Death cover

Death insurance (which includes cover for Terminal Illness), provides a lump sum payment if you die or are diagnosed with a terminal illness. It can be used to pay off debts, funeral costs, or help your family pay the bills that keep coming in.

Death cover is also often called “life insurance”.

Who is eligible?

Many members already have Death insurance as part of their automatic cover. You should check to see if you already have cover by logging into firstonline.

To be eligible for Death cover, you must be between age 11 and 69 and meet the other conditions of automatic cover, or have opted in. Cover stops at age 70.

You should read the Insurance Guide for full information about eligibility and terms and conditions.

How much does it cost?

Death cover costs between $0.35 and $0.87 per unit per week. The cost per unit depends on your occupation category.

A “unit” of insurance represents a certain amount of cover. As you get older, the amount of cover each unit is worth decreases. If you want the value of your insurance to stay the same over time, you can fix your cover by paying a bit extra.

You can use the Insurance cost calculator to work out the possible cost of your cover.

Who receives your Death cover payment if you die?

If you die, your account balance and any insured death benefit will generally be paid as a lump sum to your beneficiary/ies or your estate.

A beneficiary is someone you have chosen in advance to receive your money. Not everyone is eligible to be a beneficiary. For example, you could choose your spouse, but usually not your sibling.

Learn about nominating beneficiaries.

We’re here to help. So let’s talk.

If you have any questions, please call our Member Services Team on 1300 360 988, or email us.