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Important information
Death, Death and Total & Permanent Disablement (TPD) and Income Protection (IP) insurance is available through the Fund. The Insurer is MetLife Insurance Limited (ABN 75 004 274 882 AFSL 238096). Insurance arrangements are only available to members in the accumulation division (not pension).
DEFAULT DEATH & TPD COVER
Default Death and Total & Permanent Disablement (TPD) Cover (‘Default Cover’) is either provided in two ways:
- By opting in; or
- Automatically provided to you when you are 25 years or older (but under 65) and have had an account balance of $6,000 (as long as you don’t have an inactive account and haven’t previously cancelled any insurance held through the Fund).
The amount of Default Cover you receive is based on your age. Insurance premiums are based on your age, occupation category and sex at birth. You can see these amounts and what the premiums are in the Insurance Guide.
Premiums are deducted from your super account at the end of each month. If your Default Cover has commenced and you don’t want to have it, you can cancel your Default Cover by contacting us, by cancelling your cover via the member portal or by completing section 4 titled ‘Cancel your cover’ via the Insurance Variation form.
You can choose to add additional cover to your Default Cover by applying for the New Member Offer or Life Events Cover (terms and conditions apply). Any additional cover will be subject to acceptance by the insurer.
You can easily opt out of Default Cover before it commences by completing section 4 titled ‘Cancel your cover’ on the Insurance Variation Form.
Please note that if you opt out of Default Cover, it means:
- you will not be eligible for Default Cover in the future.
- you will not be eligible to lodge a claim in the event of an injury or illness.
- If your circumstances change and you wish to take out insurance in the future, you will be required to complete a series of questions in relation to your health. Any cover you apply for will be subject to the insurer's approval.
ELIGIBILITY FOR DEFAULT Death and TPD COVER & IMPORTANT CONDITIONS
There are some terms and conditions that can affect whether you are eligible to claim, so it’s a good idea to familiarise yourself with the Insurance Guide. This is because default amounts may vary as a result of the Date of Disablement or the Date of Death, and your level of cover is subject to you meeting relevant terms and conditions of the insurance policy.
For example, new members will be subject to new events cover limitations for the first 30 days. This means they won’t be covered for any pre-existing injuries or illnesses. After that, it’ll be lifted if further criteria are met (including whether you’re in active employment, whether you have a degenerative condition and whether you’ve received an employer contribution no earlier than 120 days before your cover starts).
Other members may also be subject to these new events cover limitations depending on the situation. Please refer to the Insurance Guide for more information about new events cover limitations and other important insurance definitions.
FIXED COVER: If you’d like insurance cover that is tailored to your personal circumstances, we offer Fixed Cover for:
- Death (including Terminal Illness)
- Death & Total & Permanent Disablement (Death & TPD)
Please note Fixed Death Cover will remain fixed up until age 70. The amount of Fixed TPD Cover decreases after the age of 60 until it reaches zero when you turn 70.
Typically, the premiums you pay for Fixed Cover will increase as you get older and they depend on you’re the amount of cover, occupation category, sex at birth and whether you’re a smoker or non-smoker.
You may be required to complete an insurance application and personal health statement (subject to acceptance by the insurer) and eligibility criteria apply. You can apply via the member portal or by completing a paper application form available on our website.
INCOME PROTECTION (IP):
If you’d like to receive a monthly benefit if you are temporarily unable to work due to injury or illness, you can apply for IP Cover. Waiting periods and terms & conditions apply.
You’ll be required to complete an insurance application and personal health statement (subject to acceptance by the insurer). You can apply via the member portal or by completing a paper application form available on our website .
General Information
Please refer to the Insurance Guide for the terms and conditions of the types of cover available.
Don't hesitate to call us on 1800 021 227 if you have any questions or would like more information and a copy of the insurance policy will be made available on request.
Insurance is complex and we recommend you speak with an appropriately licensed financial adviser if you need help understanding your insurance requirements.
Cancellation of insurance cover
We understand that as your life changes, your insurance may need to change with you.
If you’d like to change or cancel your insurance cover, you can call us on 1800 021 227 to help you through the process. You can also manage your insurance through your member portal by clicking on Manage Insurance on the dashboard.
Your cancellation will be actioned as soon as we receive your request and any outstanding premiums will be deducted from your account at the end of the month.
If you choose to cancel your cover within 90 days of the cover first commencing, the cover will cease from the date the cover started. The full premium amount will be refunded back to your account.
If you’re happy to receive insurance inside your super, the premium will be automatically deducted from your account in instalments at the end of the month. You can refer to the Insurance Guide for rates that apply.
Please note: if your account is unfunded for 90 days or you leave the fund, your cover will be cancelled.
INACTIVE ACCOUNTS
Protecting Your Superannuation (PYS) changes introduced on 1 July 2019 means we can no longer provide you with insurance through super if your account has been inactive* for 16 months or more, and you haven’t opted-in to keep your insurance with us.
*An account is considered inactive if money hasn’t been paid into your account (contributions or rollovers-in) for a continuous period of 16 months.
If you have been inactive, we’ll contact you and provide details of how you can opt-in to keep your cover.
If you don’t opt-in to keep your insurance and your cover is cancelled as a result of inactivity, you won’t be able to receive Default Cover again.