You may be able to transfer across existing death cover, total and permanent disability (TPD) cover and income protection cover from another insurance company.
The maximum of death cover and TPD cover you can transfer to QSuper is $1 million and the maximum income protection cover is a $20,000 per month of income protection cover. However the transferred cover together with any existing cover cannot exceed the maximum cover limit or maximum monthly benefit limit.
If you transfer in units of death cover or TPD cover it will be converted to units of cover and rounded up to the nearest equivalent number of units. If you apply to transfer in a fixed amount of death cover or TPD cover, we will convert all your cover to fixed cover.
Any income protection cover you request to transfer in will be converted to units of cover and rounded up to the nearest equivalent number of units.
All your cover will be charged at your occupational rating. You will need to have funds in your QSuper account in order to transfer insurance.
The waiting period of the transferred cover will be matched to an equivalent or or nearest longest waiting period offered by us (e.g. a 45 day waiting period will become a 60 day waiting period). The minimum waiting period we offer is the greater of accrued sick leave or 30 days.
The benefit period will be matched to an equivalent or nearest lower benefit period offered by us (except in the case of a two year benefit period, which will be converted to three years).
If you already hold salary based income protection cover with the same benefit period as the cover being transferred in (once adjusted), your salary based income protection cover will also be converted to units (rounded up to the nearest $500) and added to the income protection cover being transferred in.
Where your existing income protection cover does not have the same benefit period or cover expiry age as the cover being transferred in, our insurer may offer transfer in cover on terms at its discretion.
If you are a Queensland police officer, the benefit period and waiting period will be the same as that which applies to your current insurance with QSuper.
Additionally, for death cover, TPD cover and income protection:
The following conditions also apply to transferring in cover:
You must also provide us with written proof that your previous cover will be cancelled upon the transfer of insurance being accepted by us. If your previous cover is not cancelled, then your cover with us will be cancelled from inception.
Any cover you transfer in will be subject to the eligibility conditions, exclusions and definitions contained in the QSuper Accumulation Account Insurance Guide.
Please note this information is a general summary only. Please refer to our Accumulation Account Insurance Guide for further information on terms, conditions and eligibility.