We provide a competitive and affordable insurance offering to eligible members, to provide a safety net if they are unable to work due to serious illness or injury or in the event of their death.
Our members are saving for their future lifestyles - but superannuation can also protect them now. Insurance is a valuable component of super, designed to provide a benefit to eligible members and their beneficiaries if the member dies or becomes incapacitated. Members have access to group rates - often making it more cost effective to hold insurance cover in their super - with fees deducted from their super account. However, standard cover may not be suitable for every eligible member which is why it can be tailored to better suit individual circumstances.
We are committed to:
In August 2019 we implemented a new insurance design to ensure our insurance cover remains equitable, affordable and fair for members over the long term. The cover is designed to match the typical needs of our members at every age. Gender was also introduced as a pricing factor to reflect the claims experience across all cover types. New death and total and permanent disablement (TPD) cover rates commenced from 1 August 2019 for members in the Employee Plan, Personal Plan and for certain corporate insurance arrangement (CIA) members.
Members diagnosed with a terminal illness whose life expectancy is less than 24 months can apply to withdraw all or part of their account balance and claim a terminal illness benefit (if applicable). This timeframe has been extended from 12 months and may assist terminally ill members fund important medical, family or other costs.
Members on employer-approved parental leave can now request a waiver of their insurance fees for death, TPD and income protection cover for up to 12 months. This means they will remain covered as long as they remain eligible for cover during this period and cover doesn’t cease for another reason (e.g. if the super account is closed or transferred).
We’re committed to improving education around insurance in super as part of our commitment to the Insurance in Superannuation Code of Practice and have this year built on existing initiatives to inform and educate members and employers. This includes:
We are currently making enhancements to MemberOnline to improve the member experience and ensure a tailored experience at for all members, which will be implemented by March 2021.