Important insurance changes on 1 June 2024

From 1 June 2024, age-based insurance cover is available for members aged 15 – 24. For some members, this cover commenced automatically and others can apply for it, if they need it. With age-based cover, the amount of cover you get depends on your age and changes automatically as you get older.

As a member under age 25 you already had the option to apply for fixed cover and have your application considered by the Insurer¹. With fixed cover, the total amount of cover you have stays the same (unless you change it).

Now you can choose to apply for age-based cover or fixed cover, or both. You may need to provide detailed health information for the Insurer to consider.

We made this change so younger members have more options to choose from for their insurance cover.

¹ AustralianSuper insurance is provided by TAL Life Limited ABN 70 050 109 450 AFSL 237848.

We’re currently experiencing an issue where the cover amount for basic cover is displaying as $0.00 if your insurance design is Age-based + Fixed. We’re aware of this issue and are working to resolve it as quickly as we can.

Don’t worry, your basic cover is in place, and your total cover amount and extra cover amount are correct.

This table shows the age-based cover amounts available*:

* If you’re a member of the GHD Superannuation Plan, you may have different basic cover amounts. You can check your cover amounts by logging into your account and going to Insurance, Manage insurance, then clicking the Change cover button.

If you have any questions, you can get in contact with us in a number of ways 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.

We’re currently experiencing an issue with displaying the Income Protection waiting period and benefit payment period if your insurance design is Age-based.

We’re aware of this issue and are working to resolve it as quickly as we can.

You can check your waiting period and benefit payment period by logging into your account and going to Insurance, Manage insurance, then clicking the Change cover button.

Age-based cover automatically increases (or decreases) as you get older. The basic (default) age-based cover amounts are designed to provide a minimum amount of cover for changing needs as you get older. The cost of cover generally increases as you get older. To find out more about how cover changes as you get older, refer to the Insurance in your super guide at australiansuper.com/InsuranceGuide

With fixed cover, the total amount of cover you have stays the same. The cost of cover generally increases as you get older. Fixed cover will still be available for members who want to apply for a specific cover amount.

Please review your insurance cover to make sure it’s right for you. If you need help reviewing your cover, as an AustralianSuper member you have access to a range of help and advice options from simple, personal advice over the phone, to more comprehensive, broader advice with a financial adviser¹. Go to australiansuper.com/advice for more information.

If you decide the age-based cover amounts are right for you, and you’re happy for your age-based cover to continue you don’t need to take any action.

If you’ve reviewed your cover and the age-based cover amounts that started don’t suit your needs, we’ve provided information in the letter we sent you about your options.

¹ 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 may be deducted from your AustralianSuper account subject to eligibility criteria.

No, you’re not eligible for your cancellation to be backdated if you’ve already cancelled your age-based cover. The cost of your insurance will be deducted monthly in arrears from your super account for the period you were covered (from 1 June 2024 until your cancellation date).

If you’re a new member, you can apply to start your basic age-based cover before your super balance reaches $6,000 without providing detailed health information for the Insurer¹ to consider. You’ll need to complete the Start your basic cover form you received with your welcome letter within 120 days of the date of your welcome letter.

This offer isn’t available to Personal Plan members because basic cover isn’t provided in your division.

If you’re not a new member, or you’re not eligible to use the Start your basic cover form, you can apply for age-based cover anytime by logging into your account and going to Insurance then Manage insurance or by completing the Change your insurance form at australiansuper.com/InsuranceForms You’ll need to provide detailed health information for the Insurer¹ to consider.

If your application is approved your age-based and/or fixed cover will start (as long as you’ve met the requirements for cover to commence). We’ll write to you with the cover amount(s) and weekly cost(s) when it starts.

¹ AustralianSuper insurance is provided by TAL Life Limited (the Insurer) ABN 70 050 109 450 AFSL 237848

You can cancel your cover anytime.

If you’re cancelling age-based cover that started on 1 June 2024, you’ll need to use the cancellation form we sent you and return it by the due date to be eligible for your cancellation to be backdated (other conditions apply). Please read the letter accompanying the form carefully as it contains important information about your age-based insurance cover, and your options.

If you have fixed or extra (fixed) cover, you can cancel this anytime by using the AustralianSuper app or logging into your account at australiansuper.com/login or by completing the relevant form at australiansuper.com/lnsuranceForms

When you cancel your cover you won’t be insured for the types of cover you cancel from the date your cancellation is received by AustralianSuper or the Insurer¹ (as applicable). This means for the type of cover you cancel:

• Your basic cover won't start when you become eligible.
• You (or your beneficiaries) won’t be able to make an insurance claim if you suffer an illness or injury or you die after the cancellation.
• The cost will stop being deducted from your super account (costs are deducted one month in arrears).
• You might not be able to get cover later. That’s because you’ll need to apply and provide health information for the Insurer to consider.
• If you're a GHD Superannuation Plan member and you cancel basic cover – the Death and TPD age-based cover amounts you can apply for later, if you need it, will be lower than the GHD Superannuation Plan basic age-based cover amounts. Check the Insurance in your super guide for the age-based cover amounts you'll get.

¹ AustralianSuper insurance is provided by TAL Life Limited (the Insurer) ABN 70 050 109 450 AFSL 237848

No. Basic (default) age-based cover will continue to only be provided automatically to members once they are 25 or older, have an account balance of at least $6,000 and are receiving employer super contributions.

Members who are under 25 and need cover will have to apply (or opt-in) for cover to start before they are 25. They now have the option of choosing age-based and/or fixed cover.

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.

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. If you need to update your name, gender or date of birth visit australiansuper.com/forms and complete the Change my details form.

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 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.