Life doesn't stay the same. So why should your insurance?
Starting out. Buying a home. Having children. Or getting older. Your insurance needs are likely to change throughout your life. VicSuper FutureSaver offers you the ability to change your insurance cover as your circumstances change.
You can make changes to your insurance cover at any time. You can request to:
- increase cover during the new member offer period (if eligible)
- increase your existing cover
- convert your unit-based cover to a fixed level of cover
- change your occupation category (which may result in lower premiums)
- reduce or cancel all or part of your cover.
It’s important to understand your insurance premium is deducted from your VicSuper FutureSaver account balance and will reduce your retirement savings. You should consider if your VicSuper FutureSaver insurance is still appropriate for your financial circumstances and whether or not you’d like to maintain or change your insurance cover.
How to change your cover
You can increase, decrease, change or cancel your existing VicSuper FutureSaver cover in the following ways:
- complete the online application by logging in to VicSuper MembersOnline. Depending on the cover you are applying for, you may receive an immediate approval, or your online application will be forwarded to our Insurer (MetLife) for further assessment
- Alternatively, you can download and complete the relevant forms available at forms and publications and return to VicSuper.
New member offer
Within the new member offer period, VicSuper FutureSaver (EmployeeSaver) members who joined through their employer, can apply to increase their insurance with minimal health evidence. Your new member offer period ends 90 days from the date of the welcome to the fund letter. Once you elect to make a change to your death and TPD or income protection cover, your new member offer period ends.
During your new member offer period
- Death and TPD cover - get up to 8 units of cover (up to $412,000 depending on your age) by completing the eligibility questions.
- Income protection cover - get up to 8 units of cover (up to $4,000 per month), change your waiting periods and benefit periods by completing the eligibility questions.
Increase your cover
You need to apply to increase your insurance. It isn't difficult, but there are some questions to answer, and approval of your application will be subject to assessment by our Insurer (MetLife).
Before you increase your insurance cover, read our Insurance handbook (pdf 2.2mb) to understand the impact on your premiums, along with the terms and conditions applicable. To apply log in to VicSuper MembersOnline account or download and by completing the application form available at forms and publications.
Transfer existing cover from another super fund
You may have multiple superannuation accounts at any given time, usually due to changing employers where a new superannuation account is established in your name.
It’s commonly understood that you can transfer/ rollover your other existing superannuation funds balance into your account. However, did you know you may also roll your existing insurance held with another super fund into your account with us?
We can accept transfer of death only, death and TPD, and/or income protection cover from your other superannuation funds to VicSuper FutureSaver. The transfer of cover is subject to certain criteria and approval by the Insurer.
For details and eligibility criteria to transfer your cover, read our Insurance handbook (PDF 2.2mb). You can apply for an insurance transfer via VicSuper MembersOnline or by completing the application form available at forms and publications.
Life events (Death and TPD only)
Life is full of change, so too is our need for insurance cover.
When significant events happen in our lives we often need to increase our cover, like when we buy our first home, get married, or start a family. Our life events option allows you to increase your death and TPD cover (or death only cover if you currently only have death cover) when specific life events occur. The increase of cover is subject to approval by the Insurer.
To learn more about this life events option and eligibility criteria, read our Insurance handbook (PDF 2.2mb ). You can apply for the life events insurance increase via VicSuper MembersOnline or by completing the application form available at forms and publications.
Converting unit-based cover to a fixed cover
If you have unit-based cover and wish to convert to fixed cover, which locks in your cover amount regardless of age, you can do this without having to provide any evidence of health. Fixed cover is provided in the form of a dollar amount and the premium gradually increases with your age.
You can also apply to have fixed cover converted to unit-based cover. If you make this conversion, you will be provided with an equivalent number of units, rounded up to the next whole unit. Pre-existing conditions rules may apply to your cover.
To learn more about fixed cover and the applicable pre-existing conditions, read in our Insurance handbook (PDF 2.2mb ). You can apply to convert to for a fixed cover via VicSuper MembersOnline or by completing the application form available at forms and publications.
Change your occupation category
The cost of insurance with us depends on your occupation. We’ve designed our premiums to allow those in lower risk occupations to have access to cover with a lower premium.There are three occupation categories, with criteria to meet to be eligible that may apply:
1. General – this is the default occupation category, or for those members that do not meet the criteria for white collar or professional categories below.
2. White Collar - Generally suitable for a person working 90% of their working hours in an office environment or in managerial duties within an educational institution.
3. Professional - Generally suitable for a person working 90% of their working hours in an office environment and earns an income from that occupation over $100,000 per annum with a tertiary qualification or within a management role.
Occupation categories have different insurance premiums to reflect the risk associated with your occupation.
The ‘white collar’ and ‘professional’ categories have a reduced premium cost compared to the ‘general’ category. You should consider if we have the right occupation category applied to your insurance cover.
If you qualify for the white collar or professional occupation category, you can apply for the ‘own occupation’ category. This option is only available for income protection and will allow a benefit to be paid under a modified disablement definition.
To learn more about the available occupation categories and their eligibility criteria, read our Insurance handbook (PDF 2.2mb). You can apply to change your occupation categories via VicSuper MembersOnline or by completing the application form available at forms and publications.
Cancelling or reducing your cover
Sometimes insurance cover is no longer of value to you, due to your personal and financial circumstances. You can reduce or cancel all or part of your cover at any time by logging in to VicSuper MembersOnline or by completing the application form available at forms and publications.
If you cancel your cover, any future request for insurance, your application will be subject to health assessment, insurance policy conditions and acceptance by the Insurer, and you may not be able to get cover.
This information is of a general nature which means it doesn’t take into account your specific objectives, financial situation or needs. We recommend you contact us for up-to-date information before you access your benefit, or if you need confirmation of your insurance cover. You should read the VicSuper FutureSaver Product Disclosure Statement and Insurance Handbook for the product before making any decisions. Call Member Service on 1300 366 216 for a free copy.
Don't sit there wondering - our team members are here to help!