Why has AustralianSuper decreased the cost of some insurance cover but not others this year?
AustralianSuper reviews the Fund’s insurance offer at the start of every year. This review takes several months.
We consider the cost of insurance, the cover we offer and the number of claims made and paid. As a result of the review, the cost of cover can increase or decrease.
Over the past year we had fewer claims for Death, Total & Permanent Disablement (TPD) and Income Protection cover with a benefit payment period up to two years and a 60-day waiting period, so we've been able to decrease the cost of these cover types.
However, the cost for Income Protection with a benefit payment period up to two years and a 30-day waiting period decreased for some members and increased for others to align with the actual cost of providing you with cover based on your age, individual work rating and the claims risk profile of members as they get older.
There was no change to the weekly cost of Income Protection with benefit payment periods up to five years or up to age 65.
AustralianSuper insurance is provided by TAL Life Limited (the Insurer) ABN 70 050 109 450, AFSL 237848.
What were the decreases and increases to the cost of cover this year?
- The weekly cost for Death cover decreased by an average of 13%.
- The weekly cost for Total & Permanent Disablement (TPD) cover decreased by an average of 12%.
- The weekly cost for Income Protection with a benefit payment period up to two years and a 60-day waiting period decreased by an average of 12%.
- The weekly cost for Income Protection with a benefit payment period up to two years and a 30-day waiting period decreased or increased depending on your age and work rating. Increases were between 12% to 67% for members with a White Collar work rating. For members with a Professional work rating the change in costs ranged from -12% to +28%.
- There weren’t any changes to the cost of Income Protection with benefit payment periods up to five years and up to age 65.
How can I see what cover I have?You can view details of your current cover by using the app or logging into your account and going to Insurance.
How can I see what insurance costs have been deducted from my account?You can view the insurance costs (premiums) that have been deducted from your super account by logging into your account and going to Transactions. You’ll see the costs listed by cover type in the transaction list.
I don't want insurance cover through my super. Can I cancel it?
You can cancel your cover anytime. Simply log into your account and go to Insurance, then Manage insurance and click on the Change cover button.
It’s important to remember though that if you cancel your cover now you might not be able to get cover later. That’s because you’ll need to reapply and provide detailed health information for our insurer to consider.
I'm worried that I won't have enough for my retirement if I'm paying for insurance through my super account. Should I keep my cover?
If you’re not sure whether you should keep your cover, consider getting advice to help work out what cover you need (if any) and how much is right for you.
With AustralianSuper, you have access to a choice of help and advice options from simple, personal advice over the phone1, to more comprehensive, broader advice with a financial adviser2. Go to australiansuper.com/advice for more information.1 There’s no charge for general advice about your super account. The financial advice you receive will be provided by Link Advice Pty Limited ABN 36 105 811 836, AFSL 238145 and will be their responsibility. Personal product advice provided may attract a fee, which will be outlined before any work is completed and is subject to your agreement.
2 The Personal financial product advice is provided under the Australian Financial Services Licence held by a third party and not by AustralianSuper Pty Ltd. Some personal advice may attract a fee, which would be outlined before any work is completed and is subject to your agreement. With your approval, the fee for advice relating to your AustralianSuper account(s) can be deducted from your AustralianSuper account subject to eligibility criteria.
Why is Blue Collar the default work rating?
Membership of AustralianSuper is open to all Australians regardless of the industry they work in. This means that members work across a wide range of occupations.
Insurance cover with a Blue Collar work rating is more expensive than the same insurance cover with a White Collar or Professional work rating.
Unless you apply to change your individual work rating when you join, we apply our default work rating, Blue Collar, to your account. This is because we’re unable to make an assessment on the level of risk associated with the usual activities of your job and your work environment.Due to past employer arrangements, some members may have a default work rating of White Collar or Professional and this is confirmed in your insurance cover commencement letter. GHD Superannuation Plan members automatically receive a White Collar work rating. You can check and review your individual work rating by using the app, logging into your account or by calling 1300 300 273.
Why do I need to be earning $100,000 or more a year to be eligible for a Professional work rating if I meet the other criteria?Statistics show that people who meet the criteria for a Professional work rating, including earning $100,000 or more, make less claims than people who earn below this amount. This means that if you earn less than $100,000 there is a higher likelihood that you will make an insurance claim. The difference in costs for White Collar and Professional reflects this difference in historical claims experience.
What is basic cover?Also referred to as default cover, AustralianSuper automatically provides most members with basic (age-based) insurance cover with their super account. This cover is designed to provide a minimum amount of cover for changing needs as you get older.
How do I make a claim?Call 1300 667 387 from 8.30am to 5pm AEST/AEDT, weekdays. If you’re not sure if you should apply, call us and we’ll help you work out the next steps.
Why have you sent me an email when I've unsubscribed from emails in the past?
You may have opted out of receiving marketing communications electronically, but this is important information about your insurance, that we’re obliged to send you. It’s not marketing information.
If you want to check or change your communication preferences, log into your account, select your profile from the top right and choose Communications preferences from the drop-down options.
Some of my details aren't correct. How do I update them?If you need to update your email or home address, log into your account, select your profile from the top right and choose Contact details from the drop-down options.
I can't find the answer to my question. What do I do now?
We’re here to help, so if you’ve read through these FAQs and you still can’t find the information you’re looking for or need some help, you can get in contact with us in a number of ways, including live chat, Facebook Messenger and email. Visit australiansuper.com/contact to choose the option that suits you.
Alternatively, you can call us on 1300 300 273 from 8am to 8pm AEST/AEDT weekdays. Please note that the Contact Centre is receiving a much higher number of calls currently and wait times are much longer than usual. We’re doing our best to help all members as quickly as we can and appreciate your understanding.