Insurance cover

Better, cheaper insurance from 1 July 2018
Better, cheaper insurance from 1 July 2018

We’re excited to tell you about some great changes we’ve been able to make to your insurance.
We’re excited to tell you about some great changes we’ve been able to make to your insurance.

Apply, change or cancel your cover

  1. Read the Insurance handbook
    We've provided you with a summary below, but you should read the Insurance handbook to make sure you have all the details.
  2. Complete your application 
    To apply, change or cancel your insurance cover, you can:
  • Complete the online application and, depending on the cover you are applying for, you may receive an immediate approval, or your online application will be forwarded to our underwriter for further assessment.
  • Alternatively, you can complete the application form found at the back of the insurance handbook, or see Forms and publications to download the forms and return them to VicSuper.

Are you a VicSuper member? You may already have cover.

Members who join VicSuper through their employer may receive default cover if eligible. To check if you have insurance, login to your account or call our Member Centre on 1300 366 216.

Transfer of insurance cover from other super funds

If you have death, TPD or income protection cover held under another super or self-managed super fund, you can apply to transfer that cover to your VicSuper account.
There are limitations on the acceptance of cover, including where you have existing loadings or exclusions.

To find out more, just refer to the Insurance Handbook

Things you should know

Members who join VicSuper through their employer may receive default cover if eligible. To check if you have insurance, login to your account or call our Member Centre on 1300 366 216.

Fast facts

  • 165,000+ members insured with VicSuper
  • Cover 24/7 at work, home or overseas
  • Total cover for all VicSuper members exceeds: $39.5 billion death cover and $39 billion TPD cover
  • $440 million Income protection per month
  • Benefits paid to members in the 12 months to December 2017 exceed
  • $55.6 million Death and TPD claims
  • $1 million Income protection claims (monthly payments)

Things you should know

The insurance policy outlines all the terms and conditions for the insurance cover provided by our Insurer. There are certain circumstances, such as being self-employed, a contractor, over a certain age or changes to your employment that may affect your insurance cover. Please read the Insurance Handbook for more details.

Insurance cover outlined in this handbook is provided under group life insurance and group income protection policies issued and underwritten by MetLife Insurance Limited ABN 75 004 274 882 AFSL NO. 238 096

These two policies contain the full terms and conditions of insurance cover in VicSuper.

Find out more about your insurance cover

How do I know if I'm covered?
Most members who join VicSuper FutureSaver through their employer will receive automatic cover once they become a member and their employer has paid at least one employer Superannuation Guarantee contribution on their behalf. There are a few exceptions to this, to confirm your eligibility for cover, see page 6 of our Insurance Handbook (PDF) or call our Member Centre on 1300 366 216.

How long does my cover last?
Once you have cover, it will generally continue while you remain a member and there’s money in your account to cover the cost of the insurance premiums. Cover will automatically stop once you reach age 65 (for income protection) or 70 (for death & TPD insurance). There are a few other situations when your cover may also end. To see these, go to page 15 of the Insurance Handbook (PDF).

How much cover do I have?

You can see how much cover you have by checking your half-yearly Benefit Statement or by logging into MembersOnline. Just remember, VicSuper may not have all the details about your employment history at the time you joined and whether you have received insurance benefits in the past – so if you are unsure about your eligibility to receive insurance cover through VicSuper, contact us and we’ll be happy to help.

This information is current as at 1 July 2018.

  • Icon incsurance life stages

    Different life stages
    Different life stages

    We have a range of insurance options so you can choose the best one for you. We also offer the ability to increase, decrease or change your cover as your needs change.
    We have a range of insurance options so you can choose the best one for you. We also offer the ability to increase, decrease or change your cover as your needs change.
  • Icon insurance premiums

    Competitive premiums
    Competitive premiums

    Our size and scale means we can negotiate competitive premiums and pass them on to you. Tax concessions mean it could be cheaper than buying insurance outside of super.

    Our size and scale means we can negotiate competitive premiums and pass them on to you. Tax concessions mean it could be cheaper than buying insurance outside of super..
  • Icon insurance no bills

    No bills
    No Bills

    Premiums are deducted from your VicSuper FutureSaver account so you don’t need to worry about missing a payment or saving to pay up-front costs.
    Premiums are deducted from your VicSuper FutureSaver account so you don’t need to worry about missing a payment or saving to pay up-front costs.

Your insurance options

Death & TPD
cover
Death only
cover 
Income protection
cover 

Provides you and your family with financial security if you die or become permanently disabled.

Provides your family with financial security if you die.

Provides a replacement income if you are affected by an injury or illness that impacts on your earnings.

 Eligibility

VicSuper FutureSaver members under age 70 (TPD cover is not available to members who are aged 65 or over upon joining), legally permitted to reside and work for reward in Australia. 

Eligibility 

VicSuper FutureSaver members under age 70, legally permitted to reside and work for reward in Australia.

Eligibility

VicSuper FutureSaver members under age 65, working at least 14 hours per week, either self-employed, a casual employee, a contractor with a contract with your employer of at least six months, or a permanent employee, and legally permitted to reside and work for reward in Australia.

Automatic cover

(Employeesaver members only)

6 units
(Up to $309,000 
depending on your age)

Increase your cover with minimal health evidence if you are within your special insurance offer period.

Automatic cover

(Employeesaver members only)

6 units

TPD cover is not available to new members joining after age 65.

Increase your death cover without having to complete lengthy forms or undergo medical tests, if you are within your special offer period.

Automatic cover 

(Employeesaver members only)

6 units
(Up to $3,000 per month)

Increase your cover, or change your benefit period to 5 years, or change your waiting period to 30 or 60 days, without having to complete lengthy forms or undergo medical tests, if you are within your special insurance offer period

Maximum cover available

Unlimited death cover
Up to $5 million TPD cover

Maximum cover available

Unlimited

Maximum cover available 

The lesser of $30,000 per month or 85% of your gross annual income

Cover options

Unit-based or Fixed

Cover options

Unit-based or Fixed

Cover options
Waiting periods

90 (default), 60, or 30 days

 
Maximum benefit period

2 years (default), 5 years or up to age 65

Premiums

Vary depending on your cover type

Premiums

Vary depending on your cover type

Premiums

Vary depending on your cover type

Calculate premium

Calculate premium  Calculate premium 
Download handbook
Download handbook
Download handbook