Changes to your insurance premiums

Our average insurance premiums are decreasing.

If you have insurance cover in your QSuper Accumulation account, you’ll want to know about these changes from 1 July this year.

Decrease in average premiums

QSuper Accumulation account holders with insurance as part of their account will have seen an average reduction in premiums from 1 July.

The average premium reductions are:

How this impacts you depends on your age, occupational rating, and the types of insurance cover you hold.

We’re continuously reviewing and improving our insurance terms and conditions to allow more members access to insurance benefits at their time of need. And we adjust our premiums to ensure we can continue to support our members now and into the future.

Changes to the way we rebate tax

QSuper account holders previously received an automatic tax benefit when we deducted their insurance premiums. This changed from 1 July to a direct tax rebate at the end of financial year instead. It will impact the upfront amount you will pay from your super balance.

Learn more in our May 2024 Product Update.

Update to occupational ratings

Applying an occupational rating to your cover is a way in which you can personalise how much you pay for your insurance. It better reflects your job or occupation. Depending on your job, you may pay less or more if you apply an occupational rating. We updated occupational rating factors from 1 July 2024.

Use our insurance calculator to check you have the right level of cover

* We use data that we source from our insurer, QInsure. QInsure Limited ABN 79 607 345 853, AFSL 483057 (QInsure), registered life insurance company.
** Australian Securities and Investments Commission (ASIC) MoneySmart website’s Life insurance claims comparison tool, accessed 14 April 2024 at moneysmart.gov.au