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Our Insurance Strategy

VicSuper FutureSaver is a product available as part of the VicSuper division in Aware Super. The trustee of the Fund is Aware Super Pty Ltd.

Our insurance strategy outlines our approach when designing the insurance we offer. Our insurance philosophy is to provide our members with an adequate level of cover at a reasonable price without eroding our members’ super savings.

When determining the types of cover, level of benefit and premium, we consider a number of factors to ensure that the cost of insurance is appropriate. Our priority is to maximise our members’ super savings so they have enough to live on when they retire.

Our default death (including terminal illness) and total and permanent disablement (TPD) and income protection insurance cover is designed to meet the needs of our general membership.

Insurance design principles

The following insurance design principles guide us in developing and undertaking reviews of our insurance arrangements:

Affordable
  • We try to ensure premiums paid by members for insurance cover provided automatically does not exceed 1% of the average salary for that group of members.
  • We seek to improve the health of our members where possible with an emphasis on prevention, early intervention and return to work strategies to keep cover affordable for all members.
Appropriate
  • Our default cover provides a critical safety net of cover at an affordable cost that would meet the reasonable needs of most members. Our priority is to help our members maximise wealth accumulation for retirement.
  • Where scale allows, we design our cover to meet the needs and relevance of each employment sector.
Simple
  • We seek to keep our design simple and intuitive to understand for our members.
  • We provide members guidance and access to a range of advice to assist in reviewing their insurance and further tailoring their cover to meet their individual needs.
  • We make it simple and effortless for members to change their cover based on their needs.
Fair
  • We treat existing and new members equally.
Competitive
  • We seek to ensure our insurance offer and premiums are attractive to new and existing members to help the fund grow and leverage the benefits of scale for members.

Helping members understand insurance

It’s important our members understand the insurance they have and how to tailor it to their needs (including cancelling cover where required). Members can change, cancel and opt in to keep their insurance by logging in to their MembersOnline account, or just check their level of cover on the VicSuper mobile app.

The Insurance Key Facts Sheet (PDF 54kb) provides important information about our automatic insurance cover and can help you compare our automatic default insurance with other funds. For more information about your insurance options read our Insurance Handbook (PDF 2,235kb) and Product Disclosure Statement. 

Your insurance options

Eligible members receive automatic death, total and permanent disablement and income protection cover. Members can also increase this insurance in certain circumstances and decrease or cancel this cover at any time. Learn more about type of cover offered. You can also apply to transfer any Life, Total and permanent disability (TPD) or Income Protection (IP) insurance you have with another super fund or insurer.

Updating existing cover

There are a number of online tools you can use to check your existing level of insurance, and apply for, or update your cover.

You can update your insurance to better meet your needs.

  • Increase your level of cover by
    • applying for the New member offer (where available)
    • applying for additional Life event cover.
    • applying for additional cover
  • Decrease or cancel all or part of your level of cover.
  • Fix your cover amount (so the benefit amount stays the same as you get older).
  • Transfer your other insurance to your VicSuper FutureSaver account.
  • Apply to change your occupational rating.

You can make all these insurance changes online or download the relevant form.

Support when making a claim

We’re here to help you through the claims process and make it as smooth and simple as possible. We’ll answer all your questions and keep you or your family up to date from beginning to end. If you need to make a claim you should call us as soon as possible, so we can start the process. For more information read our insurance fact sheets, available at making a claim.

Premium Adjustment Arrangements

Premium adjustment mechanisms which are sometimes known as profit shares or experience adjustments, do not apply to VicSuper FutureSaver Insurance arrangement.

Insurance Voluntary Code of Practice

In 2018, three industry bodies1 got together and developed the Insurance in Superannuation Voluntary Code of Practice (“the Voluntary Code”) to establish what the highest standards of value and service should be when providing members with insurance in super. The Voluntary Code had been scheduled to come into effect on 1 January 2022.

We strongly support the Voluntary Code and continually look for ways to improve our insurance.

Since the development of the Voluntary Code, the majority of the requirements in the code have been superseded by legislative and regulatory reforms which have be implemented. For this reason, the Code Owners (ASFA, AIST, FSC) announced on 1 July 2021 to replace the Voluntary Code with Guidance Notes to support vulnerable members and appropriate claims handling standards . See further details on the announcement.

VicSuper has been compliant to most of the elements of the Voluntary Code. We’ll continue to refer to the Voluntary Code and the new Guidance Notes to further refine and enhance our insurance product and service to our members.

1The Association of Superannuation Funds of Australia (ASFA), the Australian Institute of Superannuation Trustees (AIST) and the Financial Services Council (FSC).

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