Insurance

VicSuper provides access to insurance to VicSuper Scheme and VicSuper Beneficiary Account members.

What do you insure?

car house and contents health income Life

Most of us insure our cars as well as our home and contents - we accept that they're expensive to buy and to replace if something were to happen to them. But most of us don't insure our income or our lives.

Why should you consider income protection insurance (also known as salary continuance insurance) or death and disability insurance? Because they provide great protection for life's uncertainties such as injury, illness and disability.

If you have a family or financial commitments like a mortgage, you may like to take up insurance to ensure you're prepared for any circumstance that may happen in your life.

Insurance through VicSuper

Insurance available through VicSuper is provided by AXA Group Insurance. As VicSuper has a large member base, we are able to negotiate competitive premiums with our Insurer which we pass on to you.

You'll find that premiums offered through VicSuper compare very favourably with the premiums you would have to pay if you took out cover through an individual policy.

The table below describes the different types of insurance available to VicSuper Scheme and VicSuper Beneficiary Account members.

Paying your premiums

One of the best parts about taking up insurance through your super fund is that your premiums are deducted directly from your super account at the end of each financial year (or when you close your account).

This means that you'll never have to worry about paying premiums from your own take-home pay or saving to pay an up-front amount.

Are you already insured through VicSuper Scheme?

New members from 1 July 2011 of VicSuper Scheme automatically receive four units of death and total and permanent disability (TPD) cover at a cost of $4.00 per week ($1 per unit per week) and six units of income protection cover ($3,000 per month) with a 90 day waiting period and a two-year benefit period (premiums differ according to your age). You may like to consider increasing this cover in light of your needs, or transferring this cover to fixed cover (subject to meeting policy conditions). These types of cover are described below.

You should note that during the automatic acceptance period you can take up to six units of death and disability cover (in total) without health evidence. A further two units are available on completion of the good health declaration within the automatic acceptance period. With income protection cover you can take up to eight units ($4,000 per month) during the automatic acceptance period without providing health evidence. A further two units, that is up to 10 units ($5,000 per month) of income protection cover is available on completion of the good health declaration within the automatic acceptance period. All other cover is subject to the Insurer's approval.

If you decide you don't want the automatic cover, please advise VicSuper in writing. You will receive a full refund of premiums, provided you notify us within the automatic acceptance period. If you notify us outside of your automatic acceptance period, your cover will be cancelled from the date VicSuper receives written notification and appropriate premiums will be deducted from your account up until this date.

Insurance cover offered through VicSuper

	Death and disability insurance		Income protection (salary continuance)
	Unit-based cover	Fixed cover	Income protection
Type of cover	Includes cover for death & total and permanent disability (TPD).	Includes cover for death & total and permanent disability (TPD).	Includes cover for total and partial but temporary disability impacting on your earning capacity.
Level of cover	Provides cover for a maximum of 30 units. The amount of cover is linked to your age. Once you turn age 38, your level of cover starts to decrease.	You can lock in an amount of cover up to the maximum benefit limit. The TPD component reduces between ages 60 and 64. See the Insurance handbook for details.	Provides cover for the lesser of 75% of your gross annual salary plus Superannuation Guarantee or $30,000 per month. You can choose an amount of cover up to this limit.
Cover options	VicSuper Scheme: 'Death &TPD' or 'death only' cover, plus if you fall under the approved occupation category, you can also choose to be covered for your 'approved own occupation' for TPD cover. VicSuper Beneficiary Account: choose between 'death only' or 'death &TPD'.	VicSuper Scheme: choose between 'death &TPD' or 'death only'; plus if you fall under the approved occupation category, you can also choose to be covered for your 'approved own occupation' for TPD cover. VicSuper Beneficiary Account: choose between 'death only' or 'death &TPD'.	For VicSuper Scheme and VicSuper Beneficiary Account, choose between a: two-year benefit period five-year benefit period benefit period until age 65. Plus if you fall under the approved occupation category you can elect cover for your 'own occupation' (only available if you choose a benefit period of five-years or until age 65).
Cost	VicSuper Scheme: death &TPD cover at $1.00 per unit per week ($1.10 if covered for approved own occupation for TPD cover) or death only cover at $0.47 per unit per week. VicSuper Beneficiary Account: death only at $0.55 per unit per week or death and TPD at $1.24 per unit per week. Use VicSuper's insurance calculators to help work out your premium.	Your premium is dependant on your current age and your occupation type: general occupation approved occupation own approved occupation (Scheme only), and is calculated per $1,000 insured. Use VicSuper's insurance calculators to help work out your premium.	Your premium is dependent on your current age, your occupation type: general occupation approved occupation own approved occupation, the waiting period you select: 30 days 60 days 90 days, and the benefit payment period, and is calculated per unit per week (1 unit is $500 of cover per month). Use VicSuper's insurance calculators to help work out your premium.
Automatic cover (VicSuper Scheme only)	VicSuper Scheme members are provided with four units of death and TPD cover.	VicSuper Scheme members can transfer their four units of death and TPD cover to fixed cover.	VicSuper Scheme members are provided with six units of cover with a 90 day waiting period and a two-year benefit period.
Who is eligible for cover?	VicSuper Scheme and VicSuper Beneficiary Account members under age 70. All cover is subject to you meeting policy conditions including having sufficient funds in your account at all times to meet premiums.		VicSuper Scheme and VicSuper Beneficiary Account members under age 65. You must also be employed or self employed, working at least 10 hours per week and be an Australian resident. All cover is subject to you meeting policy conditions including having sufficient funds in your account at all times to meet premiums.
When does cover cease?	Death & TPD cover ceases at age 70. All cover ceases if you have insufficent funds to cover your premiums, you elect to cancel your cover or you close your account.		Income protection cover ceases at age 65. All cover ceases if you have insufficent funds to cover your premiums, you elect to cancel your cover or you close your account.
How to apply	Please read the Insurance handbook or VicSuper Beneficiary Account Combined FSG and PDS and complete the Insurance request form attached to the back. You may also need to complete an AXA statement, depending on the cover you are apply for. To download these documents, see our Forms or Publications page. Supporting health evidence may be required and applications are subject to the Insurer's approval plus you must have sufficient funds in your account at all times to meet premiums. Premiums stated apply from 1 July 2011 to 30 June 2014.

For further information

More detailed information on the insurance offered through VicSuper is provided in the Insurance handbook and the VicSuper Beneficiary Account Combined FSG and PDS available on our Publications page.

You can also call our Member Centre on toll free 1300 366 216 to speak to a superannuation consultant about these insurance options or to request the appropriate forms and publications to be sent to you.

To view your insurance options through VicSuper, login to VicSuper MembersOnline.