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At QSuper, it’s important to us that we help you understand how pricing changes to insurance might impact your employees. We recently sent our members a Product and legislation update November 2020, which outlines these changes, and have also summarised them for you below.
QSuper’s insurance pricing will be changing. This means an increase, or in some cases, decrease, in the amount QSuper members will pay for their insurance cover with us.
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 except for income protection cover for Queensland police officers which will be reduced from 30 November 2020.
More than a third of our members who have insurance have already tailored their insurance cover which tells us that flexibility is important to them.
Learn more about QSuper’s insurance.
QSuper paid out more than 7,500 claims in the 2019-20 financial year, providing support to employees and their families during their times of greatest need.
income protection claims
total and permanent disability claims
death cover claims
Over $350 million was paid to our members and their families
We have also clarified our wording about default insurance cover for members who opened their QSuper account directly. The Product and legislation update November 2020 details this clarification.
For more information, read the Accumulation Account Insurance Guide (pdf) or our case studies at qsuper.qld.gov.au/defaultcover
We’re contacting every member who currently has, or may be eligible to receive insurance with us to explain what this change in pricing will mean for them and what options they have to change (or cancel) their cover in response.
If you need more information on these changes and how they could affect you and your staff, we’re always here to help – just contact your Relationship Manager or our Employer Services team.
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Your questions answered on some QSuper product and legislation changes being introduced from 1 July 2021.