Death and Terminal Illness insurance

Death and Terminal Illness (DTI) insurance provides a lump sum payment if you die or become terminally ill so your family can remain financially secure.

The lump sum from death and terminal illness insurance can be used to:

  • repay the mortgage and other debts
  • generate an ongoing income for your family
  • pay part of an estate plan for your beneficiaries
  • cover medical and funeral costs.

You can have Death and Terminal Illness insurance through Mine Wealth + Wellbeing. Eligible employer-sponsored members automatically receive a set amount of Basic Death and Terminal Illness insurance when joining. All members can apply for Voluntary Death and Terminal Illness insurance.

How much does Death and Terminal Illness insurance cost?

The cost depends on how much insurance you have, your age, gender and job. Premiums are generally more expensive the older you are, if you smoke, have a history of illness or work in a dangerous job.

Don’t work underground?

If you don’t work in an underground mine make sure you tell us your job classification by filling out the Change my insurance form. If you don’t tell us, you’ll be charged the mining rate. As this is the most expensive rate, you may pay more for your insurance than you have to.

Is Death and Terminal Illness insurance right for you?

You Do you need Death and Terminal Illness insurance?
Single with no kids If no one depends on you financially you generally don’t need Death and Terminal Illness insurance. However, if your parents or siblings aren’t well-off, you might want a small amount of insurance to pay your funeral costs.
Just got married You don’t need insurance just because you’re married, but if you’re planning to buy a house or have children, then you could consider getting it soon.
Baby on the way One of the most important times to have Death and Terminal Illness insurance is when you have young children who rely on you. As soon as you find out you’re having or you’re adopting a child, you should think about insurance. If you already have insurance you may want to re-assess your cover to make sure it’s enough.
Time to retire Getting Death and Terminal Illness insurance at this time will be expensive, as your chances of claiming are higher. If your insurance is too expensive you could instead rely on your super to help your dependants maintain their lifestyle if you die.
1 Australian Bureau of Statistics, Australian Social Trends, Household Debt, cat. no. 4102.0, 2009.