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On 1 April 2020, the rules about when default insurance cover is provided through superannuation changed. These rules aim to protect Australians’ superannuation balances from being eroded by unwanted insurance premiums.
This means that for some members, the changes put the focus on you to take action if you do want insurance cover through your super.
The Treasury Laws Amendment (Putting Members’ Interests First) Act 2019 require insurance in superannuation for new members under 25 and members with low balance accounts to only be offered on an opt-in basis.
Under 25, regardless of account balance
Have a balance below $6,000
There are some exceptions. As part of the Government’s changes, superannuation funds can select occupations that they deem to be dangerous and exclude them from these new rules. QSuper is excluding all employees of the following emergency services from these changes:
Insurance: Read our list of commonly-asked questions.
Research how much insurance you might need. Our insurance needs calculator can also help you work the right amount of insurance for you.
Check what you’ve already got, both inside and outside of super. Do you have:
Find out more from the Australian Government about your insurance options on their Moneysmart website.
Learn more about QSuper’s insurance options, and other questions to ask yourself when choosing insurance. Also read our most common insurance FAQs.
One in three QSuper members will make an insurance claim in their lifetime1. So if you decide that the default insurance cover is right for your needs, you can opt in2 via Member Online. Of course, you can also change or cancel your insurance cover at any time.
If you don’t yet have a member number, contact us so we can assist you.
1. QSuper’s analysis shows 36.8% of members who spend their whole working lives with QSuper are expected to access their insurance benefits before retirement. This includes 2.6% who die, 11.5% who become totally and permanently disabled before the age of 65 and 22.7% who are temporarily disabled from working, for a significant period, at some stage.
2. Cover is subject to eligibility terms and conditions and some exceptions apply. Please read the Accumulation Account Insurance Guide issued 1 July 2019, for more information.
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