We’ve made some changes to the insurance we offer

From 1 July 2023, we’ve made some changes to the insurance we offer through your Accumulation account that may affect you.

Insurance cover can help you and your family feel prepared and protected. We design all our cover to help provide you with security and peace of mind.

After reviewing our member insurance arrangements recently with our insurer, here’s what’s changed:

• We’ve made changes to how much Death and Total & Permanent Disability (TPD) cover we provide when default insurance cover starts.
• How we calculate your salary-based Income Protection cover.
• We’ve changed how we calculate Income Protection benefits and changed some Income Protection terms and conditions and definitions.
• Insurance premiums for most QSuper account holders have changed.

Insurance through your super

Our insurance has three types of cover. We offer:

• Death cover
• TPD cover
• Income Protection cover

Changes to Death and TPD cover for new members

We’ve changed the amount of cover for our default cover arrangements from 1 July 2023. The changes apply to:

• new QSuper Accumulation account holders with default Death and TPD cover starting from 1 July 2023
• existing account holders who are waiting for default cover to start.

If you held default cover that started before 1 July 2023, the change won’t impact you.

The changes mean if you’re aged 16-20, you’ll be provided when eligible with 1 unit of Death cover and 2 units of TPD cover. When you turn 21, and if you haven’t personalised your cover, we’ll automatically increase your default Death cover to 2 units of cover.

If you’re aged 21-64, you’ll be provided, when eligible, with 2 units of Death and 2 units of TPD cover.

If you’re 65-69, you’ll be provided, when eligible, with 2 units of Death cover only.

Salary-based Income Protection cover changes

We’ve changed how we calculate salary-based Income Protection cover and premiums. This will impact all new and existing salary-based Income Protection cover from 1 July 2023.

The changes aim to help make it easier to understand how much Income Protection cover you have and the premiums you pay from your Accumulation account.

The changes to how we calculate your cover include:

• Switching the salary-based Income Protection cover to be based on the salary your Queensland Government or default employer provides for your permanent employment. Casual salaries won’t be included.
• Salary-based cover will be set on 1 July 2023 for existing account holders with Income Protection cover or when cover starts after that date. We’ll automatically review your salary and cover each year on 1 November to see if there’s an update to your insured salary.

We've also changed how we show you your premiums. From 1 July 2023 we’ll show you your insured salary, your cover amount and weekly premiums as dollar-based figures. This will be similar to how we present Death, TPD and unitised Income Protection cover amounts and premiums.

Insurance premiums changes

We’ve changed insurance premiums for most QSuper Accumulation account holders from 1 July 2023.

The amount depends on factors like your age, your cover amount, and employment details including your occupational rating. Depending on your job, you may pay less or more for your insurance if you apply an ‘occupational rating’ to your cover.

Here’s the average changes:

• Death cover premiums are decreasing on average by 30.0%
• TPD premiums are increasing on average by 7.5%
• Income Protection premiums are increasing on average by 3.0% (this increase doesn’t apply to Income Protection premiums for Queensland Police Officers).

Find out more about all of these changes in our Product update July 2023

Get advice

If you don’t have your own personal financial adviser and you need advice about your QSuper account, we have qualified financial advisers³ who can help you over the phone with simple advice about your QSuper account. We include this service with your membership.

Learn more

1 We use data that we source from our insurer, QInsure. QInsure Limited ABN 79 607 345 853, AFSL 483057 (QInsure), registered life insurance company.
2 Australian Securities and Investments Commission (ASIC) MoneySmart website’s Life insurance claims comparison tool, accessed 26 May 2023 at moneysmart.gov.au
3 You can find out more about financial advice options at qsuper.qld.gov.au/advice or by calling us on 1300 360 750. Employees in the Australian Retirement Trust group provide advice to members and employers as representatives of QInvest Limited. QInvest Limited (ABN 35 063 511 580, AFSL 238274) is a separate legal entity responsible for the financial services it provides. Eligibility conditions apply. Refer to the Financial Services Guide at qsuper.qld.gov.au/disclosure for more information.