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 members the ability to increase, decrease or change their insurance cover as their circumstances change.
It’s important to understand your insurance premium deductions may be eroding your account balance. 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 amend your insurance cover.
How to change or cancel your cover
You can increase, decrease, change or cancel your existing VicSuper FutureSaver cover in the following ways:
- complete the online application in VicSuper MembersOnline and 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 FutureSaver.
You can use either of the steps above to transfer unit-based cover to the equivalent level of fixed cover.
Increase your cover
You need to apply to increase your insurance or to make other certain changes to your cover.
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.
Get up to...
8 units of cover (up to $412,000 depending on your age) by completing the eligibility questions.
Get up to...
8 units of cover (up to $4,000 per month) by completing the eligibility questions
To increase your insurance to the levels outlined above just download and complete the VicSuper EmployeeSaver insurance application form (PDF 174kb).
If you're not within your new member offer period (EmployeeSaver only) or you're a VicSuper FutureSaver (PersonalSaver) member, you can still apply to increase or change your insurance.
It isn't difficult, but there are some forms to complete, and approval of your application will be subject to our Insurer (MetLife) assessment.
Transferring 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 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 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, we 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, how to apply 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.
Don't sit there wondering - our team members are here to help!