#1 fund for weathering market ups and downs3
SuperRatings' Pension of the Year three years in a row4
How QSuper complies with the Code
We have adopted the Insurance in Superannuation Voluntary Code of Practice, and we're proud to be helping more than 350,000 Australians protect their future with insurance through their super.
The Insurance in Superannuation Voluntary Code of Practice (the Code) is the industry’s commitment to high
standards when providing insurance to you as a super fund member.
Under the Code, your super fund needs to:
As a result of the Protecting Your Super (PYS) and Putting Members’ Interests First (PMIF) legislation, the
Code is being reviewed by its owners – the Association of Superannuation Funds of Australia (ASFA), the
Australian Institute of Superannuation Trustees (AIST), and the Financial Services Council (FSC).
View the Code on the ASFA website
The Code covers the insurance we can provide you through a QSuper Accumulation account:
We already meet most of the individual Code standards and we'll continue to work towards compliance by 1 January 2022, where it's in the best interests of our members to do so.
To protect the financial wellbeing of our members, we offer some of the highest levels of default insurance cover for an industry or public sector super fund. Because of this, we have opted out of the section of the Code that says the cost of automatic insurance benefits can't be more than 1% of the estimated level of salary for our overall membership.
We have opted out of this section because:
While opting out of this section of the Code is currently in our members’ best interests, we will continue to monitor the suitability of our default insurance and premiums for our members. If we make changes to our cover or Code compliance approach in the future, we will published a revised transition plan.
QSuper provides eligible Accumulation account members with one of the highest levels of automatic insurance cover offered by an industry or public sector fund.2 We offer automatic death and total and permanent disability cover, and many members also automatically receive income protection cover, with the ability to tailor cover to meet individual needs.3
To support our members employed the Queensland emergency services, we provide these members with automatic insurance cover regardless of their age and account balance, under the dangerous occupations exception.4 This includes all employees of Queensland Fire and Emergency Services, Queensland Police Service, and Queensland Ambulance Service.
Cover is highly valued by QSuper members, with 65% of our Accumulation account members holding insurance as at 30 June 2020.
Our member-centric holistic approach to claims management supports members and their families in their time of need. When compared with the industry average, our members generally are more satisfied with claims decisions than the industry average.5
QSuper provides meaningful levels of affordable automatic cover for members, supported by sustainable premiums, and with the ability and support to personalise cover to meet individual circumstances.
We conduct regular pricing reviews and assess the affordability of premiums (our recent pricing changes at 1 January 2021 were made to ensure we can continue to pay claims into the future).
We also conduct regular product reviews to ensure our cover is suitable for our current and future members.
Premium adjustment mechanisms are when a super fund receives money or other material benefits (other than claims payments for members and any related costs) directly or indirectly from an insurer or reinsurer, and they publish the details of the arrangement on their website.
Premium adjustment mechanisms do not apply to QSuper's insurance arrangements with our current insurer, QInsure.
Log in to Member Online or check your latest annual statement to see your current insurance level.
Use our insurance needs calculator to determine how much insurance you might need.
Log in to Member Online to change your insurance or use our insurance premium estimator to get an idea on
More insurance information
Income protection insurance
Total and permanent disability (TPD) insurance
Death insurance cover
Understanding insurance cover