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.
A 25 year old male who holds his death and terminal illness insurance with Mine Wealth + Wellbeing, works in an underground coal mine and has $800,000 of cover, would pay $20.46 per week or $1,064 per year, while a 45 year old male would pay $64.54 per week, or $3,356 per year.
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.
1 Australian Bureau of Statistics, Australian Social Trends, Household Debt, cat. no. 4102.0, 2009.