Make a quick and easy insurance check
29 August 2024
5
min read
Checking that your insurance is right for you can be quick, easy, and make a big difference. Here’s what to do.
No-one expects the worst to happen. So, we provide insurance for when life doesn’t go to plan.
A recent study shows as many as 47% of Australians don’t have enough savings to maintain their present lifestyle if they lost their income for 3 months.1 Having the insurance cover that’s right for you can help you feel confident that you and your family are prepared and protected.
Here are 3 quick and easy steps to check you have the right cover for you, and check you’ve told us who should get your super and any insurance benefit you may have when you die.
1. Tailor your cover to suit your needs
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If you’re eligible, you’ll automatically receive default cover with your super with us. This means you’re automatically covered for:
- Death cover
- Total & Permanent Disability (TPD) cover
- Depending on your employment, you may also receive Income Protection
It’s easy to check what cover you have in Member Online.
You can also personalise your cover. We design our insurance to be flexible so you can tailor it to suit your needs now and as they change.
Some ways you can apply to tailor your cover include:
- having any combination of Death cover, TPD cover and Income Protection cover
- having different levels of Death cover and TPD cover
- choosing how much of your salary you cover under your Income Protection, subject to eligibility and limits
- applying an occupational rating to your cover and premiums based on your job
- cancelling some or all your cover.
How to simply work out what cover is right for you
Use our Insurance Needs Calculator to help work out how much insurance cover you may need.
Find out
2. Apply your occupational rating to your cover
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Applying an occupational rating to your cover can affect how much you pay in premiums. Depending on your job, you may pay less for your cover if you apply an occupation rating. If you personalise any of your cover, all your premiums will be payable at the rate of your occupational rating.
Here’s our occupational ratings:
- Professional rate – lower premium than default rates
- White collar rate – lower premium than default rates
- Standard rate – similar to default rates
- High risk rate – higher than default rates
If you don’t apply an occupational rating or personalise your cover, we’ll charge you default premium rates.
Learn more about occupational rating
You can apply an occupational rating to your cover in Member Online.
How to simply work out your occupational rating
Use our Insurance Premium Estimator to work out your occupational rating and how changing your cover will affect your premiums.
Find out
3. Make a binding death benefit nomination
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Your super does not automatically form part of your will or estate so make sure we know who you want to get your super when you die. A binding death benefit nomination lets you choose who should get your super, including any insurance benefit you may have, when you die. A nomination lasts for 3 years.
You can check if you’ve made a nomination and let us know who you’d like to leave your super to in Member Online.
How to simply let us know what to do with your super when you die
See who can receive your super and any insurance benefit you may have and more about nominating who gets your super when you die.
Find out
Get insurance advice
Because everyone’s situation is different, we offer advice over the phone about the insurance we offer.
Advice about your QSuper account is included with your membership,2 so you have no more to pay. Find out more about our advice options.
1. Survey of 1000 Australians carried out by IPSOS on behalf of Australian Retirement Trust, September to November 2023.
2. 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 (pdf) for more information.