All superannuation funds have death benefit payments, which are usually made up of contributions as well as any insurance benefits attached to the policy which enables you to make death benefit claims or terminal illness claims against your policy
These payments are designed to provide financial support to the family or dependents of the deceased member. This can help cover living expenses or ongoing costs such as mortgage payments or education fees.
Depending on the individual fund, death benefits can either be paid as a lump sum or as regular income payments. Members need to review their superannuation policy regularly and ensure they have nominated a beneficiary to receive their death benefit payment in the event of their passing.