Insurance: Your questions answered

A moment is all it takes to make sure your insurance cover is right for you.

How much do you know about your QSuper insurance cover? There are many ways you can tailor your cover to reflect your life¹; below we outline the most common questions Accumulation account members ask.

Three types of insurance cover

  Death cover

  Total and permanent disability (TPD) cover

  Income protection

How do I…

All the changes below can be applied for via Member Online, or by completing the Change of Insurance form.

Change the amount of insurance I have

You can apply to choose the amount and type of cover that’s right for you. You can also apply for cover you don’t already hold. Eligible full and part-time employees can apply for death & TPD cover of up to $3 million and for income protection cover up to 87.75% of a member’s insured salary (up to a maximum total benefit of $50,000 per month).

Occupationally rate myself

You may be able to change your insurance premiums by being occupationally rated, so that your premiums are based on the type of work that you do.

QSuper’s occupational rates are:

Find out more about what QSuper’s occupational rates mean in Member Online.

Make sure I don’t lose my insurance

Under current rules., if we haven’t received a contribution in to your Accumulation account in 12 months, or if your account balance has dropped below $5,000, we may cancel your insurance cover. We will write and let you know beforehand.

You can avoid having your insurance cover cancelled by permanently opting-in on Member Online, or by completing a Change of Insurance form, or making a contribution to your account.

There are other conditions to this; please download our Accumulation Account Insurance Guide and the Change of Insurance form for more information.

Make my income protection start earlier/be paid for longer

This is more commonly known as tailoring your waiting period and benefit period. Income protection can provide you with an income to help meet your living expenses if an illness or injury means you can’t work. Many QSuper members have options to tailor the waiting period (the period of time before an approved income protection payment would start) and the benefit payment period (the maximum time an income protection benefit could be paid). Find out more here.

Fix a specific amount of income protection

If you’re eligible for default income protection cover, your cover is ‘salary-based cover’. The default cover pays you a total benefit of 87.75% of your insured salary. This includes a contribution replacement benefit of 12.75% of your insured salary. (Please note that maximum limits may apply).

If you want to change the value of income protection insurance cover you hold, you can apply for unitised income protection cover.

Each unit of income protection provides $500 of cover per month, including a superannuation contribution replacement benefit of 12.75 per cent (which is paid to your QSuper Accumulation account).

1 The features and conditions of insurance for Defined Benefit members and Queensland Police Officers are different. Find out more about Defined Benefit insurance arrangements or Police Officer insurance arrangements.
2 Insurance subject to eligibility terms and conditions. Please see the Accumulation Account Insurance Guide for more details. Data at 30/6/2018.