 $9,600 $3,200
692 $640 $640 15 5 $9,600 $3,200
702 $640 $640 15 5 $9,600 $3,200

1 An Insurance Administration fee of 1.5% of premiums is included.

2 For members age 65 and over, the 'Everyday Working Activities' definition of TPD must be satisfied to make a claim.


Need further information?

For more information, please read the Product Disclosure Statement and Insurance in your super fact sheet or contact Member Services on 1300 LGSUPER (1300 547 873) between 8.30am and 5.00pm, Monday to Friday.

The information on this website is of a general nature only and does not take into account your personal objectives, situation or needs. You should consider obtaining professional financial, taxation and or legal advice tailored to your personal circumstances prior to making any financial decision.