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New legislation impacting insurance

To help protect members of superannuation funds from having their retirement savings eroded through insurance premiums, the federal government introduced two legislative reforms. This included the Protecting Your Super (PYS) legislation, introduced on 1 July 2019 and Putting Members’ Interests First (PMIF) legislation, which will commence on 1 April 2020.

Insurance through my super

When you join VicSuper through your employer and satisfy the eligibility criteria, you will automatically receive default insurance cover. This insurance cover is granted to you without any medical testing, providing you and your family with financial protection against some of life’s uncertainties. Your insurance premiums are paid from your VicSuper account on a monthly basis.

While insurance is important to provide financial protection, it may not be appropriate for all members, particularly younger members. As the insurance premiums are paid from your superannuation account, they will erode some of your retirement savings and it is important that you consider whether insurance is right for you.

An election to maintain insurance cover under the Protecting Your Super (PYS) legislation is considered to be a valid election under the Putting Members’ Interests First (PMIF) legislation and vice versa. This means that if you have already made an election to keep your cover you don't need to do it again.

Am I impacted by the changes?

I am under age 25

From 1 April 2020, default insurance cover will be offered on an opt-in basis for new members who are under the age of 25 and join via a participating employer. This means as a new member you will not automatically receive insurance on joining. If you do wish to obtain insurance through VicSuper, you can opt-in to take default cover.

If you work for a participating employer we will automatically provide default insurance when you turn age 25 and have an account balance over $6,000.

I have an account balance less than $6,000 (low account balance)

...and I joined VicSuper prior to 1 April 2020

Where your balance has not exceeded $6,000 between 1 November 2019 and 31 March 2020, your insurance cover will be cancelled on 1 April 2020 unless you opt-in to keep your insurance cover before this date.

Refer below to “How to keep your insurance cover” to find out how to opt in.

... and I joined VicSuper on or after 1 April 2020

From 1 April 2020, default insurance cover will be offered on an opt-in basis for members who join via a participating employer and do not have at least $6,000 in their VicSuper account. As a new member, this means you will not automatically receive insurance on joining.

If you work for a participating employer we will automatically provide you with default insurance when you have an account balance over $6,000 and are at least age 25.

I have not received any contributions for 16 months (inactive account)

VicSuper is required to cancel your insurance cover when you have not received any contribution into your VicSuper account for a continuous period of 16 months, unless you opt-in to keep your cover.

We will write to you if you have not received any contributions after 9, 12, 15 months to help you decide if you wish to continue with your cover.

Things to consider

  • How much cover do you have?

    You can see how much insurance cover you have by checking your half-yearly Benefit Statement or by logging into MembersOnline.

     

  • It's important to review your insurance cover

    Working out how much cover you require could have in the event of your death, disability and illness doesn’t have to be difficult.

    We’ve provided an online checklist of 7 things to consider when assessing your insurance needs. You can apply to increase, decrease, or cancel your insurance cover accordingly.

     

  • Check if you’re paying for multiple covers

    If you have more than one super account, chances are that you also hold multiple insurance covers and are paying insurance premiums for them.

    Find out if you are able to claim on more than one policy, and consider which policy you might wish to cancel.

    Please check the insurance cover and other fees and charges of the super funds before making a decision to cancel the cover or transfer the cover to VicSuper.

     

  • Understand the benefits of insurance through your super

    The benefits of insurance cover through VicSuper include:

    • the confidence and peace of mind of knowing that you have some protection in place;
    • financial support in the event of something happening to you;
    • the convenience of having insurance premiums paid directly from your super account - this means it won’t come out of your after tax salary;
    • access to competitive discounted bulk insurance rates negotiated by our group life insurer.

     

  • Learn more about VicSuper Insurance

    The insurance policy outlines all the terms and conditions for the insurance cover provided by our Insurer. There are certain circumstances, such as being self-employed, a contractor, over a certain age, working less than 14 hours per week, having sufficient money to pay for cover or changes to your employment, which may affect your insurance cover.

    Learn more about the insurance offered by VicSuper in our Insurance handbook (PDF).

     

How to keep your insurance cover

Taking action to avoid losing your cover is easy. Choose from the following options:

1. Opt in to keep your insurance

  • Use your member number and the unique code we sent you to submit your opt-in to keep your cover. Go to my.vicsuper.com.au/keepcover
    (If the changes affect you, we will send you a letter or email with your member number and the unique code to help you elect to keep cover online).

2. Make a contribution to your account and increase your account balance to over $6,000. Learn more.

Frequently asked questions

  • How do I know if I'm covered?

    Most members who join VicSuper FutureSaver through their employer receive automatic default insurance cover once they become a member and their employer has paid at least one employer Superannuation Guarantee contribution on their behalf.

    There are a few exceptions to this, to confirm your eligibility for cover, see our Insurance handbook (PDF).

  • How much cover do I have?
    You can see how much cover you have by checking your half-yearly Benefit Statement or by logging into MembersOnline.
  • How can I check my account balance?

    The easiest way to keep up to date with your VicSuper account balance is by logging into your account through MembersOnline.

     

  • I have previously elected to keep my insurance cover, do I need to elect again?

    You don’t need to elect again.

    If you’ve already provided consent to keep your insurance cover since March 2019, either via our form or online, you don’t need to provide your consent again. So, if you’ve previously elected to keep your cover -  for example because your account was deemed inactive, or you had an account balance of less than $6,000, or you are under 25 years old - that election continues to apply if any of those circumstances arises again in the future, and your insurance will be retained.

  • Where can I find my member number and unique code?

    If the changes affect you, we will send you a letter or email with your member number and the unique code to help you elect to keep cover online.

    If you are unable to access this information, please contact the Member Centre and ask for a unique code on 1300 366 216.

  • What is a low balance account?

    For the purposes of insurance, your account is deemed as low balance account if, at all times between 1 November 2019 and 31 March 2020 you have an account balance below $6,000.

    To keep your insurance cover, VicSuper must receive your opt-in request before 1 April 2020.

    If you have initiated an insurance change before 1 November 2019, you are deemed to have elected to keep your insurance cover even if you have a low balance account.

  • What is an inactive account?

    For the purposes of insurance, your account is deemed as inactive if your account has not received contributions or rollover from you or your employer for a continuous period of 16 months.

    We will write to you if you have not received any contributions after 9, 12, 15 months to help you decide if you wish to continue with your cover.

    To keep your insurance cover in these circumstances, VicSuper must receive your opt in / election before your account is considered inactive.

  • If I consolidate my other super account, will I be able to keep my cover?
    Yes you will be able to keep cover, if consolidating your other super account to VicSuper results in increasing your VicSuper account balance to $6000 or more by 31 March 2020.
  • What happens if my insurance is cancelled?
    If your insurance is cancelled, you will no longer have insurance cover through your VicSuper account. If you later decide that you would like insurance cover, you will need to re-apply. Any application for insurance cover will be subject to approval by our insurer and may require underwriting.
  • What if you don’t have enough money in your account to pay for insurance?
    If there isn’t enough money in your account to pay your insurance premium, then you’re at risk of losing your insurance cover. For more information contact Member Services on 1300 366 216.
  • Want to change or cancel your insurance cover?

    You can change or cancel your insurance cover online, by logging into your VicSuper MembersOnline account and selecting the Insurance tab. If you don’t have a MembersOnline account, you can easily register for one at vicsuper.com.au/register

    Alternatively, you can download and complete an insurance application form at vicsuper.com.au/forms

     

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