Life Insurance in your superannuation… it may not be enough

16 February 2023

Millions of Australians have life insurance within their super fund. This is sometimes known as ‘group’ or ‘bulk’ life insurance because super funds provide group cover – for their large member population – by buying in bulk. The Australian Government’s regulatory body APRA (Australian Prudential Regulation Authority) state “almost 70 per cent of Australians who have life insurance, hold it through their superannuation.”

Given that millions of working Australians are insured through super, it is surprising how many individuals:

  1. don’t check if their cover is adequate to meet their needs and lifestyle should life take a turn for the worse
  2. don’t know about the restrictions or limitations to the cover they hold; and
  3. hold multiple life insurance policies (the ATO estimate four million people hold two or more accounts).

There are differences between life insurance though super, and life insurance you can attain from a life insurer outside of the superannuation environment. Here are some benefits and drawbacks to be aware of.

Some benefits of life insurance through your super

Things to be aware of with life insurance through super

There are some possible drawbacks of life insurance through superannuation, including:

Some benefits of buying life insurance outside of super

Fully underwritten life insurance is available under NobleOak’s Premium Life Direct Product, including Life Insurance, Income Protection insurance, Trauma Insurance and Total & Permanent Disablement Insurance (TPD). Cover is available directly from NobleOak.

To learn more about NobleOak’s life insurance products or to request a quote, call NobleOak on 1300 108 490. As a AMA member you can receive a 10% lifetime discount on Life cover within NobleOak’s My Protection Plan – be sure to mention ‘AMA Victoria’ when you call.

Important Information

This article has been written by NobleOak Life Limited ABN 85 087 648 708 AFSL No. 247302. Please note, cover available to Australian residents only.

The Target Market Determination for NobleOak’s Premium Life Direct insurance is available at

NobleOak Life Limited ABN 85 087 648 708 AFSL No. 247302 issues the products. This information is of a general nature only and does not take into consideration your objectives, financial situation or needs. Always consider the Product Disclosure Statement (PDS) (available at to see if the product is right for you.

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