#1 fund for weathering market ups and downs3
SuperRatings' Pension of the Year three years in a row4
At QSuper, we care about delivering meaningful insurance cover that balances the cost and level of insurance with the needs of our members.
As a QSuper member, it’s important to us that we help you understand how pricing changes to insurance might impact you. As a member, you will receive a Product and legislation update November 2020 which outlines these changes, as well as a personalised letter detailing what the changes mean for you.
Below is a summary of the main FAQs.
As a profit-for-members fund, we don’t increase premiums unless we absolutely have to. We regularly review our insurance arrangements to understand the type and amount of benefits members are receiving, and premiums are adjusted when it is necessary to ensure that members pay the right level of premiums for their cover.
Over the past year, claims have increased significantly and were materially higher than expected. Because of this, and to ensure we can continue to offer insurance cover for our members in their times of greatest need, most insurance premiums will increase from 1 January 2021. Learn more about QSuper’s insurance.
income protection claims
total and permanent disability claims
death cover claims
Over $350 million was paid to our members and their families
As a general example, a 40-year-old member with three units of default cover (death and TPD), and income protection with an insured salary of $75,000 p.a. income, could expect an increase in total premiums of approximately $8.92 per week.
Specific premiums can be calculated by using our Insurance Premium Estimator calculator.
Plus, our insurance needs calculator can help you work out how much insurance you need.
As a profit-for-members fund, we only increase insurance costs when it is necessary to ensure that members pay the right level of premiums for their cover.
Making these price changes now means we can continue to offer insurance cover for our members in their times of greatest need, should you need to make a claim.
We also continue to provide the flexibility to adjust your cover to fit your changing insurance needs.
The cost of all insurance cover will be changing. For most members this will mean approximate increases of 31% for income protection cover, and between 40-45% for death and total and permanent disability (TPD) cover from 1 January 2021.
An exception to these increases is income protection cover for Queensland Police Officers. The cost of this cover will be reduced by approximately 50% from 30 November 2020.
You can change your insurance any time by logging into Member Online.
Our existing premiums will be applied to any changes that you make to your insurance before the premium change happens. After the premium change happens, the new premiums will automatically be applied.
QSuper insurance is designed to be flexible. Most members can tailor their income protection insurance, total and permanent disability (TPD) cover, or death cover to suit them. If you feel that any of our insurance options are not right for your circumstances, you have the option to cancel any or all of them at any time by logging into Member Online or by completing a Change of Insurance form (pdf).
There have been industry-wide legislation changes over the past couple of years, and we’ve communicated to our members about that.
There is a cost involved with putting any legislation from the Government in place for our members, but as a large fund who have been looking after our member’s retirements for more than 100 years, we are well prepared to respond to those types of industry-wide reforms.
Having the right level of insurance cover can give you the confidence to get on with life, knowing you and your family are protected. The amount of insurance cover you'll need will depend on your unique circumstances, including your family situation and financial commitments. Our insurance needs calculator can help you work out how much insurance you need.
As a profit-for-members fund, everything we do is for our members – so we provide insurance for when life doesn't go to plan.
Follow these three simple steps if you need to make an insurance claim.
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