Risk benefits offered
Death benefits
This graph shows the average death benefit insured through the fund as a multiple of salary. Most members are not entitled to receive any insured death benefit. It may be that these members are covered by employer-owned policies outside the fund.
Most fund members with an insured death benefit are insured for approximately two times annual salary. The average insured lump sum death benefit (where the fund provides such benefits) was 1.94 times annual salary. This is a slight increase from the 2018 analysis where it was 1.86 times annual salary.
These results only include in-fund death benefits. Many employers may provide death benefits in separate standalone group schemes. A majority of fund’s members are not entitled to receive any insured death benefit at all, other than their fund credit. Individuals can also take out life cover in their personal capacity. Such benefits are not included in this analysis.