Police receive price drop on some insurance premiums
15 August 2022
5
min read
Some police insurance premiums have been reduced from 1 July 2022.
Our aim is to provide default insurance cover for members that balances the amount of cover and features with affordability.
We regularly review our insurance premiums against total member claims to ensure insurance premiums charged continue to be appropriate for the cover provided and reflect the cost of insurance cover.
What insurance premiums are reducing
Following our most recent review, default death and total and permanent disability (TPD) premium rates for Queensland police officers were reduced by 20% from 1 July 2022. Personalised death and TPD premiums did not change.
From 1 July 2022, default and personalised income protection (IP) premium rates for Queensland police officers were also reduced by 40%.
You can find more information and insurance premiums for Queensland police in the QSuper Accumulation Account Insurance Guide.
What the premium reductions mean for police who have default insurance
In this case study, Jason has default insurance.
Jason is 32 and has just joined the Queensland Police Service as a sworn police officer. As a new member, Jason receives the default level of death, TPD cover, and IP cover.
| Insurance type |
Amount |
Sum insured |
Cost before 1 July 20221 |
Cost from 1 July 20221 |
| Death |
3 units |
$375,000 |
$7.95 per week |
$6.36 per week |
| TPD |
3 units |
$375,000 |
$13.20 per week |
$10.56 per week |
| Insurance type |
Amount |
Waiting Period |
Benefit Period |
Cost before 1 July 20221 |
Cost from 1 July 20221 |
| IP |
87.75%2 of insured salary3 |
180 days or accrued sick leave, plus approved QPS sick leave bank, whichever is greater. |
2 years |
0.202% of insured salary |
0.122% of insured salary |
Looking after police when it’s needed most
Queensland police who hold a QSuper Accumulation account may have three types of insurance cover.4
These, and frequently asked questions about each type of insurance, are explained below:
Death cover
What is death cover?
Death cover is designed to pay out a lump sum if you die. Additionally, if you are diagnosed with a terminal illness, you may be able to receive your death benefit as a terminal illness benefit. Death cover can help to keep your loved ones financially secure.
Eligible new members get death insurance automatically.
To receive default (automatic) cover there are three basic requirements:5
- You have a QSuper Accumulation account
- You’re aged 16-59 if you are a Queensland police officer
- You’re an Australian resident.
How much default death cover do I have?
Default death cover is ‘unitised’, with each unit of cover providing a certain age-based dollar value of insurance.
We automatically give you one ‘unit’ of cover if you are age 16–20 (and if you hold default cover when you turn 21, we will increase your cover to three units), and three units of cover if you are age 21–59.
Can I change my death cover to suit my needs?
There are several ways you can personalise your death cover, including:
- Applying for extra units of cover
- Applying to change from unitised cover to a fixed dollar
value of cover
- Applying to increase death cover to a maximum of $3 million (casuals $1 million, conditions apply).
You may need to provide health and other information if you want to increase your cover above certain dollar values that are based on your age and desired cover. You can also cancel your cover at any time.
What does death cover cost?
Your default cover is charged at the ‘default police rate’, with the cost depending on your age. If you’re a police officer and make any changes to your cover above the automatic level, all your premiums will be calculated at a ‘high risk’ occupational rate rather than the default police rate. The only exception is if you reduce your cover below the default level, in which case you’ll continue to pay the default police rate.
You can find out more information and insurance premium rates in the QSuper Accumulation Account Insurance Guide.
Total and permanent disability (TPD) cover
What is TPD?
TPD cover is designed to pay a lump sum to you if you can’t ever work again after meeting the definition of total and permanent disablement. This allows you to focus on managing your illness or injury, rather than worrying about finances.
Eligible new members get TPD cover automatically.
To receive default (automatic) cover there are three basic requirements:5
- You have a QSuper Accumulation account
- You’re aged 16-59 if you are a Queensland police officer
- You’re an Australian resident.
How much default TPD cover do I have?
Default TPD cover is ‘unitised’, with each unit of cover providing a certain age-based dollar value of insurance. If you are aged 16–59 we automatically give you three units of cover.
Can I change my TPD cover to suit my needs?
Our insurance is designed to be flexible, so as your circumstances change, you can apply to change your cover.
You may need to provide health and other information if you want to increase your cover above certain dollar values that are based on your age and desired cover. You can also cancel your cover at any time.
What does TPD cover cost?
Your default cover is charged at the ‘default police rate’, with the cost depending on your age. If you are a police officer and make any changes to your cover above the automatic level, all your premiums will be calculated at a ‘high risk’ occupational rate rather than the default police rate.
The only exception is if you reduce your cover below the default level, in which case you’ll continue to pay the default police rate.
You can find out more information and insurance premium rates in the QSuper Accumulation Account Insurance Guide.
Income protection
What is income protection insurance for police?
Our income protection is specifically designed for sworn Queensland police officers4. Our income protection cover is tailored to factor in the unique benefits of the Sick Leave Bank that is available to Queensland police officers, provided under the relevant award or agreement.
The cover is designed to provide an income protection benefit after the waiting period, which is the greater of 180 days or when accrued sick leave plus approved QPS Sick Leave Bank ends, and to pay an income protection benefit for up to two years for eligible police officers. Ongoing payment is subject to continuing to satisfy the insurance conditions.
Importantly, our income protection does not impact entitlement to the Sick Leave Bank, although it’s not possible to claim on both at the same time.
What benefits will income protection pay?
Queensland police officers automatically receive income protection cover that pays 87.75% (including a contribution replacement benefit of 12.75%) of your insured salary for two years. Maximum benefit limits and other eligibility criteria apply. See the QSuper Accumulation Account Insurance Guide for further details.
Queensland police have the Sick Leave Bank, so why would I need income protection?
An income protection benefit may apply even though an officer is no longer eligible for Sick Leave Bank benefits.
What does income protection cover cost?
The default income protection premium is calculated based on age as a percentage of insured salary. You cand find out more information and insurance premium rates in the QSuper Accumulation Account Insurance Guide.
1. The premiums are subject to rounding and are net of the tax benefit from any tax deductions we are entitled to claim.
2. This benefit includes a contribution replacement benefit of 12.75% of insured salary. A contribution replacement benefit is a payment made to your QSuper Accumulation account while you are receiving an income protection benefit.
3. Capped at a total benefit of $20,000 per month.
Please note that the case study shown is provided for illustrative purposes only and the member shown isn’t real. It is assumed, for the purpose of the case study, that all terms and conditions have been met in the information in the QSuper Accumulation Account Insurance Guide. Additionally, figures may be rounded up for ease of understanding.
4. See the QSuper Accumulation Account Insurance Guide for details on eligibility and automatic cover. Note that this cover only applies to those officers who have a QSuper Accumulation account for their employer contributions. It does not apply to those who have a Defined Benefit account.
5. Other eligibility terms and conditions apply.