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We provide automatic death, total and permanent disablement and income protection cover to eligible members with the flexibility to decrease or cancel this cover.

We’re always looking for ways to improve our insurance arrangements. That’s why we’ve opted into the Insurance in Super Voluntary Code of Practice (the Code).

The Code is an industry-wide initiative to improve the cover provided by super funds to their members. VicSuper FutureSaver already complies with many of the standards in the Code and has developed a transition plan which outlines how we'll become fully compliant.

The Insurance in Super Voluntary Code of Practice

The VicSuper Transition plan (PDF 48kb)


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.

The Aware Super Insurance Strategy outlines the approach we take with regards to designing insurance benefits offered to our members. Our insurance philosophy is to provide our members with an adequate level of cover for a reasonable premium without eroding their retirement income.

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 help our members maximise wealth accumulation for retirement.

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. In addition, members can also apply for Income Protection cover to replace up to 75 per cent of their monthly income.

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

Affordable
  • As a signatory to the Code we seek 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.

Affordability of default cover

Our aim is to keep the cost of default cover under 1% of the average salary of default members. We undertake regular reviews of the cost of annual insurance premiums for members with default insurance cover across ages.  As we do not have access to members’ individual salary details, we estimate default member’s average salaries using Super Guarantee (SG) contributions over a 12 month period.

The June 2020 insurance affordability review found that the cost of insurance for the majority of VicSuper default cover members is under 1% on an average estimated salary basis. We have identified that members with default cover between the ages of 16 and 22 and above the age of 55 may exceed the 1% of salary affordability benchmark. For younger members this is due to lower salaries and/or type of work engaged in, while the increasing cost of default IP cover impacts at older ages. Where members may exceed the 1% of salary affordability benchmark on an average estimated salary basis, we provide additional communication to these members to prompt them to review the appropriateness of their insurance cover based on their personal circumstances.


Flexibility to update cover

Members can learn more about our insurance offer through our Insurance Handbook (PDF 2,235kb) and Insurance Key Facts Sheet (PDF 54kb).

All members have access to MembersOnline to check their existing level of insurance and can amend their cover to meet their individual financial circumstances by:

  • increasing or decreasing their level of cover
  • cancelling full or part of their insurance cover
  • fixing the amount of their insurance cover (i.e. so it does not change with age)
  • transferring other cover to their VicSuper FutureSaver account
  • updating their occupational rating
  • increasing their cover by applying for New Member offer (where available)
  • increasing their cover by applying for additional Life event cover

All changes to insurance cover can be done online or by paper forms, providing members the flexibility to choose the channel which best suits them.


Premium Adjustment Arrangements

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



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